# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0000892538-25-000009
**Filing Date:** 2025-9
**Character Count:** 1825668
**Document Hash:** fda903d63ff3fdb139cbbfd5a1e65dbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000892538-25-000009.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0000892538-25-000009

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUNAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000892538

**ORGANIZATION NAME:**
- **EIN:** 137002445
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07238
- **FILM NUMBER:** 251295354

**BUSINESS ADDRESS:**
- **STREET 1:** 21650 OXNARD STREET, 10TH FLOOR
- **CITY:** WOODLAND HILLS
- **STATE:** CA
- **ZIP:** 91367
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### SA American Funds Growth Portfolio (Series ID: S000013240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035587 | Class 3      |  |
| C000169127 | Class 1      |  |

### SA American Funds Global Growth Portfolio (Series ID: S000013241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035588 | Class 3      |  |
| C000169128 | Class 1      |  |

### SA American Funds Growth-Income Portfolio (Series ID: S000013242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035589 | Class 3      |  |
| C000169129 | Class 1      |  |

### SA American Funds Asset Allocation Portfolio (Series ID: S000013243)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035590 | Class 3      |  |
| C000169130 | Class 1      |  |

### SA American Funds VCP Managed Allocation Portfolio (Series ID: S000038491)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000118754 | Class 3      |  |
| C000169133 | Class 1      |  |

?xml version='1.0' encoding='ASCII'? 8ddebd9b0d16c73

100.1 100.1 0.0 0.1 0.0 0.1 0.0 100.1 100.1 0.0 0.0 100.0 0.1 0.1 100.0 100.0 0.0 100.0 100.0 100.0 0000892538 false N-1A N-CSRS 0000892538 sst:C000035587Member 2024-12-31 2025-06-30 0000892538 sst:C000035588Member 2024-12-31 2025-06-30 0000892538 sst:C000035589Member 2024-12-31 2025-06-30 0000892538 sst:C000035590Member 2024-12-31 2025-06-30 0000892538 sst:C000118754Member 2024-12-31 2025-06-30 0000892538 sst:C000169127Member 2024-12-31 2025-06-30 0000892538 sst:C000169128Member 2024-12-31 2025-06-30 0000892538 sst:C000169129Member 2024-12-31 2025-06-30 0000892538 sst:C000169130Member 2024-12-31 2025-06-30 0000892538 sst:C000169133Member 2024-12-31 2025-06-30 0000892538 2024-12-31 2025-06-30 0000892538 sst:C000035587Member 2025-06-30 0000892538 sst:C000035587Member sst:DomesticEquityInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000035587Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000035588Member 2025-06-30 0000892538 sst:C000035588Member sst:InternationalEquityInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000035588Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000035589Member 2025-06-30 0000892538 sst:C000035589Member sst:DomesticEquityInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000035589Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000035590Member 2025-06-30 0000892538 sst:C000035590Member sst:AssetAllocationInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000035590Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000118754Member 2025-06-30 0000892538 sst:C000118754Member sst:AssetAllocationInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000118754Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000169127Member 2025-06-30 0000892538 sst:C000169127Member sst:DomesticEquityInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000169127Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000169128Member 2025-06-30 0000892538 sst:C000169128Member sst:InternationalEquityInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000169128Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000169129Member 2025-06-30 0000892538 sst:C000169129Member sst:DomesticEquityInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000169129Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000169130Member 2025-06-30 0000892538 sst:C000169130Member sst:AssetAllocationInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000169130Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 0000892538 sst:C000169133Member 2025-06-30 0000892538 sst:C000169133Member sst:AssetAllocationInvestmentCompaniesMember 2025-06-30 0000892538 sst:C000169133Member sst:OtherAssetsLessLiabilitiesMember 2025-06-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dsst:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07238

#### SUNAMERICA SERIES TRUST
(Exact name of registrant as specified in charter)

------

21650 Oxnard Street, Woodland Hills, CA 91367

(Address of principal executive offices)

John T. Genoy, President

SunAmerica Asset Management, LLC

30 Hudson Street, 16th Floor

Jersey City, NJ 07302

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(201) 324-6414

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Asset Allocation

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Asset Allocation Portfolio (Class 1)\* | $13 | 0.26% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,885M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978051.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C515 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Asset Allocation

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Asset Allocation Portfolio (Class 3)\* | $26 | 0.51% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,885M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978052.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C713 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Global Growth

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Global Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Global Growth Portfolio (Class 1)\* | $15 | 0.29% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$386M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978053.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C531 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Global Growth

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Global Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Global Growth Portfolio (Class 3)\* | $28 | 0.54% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$386M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978054.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C739 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Growth

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth Portfolio (Class 1)\* | $14 | 0.27% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,163M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978055.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C549 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Growth

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth Portfolio (Class 3)\* | $27 | 0.52% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,163M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978056.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C747 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Growth-Income

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth-Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth-Income Portfolio (Class 1)\* | $14 | 0.28% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$524M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978057.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C523 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds Growth-Income

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth-Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth-Income Portfolio (Class 3)\* | $27 | 0.53% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$524M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978058.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C721 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds VCP Managed Allocation

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds VCP Managed Allocation Portfolio (Class 1)\* | $14 | 0.27% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,842M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978059.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C499 (08/25)

SunAmerica Series Trust

![Corebridge Logo_NEW](images_428.jpg)

### SunAmerica Series Trust SA American Funds VCP Managed Allocation

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds VCP Managed Allocation Portfolio (Class 3)\* | $26 | 0.52% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,842M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_978060.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_429.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

86704C655 (08/25)

SunAmerica Series Trust

------

![](g6m4gnrhe4bovr95eq7bt.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT**

American Funds Insurance Series<sup>®</sup> –

Asset Allocation Fund

**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Insurance Series - Asset Allocation Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $15 | 0.30%\* |

---

\*Annualized.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27676 |
| Total number of portfolio holdings | 1972 |

---

---

| | |
|:---|:---|
| Portfolio turnover rate including | 59% |
| mortgage dollar roll transactions | 59% |
| mortgage dollar roll transactions |  |
| Portfolio turnover rate excluding | 33% |
| mortgage dollar roll transactions | 33% |
| mortgage dollar roll transactions |  |

---

**Availability of additional information**

**Portfolio holdings by asset type (percent of net assets)**

Common stocks 67.14% Mortgage-backed obligations 10.51% U.S. corporate bonds, notes & loans 5.83%

Corporate bonds, notes & loans of issuers outside the U.S. 1.47%

U.S. Treasury bonds & notes 6.89% Asset-backed obligations 2.05%

Other bonds, notes & debt instruments 0.21%

Investment funds 2.79% Other securities 0.14%

Short-term securities & other assets less liabilities 2.97%\*

\*Includes derivatives.

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800)421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-070-0825© 2025 Capital Group. All rights reserved.

![](gxvpai2w0pqnxjk1ycrdv.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT**

American Funds Insurance Series<sup>®</sup> –

Global Growth Fund

**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Insurance Series - Global Growth Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $21 | 0.41%\* |

---

\*Annualized.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8591 |
| Total number of portfolio holdings | 160 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by sector (percent of net assets)**

Information technology 28.43% Financials 16.20% Industrials 15.26% Consumer discretionary 14.61% Health care 8.77% Communication services 6.37% Other sectors 8.14%

Other securities 0.19%

Short-term securities & other assets less liabilities 2.03%

**Availability of additional information**

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800)421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-077-0825© 2025 Capital Group. All rights reserved.

![](g2itdy9r2mgswio5bwtyk.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT**

American Funds Insurance Series<sup>®</sup> –

Growth Fund

**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Insurance Series - Growth Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $18 | 0.34%\* |

---

\*Annualized.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $51290 |
| Total number of portfolio holdings | 231 |
| Portfolio turnover rate | 14% |

---

**Portfolio holdings by sector (percent of net assets)**

Information technology 27.11% Communication services 19.98% Consumer discretionary 13.76% Health care 11.06% Industrials 10.54%

Financials 7.98% Other sectors 6.75% Other securities 0.34%

Short-term securities & other assets less liabilities 2.48%

**Availability of additional information**

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800)421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-027-0825© 2025 Capital Group. All rights reserved.

![](gvhpeorb6771zugre1cc8.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT**

American Funds Insurance Series<sup>®</sup> –

Growth-Income Fund

**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Insurance Series - Growth- Income Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $14 | 0.28%\* |

---

\*Annualized.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $42562 |
| Total number of portfolio holdings | 154 |
| Portfolio turnover rate | 18% |

---

**Availability of additional information**

**Portfolio holdings by sector (percent of net assets)**

Information technology 27.82% Industrials 15.48% Financials 12.23% Consumer discretionary 10.82% Health care 9.29% Communication services 8.98% Other sectors 12.59%

Bonds, notes & other debt instruments 0.00%\*

Short-term securities & other assets less liabilities 2.79%

\*Less than 0.01%.

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800)421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-026-0825© 2025 Capital Group. All rights reserved.

![](gbtd8xqeveq1jsszktfp6.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT**

American Funds Insurance Series<sup>®</sup> –

Managed Risk Growth-Income Fund

**Class P1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Insurance Series - Managed Risk Growth-Income Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-P1</u>**. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P1 | $18 | 0.36%\* |

---

\*Annualized.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $2123 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 20% |

---

**Availability of additional information**

**Portfolio holdings by fund type (percent of net assets)**

Growth-and-income funds 79.76% Fixed income funds 14.96% Options purchased 0.69%

Short-term securities & other assets less liabilities 4.59%\*

\*Includes derivatives.

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800)421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INP1SRX-085-0825© 2025 Capital Group. All rights reserved.

------

(b) Not applicable.

------

#### &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; Item 2. Code of Ethics.
Not applicable.

------

#### &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; Item 3. Audit Committee Financial Expert.
Not applicable.

------

#### &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; Item 4. Principal Accountant Fees and Services.
Not applicable.

------

#### &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; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &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; Item 6. Investments.
(a) Included in Item 7 to the Form.

(b) Not applicable.

------

#### &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; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## SunAmerica Series Trust

------

Semi-Annual Financial Statements and Other Information

June 30, 2025

------

#### Semi-Annual Financial Statements and Other Information June 30, 2025

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_3f3e3adc-1d0b-4225-b2fc-13d72a4a1d75_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Asset Allocation Portfolio](#xx_3f3e3adc-1d0b-4225-b2fc-13d72a4a1d75_1)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Global Growth Portfolio](#xx_3f3e3adc-1d0b-4225-b2fc-13d72a4a1d75_2)<br>| &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Growth Portfolio](#xx_3f3e3adc-1d0b-4225-b2fc-13d72a4a1d75_3)<br>| &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Growth-Income Portfolio](#xx_3f3e3adc-1d0b-4225-b2fc-13d72a4a1d75_4)<br>| &nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio](#xx_3f3e3adc-1d0b-4225-b2fc-13d72a4a1d75_5)<br>| &nbsp;&nbsp;7 |
| [Statements of Assets and Liabilities](#xx_53823e4d-9234-4a67-ad7d-80f556c9d335_1)<br>| &nbsp;&nbsp;8 |
| [Statements of Operations](#xx_53823e4d-9234-4a67-ad7d-80f556c9d335_2)<br>| &nbsp;&nbsp;9 |
| [Statements of Changes in Net Assets](#xx_53823e4d-9234-4a67-ad7d-80f556c9d335_3)<br>| &nbsp;&nbsp;10 |
| [Notes to Financial Statements](#xx_70a27f3b-4ece-4480-824b-60c1701f4eda_1)<br>| &nbsp;&nbsp;11 |
| [Financial Highlights](#xx_7596cb69-885d-47a4-8f02-531f40bebd6f_1)<br>| &nbsp;&nbsp;18 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_41ab2ae1-a68f-4dd2-9c70-83ae20116f2d_1)<br>| &nbsp;&nbsp;21 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_bfc4d3f7-817f-4177-9be9-fc0a6e9b6f6c_1)<br>| &nbsp;&nbsp;22 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_dcb128ca-8545-4f08-8b96-932a980715d2_1)<br>| &nbsp;&nbsp;23 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_4b203125-9388-47a4-8e13-826dfb5a5cf9_1)<br>| &nbsp;&nbsp;24 |

---

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

#### PORTFOLIO OF INVESTMENTS — June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.0%** | **INVESTMENT COMPANIES — 100.0%** |  |
| **Asset Allocation Investment Companies — 100.0%** | **Asset Allocation Investment Companies — 100.0%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Asset Allocation Fund, Class 1 | 72355417 | &nbsp;&nbsp;$1886305712 |
| **TOTAL INVESTMENTS<br> (cost $1,764,503,755)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1886305712 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868095) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1885437617 |

---

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$1886305712 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1886305712 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust SA American Funds Global Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.1%** | **INVESTMENT COMPANIES — 100.1%** |  |
| **International Equity Investment Companies — 100.1%** | **International Equity Investment Companies — 100.1%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Global Growth Fund, Class 1 | 10779513 | &nbsp;&nbsp;$386229936 |
| **TOTAL INVESTMENTS<br> (cost $358,574,356)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;386229936 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226088) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$386003848 |

---

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$386229936 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$386229936 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust SA American Funds Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.0%** | **INVESTMENT COMPANIES — 100.0%** |  |
| **Domestic Equity Investment Companies — 100.0%** | **Domestic Equity Investment Companies — 100.0%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Growth Fund, Class 1 | 9016357 | &nbsp;&nbsp;$1163921540 |
| **TOTAL INVESTMENTS<br> (cost $916,067,297)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1163921540 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568030) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1163353510 |

---

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$1163921540 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1163921540 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust SA American Funds Growth-Income Portfolio

#### PORTFOLIO OF INVESTMENTS — June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.1%** | **INVESTMENT COMPANIES — 100.1%** |  |
| **Domestic Equity Investment Companies — 100.1%** | **Domestic Equity Investment Companies — 100.1%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Growth-Income Fund, Class 1 | 8404161 | &nbsp;&nbsp;$524419674 |
| **TOTAL INVESTMENTS<br> (cost $460,048,783)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;524419674 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286791) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$524132883 |

---

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$524419674 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$524419674 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio

#### PORTFOLIO OF INVESTMENTS — June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.0%** | **INVESTMENT COMPANIES — 100.0%** |  |
| **Asset Allocation Investment Companies — 100.0%** | **Asset Allocation Investment Companies — 100.0%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Managed Risk Growth-Income Fund, Class P1 | 130499654 | &nbsp;&nbsp;$1842655120 |
| **TOTAL INVESTMENTS<br> (cost $1,629,278,003)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1842655120 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854299) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1841800821 |

---

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$1842655120 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1842655120 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — June 30, 2025 (unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Asset<br> Allocation** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Global<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth-<br> Income** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> VCP<br> Managed<br> Allocation** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$1886305712 | &nbsp;&nbsp;$386229936 | &nbsp;&nbsp;$1163921540 | &nbsp;&nbsp;$524419674 | &nbsp;&nbsp;$1842655120 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154036 | &nbsp;&nbsp;&nbsp;&nbsp;15234180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53465080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864955 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039612 |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;1895373572 | &nbsp;&nbsp;&nbsp;&nbsp;401688245 | &nbsp;&nbsp;&nbsp;&nbsp;1217962351 | &nbsp;&nbsp;&nbsp;&nbsp;529677566 | &nbsp;&nbsp;&nbsp;&nbsp;1849559727 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154070 | &nbsp;&nbsp;&nbsp;&nbsp;15234189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53465101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864996 |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410902 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371083 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96037 |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935955 | &nbsp;&nbsp;&nbsp;&nbsp;15684397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54608841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7758906 |
| Net assets<br>| &nbsp;&nbsp;$1885437617 | &nbsp;&nbsp;$386003848 | &nbsp;&nbsp;$1163353510 | &nbsp;&nbsp;$524132883 | &nbsp;&nbsp;$1841800821 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$1483053985 | &nbsp;&nbsp;$258663299 | &nbsp;&nbsp;$719645767 | &nbsp;&nbsp;$321597904 | &nbsp;&nbsp;$1418701800 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402383632 | &nbsp;&nbsp;&nbsp;&nbsp;127340549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443707743 | &nbsp;&nbsp;&nbsp;&nbsp;202534979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423099021 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$1885437617 | &nbsp;&nbsp;$386003848 | &nbsp;&nbsp;$1163353510 | &nbsp;&nbsp;$524132883 | &nbsp;&nbsp;$1841800821 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$6146880 | &nbsp;&nbsp;$1347684 | &nbsp;&nbsp;$1970859 | &nbsp;&nbsp;$1660383 | &nbsp;&nbsp;$1029179 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64814 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$12.45 | &nbsp;&nbsp;$18.16 | &nbsp;&nbsp;$15.78 | &nbsp;&nbsp;$15.88 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$1879290737 | &nbsp;&nbsp;$384656164 | &nbsp;&nbsp;$1161382651 | &nbsp;&nbsp;$522472500 | &nbsp;&nbsp;$1840771642 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105878232 | &nbsp;&nbsp;&nbsp;&nbsp;31035773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64354621 | &nbsp;&nbsp;&nbsp;&nbsp;33351281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116582371 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$17.75 | &nbsp;&nbsp;$12.39 | &nbsp;&nbsp;$18.05 | &nbsp;&nbsp;$15.67 | &nbsp;&nbsp;$15.79 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$1764503755 | &nbsp;&nbsp;$358574356 | &nbsp;&nbsp;$916067297 | &nbsp;&nbsp;$460048783 | &nbsp;&nbsp;$1629278003 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### STATEMENTS OF OPERATIONS — For the Six Months Ended June 30, 2025 (unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Asset<br> Allocation** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Global<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth-<br> Income** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> VCP<br> Managed<br> Allocation** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$8316451 | &nbsp;&nbsp;$1339985 | &nbsp;&nbsp;$2280698 | &nbsp;&nbsp;$1229666 | &nbsp;&nbsp;$25325147 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229794 | &nbsp;&nbsp;&nbsp;&nbsp;25325332 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589844 |
| Service Fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259255 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40760 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17497 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14298 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27531 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;10133709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763333 | &nbsp;&nbsp;&nbsp;&nbsp;10988082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5467698) | &nbsp;&nbsp;&nbsp;&nbsp;(1311077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3261252) | &nbsp;&nbsp;&nbsp;&nbsp;(1466993) | &nbsp;&nbsp;&nbsp;&nbsp;(6329359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658723 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66546) | &nbsp;&nbsp;&nbsp;&nbsp;20666609 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11154879 | &nbsp;&nbsp;&nbsp;&nbsp;10556287 | &nbsp;&nbsp;&nbsp;&nbsp;36126520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691164 | &nbsp;&nbsp;&nbsp;&nbsp;23114469 |
| Net realized gain from capital gain distributions received from underlying funds (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;129725789 | &nbsp;&nbsp;&nbsp;&nbsp;47941042 | &nbsp;&nbsp;&nbsp;&nbsp;91756372 | &nbsp;&nbsp;&nbsp;&nbsp;85086854 | &nbsp;&nbsp;&nbsp;&nbsp;69725405 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;140880668 | &nbsp;&nbsp;&nbsp;&nbsp;58497329 | &nbsp;&nbsp;&nbsp;&nbsp;127882892 | &nbsp;&nbsp;&nbsp;&nbsp;94778018 | &nbsp;&nbsp;&nbsp;&nbsp;92839874 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4852341) | &nbsp;&nbsp;&nbsp;&nbsp;(18563967) | &nbsp;&nbsp;&nbsp;&nbsp;(16293685) | &nbsp;&nbsp;&nbsp;&nbsp;(56313995) | &nbsp;&nbsp;&nbsp;&nbsp;(49574656) |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4852341) | &nbsp;&nbsp;&nbsp;&nbsp;(18563967) | &nbsp;&nbsp;&nbsp;&nbsp;(16293685) | &nbsp;&nbsp;&nbsp;&nbsp;(56313995) | &nbsp;&nbsp;&nbsp;&nbsp;(49574656) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;136028327 | &nbsp;&nbsp;&nbsp;&nbsp;39933362 | &nbsp;&nbsp;&nbsp;&nbsp;111589207 | &nbsp;&nbsp;&nbsp;&nbsp;38464023 | &nbsp;&nbsp;&nbsp;&nbsp;43265218 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$139680175 | &nbsp;&nbsp;$40267071 | &nbsp;&nbsp;$111060019 | &nbsp;&nbsp;$38397477 | &nbsp;&nbsp;$63931827 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA American Funds<br> Asset Allocation** | &nbsp;&nbsp;**SA American Funds<br> Asset Allocation** | &nbsp;&nbsp;**SA American Funds<br> Global Growth** | &nbsp;&nbsp;**SA American Funds<br> Global Growth** | &nbsp;&nbsp;**SA American Funds<br> Growth** | &nbsp;&nbsp;**SA American Funds<br> Growth** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$3651848 | &nbsp;&nbsp;$34432368 | &nbsp;&nbsp;$333709 | &nbsp;&nbsp;$4670953 | &nbsp;&nbsp;$(529188) | &nbsp;&nbsp;$611317 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140880668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102198227 | &nbsp;&nbsp;&nbsp;&nbsp;58497329 | &nbsp;&nbsp;&nbsp;&nbsp;36292878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127882892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68305093 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4852341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143211635 | &nbsp;&nbsp;&nbsp;&nbsp;(18563967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16293685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204118453 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139680175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279842230 | &nbsp;&nbsp;&nbsp;&nbsp;40267071 | &nbsp;&nbsp;&nbsp;&nbsp;49041316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111060019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273034863 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &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;(453389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175904) | &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;(363736) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(106608126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(42794108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72773753) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(107061515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(42970012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73137489) |
| **CAPITAL SHARE TRANSACTIONS (Note 6)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(129652390) | &nbsp;&nbsp;&nbsp;&nbsp;(103806530) | &nbsp;&nbsp;&nbsp;&nbsp;(37042086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2014485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38222154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5706897) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10027785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68974185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72837865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194190477 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1875409832 | &nbsp;&nbsp;&nbsp;&nbsp;1806435647 | &nbsp;&nbsp;&nbsp;&nbsp;382778863 | &nbsp;&nbsp;&nbsp;&nbsp;378722044 | &nbsp;&nbsp;&nbsp;&nbsp;1090515645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896325168 |
| End of period<br>| &nbsp;&nbsp;$1885437617 | &nbsp;&nbsp;$1875409832 | &nbsp;&nbsp;$386003848 | &nbsp;&nbsp;$382778863 | &nbsp;&nbsp;$1163353510 | &nbsp;&nbsp;$1090515645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA American Funds<br> Growth-Income** | &nbsp;&nbsp;**SA American Funds<br> Growth-Income** | &nbsp;&nbsp;**SA American Funds<br> VCP Managed<br> Allocation** | &nbsp;&nbsp;**SA American Funds<br> VCP Managed<br> Allocation** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(66546) | &nbsp;&nbsp;$3818855 | &nbsp;&nbsp;$20666609 | &nbsp;&nbsp;$22836813 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;94778018 | &nbsp;&nbsp;&nbsp;&nbsp;40438512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92839874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73727792 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(56313995) | &nbsp;&nbsp;&nbsp;&nbsp;56941248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49574656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215052767 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;38397477 | &nbsp;&nbsp;&nbsp;&nbsp;101198615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63931827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311617372 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152780) | &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;(133655) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(29672718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(256253296) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(29825498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(256386951) |
| **CAPITAL SHARE TRANSACTIONS (Note 6)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(14204308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5701220) | &nbsp;&nbsp;&nbsp;&nbsp;(110795079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62838168) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;24193169 | &nbsp;&nbsp;&nbsp;&nbsp;65671897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46863252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7607747) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;499939714 | &nbsp;&nbsp;&nbsp;&nbsp;434267817 | &nbsp;&nbsp;&nbsp;&nbsp;1888664073 | &nbsp;&nbsp;&nbsp;&nbsp;1896271820 |
| End of period<br>| &nbsp;&nbsp;$524132883 | &nbsp;&nbsp;$499939714 | &nbsp;&nbsp;$1841800821 | &nbsp;&nbsp;$1888664073 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS

------

#### Note 1 — Organization
&nbsp;&nbsp;&nbsp;&nbsp;SunAmerica Series Trust (the "Trust" or "SAST"), a Massachusetts business trust, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust is comprised of 59 portfolios (each, a "Portfolio," and collectively, the "Portfolios"), 5 of which are included in this report. SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"), an indirect wholly owned subsidiary of Corebridge Financial, Inc. ("Corebridge"), serves as investment adviser for all the Portfolios of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Shares of the Portfolios are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by life insurance companies affiliated with the Adviser and Nassau Life Insurance Company, an unaffiliated life insurance company (the "Life Companies"), and are also offered to certain affiliated mutual funds. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

&nbsp;&nbsp;&nbsp;&nbsp;SA American Funds Asset Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio operate as "Feeder Funds," and invest all or substantially all of their assets in shares of an underlying mutual fund ("underlying fund" and/or "Master Fund").

&nbsp;&nbsp;&nbsp;&nbsp;Class 1 shares and Class 3 shares of each Portfolio may be offered only in connection with certain variable contracts. Class 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 3 shares are subject to service fees while Class 1 shares are not; and (iii) Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 3 shares. Class 3 shares of each Portfolio pay service fees at an annual rate of 0.25% of each class's average daily net assets. The Board of Trustees may establish additional portfolios or classes in the future.

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio is diversified as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;Each Master Fund is a portfolio offered by American Funds Insurance Series® ("AFIS" or "American Funds"), a registered open-end management investment company. Each Portfolio's corresponding Master Fund is listed below:

---

| | | |
|:---|:---|:---|
| **Trust Feeder Funds** | &nbsp;&nbsp;**American Funds Master Funds** | &nbsp;&nbsp;**Feeder Fund %<br> Ownership of Master Fund** |
| SA American Funds® Asset Allocation Portfolio | &nbsp;&nbsp;American Funds® Asset Allocation Fund | &nbsp;&nbsp;6.75% |
| SA American Funds® Global Growth Portfolio | &nbsp;&nbsp;American Funds® Global Growth Fund | &nbsp;&nbsp;4.44% |
| SA American Funds® Growth Portfolio | &nbsp;&nbsp;American Funds® Growth Fund | &nbsp;&nbsp;2.24% |
| SA American Funds® Growth-Income Portfolio | &nbsp;&nbsp;American Funds® Growth-Income Fund | &nbsp;&nbsp;1.22% |
| SA American Funds® VCP Managed Allocation Portfolio | &nbsp;&nbsp;American Funds® Managed Risk Growth-Income Fund | &nbsp;&nbsp;86.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The underlying fund's accounting policies are outlined in the underlying funds' financial statements, available at U.S. Securities and Exchange Commission ("SEC") Internet website at www.sec.gov, and should be read in conjunction with these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;The investment goals for the Portfolios included in this report are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**The SA American Funds Asset Allocation Portfolio** seeks high total return (including income and capital gains) consistent with the preservation of capital over the long term. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series® Asset Allocation Fund ("the Master Asset Allocation Fund"), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Asset Allocation Fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities and money market instruments.

&nbsp;&nbsp;&nbsp;&nbsp;**The SA American Funds Global Growth Portfolio** seeks growth. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series® Global Growth Fund ("the Master Global Growth Fund"), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Global Growth Fund invests primarily in common stocks and other securities of companies around the world that have the potential for growth.

&nbsp;&nbsp;&nbsp;&nbsp;**The SA American Funds Growth Portfolio** seeks growth. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series® Growth Fund ("the Master Growth Fund"), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Growth Fund invests primarily in common stocks of companies that appear to offer superior opportunities for growth of capital.

&nbsp;&nbsp;&nbsp;&nbsp;**The SA American Funds Growth-Income Portfolio** seeks growth and income. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series® Growth-Income Fund ("the Master Growth-Income Fund"), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Growth-Income Fund invests primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends.

&nbsp;&nbsp;&nbsp;&nbsp;**The SA American Funds VCP Managed Allocation Portfolio** seeks long-term capital growth and income while seeking to manage volatility and provide downside protection. It invests all or substantially all of its assets in Class P1 shares of the Master Fund, the American Funds Insurance Series® Managed Risk Growth-Income Fund ("the Master Managed Risk Fund"), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk Fund invests in the shares of two underlying funds, the American Funds Growth-Income Fund and American Funds Bond Fund (the "Underlying Funds"). The Underlying Funds invest in a diversified portfolio of common stocks and other equity securities, bonds and other debt securities and money market instruments.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;**Indemnifications:** The Trust's organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust's maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

#### Note 2 — Significant Accounting Policies
&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in accordance with GAAP 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 and those differences could be significant. Each Portfolio is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Trust and the Master Funds, in the preparation of their respective financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;**Security Valuation:** In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value 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. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability 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 developed based on the best information available in the circumstances. The three-tiers are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Unadjusted quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures adopted by the Board of Trustees (the "Board")

&nbsp;&nbsp;&nbsp;&nbsp;Level 3 — Significant unobservable inputs (includes inputs that reflect the Portfolios' own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The methodology used for valuing investments is 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 recently issued 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.

&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of June 30, 2025, is reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;The net asset value ("NAV") of each Portfolio is determined based upon the NAV of its corresponding Master Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**Master Funds:** Each Master Fund is a series of AFIS. All portfolio securities of funds managed by Capital Research and Management Company ("Capital Research") are valued, and the NAV per share for each share class are determined, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;The AFIS investment adviser values the AFIS investments at fair value as defined by U.S. GAAP. The net asset value of 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.

&nbsp;&nbsp;&nbsp;&nbsp;Methods and inputs — The AFIS 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.

&nbsp;&nbsp;&nbsp;&nbsp;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;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

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

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** | &nbsp;&nbsp;**Examples of standard inputs** |
| All | &nbsp;&nbsp;Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| Corporate bonds, notes & loans; convertible securities | &nbsp;&nbsp;Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | &nbsp;&nbsp;Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp;Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| Municipal securities | &nbsp;&nbsp;Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

&nbsp;&nbsp;&nbsp;&nbsp;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 AFIS 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 third-party pricing vendors. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained by 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.

&nbsp;&nbsp;&nbsp;&nbsp;Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the AFIS investment adviser are fair valued as determined in good faith under fair value guidelines adopted by AFIS investment adviser and approved by the AFIS board of trustees as further described. The AFIS 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 AFIS 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;Processes and structure — The AFIS board of trustees has designated the AFIS investment adviser to make fair value determinations, subject to board oversight. The AFIS 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 AFIS 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 AFIS investment adviser's global risk management group. The Committee reports any changes to the fair valuation guidelines to the AFIS board of trustees. The AFIS board and audit committee also regularly review reports that describe fair value determinations and methods.

&nbsp;&nbsp;&nbsp;&nbsp;**Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:** Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date. Distributions from income from underlying mutual fund investments ("Underlying Funds"), if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;Income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital share activity of the respective class).

&nbsp;&nbsp;&nbsp;&nbsp;Expenses common to all Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Portfolios.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income and capital gain distributions, if any, are paid annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of recognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;**Operating Segments:** 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) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.

&nbsp;&nbsp;&nbsp;&nbsp;The Portfolios' Adviser acts as the Portfolios' CODM and has determined that the Portfolios have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Portfolios' Portfolio of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

#### Recent Accounting and Regulatory Developments
&nbsp;&nbsp;&nbsp;&nbsp;In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". On an annual basis, ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying ASU 2023-09.

#### Note 3 — Federal Income Taxes
&nbsp;&nbsp;&nbsp;&nbsp;The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended December 31, 2024** | &nbsp;&nbsp;**For the year ended December 31, 2024** | &nbsp;&nbsp;**For the year ended December 31, 2024** | &nbsp;&nbsp;**For the year ended December 31, 2024** | &nbsp;&nbsp;**For the year ended December 31, 2024** |
| **Portfolio** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-term<br> Gains/Capital<br> Loss Carryover** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$34432368 | &nbsp;&nbsp;$102182469 | &nbsp;&nbsp;$126088620 | &nbsp;&nbsp;$33163431 | &nbsp;&nbsp;$73898084 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;4847244 | &nbsp;&nbsp;&nbsp;&nbsp;36058230 | &nbsp;&nbsp;&nbsp;&nbsp;46168006 | &nbsp;&nbsp;&nbsp;&nbsp;2150973 | &nbsp;&nbsp;&nbsp;&nbsp;40819039 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;1056861 | &nbsp;&nbsp;&nbsp;&nbsp;67728937 | &nbsp;&nbsp;&nbsp;263861928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683653 | &nbsp;&nbsp;&nbsp;&nbsp;72453836 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;4333047 | &nbsp;&nbsp;&nbsp;&nbsp;39859805 | &nbsp;&nbsp;&nbsp;119944651 | &nbsp;&nbsp;&nbsp;&nbsp;4284723 | &nbsp;&nbsp;&nbsp;&nbsp;25540775 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;22836813 | &nbsp;&nbsp;&nbsp;&nbsp;73727792 | &nbsp;&nbsp;&nbsp;262602590 | &nbsp;&nbsp;&nbsp;20559648 | &nbsp;&nbsp;&nbsp;235827303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Gain** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Loss** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Cost of<br> Investments** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$121801957 | &nbsp;&nbsp;$(565678) | &nbsp;&nbsp;$121236279 | &nbsp;&nbsp;$1765069433 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;27655580 | &nbsp;&nbsp;&nbsp;&nbsp;(51541) | &nbsp;&nbsp;&nbsp;&nbsp;27604039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358625897 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;247854243 | &nbsp;&nbsp;&nbsp;(286002) | &nbsp;&nbsp;&nbsp;247568241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916353299 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;64370891 | &nbsp;&nbsp;&nbsp;(740235) | &nbsp;&nbsp;&nbsp;&nbsp;63630656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460789018 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;213377117 | &nbsp;&nbsp;&nbsp;(349183) | &nbsp;&nbsp;&nbsp;213027934 | &nbsp;&nbsp;&nbsp;1629627186 |

---

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

#### Note 4 — Investment Advisory and Management Agreement, and Service Plan (12b-1 Plan)
&nbsp;&nbsp;&nbsp;&nbsp;SAAMCo serves as investment advisor to the Trust and performs all investment advisory services for the Portfolios with the exception of portfolio management. The Portfolios pay SAAMCo a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. Capital Research serves as investment adviser to the Master Funds. Capital Research, a wholly owned subsidiary of The Capital Group Companies, Inc., manages the investment fund and business affairs of the Master Funds.

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Management Fees** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;0.85% |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;0.95% |
| SA American Funds Growth<br>| &nbsp;&nbsp;0.85% |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;0.85% |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;0.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Trust has entered into a contractual agreement with SAAMCo under which SAAMCo will waive 0.60%, 0.70%, 0.60%, 0.60%, and 0.70% for SA American Funds Asset Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio, respectively, of its advisory fee for such time as the Portfolios are operated as feeder funds, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue as long as the Portfolios are part of a master-feeder fund structure unless the Board approves a change in or elimination of the waiver.

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June 30, 2025, SAAMCo has agreed to waive advisory fees as follows:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Amount** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$5467698 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;1311077 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;3261252 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;1466993 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;6329359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2026; so that the annual operating expenses do not exceed the following percentage of the Portfolio's average net assets. For purposes of the waived fees and/or reimbursed expense calculations, annual operating expenses shall not include extraordinary expenses (i.e. expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio's business. This agreement may be modified or discontinued prior to April 30, 2026 only with the approval of the Board of Trustees of the Portfolio, including a majority of the Independent Trustees. This agreement will be renewed in terms of one year only if the Adviser agrees to extend the expense limitation.

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 3** |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;0.28% | &nbsp;&nbsp;0.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;With the exception of advisory fee waivers, for the six months ended June 30, 2025, pursuant to the contractual waivers/reimbursement expense referred to above, SAAMCo did not waive or reimburse any expenses.

&nbsp;&nbsp;&nbsp;&nbsp;Waivers or reimbursements made by the Adviser with respect to a Portfolio, with the exception of advisory fee waivers, are subject to recoupment from that Portfolio within the following two years, provided that the Portfolio is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class. For the six months ended June 30, 2025, no amounts were repaid to the Adviser, and there are no remaining balances subject to recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a majority-owned subsidiary of Variable Annuity Life Insurance Company ("VALIC"), which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, and certain other mutual funds advised by SAAMCo pay VRSCO, on an annual basis, a fee in the aggregate amount of $150,000 for transfer agency services provided pursuant to the agreement. Accordingly, for the six months ended June 30, 2025, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate 0.25% of the average daily net assets of Class 3 shares. The service fees are used to compensate the Life Companies for costs associated with the servicing of Class 3 shares, including the cost of reimbursing the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios' Class 3 shares. Accordingly, for the six months ended June 30, 2025, service fees were paid (see Statement of Operations) based on the aforementioned rate.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

#### Note 5 — Purchases and Sales of Investment Securities
&nbsp;&nbsp;&nbsp;&nbsp;The cost of purchases and proceeds from sales and maturities of long—term investments during the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$2309860 | &nbsp;&nbsp;$136682500 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;3059958 | &nbsp;&nbsp;&nbsp;&nbsp;41127119 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;43579009 | &nbsp;&nbsp;&nbsp;&nbsp;84635434 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;10311710 | &nbsp;&nbsp;&nbsp;&nbsp;25829761 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;21983654 | &nbsp;&nbsp;&nbsp;137556488 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

#### Note 6 — Capital Share Transactions
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in capital shares of each class of each Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA American Funds Asset Allocation Portfolio** | **SA American Funds Asset Allocation Portfolio** | **SA American Funds Asset Allocation Portfolio** | **SA American Funds Asset Allocation Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** |
|  | **Six Months Ended 6/30/25<br> (unaudited)** | **Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10602 | &nbsp;&nbsp;$178873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16295 | &nbsp;&nbsp;$270150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;$67612 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175904 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(153137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2591815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1399485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408975) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(142535) | &nbsp;&nbsp;$(2412942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44882) | &nbsp;&nbsp;$(675946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4307) | &nbsp;&nbsp;$(51153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13710) | &nbsp;&nbsp;$(165459) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71528 | &nbsp;&nbsp;$1203812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703112 | &nbsp;&nbsp;$11271484 | &nbsp;&nbsp;&nbsp;&nbsp;282972 | &nbsp;&nbsp;$3152590 | &nbsp;&nbsp;&nbsp;1702800 | &nbsp;&nbsp;$20379856 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512408 | &nbsp;&nbsp;&nbsp;&nbsp;106608126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3721227 | &nbsp;&nbsp;&nbsp;&nbsp;42794108 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (7737443) | &nbsp;&nbsp;&nbsp;(128443260) | &nbsp;&nbsp;&nbsp;&nbsp;(13621260) | &nbsp;&nbsp;&nbsp;(221010194) | &nbsp;&nbsp;(3427812) | &nbsp;&nbsp;&nbsp;(40143523) | &nbsp;&nbsp;(5404296) | &nbsp;&nbsp;&nbsp;(65022990) |
| &nbsp;&nbsp;&nbsp;Total<br>| (7665915) | &nbsp;&nbsp;$(127239448) | &nbsp;&nbsp;&nbsp;&nbsp;(6405740) | &nbsp;&nbsp;$(103130584) | &nbsp;&nbsp;(3144840) | &nbsp;&nbsp;$(36990933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19731 | &nbsp;&nbsp;$(1849026) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (7808450) | &nbsp;&nbsp;$(129652390) | &nbsp;&nbsp;&nbsp;&nbsp;(6450622) | &nbsp;&nbsp;$(103806530) | &nbsp;&nbsp;(3149147) | &nbsp;&nbsp;$(37042086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;$(2014485) |
|  | **SA American Funds Growth Portfolio** | **SA American Funds Growth Portfolio** | **SA American Funds Growth Portfolio** | **SA American Funds Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** |
|  | **Six Months Ended 6/30/25<br> (unaudited)** | **Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 | &nbsp;&nbsp;$163608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;$52118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176 | &nbsp;&nbsp;$160475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;$32030 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152780 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(186711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2959686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1087720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84882) | &nbsp;&nbsp;&nbsp;&nbsp;(1228065) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(176244) | &nbsp;&nbsp;$(2796078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41881) | &nbsp;&nbsp;$(671866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14782) | &nbsp;&nbsp;$(189738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71941) | &nbsp;&nbsp;$(1043255) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;2799010 | &nbsp;&nbsp;$44129739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812838 | &nbsp;&nbsp;$42819473 | &nbsp;&nbsp;&nbsp;&nbsp;808768 | &nbsp;&nbsp;$11724606 | &nbsp;&nbsp;&nbsp;1475659 | &nbsp;&nbsp;$20441507 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72773753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2080836 | &nbsp;&nbsp;&nbsp;&nbsp;29672718 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (4612981) | &nbsp;&nbsp;&nbsp;&nbsp;(79555815) | &nbsp;&nbsp;&nbsp;&nbsp;(7773816) | &nbsp;&nbsp;&nbsp;(120628257) | &nbsp;&nbsp;(1753215) | &nbsp;&nbsp;&nbsp;(25739176) | &nbsp;&nbsp;(3896458) | &nbsp;&nbsp;&nbsp;(54772190) |
| &nbsp;&nbsp;&nbsp;Total<br>| (1813971) | &nbsp;&nbsp;$(35426076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274967) | &nbsp;&nbsp;$(5035031) | &nbsp;&nbsp;&nbsp;&nbsp;(944447) | &nbsp;&nbsp;$(14014570) | &nbsp;&nbsp;&nbsp;&nbsp;(339963) | &nbsp;&nbsp;$(4657965) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (1990215) | &nbsp;&nbsp;$(38222154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316848) | &nbsp;&nbsp;$(5706897) | &nbsp;&nbsp;&nbsp;&nbsp;(959229) | &nbsp;&nbsp;$(14204308) | &nbsp;&nbsp;&nbsp;&nbsp;(411904) | &nbsp;&nbsp;$(5701220) |
|  | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** |  |  |  |  |
|  | **Six Months Ended 6/30/25<br> (unaudited)** | **Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |  |  |  |  |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |  |  |  |  |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;$8501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874 | &nbsp;&nbsp;$81358 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133655 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48210) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602) | &nbsp;&nbsp;$(9509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10657 | &nbsp;&nbsp;$166803 |  |  |  |  |

---

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** |
|  | **Six Months Ended 6/30/25<br> (unaudited)** | **Six Months Ended 6/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;1593733 | &nbsp;&nbsp;$23774778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986791 | &nbsp;&nbsp;$15951070 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16981663 | &nbsp;&nbsp;&nbsp;&nbsp;256253296 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (8896163) | &nbsp;&nbsp;&nbsp;(134560348) | &nbsp;&nbsp;&nbsp;&nbsp;(21047350) | &nbsp;&nbsp;&nbsp;(335209337) |
| &nbsp;&nbsp;&nbsp;Total<br>| (7302430) | &nbsp;&nbsp;$(110785570) | &nbsp;&nbsp;&nbsp;&nbsp;(3078896) | &nbsp;&nbsp;$(63004971) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (7303032) | &nbsp;&nbsp;$(110795079) | &nbsp;&nbsp;&nbsp;&nbsp;(3068239) | &nbsp;&nbsp;$(62838168) |

---

#### Note 7 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;At June 30, 2025, the following affiliates owned outstanding shares of the following Portfolios:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**VALIC** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;89.00% | &nbsp;&nbsp;&nbsp;7.30% | &nbsp;&nbsp;3.70% |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;93.91 | &nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;0.90 |
| SA American Funds Growth<br>| &nbsp;&nbsp;92.67 | &nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;1.58 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;92.61 | &nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;1.63 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;85.32 | &nbsp;&nbsp;10.45 | &nbsp;&nbsp;4.23 |

---

#### Note 8 — Investment Concentration and Other Risks
&nbsp;&nbsp;&nbsp;&nbsp;Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources. Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments.

#### Note 9 — Line of Credit
&nbsp;&nbsp;&nbsp;&nbsp;The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $100 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Trust's custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the federal funds effective rate on such date and (b) the overnight bank funding rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the federal funds effective rate or the overnight bank funding rate shall be less than zero, then the federal funds effective rate or the overnight bank funding rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street, such Portfolio's ratable portion of an upfront fee in an amount equal to $90,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio's cash shortfall exceeds $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June 30, 2025, the Portfolios did not utilize the line of credit.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### FINANCIAL HIGHLIGHTS

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** |
| 12/31/20 | $14.71 | $0.28 | $1.54 | $1.82 | $— | $(0.01) | $(0.01) | $16.52 | &nbsp;&nbsp;12.40% | $7207 | 0.87% | 0.27% | 1.92% | &nbsp;&nbsp;3% |
| 12/31/21 | 16.52 | 0.33 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;2.49 | (0.22) | (0.16) | (0.38) | 18.63 | 15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393 | 0.86 | 0.26 | 1.83 | 2 |
| 12/31/22 | 18.63 | 0.32 | (2.90) | (2.58) | (0.34) | (0.56) | (0.90) | 15.15 | (13.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470 | 0.86 | 0.26 | 1.94 | 4 |
| 12/31/23 | 15.15 | 0.33 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.98 | (0.44) | (1.62) | (2.06) | 15.07 | 14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008 | 0.87 | 0.27 | 2.18 | 2 |
| 12/31/24 | 15.07 | 0.35 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;2.47 | (0.34) | (0.66) | (1.00) | 16.54 | 16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8046 | 0.86 | 0.26 | 2.14 | 1 |
| 06/30/25@ | 16.54 | 0.05 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.87 | &nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147 | &nbsp;&nbsp;0.86(4) | &nbsp;&nbsp;0.26(4) | &nbsp;&nbsp;0.57(4) | 0 |
| **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** |
| 12/31/20 | 14.69 | 0.22 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | (0.01) | 16.46 | 12.14 | 1473177 | 1.12 | 0.52 | 1.49 | 3 |
| 12/31/21 | 16.46 | 0.24 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;2.43 | (0.19) | (0.16) | (0.35) | 18.54 | 14.80 | 1919874 | 1.11 | 0.51 | 1.35 | 2 |
| 12/31/22 | 18.54 | 0.27 | (2.86) | (2.59) | (0.30) | (0.56) | (0.86) | 15.09 | (13.58) | 1654742 | 1.11 | 0.51 | 1.64 | 4 |
| 12/31/23 | 15.09 | 0.30 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;1.92 | (0.40) | (1.62) | (2.02) | 14.99 | 13.90 | 1798428 | 1.12 | 0.52 | 1.94 | 2 |
| 12/31/24 | 14.99 | 0.30 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;2.42 | (0.30) | (0.66) | (0.96) | 16.45 | 16.19 | 1867364 | 1.11 | 0.51 | 1.83 | 1 |
| 06/30/25@ | 16.45 | 0.03 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.75 | &nbsp;&nbsp;7.90 | 1879291 | &nbsp;&nbsp;1.11(4) | &nbsp;&nbsp;0.51(4) | &nbsp;&nbsp;0.40(4) | 0 |
| **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** |
| 12/31/20 | 10.94 | 0.05 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;3.30 | (0.04) | (0.95) | (0.99) | 13.25 | 30.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | 0.99 | 0.29 | 0.41 | 1 |
| 12/31/21 | 13.25 | 0.06 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.14 | (0.04) | (1.19) | (1.23) | 14.16 | 16.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | 0.98 | 0.28 | 0.43 | 4 |
| 12/31/22 | 14.16 | 0.06 | (3.57) | (3.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) | 10.58 | (24.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | 0.98 | 0.28 | 0.55 | 11 |
| 12/31/23 | 10.58 | 0.11 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.19 | (0.11) | (1.59) | (1.70) | 11.07 | 22.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | 0.99 | 0.29 | 0.94 | 2 |
| 12/31/24 | 11.07 | 0.16 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;1.56 | (0.10) | (1.33) | (1.43) | 11.20 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | 0.99 | 0.29 | 1.32 | 5 |
| 06/30/25@ | 11.20 | 0.02 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.45 | 11.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;0.99(4) | &nbsp;&nbsp;0.29(4) | &nbsp;&nbsp;0.44(4) | 1 |
| **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** |
| 12/31/20 | 10.95 | 0.01 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;3.26 | (0.01) | (0.95) | (0.96) | 13.25 | 30.09 | &nbsp;&nbsp;&nbsp;421535 | 1.24 | 0.54 | 0.05 | 1 |
| 12/31/21 | 13.25 | 0.01 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;2.11 | (0.01) | (1.19) | (1.20) | 14.16 | 16.11 | &nbsp;&nbsp;&nbsp;471259 | 1.23 | 0.53 | 0.06 | 4 |
| 12/31/22 | 14.16 | 0.05 | (3.59) | (3.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) | 10.55 | (24.97) | &nbsp;&nbsp;&nbsp;351002 | 1.23 | 0.53 | 0.41 | 11 |
| 12/31/23 | 10.55 | 0.07 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;2.17 | (0.08) | (1.59) | (1.67) | 11.05 | 22.36 | &nbsp;&nbsp;&nbsp;377323 | 1.24 | 0.54 | 0.58 | 2 |
| 12/31/24 | 11.05 | 0.14 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;1.51 | (0.07) | (1.33) | (1.40) | 11.16 | 13.25 | &nbsp;&nbsp;&nbsp;381518 | 1.24 | 0.54 | 1.20 | 5 |
| 06/30/25@ | 11.16 | 0.01 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.39 | 11.02 | &nbsp;&nbsp;&nbsp;384656 | &nbsp;&nbsp;1.24(4) | &nbsp;&nbsp;0.54(4) | &nbsp;&nbsp;0.18(4) | 1 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** |
| 12/31/20 | $12.01 | $0.05 | $5.92 | $5.97 | $(0.14) | $(1.53) | $(1.67) | $16.31 | &nbsp;&nbsp;52.09% | $704 | 0.88% | 0.28% | &nbsp;&nbsp;0.34% | 13% |
| 12/31/21 | 16.31 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;3.53 | (0.03) | (0.71) | (0.74) | 19.10 | 21.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | 0.87 | 0.27 | 0.28 | 5 |
| 12/31/22 | 19.10 | &nbsp;&nbsp;0.04 | (5.84) | (5.80) | (0.11) | (1.99) | (2.10) | 11.20 | (29.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | 0.87 | 0.27 | 0.30 | 3 |
| 12/31/23 | 11.20 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;3.97 | &nbsp;&nbsp;4.06 | (0.22) | (1.56) | (1.78) | 13.48 | 38.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | 0.88 | 0.28 | 0.73 | 6 |
| 12/31/24 | 13.48 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;4.16 | &nbsp;&nbsp;4.20 | (0.04) | (1.14) | (1.18) | 16.50 | 31.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 | 0.87 | 0.27 | 0.28 | 4 |
| 06/30/25@ | 16.50 | (0.00) | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 18.16 | 10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;0.87(4) | &nbsp;&nbsp;0.27(4) | (0.06)(4) | 4 |
| **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** |
| 12/31/20 | 11.99 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;5.91 | &nbsp;&nbsp;5.92 | (0.11) | (1.53) | (1.64) | 16.27 | 51.72 | &nbsp;&nbsp;&nbsp;544907 | 1.13 | 0.53 | 0.04 | 13 |
| 12/31/21 | 16.27 | (0.00) | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;3.48 | (0.00) | (0.71) | (0.71) | 19.04 | 21.69 | &nbsp;&nbsp;&nbsp;828279 | 1.12 | 0.52 | (0.02) | 5 |
| 12/31/22 | 19.04 | &nbsp;&nbsp;0.01 | (5.82) | (5.81) | (0.08) | (1.99) | (2.07) | 11.16 | (30.09) | &nbsp;&nbsp;&nbsp;687642 | 1.12 | 0.52 | 0.10 | 3 |
| 12/31/23 | 11.16 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;4.01 | (0.19) | (1.56) | (1.75) | 13.42 | 38.00 | &nbsp;&nbsp;&nbsp;891920 | 1.13 | 0.53 | 0.08 | 6 |
| 12/31/24 | 13.42 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;4.14 | (0.01) | (1.14) | (1.15) | 16.41 | 31.30 | 1085817 | 1.12 | 0.52 | 0.06 | 4 |
| 06/30/25@ | 16.41 | (0.01) | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 18.05 | &nbsp;&nbsp;9.99 | 1161383 | &nbsp;&nbsp;1.12(4) | &nbsp;&nbsp;0.52(4) | (0.10)(4) | 4 |
| **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** |
| 12/31/20 | 11.98 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.45 | (0.23) | (1.41) | (1.64) | 11.79 | 13.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | 0.89 | 0.29 | 1.60 | 9 |
| 12/31/21 | 11.79 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;2.80 | (0.15) | (0.45) | (0.60) | 13.99 | 24.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | 0.89 | 0.29 | 1.30 | 7 |
| 12/31/22 | 13.99 | &nbsp;&nbsp;0.14 | (2.49) | (2.35) | (0.14) | (0.36) | (0.50) | 11.14 | (16.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | 0.88 | 0.28 | 1.21 | 7 |
| 12/31/23 | 11.14 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;2.75 | (0.31) | (1.04) | (1.35) | 12.54 | 26.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | 0.89 | 0.29 | 1.50 | 4 |
| 12/31/24 | 12.54 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;3.01 | (0.16) | (0.77) | (0.93) | 14.62 | 24.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | 0.88 | 0.28 | 0.80 | 4 |
| 06/30/25@ | 14.62 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.78 | &nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;0.88(4) | &nbsp;&nbsp;0.28(4) | &nbsp;&nbsp;&nbsp;0.18(4) | 2 |
| **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** |
| 12/31/20 | 11.94 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.42 | (0.20) | (1.41) | (1.61) | 11.75 | 13.25 | &nbsp;&nbsp;&nbsp;325404 | 1.14 | 0.54 | 1.09 | 9 |
| 12/31/21 | 11.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;2.75 | (0.13) | (0.45) | (0.58) | 13.92 | 23.68 | &nbsp;&nbsp;&nbsp;425777 | 1.13 | 0.53 | 0.88 | 7 |
| 12/31/22 | 13.92 | &nbsp;&nbsp;0.12 | (2.49) | (2.37) | (0.11) | (0.36) | (0.47) | 11.08 | (16.74) | &nbsp;&nbsp;&nbsp;361297 | 1.13 | 0.53 | 1.04 | 7 |
| 12/31/23 | 11.08 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;2.71 | (0.28) | (1.04) | (1.32) | 12.47 | 25.85 | &nbsp;&nbsp;&nbsp;431862 | 1.14 | 0.54 | 1.08 | 4 |
| 12/31/24 | 12.47 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;2.96 | (0.13) | (0.77) | (0.90) | 14.53 | 23.89 | &nbsp;&nbsp;&nbsp;498186 | 1.13 | 0.53 | 0.80 | 4 |
| 06/30/25@ | 14.53 | (0.00) | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.67 | &nbsp;&nbsp;7.85 | &nbsp;&nbsp;&nbsp;522473 | &nbsp;&nbsp;1.13(4) | &nbsp;&nbsp;0.53(4) | (0.03)(4) | 2 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** |
| 12/31/20 | $14.81 | $0.21 | $1.21 | $1.42 | $— | $(0.04) | $(0.04) | $16.19 | &nbsp;&nbsp;&nbsp;9.57% | $255 | 0.97% | 0.27% | 1.38% | 5% |
| 12/31/21 | 16.19 | 0.23 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;2.37 | (0.25) | (0.92) | (1.17) | 17.39 | 14.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | 0.96 | 0.26 | 1.37 | 3 |
| 12/31/22 | 17.39 | 0.31 | (3.28) | (2.97) | (0.19) | (0.53) | (0.72) | 13.70 | (16.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | 0.96 | 0.26 | 2.10 | 2 |
| 12/31/23 | 13.70 | 0.20 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;2.11 | (0.31) | (0.51) | (0.82) | 14.99 | 15.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | 0.97 | 0.27 | 1.36 | 1 |
| 12/31/24 | 14.99 | 0.22 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;2.62 | (0.22) | (2.09) | (2.31) | 15.30 | 17.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | 0.96 | 0.26 | 1.38 | 1 |
| 06/30/25@ | 15.30 | 0.20 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.88 | &nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;0.97(4) | &nbsp;&nbsp;0.27(4) | &nbsp;&nbsp;2.59(4) | 1 |
| **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** |
| 12/31/20 | 14.79 | 0.21 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.04) | 16.13 | &nbsp;&nbsp;9.32 | 2113978 | 1.22 | 0.52 | 1.39 | 5 |
| 12/31/21 | 16.13 | 0.15 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;2.32 | (0.21) | (0.92) | (1.13) | 17.32 | 14.73 | 2319091 | 1.21 | 0.51 | 0.85 | 3 |
| 12/31/22 | 17.32 | 0.25 | (3.24) | (2.99) | (0.15) | (0.53) | (0.68) | 13.65 | (17.18) | 1825265 | 1.21 | 0.51 | 1.67 | 2 |
| 12/31/23 | 13.65 | 0.16 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;2.06 | (0.27) | (0.51) | (0.78) | 14.93 | 15.57 | 1895451 | 1.22 | 0.52 | 1.11 | 1 |
| 12/31/24 | 14.93 | 0.19 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;2.58 | (0.18) | (2.09) | (2.27) | 15.24 | 17.43 | 1887663 | 1.21 | 0.51 | 1.18 | 1 |
| 06/30/25@ | 15.24 | 0.17 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.79 | &nbsp;&nbsp;3.61 | 1840772 | &nbsp;&nbsp;1.22(4) | &nbsp;&nbsp;0.52(4) | &nbsp;&nbsp;2.29(4) | 1 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS (unaudited)

------

#### Item 8 (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)

------

#### Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)

------

#### Item 10 (Form N-CSR) – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;Remuneration paid to Directors is included in the Statement of Operations.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

#### SunAmerica Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited)

------

#### Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

[**Table of Contents**](#JOB_NEW_F_67b6160c-c4f1-4ed0-8242-73538148f696_TOC)

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

(08/25)

------

![](gf3ycfuqmlsascf52mmmt.jpg)

**American Funds Insurance Series®**

Financial Statements and Other Information N-CSR Items 7-11

for the six months ended June 30, 2025

Lit. No. INGEFP2-998-0825© 2025 Capital Group. All rights reserved.

Global Growth Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;unaudited |
| Common stocks 97.78% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 97.78% | Shares | (000) |
| Information technology 28.43% |  |  |
| Microsoft Corp. | 1034832 | $514736 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 14139200 | 513061 |
| NVIDIA Corp. | 2403112 | 379668 |
| Broadcom, Inc. | 948982 | 261587 |
| ASML Holding NV (ADR) | 147394 | 118120 |
| ASML Holding NV | 124200 | 99134 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 654749 | 75525 |
| NEC Corp. | 2416000 | 70783 |
| SAP SE | 225367 | 68531 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 336935 | 65982 |
| Synopsys, Inc. <sup>(a)</sup> | 114153 | 58524 |
| Samsung Electronics Co., Ltd. | 1068680 | 47353 |
| Capgemini SE | 255102 | 43587 |
| AppLovin Corp., Class A <sup>(a)</sup> | 95469 | 33422 |
| EPAM Systems, Inc. <sup>(a)</sup> | 187399 | 33136 |
| Adobe, Inc. <sup>(a)</sup> | 45228 | 17498 |
| International Business Machines Corp. | 48049 | 14164 |
| Keyence Corp. | 30400 | 12210 |
| Ubiquiti, Inc. | 20700 | 8521 |
| Xero, Ltd. <sup>(a)</sup> | 61011 | 7220 |
|  |  | 2442762 |
| Financials 16.20% |  |  |
| 3i Group PLC | 2750796 | 155566 |
| Visa, Inc., Class A | 311603 | 110635 |
| Citigroup, Inc. | 1104759 | 94037 |
| Aon PLC, Class A | 244466 | 87216 |
| Fiserv, Inc. <sup>(a)</sup> | 499162 | 86060 |
| Banco Bilbao Vizcaya Argentaria SA | 5017421 | 77159 |
| Prudential PLC | 5689457 | 71271 |
| Societe Generale | 1237374 | 70765 |
| Brookfield Corp., Class A | 1113070 | 68843 |
| AXA SA | 1220825 | 59924 |
| Tradeweb Markets, Inc., Class A | 332600 | 48693 |
| Swissquote Group Holding, Ltd. | 80515 | 45603 |
| CVC Capital Partners PLC | 1959718 | 40121 |
| Blackstone, Inc. | 255000 | 38143 |
| Ameriprise Financial, Inc. | 67606 | 36083 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR) | 1300992 | 31939 |
| Partners Group Holding AG | 24055 | 31378 |
| Eurobank Ergasias Services and Holdings SA | 8619374 | 29607 |
| CME Group, Inc., Class A | 103473 | 28519 |
| XP, Inc., Class A | 1360351 | 27479 |
| VZ Holding AG | 122172 | 26730 |
| Japan Post Insurance Co., Ltd. | 1156950 | 26199 |
| UniCredit SpA | 359971 | 24131 |
| Aviva PLC | 2408746 | 20473 |
| CaixaBank SA, non-registered shares | 2148574 | 18612 |
| FinecoBank SpA | 635542 | 14101 |
| Skandinaviska Enskilda Banken AB, Class A | 608175 | 10613 |
| AIA Group, Ltd. | 913107 | 8189 |
| Jackson Financial, Inc., Class A | 44327 | 3936 |
|  |  | 1392025 |
| Industrials 15.26% |  |  |
| Safran SA | 544489 | 176957 |
| Comfort Systems USA, Inc. | 278016 | 149075 |
| TransDigm Group, Inc. | 50071 | 76140 |
| Airbus SE, non-registered shares | 364243 | 76055 |

---

**1**American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| BAE Systems PLC | 2424921 | $62793 |
| Ryanair Holdings PLC (ADR) | 1069423 | 61674 |
| Copart, Inc. <sup>(a)</sup> | 1011807 | 49649 |
| Howmet Aerospace, Inc. | 262240 | 48811 |
| GT Capital Holdings, Inc. | 4680871 | 47698 |
| Saab AB, Class B | 797272 | 44461 |
| RELX PLC | 721205 | 38975 |
| Crane Co. | 204000 | 38738 |
| Siemens AG | 150600 | 38611 |
| Honeywell International, Inc. | 159884 | 37234 |
| Ingersoll-Rand, Inc. | 433179 | 36032 |
| Boeing Co. (The) <sup>(a)</sup> | 159644 | 33450 |
| Hitachi, Ltd. | 1115800 | 32582 |
| Compagnie de Saint-Gobain SA, non-registered shares | 270675 | 31769 |
| General Electric Co. | 112142 | 28864 |
| Alliance Global Group, Inc. | 156400700 | 25044 |
| ASSA ABLOY AB, Class B | 777100 | 24247 |
| Schneider Electric SE | 88500 | 23539 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 303180 | 18297 |
| Carrier Global Corp. | 242000 | 17712 |
| ITOCHU Corp. | 312960 | 16421 |
| Kongsberg Gruppen ASA | 404170 | 15673 |
| DSV A/S | 59397 | 14273 |
| RS Group PLC | 1745907 | 13768 |
| ATI, Inc. <sup>(a)</sup> | 152323 | 13152 |
| Recruit Holdings Co., Ltd. | 167400 | 9922 |
| Daikin Industries, Ltd. | 76900 | 9091 |
|  |  | 1310707 |
| Consumer discretionary 14.61% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 518956 | 113854 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1878200 | 105461 |
| Prosus NV, Class N | 1846586 | 103256 |
| MercadoLibre, Inc. <sup>(a)</sup> | 39062 | 102094 |
| Booking Holdings, Inc. | 15225 | 88141 |
| Renault SA | 1688781 | 77841 |
| Compagnie Financiere Richemont SA, Class A | 338392 | 63738 |
| Starbucks Corp. | 616040 | 56448 |
| Trip.com Group, Ltd. (ADR) | 932676 | 54692 |
| MGM China Holdings, Ltd. | 28793200 | 47243 |
| Sanrio Co., Ltd. | 950000 | 45968 |
| Entain PLC | 3341847 | 41331 |
| InterContinental Hotels Group PLC | 360000 | 41035 |
| LKQ Corp. | 1041420 | 38543 |
| Flutter Entertainment PLC <sup>(a)</sup> | 126797 | 36233 |
| LVMH Moet Hennessy-Louis Vuitton SE | 64729 | 33900 |
| Moncler SpA | 527245 | 30053 |
| Inchcape PLC | 2991192 | 29808 |
| Ferrari NV (EUR denominated) | 51774 | 25377 |
| Restaurant Brands International, Inc. (CAD denominated) | 318949 | 21157 |
| Toll Brothers, Inc. | 167692 | 19139 |
| Wynn Macau, Ltd. | 21430000 | 14796 |
| YUM! Brands, Inc. | 94493 | 14002 |
| Alibaba Group Holding, Ltd. (ADR) | 98929 | 11219 |
| Industria de Diseno Textil SA | 209813 | 10919 |
| Global-E Online, Ltd. <sup>(a)</sup> | 300000 | 10062 |
| Tesla, Inc. <sup>(a)</sup> | 29759 | 9453 |
| Hyundai Motor Co. | 61211 | 9230 |
|  |  | 1254993 |

---

American Funds Insurance Series<sub>2</sub>

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care 8.77% |  |  |
| Eli Lilly and Co. | 205754 | $160391 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 247071 | 109996 |
| Novo Nordisk AS, Class B | 984147 | 68306 |
| Sanofi | 640801 | 62055 |
| Argenx SE (ADR) <sup>(a)</sup> | 97099 | 53523 |
| Regeneron Pharmaceuticals, Inc. | 83600 | 43890 |
| Cigna Group (The) | 132736 | 43880 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 123340 | 40220 |
| Pfizer, Inc. | 1418993 | 34396 |
| Centene Corp. <sup>(a)</sup> | 580852 | 31529 |
| EssilorLuxottica SA | 91606 | 25131 |
| UnitedHealth Group, Inc. | 70900 | 22119 |
| Siemens Healthineers AG | 345670 | 19162 |
| Bayer AG | 537074 | 16154 |
| Thermo Fisher Scientific, Inc. | 32200 | 13056 |
| Pro Medicus, Ltd. | 48121 | 9029 |
| Viatris, Inc. | 110678 | 988 |
| Euroapi SA <sup>(a)(b)</sup> | 5869 | 20 |
|  |  | 753845 |
| Communication services 6.37% |  |  |
| Meta Platforms, Inc., Class A | 242200 | 178765 |
| Alphabet, Inc., Class A | 881162 | 155287 |
| Spotify Technology SA <sup>(a)</sup> | 97672 | 74948 |
| Publicis Groupe SA | 408300 | 46018 |
| Nintendo Co., Ltd. | 376100 | 36251 |
| Bharti Airtel, Ltd. | 868779 | 20358 |
| Tencent Holdings, Ltd. | 297100 | 19037 |
| CTS Eventim AG & Co. KGaA | 135001 | 16761 |
|  |  | 547425 |
| Consumer staples 3.17% |  |  |
| Dollar General Corp. | 408173 | 46687 |
| British American Tobacco PLC | 863200 | 41032 |
| Costco Wholesale Corp. | 35210 | 34856 |
| Carrefour SA, non-registered shares | 2201230 | 31037 |
| Philip Morris International, Inc. | 167000 | 30416 |
| Monster Beverage Corp. <sup>(a)</sup> | 440000 | 27562 |
| Nestle SA | 261067 | 25937 |
| Pernod Ricard SA | 192833 | 19217 |
| Loblaw Companies, Ltd. | 93102 | 15400 |
|  |  | 272144 |
| Energy 2.22% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1940000 | 60974 |
| TotalEnergies SE | 679182 | 41682 |
| Tourmaline Oil Corp. | 612792 | 29565 |
| NAC Kazatomprom JSC (GDR) | 585731 | 25304 |
| Reliance Industries, Ltd. | 1105000 | 19335 |
| Schlumberger NV | 406169 | 13729 |
|  |  | 190589 |
| Materials 2.13% |  |  |
| Linde PLC | 214708 | 100737 |
| Amcor PLC (CDI) | 3567000 | 33336 |

---

**3**American Funds Insurance Series

Global Growth Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | Shares | (000) |
| Materials (continued) |  |  |  |  |  |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> |  |  |  |  | 1128850 | 1128850 | $20053 |
| LyondellBasell Industries NV |  |  |  |  | 250227 | 250227 | 14478 |
| Lynas Rare Earths, Ltd. <sup>(a)</sup> |  |  |  |  | 2549209 | 2549209 | 14445 |
|  |  |  |  |  |  |  | 183049 |
| Utilities 0.52% |  |  |  |  |  |  |  |
| Torrent Power, Ltd. |  |  |  |  | 1918769 | 1918769 | 32836 |
| FirstEnergy Corp. |  |  |  |  | 286296 | 286296 | 11526 |
|  |  |  |  |  |  |  | 44362 |
| Real estate 0.10% |  |  |  |  |  |  |  |
| Mirvac Group REIT |  |  |  |  | 5948947 | 5948947 | 8614 |
| Total common stocks (cost: $4,866,714,000) |  |  |  |  |  |  | 8400515 |
| Preferred securities 0.19% |  |  |  |  |  |  |  |
| Preferred securities 0.19% |  |  |  |  |  |  |  |
| Information technology 0.19% |  |  |  |  |  |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares |  |  |  |  | 460450 | 460450 | 16888 |
| Total preferred securities (cost: $12,816,000) |  |  |  |  |  |  | 16888 |
| Short-term securities 2.77% |  |  |  |  |  |  |  |
| Short-term securities 2.77% |  |  |  |  |  |  |  |
| **Money market investments 2.77%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup> |  |  |  |  | 2375659 | 2375659 | 237566 |
| Total short-term securities (cost: $237,553,000) |  |  |  |  |  |  | 237566 |
| Total investment securities 100.74% (cost: $5,117,083,000) |  |  |  |  |  |  | 8654969 |
| Other assets less liabilities (0.74)% |  |  |  |  |  |  | (63517) |
| Net assets 100.00% |  |  |  |  |  |  | $8591452 |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 2.77% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.77% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(c)</sup> | $283574 | $775998 | $821926 | $(41) | $(39) | $237566 | $5913 |

---

(a)Security did not produce income during the last 12 months.

(b)All or a portion of this security was on loan. The total value of all such securities was $11,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(c)Rate represents the seven-day yield at 6/30/2025.

(d)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

---

| | | |
|:---|:---|:---|
| Key to abbreviation(s) |  |  |
| ADR = American Depositary Receipts | CDI = CREST Depository Interest | GDR = Global Depositary Receipts |
| CAD = Canadian dollars | EUR = Euros | REIT = Real Estate Investment Trust |
| Refer to the notes to financial statements. |  |  |

---

American Funds Insurance Series<sub>4</sub>

Global Small Capitalization Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 94.90% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 94.90% | Shares | (000) |
| Industrials 22.49% |  |  |
| Cleanaway Waste Management, Ltd. | 16692698 | $29883 |
| International Container Terminal Services, Inc. | 3892880 | 28404 |
| Takasago Thermal Engineering Co., Ltd. | 550274 | 27081 |
| UL Solutions, Inc., Class A | 357358 | 26037 |
| CBIZ, Inc. <sup>(a)</sup> | 360344 | 25840 |
| ATI, Inc. <sup>(a)</sup> | 273691 | 23630 |
| Diploma PLC | 348043 | 23352 |
| Trelleborg AB, Class B | 614656 | 22875 |
| Qantas Airways, Ltd. | 3113684 | 22009 |
| Adecco Group AG | 726245 | 21583 |
| Nexans SA | 165102 | 21568 |
| VSE Corp. | 161862 | 21201 |
| Comfort Systems USA, Inc. | 31592 | 16940 |
| Inox Wind, Ltd. <sup>(a)</sup> | 8025554 | 16409 |
| Carel Industries SpA | 596421 | 15878 |
| Rumo SA | 4466646 | 15234 |
| LS Electric Co., Ltd. | 68327 | 15138 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 128613 | 14839 |
| Sinfonia Technology Co., Ltd. | 218586 | 14815 |
| Air Lease Corp., Class A | 250000 | 14622 |
| REV Group, Inc. | 291763 | 13885 |
| Hensoldt AG | 117338 | 13462 |
| RENK Group AG | 157353 | 12578 |
| Kandenko Co., Ltd. | 530900 | 12288 |
| Godrej Industries, Ltd. <sup>(a)</sup> | 802102 | 11655 |
| ICF International, Inc. | 120109 | 10174 |
| Alaska Air Group, Inc. <sup>(a)</sup> | 200000 | 9896 |
| Howden Joinery Group PLC | 831191 | 9766 |
| IMCD NV | 71833 | 9650 |
| First Advantage Corp. <sup>(a)</sup> | 578142 | 9603 |
| Applied Industrial Technologies, Inc. | 39533 | 9189 |
| dormakaba Holding AG | 9722 | 8883 |
| Addtech AB, Class B | 245222 | 8346 |
| Visional, Inc. <sup>(a)</sup> | 105238 | 8119 |
| XPO, Inc. <sup>(a)</sup> | 63304 | 7995 |
| Engcon AB, Class B | 770224 | 7343 |
| Reliance Worldwide Corp., Ltd. | 2633607 | 7107 |
| Tetra Tech, Inc. | 197183 | 7091 |
| Beijer Ref AB, Class B | 445805 | 7037 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 75000 | 6534 |
| Localiza Rent a Car SA, ordinary nominative shares | 855885 | 6383 |
| SPIE SA | 111728 | 6278 |
| Georg Fischer AG | 69127 | 5650 |
| CSW Industrials, Inc. | 19652 | 5637 |
| Trex Co., Inc. <sup>(a)</sup> | 102977 | 5600 |
| Byrna Technologies, Inc. <sup>(a)</sup> | 166228 | 5133 |
| Kurita Water Industries, Ltd. | 125000 | 4946 |
| SATS, Ltd. | 2022100 | 4835 |
| Matson, Inc. | 41560 | 4628 |
| AZEK Co., Inc. (The), Class A <sup>(a)</sup> | 81825 | 4447 |
| WESCO International, Inc. | 20529 | 3802 |
| IndiaMart InterMesh, Ltd. | 122889 | 3723 |
| KEI Industries, Ltd. | 84089 | 3719 |
| Wizz Air Holdings PLC <sup>(a)(b)</sup> | 221203 | 3310 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 13897 | 3206 |
| Voyager Technologies, Inc., Class A <sup>(a)(b)</sup> | 61500 | 2414 |
| Herc Holdings, Inc. | 15514 | 2043 |
| Delhivery, Ltd. <sup>(a)</sup> | 433780 | 1936 |

---

**5**American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Mueller Industries, Inc. | 23732 | $1886 |
| THK Co., Ltd. | 64800 | 1736 |
| McGrath RentCorp | 4336 | 503 |
|  |  | 689754 |
| Financials 15.43% |  |  |
| Cholamandalam Investment and Finance Co., Ltd. | 1955819 | 37128 |
| Eurobank Ergasias Services and Holdings SA | 9230606 | 31706 |
| Glacier Bancorp, Inc. | 675237 | 29089 |
| HDFC Asset Management Co., Ltd. | 480000 | 29059 |
| Vontobel Holding AG | 354868 | 28669 |
| Stifel Financial Corp. | 269807 | 28001 |
| SLM Corp. | 824188 | 27025 |
| Max Financial Services, Ltd. <sup>(a)</sup> | 982332 | 18867 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup> | 436452 | 18684 |
| IIFL Finance, Ltd. <sup>(a)</sup> | 3028075 | 16692 |
| Janus Henderson Group PLC | 422023 | 16391 |
| SiriusPoint, Ltd. <sup>(a)</sup> | 700000 | 14273 |
| Lazard, Inc., Class A | 297467 | 14272 |
| Porto Seguro SA | 1400932 | 14233 |
| Home BancShares, Inc. | 495420 | 14100 |
| Pluxee NV | 642301 | 13989 |
| Asia Commercial Joint Stock Bank | 13830250 | 11278 |
| Banco del Bajio, SA | 4062979 | 9819 |
| SouthState Corp. | 102954 | 9475 |
| Essent Group, Ltd. | 150000 | 9109 |
| First American Financial Corp. | 143871 | 8832 |
| Patria Investments, Ltd., Class A | 537189 | 7553 |
| 360 ONE WAM, Ltd. | 469058 | 6533 |
| EFG International AG | 334117 | 6190 |
| Discovery, Ltd. | 483482 | 5866 |
| Sprott, Inc. | 82833 | 5726 |
| CVB Financial Corp. | 288772 | 5715 |
| Bridgepoint Group PLC | 1232030 | 5256 |
| Kyoto Financial Group, Inc. | 263300 | 4721 |
| PJT Partners, Inc., Class A | 28318 | 4673 |
| Root, Inc., Class A <sup>(a)</sup> | 35560 | 4551 |
| JB Financial Group Co., Ltd. | 294756 | 4488 |
| Haci Omer Sabanci Holding AS | 1751573 | 3944 |
| FirstCash Holdings, Inc. | 25763 | 3482 |
| Capitec Bank Holdings, Ltd. | 11138 | 2234 |
| BNK Financial Group, Inc. | 173416 | 1600 |
|  |  | 473223 |
| Information technology 13.18% |  |  |
| Allegro MicroSystems, Inc. <sup>(a)</sup> | 1164843 | 39826 |
| PAR Technology Corp. <sup>(a)(c)</sup> | 325484 | 22579 |
| PAR Technology Corp. <sup>(a)</sup> | 155085 | 10758 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 225450 | 32305 |
| King Slide Works Co., Ltd. | 361784 | 25203 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 161697 | 23828 |
| Pegasystems, Inc. | 359598 | 19465 |
| Kokusai Electric Corp. | 802379 | 19318 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 198415 | 18570 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 194072 | 17969 |
| Semtech Corp. <sup>(a)</sup> | 356911 | 16111 |
| eMemory Technology, Inc. | 168430 | 13607 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 137966 | 13115 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 84243 | 11633 |

---

American Funds Insurance Series<sub>6</sub>

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Information technology (continued) |  |  |
| Riken Keiki Co., Ltd. | 543100 | $11408 |
| Klaviyo, Inc., Class A <sup>(a)</sup> | 328169 | 11020 |
| Maruwa Co., Ltd. | 38254 | 10982 |
| Alphawave IP Group PLC <sup>(a)</sup> | 3569476 | 8535 |
| Tokyo Seimitsu Co., Ltd. | 124023 | 8279 |
| Ncino, Inc. <sup>(a)</sup> | 269841 | 7547 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 25161 | 7414 |
| Unity Software, Inc. <sup>(a)</sup> | 302073 | 7310 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 139780 | 6848 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup> | 51481 | 6450 |
| Confluent, Inc., Class A <sup>(a)</sup> | 235033 | 5859 |
| MKS, Inc. | 56170 | 5581 |
| Softcat PLC | 211275 | 4979 |
| HPSP Co., Ltd. | 182260 | 3748 |
| Cellebrite DI, Ltd. <sup>(a)</sup> | 194979 | 3120 |
| Hexaware Technologies, Ltd. | 265045 | 2629 |
| Blockchain Group (The) <sup>(a)(b)</sup> | 490674 | 2491 |
| ASMPT, Ltd. | 316400 | 2320 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 10484 | 2201 |
| Silvaco Group, Inc. <sup>(a)(b)</sup> | 163728 | 773 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup> | 678736 | 428 |
|  |  | 404209 |
| Consumer discretionary 12.48% |  |  |
| Entain PLC | 3136472 | 38791 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 657778 | 28212 |
| Thor Industries, Inc. | 281786 | 25025 |
| Sega Sammy Holdings, Inc. | 918700 | 22042 |
| Genius Sports, Ltd. <sup>(a)</sup> | 1640078 | 17057 |
| TopBuild Corp. <sup>(a)</sup> | 52196 | 16898 |
| Light & Wonder, Inc. <sup>(a)</sup> | 97580 | 9393 |
| Light & Wonder, Inc. Chess Depository Receipt <sup>(a)</sup> | 75431 | 7319 |
| Inchcape PLC | 1658830 | 16531 |
| Food & Life Cos., Ltd. | 315200 | 15354 |
| Wyndham Hotels & Resorts, Inc. | 180987 | 14698 |
| CAVA Group, Inc. <sup>(a)</sup> | 172411 | 14522 |
| Guzman y Gomez, Ltd. <sup>(a)</sup> | 626907 | 11672 |
| Champion Homes, Inc. <sup>(a)</sup> | 181982 | 11394 |
| Acushnet Holdings Corp. | 150000 | 10923 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 78598 | 10358 |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 50511 | 9547 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 60630 | 9216 |
| Lottomatica Group SpA | 324745 | 9012 |
| Sanrio Co., Ltd. | 150500 | 7282 |
| Patrick Industries, Inc. | 73088 | 6744 |
| tonies SE, Class A <sup>(a)</sup> | 960519 | 6743 |
| MRF, Ltd. | 4006 | 6650 |
| Steven Madden, Ltd. | 270679 | 6491 |
| Camping World Holdings, Inc., Class A | 363746 | 6253 |
| Aditya Vision, Ltd. | 1409045 | 6129 |
| Yonex Co., Ltd. | 300000 | 6041 |
| Tube Investments of India, Ltd. | 166232 | 6026 |
| Five Below, Inc. <sup>(a)</sup> | 41947 | 5503 |
| Cairn Homes PLC (EUR denominated) | 2026044 | 5119 |
| Zalando SE, non-registered shares <sup>(a)</sup> | 142442 | 4690 |
| Smartfit Escola de Ginastica e Danca SA | 980320 | 4482 |

---

**7**American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Shoei Co., Ltd. | 320200 | $3869 |
| Victoria's Secret & Co. <sup>(a)</sup> | 137388 | 2544 |
| EIH, Ltd. | 29163 | 126 |
|  |  | 382656 |
| Health care 11.54% |  |  |
| Insulet Corp. <sup>(a)</sup> | 138345 | 43465 |
| Masimo Corp. <sup>(a)</sup> | 176106 | 29625 |
| DiaSorin Italia SpA | 218636 | 23400 |
| Ensign Group, Inc. (The) | 131436 | 20275 |
| Max Healthcare Institute, Ltd. | 1220256 | 18156 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup> | 236775 | 15898 |
| Vimian Group AB (publ) <sup>(a)(b)</sup> | 3741179 | 15818 |
| IDEAYA Biosciences, Inc. <sup>(a)</sup> | 683100 | 14359 |
| Glenmark Pharmaceuticals, Ltd. | 653989 | 13374 |
| Ambu AS, Class B, non-registered shares | 799520 | 12547 |
| Addus HomeCare Corp. <sup>(a)</sup> | 105462 | 12148 |
| BridgeBio Pharma, Inc. <sup>(a)</sup> | 266511 | 11508 |
| Asker Healthcare Group AB <sup>(a)</sup> | 964065 | 11107 |
| CONMED Corp. | 189210 | 9854 |
| Encompass Health Corp. | 78343 | 9607 |
| Haemonetics Corp. <sup>(a)</sup> | 124768 | 9309 |
| iRhythm Technologies, Inc. <sup>(a)</sup> | 49337 | 7596 |
| Aster DM Healthcare, Ltd. | 1089547 | 7573 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> | 149795 | 6537 |
| Indegene, Ltd. | 965116 | 6467 |
| Denali Therapeutics, Inc. <sup>(a)</sup> | 454147 | 6354 |
| Integer Holdings Corp. <sup>(a)</sup> | 50070 | 6157 |
| Bio-Techne Corp. | 117228 | 6031 |
| Vaxcyte, Inc. <sup>(a)</sup> | 180439 | 5866 |
| Dr. Lal PathLabs, Ltd. | 151312 | 4934 |
| AddLife AB, Class B | 241770 | 4822 |
| Vericel Corp. <sup>(a)</sup> | 97455 | 4147 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup> | 92322 | 3943 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup> | 149388 | 2997 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 32983 | 2634 |
| Angelalign Technology, Inc. | 318348 | 2293 |
| Zealand Pharma AS <sup>(a)(b)</sup> | 39000 | 2184 |
| Bachem Holding AG <sup>(b)</sup> | 24766 | 1810 |
| Biohaven, Ltd. <sup>(a)</sup> | 62303 | 879 |
|  |  | 353674 |
| Materials 5.92% |  |  |
| Materion Corp. | 255673 | 20293 |
| Knife River Corp. <sup>(a)</sup> | 242566 | 19803 |
| Resonac Holdings Co., Ltd. | 827000 | 19233 |
| Sumitomo Bakelite Co., Ltd. | 639359 | 18510 |
| Celanese Corp. | 294262 | 16281 |
| Lundin Gold, Inc. | 300000 | 15840 |
| Lundin Mining Corp. | 1000000 | 10516 |
| Huhtamaki OYJ | 276021 | 9845 |
| Dyno Nobel, Ltd. | 5276174 | 9341 |
| LANXESS AG | 241395 | 7183 |
| Acerinox, SA | 507145 | 6464 |
| Osaka Soda Co., Ltd. | 384900 | 4803 |
| Verallia SAS | 140206 | 4657 |
| Cabot Corp. | 48229 | 3617 |
| Arkema SA | 43503 | 3205 |
| Vicat SACA | 40492 | 2805 |

---

American Funds Insurance Series<sub>8</sub>

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Umicore SA | 181924 | $2674 |
| ASP Isotopes, Inc. <sup>(a)(b)</sup> | 344175 | 2533 |
| NV Bekaert SA | 53808 | 2222 |
| Mayr-Melnhof Karton AG, non-registered shares | 17249 | 1552 |
|  |  | 181377 |
| Communication services 4.39% |  |  |
| Magnite, Inc. <sup>(a)</sup> | 1533111 | 36979 |
| Nippon Television Holdings, Inc. | 1086100 | 25236 |
| Indosat Tbk PT | 135085677 | 17390 |
| Springer Nature AG & Co. KGaA, non-registered shares | 609415 | 13395 |
| Rightmove PLC | 1209594 | 13094 |
| New York Times Co., Class A | 175000 | 9796 |
| Lionsgate Studios Corp. <sup>(a)</sup> | 1051920 | 6112 |
| Future PLC | 515448 | 5158 |
| JCDecaux SE | 183003 | 3341 |
| Starz Entertainment Corp. <sup>(a)</sup> | 151869 | 2441 |
| Bharti Hexacom, Ltd. | 68127 | 1551 |
|  |  | 134493 |
| Real estate 2.58% |  |  |
| Embassy Office Parks REIT | 5208572 | 23656 |
| Charter Hall Group REIT | 1663583 | 21011 |
| Lodha Developers, Ltd. | 442564 | 7143 |
| UMH Properties, Inc. REIT | 410600 | 6894 |
| St. Joe Co. | 124878 | 5956 |
| Mindspace Business Parks REIT | 1250000 | 5831 |
| Corp. Inmobiliaria Vesta, SAB de CV <sup>(b)</sup> | 1900000 | 5222 |
| Altus Group, Ltd. | 89910 | 3479 |
|  |  | 79192 |
| Consumer staples 2.50% |  |  |
| Raia Drogasil SA, ordinary nominative shares | 7178745 | 19978 |
| Universal Robina Corp. | 11735715 | 18657 |
| BBB Foods, Inc., Class A <sup>(a)</sup> | 669472 | 18585 |
| Lamb Weston Holdings, Inc. | 170000 | 8814 |
| Apotea Sverige AB <sup>(a)</sup> | 845173 | 7879 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 22848 | 2843 |
|  |  | 76756 |
| Energy 2.48% |  |  |
| Weatherford International | 512177 | 25768 |
| NuVista Energy, Ltd. <sup>(a)</sup> | 1249839 | 13749 |
| CNX Resources Corp. <sup>(a)</sup> | 350000 | 11788 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 202376 | 9676 |
| Aegis Logistics Ltd. | 790464 | 7151 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup> | 711249 | 2035 |
| Aegis Vopak Terminals, Ltd. <sup>(a)(e)</sup> | 241762 | 692 |
| NexGen Energy, Ltd. <sup>(a)</sup> | 380341 | 2639 |
| Denison Mines Corp. <sup>(a)</sup> | 1375744 | 2515 |
|  |  | 76013 |
| Utilities 1.91% |  |  |
| Neoenergia SA | 4000086 | 18819 |
| Black Hills Corp. | 197486 | 11079 |

---

**9**American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Utilities (continued) |  |  |
| Talen Energy Corp. <sup>(a)</sup> | 36428 | $10592 |
| SembCorp Industries, Ltd. | 1536800 | 8279 |
| Nippon Gas Co., Ltd. | 411600 | 7577 |
| ACEN Corp. | 50415592 | 2318 |
|  |  | 58664 |
| Total common stocks (cost: $2,104,018,000) |  | 2910011 |
| Preferred securities 0.77% |  |  |
| Preferred securities 0.77% |  |  |
| Information technology 0.47% |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup> | 3006 | 11470 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup> | 2158609 | 1360 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup> | 287894 | 181 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup> | 274070 | 173 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup> | 183819 | 116 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup> | 89605 | 56 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup> | 75980 | 48 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup> | 42368 | 27 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup> | 33838 | 21 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup> | 154354 | 1070 |
|  |  | 14522 |
| Financials 0.30% |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup> | 641250 | 9138 |
| Total preferred securities (cost: $28,669,000) |  | 23660 |
| Convertible stocks 0.43% |  |  |
| Convertible stocks 0.43% |  |  |
| Materials 0.43% |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 406409 | 13046 |
| Total convertible stocks (cost: $12,428,000) |  | 13046 |
| Convertible bonds & notes 0.13% | Principal amount |  |
| Convertible bonds & notes 0.13% | Principal amount |  |
| Convertible bonds & notes 0.13% | (000) |  |
| Information technology 0.13% |  |  |
| Alphawave IP Group PLC, convertible notes, 3.75% 3/1/2030 | USD600 | 908 |
| Wolfspeed, Inc., convertible notes, 0.25% 2/15/2028 | 3235 | 833 |
| Wolfspeed, Inc., convertible notes, 1.875% 12/1/2029 | 8923 | 2298 |
| Total convertible bonds & notes (cost: $4,448,000) |  | 4039 |
| Short-term securities 5.28% | Shares |  |
| Short-term securities 5.28% | Shares |  |
| **Money market investments 4.64%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup> | 1423124 | 142312 |

---

American Funds Insurance Series **10**

Global Small Capitalization Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Short-term securities (continued) |  |  |  |  |  |  | Value |
| Short-term securities (continued) |  |  |  |  | Shares |  | (000) |
| **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)(h)</sup> |  |  |  |  | 138096 |  | $13810 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> |  | 5832209 |  | 5832 |
|  |  |  |  |  |  |  | 19642 |
| Total short-term securities (cost: $161,942,000) |  |  |  |  |  |  | 161954 |
| Total investment securities 101.51% (cost: $2,311,505,000) |  |  |  |  |  |  | 3112710 |
| Other assets less liabilities (1.51)% |  |  |  |  |  |  | (46233) |
| Net assets 100.00% |  |  |  |  |  |  | $3066477 |
| **Investments in affiliates <sup>(g)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(g)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(g)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Common stocks 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer discretionary 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lands' End, Inc. <sup>(a)(i)</sup> | $27594 | $— | $16981 | $2176 | $(12789) | $— | $— |
| Short-term securities 5.09% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 4.64% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(f)</sup> | 16001 | 418610 | 292289 | (20) | 10 | 142312 | 2399 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.45% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(f)(h)</sup> | 19927 |  | 6117<sup>(j)</sup> |  |  | 13810 | —(k) |
| &nbsp;&nbsp;&nbsp;Total short-term securities |  |  |  |  |  | 156122 |  |
| &nbsp;&nbsp;&nbsp;Total 5.09% |  |  |  | $2156 | $(12779) | $156122 | $2399 |

---

**11**American Funds Insurance Series

![](gq0u2t28mc4diaa2yc6yy.jpg)

Global Small Capitalization Fund (continued)

**Restricted securities <sup>(c)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp. <sup>(a)</sup> | 3/8/2024 | $12580 | $22579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> | 5/28/2021 | 14344 | 11470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> | 2/25/2021 | 4748 | 1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd. <sup>(a)(d)</sup> | 3/16/2021 | 1418 | 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 602 | 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 573 | 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 384 | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 187 | 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 159 | 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 88 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 71 | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> | 5/27/2021 | 4517 | 1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;Total |  | $39671 | $37529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |

---

(a)Security did not produce income during the last 12 months.

(b)All or a portion of this security was on loan. The total value of all such securities was $21,033,000, which represented 0.69% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(c)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $37,529,000, which represented 1.22% of the net assets of the fund.

(d)Value determined using significant unobservable inputs.

(e)Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $692,000, which represented 0.02% 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.

(f)Rate represents the seven-day yield at 6/30/2025.

(g)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.

(h)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(i)Affiliated issuer during the reporting period but no longer held at 6/30/2025.

(j)Represents net activity. Refer to Note 5 for more information on securities lending.

(k)Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

(l)Amount less than 0.01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

EUR = Euros

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **12**

Growth Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 97.18% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 97.18% | Shares | (000) |
| Information technology 27.11% |  |  |
| NVIDIA Corp. | 16406398 | $2592047 |
| Microsoft Corp. | 4808489 | 2391790 |
| Broadcom, Inc. | 7732511 | 2131467 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 4644781 | 909587 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 7554237 | 871381 |
| MicroStrategy, Inc., Class A <sup>(a)</sup> | 1507861 | 609523 |
| Micron Technology, Inc. | 4702712 | 579609 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10759000 | 390406 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 371039 | 84037 |
| Apple, Inc. | 2252048 | 462053 |
| Salesforce, Inc. | 1191227 | 324836 |
| Constellation Software, Inc. | 87642 | 321361 |
| Adobe, Inc. <sup>(a)</sup> | 740568 | 286511 |
| Synopsys, Inc. <sup>(a)</sup> | 548921 | 281421 |
| SK hynix, Inc. | 1164664 | 251987 |
| Motorola Solutions, Inc. | 392000 | 164820 |
| ASML Holding NV (ADR) | 159102 | 127502 |
| ASML Holding NV | 25261 | 20163 |
| KLA Corp. | 145050 | 129927 |
| Oracle Corp. | 588434 | 128649 |
| Unity Software, Inc. <sup>(a)</sup> | 5288825 | 127990 |
| Palantir Technologies, Inc., Class A <sup>(a)</sup> | 809801 | 110392 |
| AppLovin Corp., Class A <sup>(a)</sup> | 270000 | 94522 |
| Datadog, Inc., Class A <sup>(a)</sup> | 649685 | 87272 |
| DocuSign, Inc. <sup>(a)</sup> | 922000 | 71815 |
| ARM Holdings PLC (ADR) <sup>(a)(b)</sup> | 437756 | 70803 |
| Intel Corp. | 2250000 | 50400 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 1465500 | 41547 |
| Atlassian Corp., Class A <sup>(a)</sup> | 175462 | 35635 |
| ServiceNow, Inc. <sup>(a)</sup> | 31490 | 32374 |
| Fair Isaac Corp. <sup>(a)</sup> | 16963 | 31008 |
| ASM International NV | 41358 | 26473 |
| Accenture PLC, Class A | 74063 | 22137 |
| Applied Materials, Inc. | 102877 | 18834 |
| MKS, Inc. | 101047 | 10040 |
| HubSpot, Inc. <sup>(a)</sup> | 14369 | 7998 |
| Stripe, Inc., Class B <sup>(a)(c)(d)</sup> | 168598 | 5985 |
|  |  | 13904302 |
| Communication services 19.98% |  |  |
| Meta Platforms, Inc., Class A | 6460365 | 4768331 |
| Netflix, Inc. <sup>(a)</sup> | 1675116 | 2243198 |
| Alphabet, Inc., Class C | 6355470 | 1127397 |
| Alphabet, Inc., Class A | 5364896 | 945455 |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 752094 | 307464 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup> | 27200000 | 236368 |
| ROBLOX Corp., Class A <sup>(a)</sup> | 1951083 | 205254 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 1297347 | 196263 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 355373 | 86302 |
| Comcast Corp., Class A | 1343725 | 47957 |
| Nintendo Co., Ltd. | 411400 | 39653 |
| T-Mobile US, Inc. | 99374 | 23677 |
| Pinterest, Inc., Class A <sup>(a)</sup> | 352109 | 12627 |
| Frontier Communications Parent, Inc. <sup>(a)</sup> | 244130 | 8886 |
|  |  | 10248832 |
| Consumer discretionary 13.76% |  |  |
| Tesla, Inc. <sup>(a)</sup> | 7509093 | 2385339 |
| Amazon.com, Inc. <sup>(a)</sup> | 5592177 | 1226868 |

---

**13**American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Royal Caribbean Cruises, Ltd. | 2278615 | $713525 |
| DoorDash, Inc., Class A <sup>(a)</sup> | 1700000 | 419067 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 5026162 | 282219 |
| NIKE, Inc., Class B | 3183461 | 226153 |
| Tractor Supply Co. | 3325000 | 175460 |
| Hermes International | 61000 | 165195 |
| Aramark | 3218114 | 134742 |
| Burlington Stores, Inc. <sup>(a)</sup> | 571948 | 133058 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 6094950 | 123606 |
| Booking Holdings, Inc. | 21261 | 123085 |
| Home Depot, Inc. | 315781 | 115778 |
| Duolingo, Inc., Class A <sup>(a)</sup> | 267716 | 109769 |
| Flutter Entertainment PLC <sup>(a)</sup> | 330165 | 94348 |
| Rivian Automotive, Inc., Class A <sup>(a)(b)</sup> | 5693160 | 78224 |
| Wayfair, Inc., Class A <sup>(a)</sup> | 1406061 | 71906 |
| Service Corp. International | 848647 | 69080 |
| D.R. Horton, Inc. | 478018 | 61626 |
| Amadeus IT Group SA, Class A, non-registered shares | 661683 | 55714 |
| Starbucks Corp. | 443476 | 40636 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 908357 | 38959 |
| YUM! Brands, Inc. | 246744 | 36563 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup> | 437000 | 33194 |
| Five Below, Inc. <sup>(a)</sup> | 252000 | 33057 |
| Churchill Downs, Inc. | 295641 | 29860 |
| Marriott International, Inc., Class A | 56000 | 15300 |
| Polaris, Inc. | 371000 | 15081 |
| TopBuild Corp. <sup>(a)</sup> | 40220 | 13021 |
| YETI Holdings, Inc. <sup>(a)</sup> | 325329 | 10254 |
| Caesars Entertainment, Inc. <sup>(a)</sup> | 356300 | 10115 |
| Hilton Worldwide Holdings, Inc. | 36119 | 9620 |
| Helen of Troy, Ltd. <sup>(a)</sup> | 269597 | 7651 |
|  |  | 7058073 |
| Health care 11.06% |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 1991933 | 1082437 |
| Eli Lilly and Co. | 922850 | 719389 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1490615 | 663622 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 1686200 | 549853 |
| UnitedHealth Group, Inc. | 930678 | 290344 |
| Boston Scientific Corp. <sup>(a)</sup> | 2547986 | 273679 |
| HCA Healthcare, Inc. | 627846 | 240528 |
| Thermo Fisher Scientific, Inc. | 472926 | 191753 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 2848145 | 141980 |
| Illumina, Inc. <sup>(a)</sup> | 1344976 | 128324 |
| Regeneron Pharmaceuticals, Inc. | 231073 | 121313 |
| Centene Corp. <sup>(a)</sup> | 2053544 | 111466 |
| Bristol-Myers Squibb Co. | 1979253 | 91620 |
| Guardant Health, Inc. <sup>(a)</sup> | 1705050 | 88731 |
| Insmed, Inc. <sup>(a)</sup> | 796167 | 80126 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup> | 444896 | 76789 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 62042 | 72882 |
| Align Technology, Inc. <sup>(a)</sup> | 369578 | 69972 |
| Danaher Corp. | 340644 | 67291 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 1674900 | 66175 |
| Novo Nordisk AS, Class B | 917755 | 63698 |
| Exact Sciences Corp. <sup>(a)</sup> | 1192321 | 63360 |
| EssilorLuxottica SA | 229003 | 62826 |
| BioNTech SE (ADR) <sup>(a)(b)</sup> | 562734 | 59914 |
| Abbott Laboratories | 371669 | 50551 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 161327 | 48059 |

---

American Funds Insurance Series **14**

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| AstraZeneca PLC | 343952 | $47779 |
| Royalty Pharma PLC, Class A | 955185 | 34415 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> | 87585 | 25223 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 105500 | 16626 |
| CRISPR Therapeutics AG <sup>(a)(b)</sup> | 334619 | 16276 |
| Amgen, Inc. | 55569 | 15515 |
| Elevance Health, Inc. | 26768 | 10412 |
| QIAGEN NV | 215885 | 10375 |
| Verily Life Sciences, LLC <sup>(a)(c)(d)</sup> | 300178 | 9825 |
| Sarepta Therapeutics, Inc. <sup>(a)</sup> | 498337 | 8521 |
|  |  | 5671649 |
| Industrials 10.54% |  |  |
| TransDigm Group, Inc. | 716472 | 1089496 |
| General Electric Co. | 1544121 | 397441 |
| Quanta Services, Inc. | 987626 | 373402 |
| Uber Technologies, Inc. <sup>(a)</sup> | 3500000 | 326550 |
| Axon Enterprise, Inc. <sup>(a)</sup> | 366366 | 303329 |
| United Rentals, Inc. | 343479 | 258777 |
| Ingersoll-Rand, Inc. | 2632733 | 218991 |
| GE Vernova, Inc. | 384741 | 203586 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 2300410 | 183182 |
| ATI, Inc. <sup>(a)</sup> | 2086140 | 180117 |
| Dayforce, Inc. <sup>(a)</sup> | 3030416 | 167855 |
| Republic Services, Inc. | 664509 | 163875 |
| Equifax, Inc. | 626858 | 162588 |
| Boeing Co. (The) <sup>(a)</sup> | 684135 | 143347 |
| FTAI Aviation, Ltd. | 1094574 | 125920 |
| Copart, Inc. <sup>(a)</sup> | 2348144 | 115223 |
| Northrop Grumman Corp. | 202123 | 101057 |
| Airbus SE, non-registered shares | 426445 | 89043 |
| Ryanair Holdings PLC (ADR) | 1404492 | 80997 |
| Ryanair Holdings PLC | 96554 | 2732 |
| Rocket Lab Corp. <sup>(a)(b)</sup> | 2320675 | 83011 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 701174 | 80901 |
| Old Dominion Freight Line, Inc. | 490000 | 79527 |
| Willscot Holdings Corp., Class A | 2545837 | 69756 |
| Carrier Global Corp. | 739587 | 54130 |
| ITT, Inc. | 343000 | 53793 |
| Saia, Inc. <sup>(a)</sup> | 192280 | 52683 |
| Honeywell International, Inc. | 204196 | 47553 |
| HEICO Corp. | 137622 | 45140 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 518058 | 45135 |
| XPO, Inc. <sup>(a)</sup> | 263564 | 33286 |
| Lennox International, Inc. | 43370 | 24861 |
| Safran SA | 49416 | 16060 |
| FedEx Corp. | 68327 | 15531 |
| Tetra Tech, Inc. | 342234 | 12307 |
| Einride AB (a)(c)(d) | 78648 | 2633 |
|  |  | 5403815 |
| Financials 7.98% |  |  |
| Visa, Inc., Class A | 2685292 | 953413 |
| Bank of America Corp. | 7760600 | 367232 |
| Fiserv, Inc. <sup>(a)</sup> | 1979966 | 341366 |
| Toast, Inc., Class A <sup>(a)</sup> | 7274350 | 322181 |
| Mastercard, Inc., Class A | 492848 | 276951 |
| KKR & Co., Inc. | 2009945 | 267383 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 3595701 | 248607 |

---

**15**American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Apollo Asset Management, Inc. | 1370731 | $194466 |
| Brookfield Corp., Class A | 2314781 | 143169 |
| Capital One Financial Corp. | 632231 | 134513 |
| Blackstone, Inc. | 802515 | 120040 |
| Blue Owl Capital, Inc., Class A | 4832647 | 92835 |
| Progressive Corp. | 307337 | 82016 |
| Block, Inc., Class A <sup>(a)</sup> | 1119780 | 76067 |
| UBS Group AG | 2174000 | 73567 |
| Ryan Specialty Holdings, Inc., Class A | 1007426 | 68495 |
| First Citizens BancShares, Inc., Class A | 31833 | 62280 |
| Marsh & McLennan Cos., Inc. | 275836 | 60309 |
| Ares Management Corp., Class A | 346466 | 60008 |
| Truist Financial Corp. | 1350366 | 58052 |
| Intercontinental Exchange, Inc. | 176208 | 32329 |
| Aon PLC, Class A | 57337 | 20455 |
| Kinsale Capital Group, Inc. | 34500 | 16694 |
| Arch Capital Group, Ltd. | 159854 | 14555 |
| Coinbase Global, Inc., Class A <sup>(a)</sup> | 21116 | 7401 |
|  |  | 4094384 |
| Consumer staples 2.05% |  |  |
| Performance Food Group Co. <sup>(a)</sup> | 3559500 | 311350 |
| Costco Wholesale Corp. | 303405 | 300353 |
| Dollar General Corp. | 665684 | 76141 |
| Mondelez International, Inc., Class A | 861831 | 58122 |
| Bunge Global SA | 679809 | 54575 |
| Philip Morris International, Inc. | 298723 | 54406 |
| Constellation Brands, Inc., Class A | 325000 | 52871 |
| Church & Dwight Co., Inc. | 483136 | 46434 |
| Dollar Tree Stores, Inc. <sup>(a)</sup> | 372328 | 36875 |
| Keurig Dr Pepper, Inc. | 903000 | 29853 |
| Estee Lauder Cos., Inc. (The), Class A | 350812 | 28346 |
| JUUL Labs, Inc., Class A <sup>(a)(c)(d)(e)</sup> | 2496349 | 2671 |
|  |  | 1051997 |
| Energy 1.98% |  |  |
| EOG Resources, Inc. | 2848235 | 340677 |
| MEG Energy Corp. | 8273055 | 156318 |
| Baker Hughes Co., Class A | 3500000 | 134190 |
| Cenovus Energy, Inc. (CAD denominated) | 6693761 | 91085 |
| TechnipFMC PLC | 2000000 | 68880 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 2160826 | 67915 |
| Diamondback Energy, Inc. | 325000 | 44655 |
| EQT Corp. | 701954 | 40938 |
| Tourmaline Oil Corp. | 596759 | 28792 |
| Schlumberger NV | 662103 | 22379 |
| ConocoPhillips | 225174 | 20207 |
|  |  | 1016036 |
| Materials 1.42% |  |  |
| Wheaton Precious Metals Corp. | 2574257 | 231168 |
| Grupo Mexico, SAB de CV, Series B | 19156155 | 116032 |
| Royal Gold, Inc. | 551247 | 98034 |
| Albemarle Corp. | 1072000 | 67182 |
| Linde PLC | 122857 | 57642 |
| Franco-Nevada Corp. (CAD denominated) | 323280 | 53076 |

---

American Funds Insurance Series **16**

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| LyondellBasell Industries NV | 856344 | $49548 |
| Sherwin-Williams Co. | 98004 | 33651 |
| Glencore PLC | 5275000 | 20535 |
|  |  | 726868 |
| Utilities 0.70% |  |  |
| Constellation Energy Corp. | 894062 | 288568 |
| PG&E Corp. | 4145582 | 57789 |
| Southern Co. (The) | 127300 | 11690 |
|  |  | 358047 |
| Real estate 0.60% |  |  |
| CoStar Group, Inc. <sup>(a)</sup> | 2099529 | 168802 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup> | 2008084 | 140666 |
|  |  | 309468 |
| Total common stocks (cost: $20,717,415,000) |  | 49843471 |
| Preferred securities 0.29% |  |  |
| Preferred securities 0.29% |  |  |
| Information technology 0.28% |  |  |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup> | 2763342 | 98099 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup> | 52656 | 1869 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)(d)</sup> | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)(d)</sup> | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup> | 406310 | 2056 |
|  |  | 141620 |
| Industrials 0.01% |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(c)(d)</sup> | 154765 | 5182 |
| Total preferred securities (cost: $96,054,000) |  | 146802 |
| Rights & warrants 0.04% |  |  |
| Rights & warrants 0.04% |  |  |
| Information technology 0.04% |  |  |
| Openai Global, LLC, rights <sup>(a)(c)(d)</sup> | 13740540 | 22672 |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup> | 53352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(f) |
| Total rights & warrants (cost: $13,741,000) |  | 22672 |
| Convertible stocks 0.01% |  |  |
| Convertible stocks 0.01% |  |  |
| Materials 0.01% |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 128700 | 4131 |
| Industrials 0.00% |  |  |
| ABL Space Systems Co., Class A-10, noncumulative convertible preferred shares <sup>(c)(d)</sup> | 809003 | 566 |
| ABL Space Systems Co., Class A-9, noncumulative convertible preferred shares <sup>(c)(d)</sup> | 171920 | 120 |
| Total convertible stocks (cost: $18,269,000) |  | 4817 |

---

**17**American Funds Insurance Series

![](gm0ybukumqhz1zzbf8wjc.jpg)

Growth Fund (continued)

Short-term securities 3.06%

Value

Shares(000)

**Money market investments 2.81%**

---

| | | |
|:---|:---|:---|
| Capital Group Central Cash Fund 4.35% <sup>(g)(h)</sup> | 14433847 | $1443384 |

---

**Money market investments purchased with collateral from securities on loan 0.25%**

---

| | | |
|:---|:---|:---|
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(g)(i)</sup> | 126327908 | 126327 |
| Total short-term securities (cost: $1,569,522,000) |  | 1569711 |
| Total investment securities 100.58% (cost: $22,415,001,000) |  | 51587473 |
| Other assets less liabilities (0.58)% |  | (297705) |
| Net assets 100.00% |  | $51289768 |

---

**Investments in affiliates <sup>(h)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 2.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(g)</sup> | $1045665 | $3192626 | $2794827 | $(73) | $(7) | $1443384 | $28944 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(g)</sup> | 4032 |  | 4032<sup>(j)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(k) |
| &nbsp;&nbsp;&nbsp;Total 2.81% |  |  |  | $(73) | $(7) | $1443384 | $28944 |

---

American Funds Insurance Series **18**

![](gm4aherh1d7pgno6p2j78.jpg)

Growth Fund (continued)

**Restricted securities <sup>(d)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | &nbsp;&nbsp;&nbsp;&nbsp;Cost | Value | Percent |
|  | Acquisition | &nbsp;&nbsp;&nbsp;&nbsp;Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> | 3/15/2023 | $55637 | $98099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Class B <sup>(a)(c)</sup> | 5/6/2021 | 6766 | 5985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> | 3/15/2021 | 2113 | 1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)</sup> | 5/28/2021 | 23781 | 37291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)</sup> | 5/23/2025-6/3/2025 | 2305 | 2305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Openai Global, LLC, rights <sup>(a)(c)</sup> | 9/30/2024 | 13741 | 22672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;Verily Life Sciences, LLC <sup>(a)(c)</sup> | 12/21/2018 | 37000 | 9825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;Einride AB, Series C, preferred shares <sup>(a)(c)</sup> | 11/23/2022-8/1/2024 | 5262 | 5182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Einride AB <sup>(a)(c)</sup> | 2/1/2023 | 2674 | 2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;JUUL Labs, Inc., Class A <sup>(a)(c)(e)</sup> | 7/29/2024 | 19001 | 2671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)</sup> | 12/1/2021 | 6956 | 2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;ABL Space Systems Co., Class A-10, noncumulative convertible |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(c)</sup> | 12/14/2023 | 1382 | 566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;ABL Space Systems Co., Class A-9, noncumulative convertible |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(c)</sup> | 10/22/2021 | 10452 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $187070 | $191274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |

---

(a)Security did not produce income during the last 12 months.

(b)All or a portion of this security was on loan. The total value of all such securities was $137,026,000, which represented 0.27% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(c)Value determined using significant unobservable inputs.

(d)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $191,274,000, which represented 0.37% of the net assets of the fund.

(e)Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $2,671,000, which represented less than 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.

(f)Amount less than one thousand.

(g)Rate represents the seven-day yield at 6/30/2025.

(h)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(i)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(j)Represents net activity. Refer to Note 5 for more information on securities lending.

(k)Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

(l)Amount less than 0.01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

**19**American Funds Insurance Series

International Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;unaudited |
| Common stocks 95.66% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 95.66% | Shares | (000) |
| Industrials 18.27% |  |  |
| Airbus SE, non-registered shares | 1175038 | $245352 |
| Recruit Holdings Co., Ltd. | 2441206 | 144687 |
| Rolls-Royce Holdings PLC | 9280451 | 123261 |
| MTU Aero Engines AG | 229720 | 102070 |
| Siemens AG | 342280 | 87754 |
| Techtronic Industries Co., Ltd. | 6692500 | 73575 |
| Melrose Industries PLC | 9427170 | 68687 |
| Volvo AB, Class B | 2202525 | 61786 |
| DSV A/S | 196029 | 47106 |
| Diploma PLC | 649753 | 43595 |
| Rumo SA | 11921504 | 40659 |
| Localiza Rent a Car SA, ordinary nominative shares | 5037704 | 37571 |
| Daikin Industries, Ltd. | 284574 | 33644 |
| Schneider Electric SE | 123293 | 32794 |
| Hitachi, Ltd. | 1041000 | 30397 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 2154066 | 19411 |
| AtkinsRealis Group, Inc. | 263382 | 18473 |
| Safran SA | 56700 | 18427 |
| Marubeni Corp. | 835500 | 16901 |
| Experian PLC | 312810 | 16110 |
| ITOCHU Corp. | 287300 | 15075 |
| Singapore Technologies Engineering, Ltd. | 1938700 | 11878 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup> | 2358675 | 11864 |
| IHI Corp. | 82450 | 8955 |
| Ashtead Group PLC | 105159 | 6739 |
|  |  | 1316771 |
| Financials 16.42% |  |  |
| Standard Chartered PLC | 10643746 | 176344 |
| Banco Bilbao Vizcaya Argentaria SA | 9692633 | 149055 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 9743513 | 133681 |
| KB Financial Group, Inc. | 1185335 | 97402 |
| ING Groep NV | 4427753 | 97147 |
| 3i Group PLC | 1312886 | 74248 |
| Mizuho Financial Group, Inc. | 2329200 | 64585 |
| AIA Group, Ltd. | 5580497 | 50047 |
| China Merchants Bank Co., Ltd., Class A | 6885237 | 44153 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 5391410 | 41744 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 5500 | 35 |
| Munchener Ruckversicherungs-Gesellschaft AG | 56655 | 36745 |
| Societe Generale | 641452 | 36684 |
| Tokio Marine Holdings, Inc. | 722100 | 30643 |
| Bank Central Asia Tbk PT | 56767400 | 30333 |
| BNP Paribas SA | 274697 | 24696 |
| Barclays PLC | 4901727 | 22695 |
| Bank Mandiri (Persero) Tbk PT | 74952600 | 22530 |
| ICICI Bank, Ltd. | 1170642 | 19735 |
| NatWest Group PLC | 2303704 | 16171 |
| Kotak Mahindra Bank, Ltd. | 425144 | 10725 |
| Futu Holdings, Ltd. (ADR) | 35499 | 4387 |
|  |  | 1183785 |
| Information technology 13.29% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9788936 | 355207 |
| SAP SE | 457023 | 138975 |
| ASML Holding NV | 131045 | 104598 |
| SK hynix, Inc. | 474112 | 102579 |
| Tokyo Electron, Ltd. | 526498 | 101201 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 387897 | 44744 |

---

American Funds Insurance Series **20**

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Information technology (continued) |  |  |
| STMicroelectronics NV | 941936 | $28776 |
| Infineon Technologies AG | 575649 | 24489 |
| Constellation Software, Inc. | 3666 | 13442 |
| Tata Consultancy Services, Ltd. | 242399 | 9785 |
| Keyence Corp. | 22764 | 9143 |
| Renesas Electronics Corp. | 608100 | 7555 |
| NEC Corp. | 244075 | 7151 |
| Canva, Inc. <sup>(a)(b)(c)</sup> | 4819 | 6168 |
| Elite Material Co., Ltd. <sup>(a)</sup> | 142322 | 4297 |
|  |  | 958110 |
| Communication services 9.09% |  |  |
| SoftBank Group Corp. | 2223300 | 162342 |
| Deutsche Telekom AG | 3342675 | 121945 |
| Tencent Holdings, Ltd. | 1728061 | 110729 |
| Bharti Airtel, Ltd. | 4448767 | 104247 |
| Universal Music Group NV | 1409146 | 45614 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 247921 | 39652 |
| NetEase, Inc. | 879716 | 23646 |
| Advanced Info Service PCL, foreign registered shares | 2166500 | 18560 |
| Singapore Telecommunications, Ltd. | 5800500 | 17427 |
| Nintendo Co., Ltd. | 117200 | 11296 |
|  |  | 655458 |
| Consumer discretionary 9.02% |  |  |
| MercadoLibre, Inc. <sup>(a)</sup> | 34217 | 89431 |
| adidas AG | 335638 | 78263 |
| Trip.com Group, Ltd. | 1243307 | 72223 |
| Flutter Entertainment PLC <sup>(a)</sup> | 244696 | 69924 |
| Compagnie Financiere Richemont SA, Class A | 273347 | 51486 |
| Maruti Suzuki India, Ltd. | 313157 | 45279 |
| Ferrari NV (EUR denominated) | 87650 | 42961 |
| NEXT PLC | 242819 | 41463 |
| Hyundai Motor Co. | 162486 | 24501 |
| Midea Group Co., Ltd., Class A | 2284500 | 23019 |
| H World Group, Ltd. (ADR) | 587501 | 19928 |
| Moncler SpA | 341959 | 19492 |
| Galaxy Entertainment Group, Ltd. | 4030000 | 17891 |
| Industria de Diseno Textil SA | 266263 | 13857 |
| Fast Retailing Co., Ltd. | 33500 | 11520 |
| Shimano, Inc. | 71200 | 10336 |
| Coupang, Inc., Class A <sup>(a)</sup> | 205714 | 6163 |
| Stellantis NV | 499419 | 5006 |
| Hermes International | 1637 | 4433 |
| LVMH Moet Hennessy-Louis Vuitton SE | 5799 | 3037 |
|  |  | 650213 |
| Health care 8.62% |  |  |
| Novo Nordisk AS, Class B | 2797531 | 194165 |
| Daiichi Sankyo Co., Ltd. | 6367450 | 148790 |
| Sanofi | 1342290 | 129986 |
| Eurofins Scientific SE, non-registered shares | 494520 | 35208 |
| Zealand Pharma AS <sup>(a)</sup> | 566084 | 31702 |
| AstraZeneca PLC | 196051 | 27234 |
| Alcon, Inc. | 214923 | 19015 |
| Sandoz Group AG | 212368 | 11621 |

---

**21**American Funds Insurance Series

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| EssilorLuxottica SA | 36064 | $9894 |
| bioMerieux SA | 63303 | 8754 |
| Ambu AS, Class B, non-registered shares | 319853 | 5020 |
|  |  | 621389 |
| Materials 7.87% |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 14456903 | 256811 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 6385274 | 47969 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(c)</sup> | 3675281 | 27610 |
| Rio Tinto PLC | 930790 | 54236 |
| Shin-Etsu Chemical Co., Ltd. | 1256900 | 41651 |
| Grupo Mexico, SAB de CV, Series B | 5747400 | 34813 |
| Air Liquide SA | 118039 | 24352 |
| Nitto Denko Corp. | 1148055 | 22255 |
| Smurfit Westrock PLC | 316723 | 13666 |
| Nippon Sanso Holdings Corp. | 355500 | 13486 |
| Anglo American PLC | 350603 | 10347 |
| Akzo Nobel NV | 112948 | 7903 |
| Antofagasta PLC | 291075 | 7230 |
| DSM-Firmenich AG | 46001 | 4891 |
|  |  | 567220 |
| Consumer staples 5.97% |  |  |
| British American Tobacco PLC | 2677738 | 127286 |
| Nestle SA | 617355 | 61335 |
| Danone SA | 740649 | 60513 |
| L'Oreal SA, non-registered shares | 131934 | 56430 |
| Ajinomoto Co., Inc. | 1796300 | 48760 |
| JBS NV (BDR) <sup>(a)</sup> | 1940148 | 27928 |
| Kweichow Moutai Co., Ltd., Class A | 90352 | 17773 |
| Avenue Supermarts, Ltd. <sup>(a)</sup> | 262709 | 13394 |
| Uni-Charm Corp. | 1184800 | 8561 |
| Imperial Brands PLC | 193818 | 7654 |
| Suntory Beverage & Food, Ltd. | 19800 | 634 |
|  |  | 430268 |
| Energy 5.50% |  |  |
| Reliance Industries, Ltd. | 10489681 | 183545 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 4945487 | 155437 |
| Cenovus Energy, Inc. (CAD denominated) | 2993045 | 40728 |
| Shell PLC (GBP denominated) | 316792 | 11104 |
| Neste OYJ | 391662 | 5315 |
|  |  | 396129 |
| Utilities 1.61% |  |  |
| Gulf Development PCL | 36220543 | 43253 |
| E.ON SE | 1586206 | 29195 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 760600 | 16677 |
| SembCorp Industries, Ltd. | 2815100 | 15166 |
| Engie SA | 511996 | 12017 |
|  |  | 116308 |
| Total common stocks (cost: $5,034,543,000) |  | 6895651 |

---

American Funds Insurance Series **22**

International Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Preferred securities 0.46% |  |  |  |  |  |  | Value |
| Preferred securities 0.46% |  |  |  |  | Shares | Shares | (000) |
| Financials 0.45% |  |  |  |  |  |  |  |
| Itau Unibanco Holding SA, preferred nominative shares |  |  |  |  | 4838084 | 4838084 | $32903 |
| Information technology 0.01% |  |  |  |  |  |  |  |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup> |  |  |  |  | 422 | 422 | 540 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup> |  |  |  |  |  | 18 | 23 |
| Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)(c)</sup> |  |  |  |  |  | 1 | 2 |
|  |  |  |  |  |  |  | 565 |
| Total preferred securities (cost: $29,320,000) |  |  |  |  |  |  | 33468 |
| Rights & warrants 0.00% |  |  |  |  |  |  |  |
| Rights & warrants 0.00% |  |  |  |  |  |  |  |
| Information technology 0.00% |  |  |  |  |  |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup> |  |  |  |  | 7730 | 7730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Total rights & warrants (cost: $0) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Short-term securities 4.59% |  |  |  |  |  |  |  |
| **Money market investments 4.59%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup> |  |  |  |  | 3308684 | 3308684 | 330868 |
| Total short-term securities (cost: $330,857,000) |  |  |  |  |  |  | 330868 |
| Total investment securities 100.71% (cost: $5,394,720,000) |  |  |  |  |  |  | 7259987 |
| Other assets less liabilities (0.71)% |  |  |  |  |  |  | (51283) |
| Net assets 100.00% |  |  |  |  |  |  | $7208704 |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 4.59% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 4.59% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(e)</sup> | $396476 | $948672 | $1014187 | $(59) | $(34) | $330868 | $6773 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(e)</sup> | 1000 |  | 1000<sup>(g)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(h) |
| &nbsp;&nbsp;&nbsp;Total 4.59% |  |  |  | $(59) | $(34) | $330868 | $6773 |

---

**23**American Funds Insurance Series

![](g8lwu4bjazmpgnmbiqgx2.jpg)

International Fund (continued)

**Restricted securities <sup>(c)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 12/18/2023 | $32962 | $27610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;Canva, Inc. <sup>(a)(b)</sup> | 8/26/2021-11/4/2021 | 8215 | 6168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 719 | 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 31 | 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 2 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $41929 | $34343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |

---

(a)Security did not produce income during the last 12 months.

(b)Value determined using significant unobservable inputs.

(c)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $34,343,000, which represented 0.48% of the net assets of the fund.

(d)Amount less than one thousand.

(e)Rate represents the seven-day yield at 6/30/2025.

(f)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(g)Represents net activity. Refer to Note 5 for more information on securities lending.

(h)Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

(i)Amount less than 0.01%.

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.

American Funds Insurance Series **24**

New World Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 92.43% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 92.43% | Shares | (000) |
| Financials 18.97% |  |  |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 3475989 | $47691 |
| Banco Bilbao Vizcaya Argentaria SA | 3027732 | 46561 |
| Mastercard, Inc., Class A | 53659 | 30153 |
| KB Financial Group, Inc. | 330656 | 27171 |
| UniCredit SpA | 389263 | 26095 |
| Kotak Mahindra Bank, Ltd. | 1018993 | 25707 |
| HDFC Bank, Ltd. | 920326 | 21479 |
| Capitec Bank Holdings, Ltd. | 103880 | 20836 |
| Abu Dhabi Islamic Bank PJSC | 3439751 | 20137 |
| XP, Inc., Class A | 951063 | 19211 |
| ICICI Bank, Ltd. | 777107 | 13101 |
| ICICI Bank, Ltd. (ADR) | 158364 | 5327 |
| Eurobank Ergasias Services and Holdings SA | 5246223 | 18020 |
| PICC Property and Casualty Co., Ltd., Class H | 9028947 | 17483 |
| AIA Group, Ltd. | 1823800 | 16356 |
| PB Fintech, Ltd. <sup>(a)</sup> | 758548 | 16132 |
| Hana Financial Group, Inc. | 237601 | 15193 |
| Standard Chartered PLC | 898272 | 14882 |
| Cholamandalam Investment and Finance Co., Ltd. | 768894 | 14596 |
| Bank Mandiri (Persero) Tbk PT | 47604600 | 14309 |
| Bank Central Asia Tbk PT | 24537323 | 13111 |
| Visa, Inc., Class A | 35083 | 12456 |
| National Bank of Greece SA | 882700 | 11261 |
| Grupo Financiero Banorte, SAB de CV, Series O | 1229490 | 11238 |
| AU Small Finance Bank, Ltd. | 1119542 | 10672 |
| Hong Kong Exchanges and Clearing, Ltd. | 199900 | 10665 |
| B3 SA - Brasil, Bolsa, Balcao | 3890498 | 10440 |
| BSE, Ltd. | 311729 | 10069 |
| Shriram Finance, Ltd. | 1216175 | 10024 |
| S&P Global, Inc. | 18499 | 9754 |
| Al Rajhi Banking and Investment Corp., non-registered shares | 385958 | 9735 |
| Banco BTG Pactual SA, units | 1168887 | 9090 |
| Brookfield Corp., Class A | 140664 | 8700 |
| Woori Financial Group, Inc. | 459527 | 7644 |
| Samsung Fire & Marine Insurance Co., Ltd. | 23477 | 7550 |
| Emirates NBD Bank PJSC | 1209547 | 7509 |
| Bank of the Philippine Islands | 3239828 | 7477 |
| Alpha Bank SA | 1994176 | 7024 |
| China Merchants Bank Co., Ltd., Class H | 827500 | 5782 |
| China Merchants Bank Co., Ltd., Class A | 120400 | 772 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H | 8466000 | 6439 |
| Banco Santander SA | 727899 | 6025 |
| Bajaj Finance, Ltd. | 539900 | 5896 |
| HSBC Holdings PLC (GBP denominated) | 472913 | 5724 |
| Commercial International Bank - Egypt (CIB) SAE (GDR) | 2502880 | 4205 |
| Commercial International Bank - Egypt (CIB) SAE | 644623 | 1095 |
| Aon PLC, Class A | 13063 | 4660 |
| Axis Bank, Ltd. | 310838 | 4347 |
| Prudential PLC | 340961 | 4271 |
| Futu Holdings, Ltd. (ADR) | 33166 | 4099 |
| Central Depository Services (India), Ltd. | 187676 | 3926 |
| Akbank TAS | 1762454 | 3019 |
| Saudi National Bank (The) | 304355 | 2931 |
| Canara Bank | 2191124 | 2918 |
| Erste Group Bank AG | 33639 | 2865 |
| Grupo Financiero Galicia SA, Class B (ADR) | 55124 | 2778 |
| Vietnam Technological and Commercial JSCB (The) <sup>(a)</sup> | 1840100 | 2554 |
| 360 ONE WAM, Ltd. | 177690 | 2475 |
| BNP Paribas SA | 27469 | 2470 |
| Discovery, Ltd. | 193692 | 2350 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 352544 | 2239 |

---

**25**American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Edenred SA | 64058 | $1984 |
| Kaspi.kz JSC (ADR) | 22533 | 1913 |
| Abu Dhabi Commercial Bank PJSC | 509562 | 1870 |
| Bajaj Finserv, Ltd. | 73887 | 1771 |
| CVC Capital Partners PLC | 83328 | 1706 |
| Bank of Ningbo Co., Ltd., Class A | 404900 | 1546 |
| Industrial and Commercial Bank of China, Ltd., Class H | 1873000 | 1484 |
| Saudi Awwal Bank SJSC, non-registered shares | 157166 | 1412 |
| Swiss Re AG | 6155 | 1064 |
| Kasikornbank PCL, foreign registered shares | 222300 | 1052 |
| BDO Unibank, Inc. | 303450 | 823 |
| Bank of Baroda | 248531 | 721 |
| Haci Omer Sabanci Holding AS | 277306 | 624 |
| Asia Commercial Joint Stock Bank | 708170 | 578 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 2662164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 707247 |
| Information technology 18.17% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6705769 | 243329 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 11746 | 2660 |
| Microsoft Corp. | 160306 | 79738 |
| SK hynix, Inc. | 316700 | 68521 |
| Broadcom, Inc. | 210647 | 58065 |
| NVIDIA Corp. | 239839 | 37892 |
| ASML Holding NV | 31681 | 25287 |
| ASML Holding NV (ADR) | 2208 | 1770 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 86459 | 16931 |
| Synopsys, Inc. <sup>(a)</sup> | 30581 | 15678 |
| SAP SE | 39474 | 12004 |
| SAP SE (ADR) | 4295 | 1306 |
| Capgemini SE | 61733 | 10548 |
| E Ink Holdings, Inc. | 1334000 | 10092 |
| Keyence Corp. | 24300 | 9760 |
| Tokyo Electron, Ltd. | 47000 | 9034 |
| MediaTek, Inc. | 200000 | 8558 |
| Apple, Inc. | 30219 | 6200 |
| KLA Corp. | 6801 | 6092 |
| Coforge, Ltd. | 264597 | 5938 |
| Elite Material Co., Ltd. <sup>(a)</sup> | 180992 | 5465 |
| Samsung Electronics Co., Ltd. | 111167 | 4926 |
| eMemory Technology, Inc. | 59000 | 4767 |
| Oracle Corp. | 21311 | 4659 |
| Advantech Co., Ltd. | 341000 | 3969 |
| HCL Technologies, Ltd. | 168613 | 3399 |
| Globant SA <sup>(a)</sup> | 36165 | 3285 |
| TDK Corp. | 236800 | 2788 |
| Micron Technology, Inc. | 21422 | 2640 |
| ASM International NV | 3936 | 2519 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 26663 | 2469 |
| Tata Consultancy Services, Ltd. | 60004 | 2422 |
| Xiaomi Corp., Class B <sup>(a)</sup> | 174600 | 1333 |
| EPAM Systems, Inc. <sup>(a)</sup> | 6651 | 1176 |
| Unity Software, Inc. <sup>(a)</sup> | 46938 | 1136 |
| Canva, Inc. <sup>(a)(b)(d)</sup> | 385 | 493 |
| Disco Corp. | 1400 | 414 |
|  |  | 677263 |
| Consumer discretionary 12.08% |  |  |
| MercadoLibre, Inc. <sup>(a)</sup> | 34697 | 90685 |

---

American Funds Insurance Series **26**

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Trip.com Group, Ltd. (ADR) | 439599 | $25778 |
| Trip.com Group, Ltd. | 403445 | 23436 |
| BYD Co., Ltd., Class A | 402408 | 18640 |
| BYD Co., Ltd., Class H | 835500 | 13038 |
| Midea Group Co., Ltd., Class A | 2728768 | 27495 |
| LVMH Moet Hennessy-Louis Vuitton SE | 37495 | 19637 |
| Eicher Motors, Ltd. | 260810 | 17202 |
| Galaxy Entertainment Group, Ltd. | 3645000 | 16182 |
| Meituan, Class B <sup>(a)</sup> | 836900 | 13359 |
| Alibaba Group Holding, Ltd. | 651172 | 9108 |
| Alibaba Group Holding, Ltd. (ADR) | 30817 | 3495 |
| Jumbo SA | 364196 | 12570 |
| Compagnie Financiere Richemont SA, Class A | 65071 | 12256 |
| H World Group, Ltd. (ADR) | 316639 | 10741 |
| H World Group, Ltd. | 244900 | 828 |
| Ferrari NV (EUR denominated) | 20115 | 9859 |
| Maruti Suzuki India, Ltd. | 58873 | 8512 |
| Titan Co., Ltd. | 195971 | 8433 |
| TVS Motor Co., Ltd. | 232931 | 7926 |
| Ryohin Keikaku Co., Ltd. | 158500 | 7622 |
| adidas AG | 28112 | 6555 |
| Amadeus IT Group SA, Class A, non-registered shares | 64781 | 5455 |
| Hermes International | 1896 | 5135 |
| Naspers, Ltd., Class N | 16462 | 5129 |
| MakeMyTrip, Ltd. <sup>(a)</sup> | 47364 | 4643 |
| Sands China, Ltd. | 2207600 | 4595 |
| Booking Holdings, Inc. | 791 | 4579 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup> | 39455 | 4129 |
| Wynn Resorts, Ltd. | 43313 | 4057 |
| Industria de Diseno Textil SA | 73400 | 3820 |
| Tesla, Inc. <sup>(a)</sup> | 11265 | 3578 |
| Shenzhou International Group Holdings, Ltd. | 495900 | 3525 |
| Inchcape PLC | 303859 | 3028 |
| Royal Caribbean Cruises, Ltd. | 9211 | 2884 |
| Li Ning Co., Ltd. | 1304655 | 2812 |
| YUM! Brands, Inc. | 17671 | 2619 |
| Starbucks Corp. | 27127 | 2486 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 35729 | 2437 |
| Vibra Energia SA | 570400 | 2274 |
| Mahindra & Mahindra, Ltd. | 60173 | 2233 |
| Marriott International, Inc., Class A | 7554 | 2064 |
| Swiggy, Ltd. <sup>(a)</sup> | 344328 | 1608 |
| Evolution AB | 18493 | 1469 |
| Hilton Worldwide Holdings, Inc. | 5460 | 1454 |
| ANTA Sports Products, Ltd. | 118700 | 1429 |
| Tube Investments of India, Ltd. | 36685 | 1330 |
| NIKE, Inc., Class B | 18711 | 1329 |
| Renault SA | 25328 | 1167 |
| Hyundai Mobis Co., Ltd. | 5052 | 1074 |
| Compagnie Generale des Etablissements Michelin | 28554 | 1061 |
| Shangri-La Asia, Ltd. | 1774000 | 965 |
| Cyrela Brazil Realty SA, ordinary nominative shares | 179166 | 862 |
| Pop Mart International Group, Ltd. | 25000 | 849 |
| Hyundai Motor India, Ltd. <sup>(a)</sup> | 32248 | 835 |
| ITC Hotels, Ltd. <sup>(a)</sup> | 33979 | 88 |
|  |  | 450359 |
| Industrials 11.08% |  |  |
| Airbus SE, non-registered shares | 259078 | 54096 |
| Rolls-Royce Holdings PLC | 2326727 | 30903 |

---

**27**American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| International Container Terminal Services, Inc. | 3894600 | $28416 |
| Rumo SA | 5953921 | 20306 |
| Safran SA | 58562 | 19032 |
| Copa Holdings SA, Class A | 148121 | 16289 |
| Techtronic Industries Co., Ltd. | 1363500 | 14990 |
| General Electric Co. | 56239 | 14475 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 1505802 | 13569 |
| Hitachi, Ltd. | 414600 | 12107 |
| BAE Systems PLC | 464567 | 12030 |
| LS Electric Co., Ltd. | 51458 | 11400 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 386440 | 8871 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR) | 6194 | 1422 |
| TransDigm Group, Inc. | 6399 | 9731 |
| Mitsubishi Heavy Industries, Ltd. | 368500 | 9238 |
| Localiza Rent a Car SA, ordinary nominative shares | 1230526 | 9177 |
| Contemporary Amperex Technology Co., Ltd., Class A | 259276 | 9126 |
| Daikin Industries, Ltd. | 75700 | 8950 |
| Larsen & Toubro, Ltd. | 209113 | 8948 |
| Uber Technologies, Inc. <sup>(a)</sup> | 95102 | 8873 |
| Leonardo SpA | 157004 | 8837 |
| Motiva Infraestrutura de Mobilidade SA | 3342651 | 8484 |
| DSV A/S | 33179 | 7973 |
| Siemens AG | 29434 | 7546 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 655664 | 6588 |
| Weichai Power Co., Ltd., Class A | 1845700 | 3962 |
| Weichai Power Co., Ltd., Class H | 947000 | 1923 |
| Wizz Air Holdings PLC <sup>(a)(e)</sup> | 272591 | 4078 |
| IMCD NV | 30258 | 4065 |
| Schneider Electric SE | 14918 | 3968 |
| Carrier Global Corp. | 52454 | 3839 |
| Aselan Elektronik Sanayi ve Ticaret AS | 1006320 | 3811 |
| InPost SA <sup>(a)</sup> | 216724 | 3600 |
| Ayala Corp. | 336470 | 3405 |
| GT Capital Holdings, Inc. | 239920 | 2445 |
| Bureau Veritas SA | 67515 | 2302 |
| Hanwha Aerospace Co., Ltd. | 2973 | 1868 |
| Ingersoll-Rand, Inc. | 22177 | 1845 |
| Boeing Co. (The) <sup>(a)</sup> | 8316 | 1742 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup> | 306584 | 1542 |
| GE Vernova, Inc. | 2861 | 1514 |
| Epiroc AB, Class B | 67124 | 1284 |
| SM Investments Corp. | 70690 | 1094 |
| Airports of Thailand PCL, foreign registered shares | 1080600 | 1007 |
| Legrand SA | 7279 | 973 |
| Embraer SA | 66072 | 937 |
| Haitian International Holdings, Ltd. | 154146 | 401 |
|  |  | 412982 |
| Communication services 9.75% |  |  |
| Tencent Holdings, Ltd. | 1173251 | 75178 |
| Meta Platforms, Inc., Class A | 86453 | 63810 |
| Bharti Airtel, Ltd. | 1701223 | 39865 |
| Bharti Airtel, Ltd., interim shares | 51552 | 919 |
| NetEase, Inc. | 1122300 | 30167 |
| Kanzhun, Ltd., Class A (ADR) <sup>(a)</sup> | 1296931 | 23137 |
| MTN Group, Ltd. | 2635868 | 20969 |
| Alphabet, Inc., Class C | 66759 | 11842 |
| Alphabet, Inc., Class A | 39299 | 6926 |
| Netflix, Inc. <sup>(a)</sup> | 12144 | 16262 |
| KT Corp. (ADR) | 662486 | 13766 |

---

American Funds Insurance Series **28**

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Communication services (continued) |  |  |
| Tencent Music Entertainment Group, Class A (ADR) | 602261 | $11738 |
| America Movil, SAB de CV, Class B (ADR) | 539303 | 9675 |
| True Corp. PCL, foreign registered shares <sup>(a)</sup> | 19498986 | 6670 |
| True Corp. PCL, nonvoting depositary receipts <sup>(a)</sup> | 3864400 | 1322 |
| Telkom Indonesia (Persero) Tbk PT, Class B | 34179000 | 5853 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 33685 | 5388 |
| TIM SA | 1320002 | 5357 |
| Orange | 301138 | 4581 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup> | 48302 | 4142 |
| Indus Towers, Ltd. <sup>(a)</sup> | 366083 | 1798 |
| Singapore Telecommunications, Ltd. | 557100 | 1674 |
| Kuaishou Technology, Class B <sup>(a)</sup> | 151800 | 1224 |
| JCDecaux SE | 55457 | 1013 |
|  |  | 363276 |
| Health care 6.12% |  |  |
| Novo Nordisk AS, Class B | 641758 | 44542 |
| Max Healthcare Institute, Ltd. | 2750648 | 40926 |
| Eli Lilly and Co. | 40343 | 31449 |
| Laurus Labs, Ltd. | 1869207 | 15799 |
| AstraZeneca PLC | 77534 | 10770 |
| Thermo Fisher Scientific, Inc. | 23722 | 9618 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A | 1008388 | 7304 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup> | 260000 | 1782 |
| Rede D'Or Sao Luiz SA | 1270637 | 8284 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 30564 | 7399 |
| BeOne Medicines, Ltd. <sup>(a)</sup> | 36200 | 681 |
| Innovent Biologics, Inc. <sup>(a)</sup> | 675873 | 6750 |
| Zai Lab, Ltd. (ADR) <sup>(a)(e)</sup> | 174660 | 6108 |
| Abbott Laboratories | 44758 | 6088 |
| EssilorLuxottica SA | 15989 | 4386 |
| Danaher Corp. | 18681 | 3690 |
| Mankind Pharma, Ltd. <sup>(a)</sup> | 116150 | 3142 |
| OdontoPrev SA | 1320175 | 2848 |
| Revvity, Inc. | 24914 | 2410 |
| bioMerieux SA | 16481 | 2279 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup> | 133206 | 2232 |
| Lupin, Ltd. | 85261 | 1927 |
| WuXi AppTec Co., Ltd., Class H | 154400 | 1547 |
| Alcon, Inc. | 17457 | 1544 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 1181 | 1387 |
| Asahi Intecc Co., Ltd. | 71500 | 1134 |
| Medtronic PLC | 12711 | 1108 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup> | 240500 | 786 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup> | 35921 | 158 |
|  |  | 228078 |
| Consumer staples 6.01% |  |  |
| Kweichow Moutai Co., Ltd., Class A | 175970 | 34615 |
| Nestle SA | 195460 | 19419 |
| ITC, Ltd. | 3337250 | 16206 |
| Dino Polska SA, non-registered shares <sup>(a)</sup> | 88026 | 12846 |
| Arca Continental, SAB de CV | 1023525 | 10818 |
| Carlsberg A/S, Class B | 73053 | 10351 |
| JBS NV (BDR) <sup>(a)</sup> | 649875 | 9355 |
| Avenue Supermarts, Ltd. <sup>(a)</sup> | 164225 | 8373 |
| Anheuser-Busch InBev SA/NV | 110064 | 7551 |
| KT&G Corp. | 73530 | 6957 |
| Shoprite Holdings, Ltd. | 411098 | 6431 |

---

**29**American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer staples (continued) |  |  |
| Tsingtao Brewery Co., Ltd., Class H | 950634 | $6206 |
| Ajinomoto Co., Inc. | 220098 | 5975 |
| Varun Beverages, Ltd. | 1109686 | 5920 |
| Monster Beverage Corp. <sup>(a)</sup> | 94046 | 5891 |
| Philip Morris International, Inc. | 32137 | 5853 |
| L'Oreal SA, non-registered shares | 12555 | 5370 |
| Constellation Brands, Inc., Class A | 32052 | 5214 |
| United Spirits, Ltd. | 271676 | 4524 |
| Raia Drogasil SA, ordinary nominative shares | 1609884 | 4480 |
| British American Tobacco PLC | 90968 | 4324 |
| Masan Group Corp. <sup>(a)</sup> | 1415200 | 4161 |
| Budweiser Brewing Co., APAC, Ltd. <sup>(e)</sup> | 3732500 | 3695 |
| BBB Foods, Inc., Class A <sup>(a)</sup> | 125631 | 3488 |
| Mondelez International, Inc., Class A | 39313 | 2651 |
| Danone SA | 26928 | 2200 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates | 1143368 | 2092 |
| WH Group, Ltd. | 2142000 | 2060 |
| Godrej Consumer Products, Ltd. | 140237 | 1927 |
| Coca-Cola Co. | 25766 | 1823 |
| Dabur India, Ltd. | 279582 | 1582 |
| Chongqing Brewery Co., Ltd., Class A | 142300 | 1094 |
| JD Health International, Inc. <sup>(a)</sup> | 107650 | 590 |
|  |  | 224042 |
| Materials 4.92% |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 1714836 | 30462 |
| Linde PLC | 40288 | 18902 |
| Freeport-McMoRan, Inc. | 420670 | 18236 |
| Vale SA, ordinary nominative shares | 1001048 | 9701 |
| Vale SA (ADR), ordinary nominative shares | 724393 | 7034 |
| Barrick Mining Corp. | 624702 | 13006 |
| APL Apollo Tubes, Ltd. | 562052 | 11398 |
| Glencore PLC | 2517627 | 9801 |
| Amcor PLC (CDI) | 857203 | 8011 |
| Grupo Mexico, SAB de CV, Series B | 1305403 | 7907 |
| BASF SE | 116745 | 5756 |
| Sika AG | 19448 | 5280 |
| Anhui Conch Cement Co., Ltd., Class H | 1677500 | 4265 |
| Nutrien, Ltd. (CAD denominated) | 71990 | 4195 |
| Southern Copper Corp. | 34299 | 3470 |
| Impala Platinum Holdings, Ltd. <sup>(a)</sup> | 303087 | 2721 |
| Fresnillo PLC | 134845 | 2665 |
| Valterra Platinum, Ltd. (ZAR denominated) | 59708 | 2665 |
| Corteva, Inc. | 34721 | 2588 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 343840 | 2583 |
| Wheaton Precious Metals Corp. (CAD denominated) | 27361 | 2460 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup> | 212030 | 2326 |
| SRF, Ltd. | 48298 | 1826 |
| Asian Paints, Ltd. | 63269 | 1727 |
| Akzo Nobel NV | 20703 | 1449 |
| Arkema SA | 14823 | 1092 |
| CEMEX, SAB de CV (ADR), ordinary participation certificates, units | 98397 | 682 |
| Antofagasta PLC | 20116 | 500 |
| Albemarle Corp. | 5932 | 372 |
| Shin-Etsu Chemical Co., Ltd. | 9800 | 325 |
| Gerdau SA (ADR) | 55796 | 163 |
| Alrosa PJSC <sup>(b)</sup> | 1123215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 183568 |

---

American Funds Insurance Series **30**

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy 2.23% |  |  |
| Reliance Industries, Ltd. | 1019587 | $17840 |
| TotalEnergies SE | 245605 | 15073 |
| Adnoc Gas PLC | 11725982 | 10920 |
| ADNOC Drilling Co. PJSC | 6155841 | 9554 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 184959 | 8843 |
| Galp Energia, SGPS, SA, Class B | 243804 | 4472 |
| Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 344847 | 4314 |
| Cheniere Energy, Inc. | 17049 | 4152 |
| Shell PLC (GBP denominated) | 92430 | 3240 |
| Chevron Corp. | 15884 | 2274 |
| Schlumberger NV | 61022 | 2063 |
| Borr Drilling, Ltd. <sup>(a)</sup> | 149981 | 274 |
| Rosneft Oil Co. PJSC <sup>(b)</sup> | 588661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 83019 |
| Real estate 1.71% |  |  |
| Lodha Developers, Ltd. | 2312205 | 37320 |
| China Resources Mixc Lifestyle Services, Ltd. | 1957600 | 9464 |
| China Resources Land, Ltd. | 1274000 | 4317 |
| Emaar Properties PJSC | 1115023 | 4129 |
| CK Asset Holdings, Ltd. | 741500 | 3268 |
| KE Holdings, Inc., Class A (ADR) | 128112 | 2273 |
| SM Prime Holdings, Inc. | 5013400 | 2087 |
| Longfor Group Holdings, Ltd. | 336846 | 397 |
| Fibra Uno Administracion REIT, SA de CV | 214685 | 297 |
| ALLOS SA, ordinary nominative shares | 60765 | 254 |
|  |  | 63806 |
| Utilities 1.39% |  |  |
| Equatorial Energia SA, ordinary nominative shares | 1522946 | 10080 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 415797 | 9117 |
| Gulf Development PCL | 7550993 | 9017 |
| Power Grid Corporation of India, Ltd. | 1889109 | 6606 |
| SembCorp Industries, Ltd. | 1194800 | 6437 |
| Torrent Power, Ltd. | 240398 | 4114 |
| Engie SA | 156238 | 3667 |
| CPFL Energia SA | 254682 | 1915 |
| AES Corp. | 74426 | 783 |
|  |  | 51736 |
| Total common stocks (cost: $2,102,932,000) |  | 3445376 |
| Preferred securities 0.74% |  |  |
| Preferred securities 0.74% |  |  |
| Financials 0.32% |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares | 1293179 | 8781 |
| Itau Unibanco Holding SA, preferred nominative shares | 444376 | 3022 |
|  |  | 11803 |
| Real estate 0.23% |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(d)</sup> | 32657 | 6965 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(d)</sup> | 8400 | 1791 |
|  |  | 8756 |

---

**31**American Funds Insurance Series

![](g2t9isjebslcpoa407gc2.jpg)

New World Fund (continued)

Preferred securities (continued)

Information technology 0.14%

Samsung Electronics Co., Ltd., nonvoting preferred shares Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(d)</sup> Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(d)</sup>

Value

Shares(000)

---

| | |
|:---|:---|
| 140739 | $5162 |

---

3444

5,207

---

| | | |
|:---|:---|:---|
| Consumer discretionary 0.05% |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 35578 | 1758 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(d)</sup> | 7768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 1758 |
| Total preferred securities (cost: $28,667,000) |  | 27524 |

---

Rights & warrants 0.00%

---

| | | |
|:---|:---|:---|
| Industrials 0.00% |  |  |
| Hanwha Aerospace Co., Ltd., rights, expire 7/2/2025 <sup>(a)</sup> | 215 | 26 |
| Total rights & warrants (cost: $0) |  | 26 |

---

Convertible stocks 0.00%

---

| | | |
|:---|:---|:---|
| Materials 0.00% |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 5700 | 183 |
| Total convertible stocks (cost: $286,000) |  | 183 |
| Bonds, notes & other debt instruments 3.42% | Principal amount |  |
| Bonds, notes & other debt instruments 3.42% | Principal amount |  |
| Bonds, notes & other debt instruments 3.42% | (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 3.03%** |  |  |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup> | USD200 | 176 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054 | 905 | 903 |
| Angola (Republic of) 9.50% 11/12/2025 | 400 | 402 |
| Angola (Republic of) 8.25% 5/9/2028 | 600 | 566 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup> | 445 | 405 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup> | 280 | 248 |
| Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(g)</sup> | 937 | 633 |
| Argentine Republic 5.00% 1/9/2038 | 601 | 430 |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL16,913 | 2954 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(h)</sup> | 26460 | 4646 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 11625 | 1879 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(h)</sup> | 3284 | 559 |
| Brazil (Federative Republic of) 10.00% 1/1/2033 | 27330 | 4280 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 71700 | 10893 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(h)</sup> | 7526 | 1232 |
| Chile (Republic of) 5.30% 11/1/2037 | CLP425,000 | 444 |
| Chile (Republic of) 4.34% 3/7/2042 | USD350 | 304 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | CNY5,610 | 821 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051 | 23270 | 4429 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 1250 | 218 |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054 | 4480 | 714 |
| Colombia (Republic of) 3.25% 4/22/2032 | USD700 | 555 |
| Colombia (Republic of) 8.50% 4/25/2035 | 400 | 416 |
| Colombia (Republic of) 8.00% 11/14/2035 | 200 | 201 |
| Colombia (Republic of) 5.20% 5/15/2049 | 755 | 508 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP4,320,700 | 858 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033 | 1734800 | 445 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034 | 1223500 | 219 |

---

American Funds Insurance Series **32**

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(h)</sup> | COP6,870 | $515 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042 | 4146300 | 780 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 | 4713300 | 693 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR150 | 159 |
| Czech Republic 1.95% 7/30/2037 | CZK17,900 | 659 |
| Dominican Republic 8.625% 4/20/2027 <sup>(f)</sup> | USD383 | 398 |
| Dominican Republic 5.50% 2/22/2029 <sup>(f)</sup> | 275 | 274 |
| Dominican Republic 7.05% 2/3/2031 <sup>(f)</sup> | 150 | 158 |
| Dominican Republic 5.875% 1/30/2060 | 885 | 745 |
| Egypt (Arab Republic of) 25.318% 8/13/2027 | EGP26,845 | 553 |
| Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR100 | 109 |
| Egypt (Arab Republic of) 8.50% 1/31/2047 | USD400 | 325 |
| Egypt (Arab Republic of) 8.875% 5/29/2050 | 755 | 630 |
| Egypt (Arab Republic of) 8.15% 11/20/2059 <sup>(f)</sup> | 500 | 386 |
| Gabonese Republic 7.00% 11/24/2031 | 500 | 399 |
| Honduras (Republic of) 6.25% 1/19/2027 | 875 | 877 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup> | 281 | 269 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup> | 330 | 345 |
| Hungary (Republic of), Series A, 2.00% 5/23/2029 | HUF255,550 | 643 |
| India (Republic of) 7.32% 11/13/2030 | INR3,480 | 43 |
| India (Republic of) 6.54% 1/17/2032 | 15620 | 185 |
| India (Republic of) 7.18% 7/24/2037 | 176070 | 2151 |
| India (Republic of) 7.09% 8/5/2054 | 280280 | 3303 |
| Indonesia (Republic of) 6.625% 2/17/2037 | USD300 | 334 |
| Indonesia (Republic of) 7.125% 8/15/2040 | IDR7,421,000 | 464 |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | 9590000 | 608 |
| Indonesia (Republic of), Series 91, 6.375% 4/15/2032 | 317000 | 19 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 16818000 | 1060 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29553000 | 1819 |
| Indonesia (Republic of), Series 80, 7.50% 6/15/2035 | 7953000 | 518 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup> | USD945 | 951 |
| Kenya (Republic of) 6.30% 1/23/2034 | 645 | 523 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup> | 555 | 524 |
| Kenya (Republic of) 9.50% 3/5/2036 | 330 | 312 |
| Malaysia (Federation of) 4.28% 3/23/2054 | MYR1,255 | 311 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | 8766 | 2132 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038 | 616 | 164 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 3245 | 801 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 2200 | 524 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049 | 1030 | 270 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050 | 2776 | 666 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052 | 989 | 286 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028 | USD490 | 508 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | EUR340 | 406 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup> | USD255 | 262 |
| Morocco (Kingdom of) 3.875% 4/2/2029 | EUR625 | 747 |
| Morocco (Kingdom of) 4.75% 4/2/2035 | 200 | 236 |
| Mozambique (Republic of) 9.00% 9/15/2031 | USD540 | 447 |
| Nigeria (Republic of) 7.625% 11/21/2025 <sup>(f)</sup> | 358 | 361 |
| Nigeria (Republic of) 7.625% 11/21/2025 | 342 | 345 |
| Nigeria (Republic of) 18.50% 2/21/2031 | NGN730,360 | 480 |
| Oman (Sultanate of) 6.00% 8/1/2029 | USD715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048 | 485 | 502 |
| Panama (Republic of) 3.75% 4/17/2026 | 100 | 99 |
| Panama (Republic of) 7.875% 3/1/2057 | 600 | 612 |
| Paraguay (Republic of) 4.95% 4/28/2031 | 320 | 319 |
| Peru (Republic of) 3.00% 1/15/2034 | 225 | 190 |
| Peru (Republic of) 6.55% 3/14/2037 | 360 | 392 |
| Peru (Republic of) 2.78% 12/1/2060 | 100 | 54 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup> | 400 | 339 |
| Philippines (Republic of) 6.375% 10/23/2034 | 145 | 160 |

---

**33**American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Philippines (Republic of) 3.95% 1/20/2040 | USD500 | $432 |
| Poland (Republic of) 5.75% 4/25/2029 | PLN2,410 | 693 |
| Poland (Republic of) 4.875% 10/4/2033 | USD560 | 557 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033 | PLN9,440 | 2732 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034 | 6920 | 1862 |
| Romania 2.00% 1/28/2032 | EUR950 | 910 |
| Romania 5.25% 5/30/2032 | 450 | 523 |
| Romania 5.25% 5/30/2032 | 230 | 267 |
| Romania 2.00% 4/14/2033 | 300 | 271 |
| Romania 5.625% 5/30/2037 | 390 | 434 |
| Romania 2.875% 4/13/2042 | 335 | 246 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054 | USD2,300 | 2195 |
| Senegal (Republic of) 4.75% 3/13/2028 | EUR600 | 560 |
| Senegal (Republic of) 4.75% 3/13/2028 | 200 | 187 |
| Sharjah (Emirate of) 4.625% 2/13/2032 | 651 | 769 |
| Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(f)</sup> | USD1,010 | 1007 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup> | 200 | 199 |
| South Africa (Republic of) 11.625% 3/31/2053 | ZAR22,337 | 1324 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031 | 482 | 25 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 11495 | 621 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035 | 17388 | 920 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040 | 32571 | 1593 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044 | 15670 | 720 |
| Thailand (Kingdom of) 3.45% 6/17/2043 | THB40,963 | 1526 |
| Turkey (Republic of) 26.20% 10/5/2033 | TRY41,134 | 955 |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025 | 35060 | 826 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028 | USD200 | 219 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028 | TRY23,445 | 417 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030 | USD500 | 619 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043 | 1710 | 1208 |
| United Mexican States 6.875% 5/13/2037 | 610 | 638 |
| United Mexican States 4.75% 3/8/2044 | 800 | 632 |
| United Mexican States 3.75% 4/19/2071 | 200 | 114 |
| United Mexican States, Series M20, 8.50% 5/31/2029 | MXN29,350 | 1560 |
| United Mexican States, Series M, 7.75% 5/29/2031 | 56500 | 2871 |
| United Mexican States, Series M, 7.50% 5/26/2033 | 51184 | 2493 |
| United Mexican States, Series M, 7.75% 11/23/2034 | 38324 | 1864 |
| United Mexican States, Series M30, 8.50% 11/18/2038 | 21600 | 1059 |
| United Mexican States, Series M, 8.00% 7/31/2053 | 26949 | 1182 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(h)</sup> | 14702 | 678 |
| Venezuela (Bolivarian Republic of) 7.00% 12/1/2018 <sup>(i)</sup> | USD75 | 11 |
| Venezuela (Bolivarian Republic of) 7.75% 10/13/2019 <sup>(i)</sup> | 930 | 138 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(i)</sup> | 805 | 113 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(i)</sup> | 800 | 129 |
| Venezuela (Bolivarian Republic of) 8.25% 10/13/2024 <sup>(i)</sup> | 180 | 30 |
| Venezuela (Bolivarian Republic of) 9.25% 5/7/2028 | 230 | 41 |
| Venezuela (Bolivarian Republic of) 7.00% 3/31/2038 | 65 | 11 |
|  |  | 112814 |
| **Corporate bonds, notes & loans 0.39%** |  |  |
| **Corporate bonds, notes & loans 0.39%** |  |  |
| Energy 0.09% |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup> | 410 | 415 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup> | 255 | 249 |
| Petroleos Mexicanos 6.49% 1/23/2027 | 175 | 174 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 1210 | 1095 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030 | 200 | 187 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup> | 430 | 310 |

---

American Funds Insurance Series **34**

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup> | USD250 | $263 |
| Vista Energy Argentina SAU 7.625% 12/10/2035 <sup>(f)</sup> | 390 | 379 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup> | 335 | 336 |
|  |  | 3408 |
| Communication services 0.07% |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,710 | 753 |
| America Movil, SAB de CV, 9.50% 1/27/2031 | 24000 | 1283 |
| PLDT, Inc. 2.50% 1/23/2031 | USD210 | 189 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup> | 380 | 258 |
|  |  | 2483 |
| Consumer discretionary 0.04% |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 410 | 266 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup> | 400 | 369 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup> | 345 | 349 |
| MercadoLibre, Inc. 3.125% 1/14/2031 | 200 | 180 |
| Sands China, Ltd. 4.375% 6/18/2030 | 220 | 211 |
| Wynn Macau, Ltd. 5.625% 8/26/2028 | 260 | 256 |
|  |  | 1631 |
| Utilities 0.04% |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup> | 275 | 292 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup> | 264 | 241 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(f)</sup> | 412 | 381 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup> | 176 | 173 |
| Greenko Dutch BV 3.85% 3/29/2026 | 176 | 173 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 6.404% on 3/2/2030) <sup>(g)</sup> | 350 | 347 |
|  |  | 1607 |
| Materials 0.04% |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup> | 355 | 311 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup> | 400 | 397 |
| PT Krakatau Posco 6.375% 6/11/2027 | 345 | 347 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(d)</sup> | 520 | 515 |
|  |  | 1570 |
| Financials 0.04% |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.90% on 9/25/2029) <sup>(g)</sup> | 400 | 372 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on |  |  |
| &nbsp;&nbsp;&nbsp;6/29/2033) <sup>(f)(g)</sup> | 340 | 360 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030 | 300 | 277 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(g)</sup> | 400 | 430 |
|  |  | 1439 |
| Industrials 0.03% |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup> | 335 | 336 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup> | 355 | 363 |
| Mexico City Airport Trust 4.25% 10/31/2026 | 200 | 196 |
|  |  | 895 |

---

**35**American Funds Insurance Series

New World Fund (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) |  |  | Principal amount |  | Value |
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) |  |  | (000) |  | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |  |  |  |
| 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 | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 |  | USD200 | $ | $204 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup> |  |  |  | 200 |  | 201 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup> |  |  |  | 420 |  | 423 |
|  |  |  |  |  |  | 828 |
| Health care 0.02% |  |  |  |  |  |  |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup> |  |  |  | 260 |  | 247 |
| Rede D'Or Finance SARL 4.50% 1/22/2030 |  |  |  | 480 |  | 456 |
|  |  |  |  |  |  | 703 |
| Total corporate bonds, notes & loans |  |  |  |  |  | 14564 |
| Total bonds, notes & other debt instruments (cost: $127,773,000) | Total bonds, notes & other debt instruments (cost: $127,773,000) |  |  |  |  | 127378 |
| Short-term securities 4.09% |  |  |  | Shares |  |  |
| Short-term securities 4.09% |  |  |  | Shares |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup> |  |  |  | 1476818 |  | 147681 |
| **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup> | 4305789 |  | 4306 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted |  |  |  |
|  |  |  | average yield | Principal amount |  |  |
|  |  |  | at acquisition | (000) |  |  |
| **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) 9/9/2025 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.357% | EGP11,900 |  | 228 |
| Egypt (Arab Republic of) 1/6/2026 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.531 | 12600 |  | 222 |
|  |  |  |  |  |  | 450 |
| Total short-term securities (cost: $152,427,000) |  |  |  |  |  | 152437 |
| Total investment securities 100.68% (cost: $2,412,085,000) | Total investment securities 100.68% (cost: $2,412,085,000) |  |  |  |  | 3752924 |
| Other assets less liabilities (0.68)% |  |  |  |  |  | (25264) |
| Net assets 100.00% |  |  |  |  | $3727660 | $3727660 |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
|  |  |  |  |  |  | Value and |
|  |  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation | appreciation |
|  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 | at 6/30/2025 |
| Contracts | Type | contracts | date | (000) |  | (000) |
| 2 Year U.S. Treasury Note Futures | Short | 2 | 10/3/2025 | USD(416) |  | $(1) |
| 5 Year Euro-Bobl Futures | Short | 14 | 9/10/2025 | (1941) |  | 5 |
| 5 Year U.S. Treasury Note Futures | Short | 3 | 10/3/2025 | (327) |  | (3) |
| 10 Year Euro-Bund Futures | Short | 15 | 9/10/2025 | (2300) |  | 12 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 9/30/2025 | 2057 |  | 40 |

---

American Funds Insurance Series **36**

![](g872qi9s0cozlm56fcd1k.jpg)

New World Fund (continued)

**Futures contracts (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  |  |  | appreciation | appreciation |
|  |  |  |  |  |  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  |  |  |  | Number of | Number of | Expiration | Expiration | amount | at 6/30/2025 | at 6/30/2025 |
| Contracts | Contracts |  |  | &nbsp;&nbsp;&nbsp;Type | contracts | contracts | date | date | (000) |  | (000) |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  | &nbsp;&nbsp;&nbsp;Long |  | 1 | 9/30/2025 | 9/30/2025 | USD116 |  | $4 |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures |  | &nbsp;&nbsp;&nbsp;Long |  | 1 | 9/30/2025 | 9/30/2025 | 119 |  | 4 |
|  |  |  |  |  |  |  |  |  |  |  | $61 |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  |  |  |  |  | appreciation | appreciation |
|  | Contract amount |  |  |  |  |  |  |  |  | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | (depreciation) | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold | Currency sold |  |  |  | Settlement | Settlement | at 6/30/2025 | at 6/30/2025 |
|  | (000) | (000) | (000) |  | Counterparty |  |  |  | date |  | (000) |
| CNH | 6810 | USD | 952 | 952 | Standard Chartered Bank | Standard Chartered Bank |  |  | 7/9/2025 |  | $—(c) |
| USD | 471 | MYR | 1995 | 1995 | BNP Paribas |  |  |  | 7/9/2025 |  | (2) |
| INR | 1695 | USD | 20 | 20 | Standard Chartered Bank | Standard Chartered Bank |  | 7/14/2025 | 7/14/2025 |  | —(c) |
| USD | 962 | EUR | 839 | 839 | Standard Chartered Bank | Standard Chartered Bank |  | 7/14/2025 | 7/14/2025 |  | (28) |
| EUR | 490 | USD | 560 | 560 | BNP Paribas |  |  | 7/15/2025 | 7/15/2025 |  | 17 |
| MXN | 1228 | USD | 64 | 64 | Citibank |  |  | 7/15/2025 | 7/15/2025 |  | 1 |
| USD | 64 | MXN | 1228 | 1228 | Bank of New York Mellon | Bank of New York Mellon |  | 7/15/2025 | 7/15/2025 |  | (1) |
| THB | 39695 | USD | 1226 | 1226 | Citibank |  |  | 7/15/2025 | 7/15/2025 |  | (1) |
| USD | 297 | THB | 9665 | 9665 | Citibank |  |  | 7/15/2025 | 7/15/2025 |  | (2) |
| CNH | 7185 | USD | 1003 | 1003 | Citibank |  |  | 7/16/2025 | 7/16/2025 |  | 2 |
| USD | 1371 | ZAR | 24367 | 24367 | Goldman Sachs |  |  | 7/16/2025 | 7/16/2025 |  | (4) |
| USD | 2447 | EUR | 2127 | 2127 | Bank of America | Bank of America |  | 7/16/2025 | 7/16/2025 |  | (61) |
| USD | 38 | IDR | 622415 | 622415 | Citibank |  |  | 7/18/2025 | 7/18/2025 |  | —(c) |
| USD | 861 | BRL | 4817 | 4817 | Citibank |  |  | 7/18/2025 | 7/18/2025 |  | (21) |
| USD | 717 | COP 3,027,600 | COP 3,027,600 | COP 3,027,600 | Morgan Stanley |  |  | 7/18/2025 | 7/18/2025 |  | (22) |
| USD | 47 | MYR | 201 | 201 | BNP Paribas |  |  | 7/21/2025 | 7/21/2025 |  | —(c) |
| USD | 98 | PLN | 360 | 360 | Citibank |  |  | 7/21/2025 | 7/21/2025 |  | (2) |
| USD | 1285 | MYR | 5447 | 5447 | JPMorgan Chase | JPMorgan Chase |  | 7/21/2025 | 7/21/2025 |  | (9) |
| IDR | 3560000 | USD | 217 | 217 | HSBC Bank |  |  | 7/23/2025 | 7/23/2025 |  | 3 |
| EUR | 76 | USD | 88 | 88 | Morgan Stanley |  |  | 7/25/2025 | 7/25/2025 |  | 2 |
| INR | 12140 | USD | 141 | 141 | BNP Paribas |  |  | 7/28/2025 | 7/28/2025 |  | 1 |
| USD | 98 | MXN | 1875 | 1875 | Morgan Stanley |  |  | 7/28/2025 | 7/28/2025 |  | (1) |
| CZK | 31590 | USD | 1496 | 1496 | Citibank |  |  |  | 8/6/2025 |  | 10 |
| HUF | 348902 | USD | 1021 | 1021 | HSBC Bank |  |  |  | 8/6/2025 |  | 5 |
| CZK | 20855 | USD | 947 | 947 | Citibank |  |  | 8/27/2025 | 8/27/2025 |  | 49 |
| USD | 653 | ZAR | 11850 | 11850 | Goldman Sachs |  |  | 8/27/2025 | 8/27/2025 |  | (14) |
|  |  |  |  |  |  |  |  |  |  |  | $(78) |
| **Investments in affiliates <sup>(k)</sup>** | **Investments in affiliates <sup>(k)</sup>** |  |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(k)</sup>** | **Investments in affiliates <sup>(k)</sup>** |  |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(k)</sup>** | **Investments in affiliates <sup>(k)</sup>** |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Net | Net |  |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  |  | Net | unrealized |  | Dividend |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  |  | realized | appreciation | Value at | or interest |
|  |  |  |  |  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  |  |  |  |  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 3.96% | Short-term securities 3.96% |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.96% | &nbsp;&nbsp;&nbsp;Money market investments 3.96% | &nbsp;&nbsp;&nbsp;Money market investments 3.96% |  |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(j)</sup> | Capital Group Central Cash Fund 4.35% <sup>(j)</sup> | Capital Group Central Cash Fund 4.35% <sup>(j)</sup> | Capital Group Central Cash Fund 4.35% <sup>(j)</sup> | Capital Group Central Cash Fund 4.35% <sup>(j)</sup> | $94686 | $320134 | $267116 | $(15) | $(8) | $147681 | $2879 |

---

**37**American Funds Insurance Series

![](gx7idazrchaaa3uuvqi0i.jpg)

New World Fund (continued)

**Restricted securities <sup>(d)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> | 5/26/2021 | $5258 | $6965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% |
| &nbsp;&nbsp;&nbsp;QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> | 12/20/2021 | 1716 | 1791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. 6.625% 8/6/2029 | 7/8/2022 | 410 | 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. 7.00% 5/14/2026 | 5/16/2023 | 197 | 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Canva, Inc. <sup>(a)(b)</sup> | 8/26/2021-11/4/2021 | 656 | 493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 58 | 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 2 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;Sasol Financing USA, LLC 8.75% 5/3/2029 | 1/24/2024 | 525 | 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Getir BV, Series D, preferred shares <sup>(a)(b)</sup> | 5/27/2021 | 3500 | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $12322 | $10433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |

---

(a)Security did not produce income during the last 12 months.

(b)Value determined using significant unobservable inputs.

(c)Amount less than one thousand.

(d)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $10,433,000, which represented 0.28% of the net assets of the fund.

(e)All or a portion of this security was on loan. The total value of all such securities was $7,151,000, which represented 0.19% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(f)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $12,331,000, which represented 0.33% of the net assets of the fund.

(g)Step bond; coupon rate may change at a later date.

(h)Index-linked bond whose principal amount moves with a government price index.

(i)Scheduled interest and/or principal payment was not received.

(j)Rate represents the seven-day yield at 6/30/2025.

(k)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(l)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(m)Amount less than 0.01%.

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

Refer to the notes to financial statements.

HUF = Hungarian forints IDR = Indonesian rupiah INR = Indian rupees MXN = Mexican pesos MYR = Malaysian ringgits NGN = Nigerian naira 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

American Funds Insurance Series **38**

Washington Mutual Investors Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;unaudited |
| Common stocks 96.21% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 96.21% | Shares | (000) |
| Information technology 22.40% |  |  |
| Broadcom, Inc. | 3180875 | $876808 |
| Microsoft Corp. | 1477941 | 735143 |
| NVIDIA Corp. | 1376003 | 217395 |
| Apple, Inc. | 959455 | 196851 |
| KLA Corp. | 125916 | 112788 |
| ASML Holding NV (ADR) | 112763 | 90367 |
| Motorola Solutions, Inc. | 149143 | 62709 |
| International Business Machines Corp. | 210325 | 62000 |
| Accenture PLC, Class A | 143216 | 42806 |
| SAP SE (ADR) | 135006 | 41055 |
| Texas Instruments, Inc. | 180420 | 37459 |
| Oracle Corp. | 148419 | 32449 |
| Salesforce, Inc. | 97867 | 26687 |
| Applied Materials, Inc. | 100045 | 18315 |
| Synopsys, Inc. <sup>(a)</sup> | 31950 | 16380 |
| ASM International NV (ADR) | 21707 | 13913 |
| Adobe, Inc. <sup>(a)</sup> | 34743 | 13441 |
| Intel Corp. | 545538 | 12220 |
| TE Connectivity Public, Ltd. Co. | 36193 | 6105 |
|  |  | 2614891 |
| Financials 18.36% |  |  |
| Marsh & McLennan Cos., Inc. | 1137983 | 248808 |
| JPMorgan Chase & Co. | 666861 | 193330 |
| BlackRock, Inc. | 166414 | 174610 |
| Visa, Inc., Class A | 471682 | 167471 |
| Mastercard, Inc., Class A | 230802 | 129697 |
| Capital One Financial Corp. | 603410 | 128381 |
| Chubb, Ltd. | 393830 | 114100 |
| Arthur J. Gallagher & Co. | 340478 | 108994 |
| Bank of America Corp. | 2241655 | 106075 |
| Wells Fargo & Co. | 1022919 | 81956 |
| Truist Financial Corp. | 1752492 | 75340 |
| Morgan Stanley | 514896 | 72528 |
| Apollo Asset Management, Inc. | 429153 | 60884 |
| Citizens Financial Group, Inc. | 1320920 | 59111 |
| KKR & Co., Inc. | 432202 | 57496 |
| Blackstone, Inc. | 338091 | 50572 |
| CME Group, Inc., Class A | 134224 | 36995 |
| Aon PLC, Class A | 100447 | 35835 |
| American Express Co. | 111170 | 35461 |
| S&P Global, Inc. | 66315 | 34967 |
| Progressive Corp. | 128261 | 34228 |
| Brookfield Asset Management, Ltd., Class A | 483694 | 26739 |
| Goldman Sachs Group, Inc. | 29966 | 21208 |
| Citigroup, Inc. | 233574 | 19882 |
| AXA SA (ADR) | 365158 | 17936 |
| Carlyle Group, Inc. (The) | 270192 | 13888 |
| PNC Financial Services Group, Inc. | 68886 | 12842 |
| Intercontinental Exchange, Inc. | 52537 | 9639 |
| Fifth Third Bancorp | 178306 | 7334 |
| KeyCorp | 397800 | 6930 |
|  |  | 2143237 |
| Industrials 11.50% |  |  |
| RTX Corp. | 1224474 | 178798 |
| General Electric Co. | 641966 | 165236 |
| Northrop Grumman Corp. | 283061 | 141525 |
| Boeing Co. (The) <sup>(a)</sup> | 374770 | 78526 |

---

**39**American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Honeywell International, Inc. | 324457 | $75560 |
| Union Pacific Corp. | 289892 | 66698 |
| Paychex, Inc. | 451500 | 65675 |
| 3M Co. | 398062 | 60601 |
| L3Harris Technologies, Inc. | 234851 | 58910 |
| Caterpillar, Inc. | 145015 | 56296 |
| Deere & Co. | 102849 | 52298 |
| Delta Air Lines, Inc. | 769587 | 37848 |
| Ingersoll-Rand, Inc. | 444378 | 36963 |
| Equifax, Inc. | 139296 | 36129 |
| Carrier Global Corp. | 438946 | 32126 |
| Parker-Hannifin Corp. | 41006 | 28642 |
| PACCAR, Inc. | 209348 | 19901 |
| Waste Connections, Inc. | 99256 | 18533 |
| FedEx Corp. | 79115 | 17984 |
| Johnson Controls International PLC | 162291 | 17141 |
| Siemens AG (ADR) | 132607 | 17089 |
| BAE Systems PLC (ADR) | 161872 | 17008 |
| Republic Services, Inc. | 67539 | 16656 |
| HEICO Corp. | 44486 | 14591 |
| CSX Corp. | 440277 | 14366 |
| Eaton Corp. PLC | 17329 | 6186 |
| Lennox International, Inc. | 8982 | 5149 |
| Deutsche Post AG (ADR) | 94500 | 4390 |
| TransUnion | 21970 | 1933 |
| Veralto Corp. | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
|  |  | 1342758 |
| Health care 11.37% |  |  |
| Eli Lilly and Co. | 288964 | 225256 |
| UnitedHealth Group, Inc. | 488501 | 152398 |
| Abbott Laboratories | 1103923 | 150145 |
| Amgen, Inc. | 521767 | 145682 |
| CVS Health Corp. | 1797053 | 123961 |
| Gilead Sciences, Inc. | 780218 | 86503 |
| AstraZeneca PLC (ADR) | 1172994 | 81969 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 174716 | 77783 |
| Danaher Corp. | 299736 | 59210 |
| AbbVie, Inc. | 301318 | 55931 |
| Elevance Health, Inc. | 129557 | 50392 |
| Sanofi (ADR) | 450166 | 21747 |
| Bristol-Myers Squibb Co. | 425890 | 19714 |
| Zimmer Biomet Holdings, Inc. | 210007 | 19155 |
| Novo Nordisk AS, Class B (ADR) | 193034 | 13323 |
| Thermo Fisher Scientific, Inc. | 30868 | 12516 |
| Humana, Inc. | 31515 | 7705 |
| Illumina, Inc. <sup>(a)</sup> | 80452 | 7676 |
| Regeneron Pharmaceuticals, Inc. | 13923 | 7310 |
| Cooper Cos., Inc. <sup>(a)</sup> | 79881 | 5684 |
| Zoetis, Inc., Class A | 20870 | 3255 |
|  |  | 1327315 |
| Consumer staples 8.74% |  |  |
| Philip Morris International, Inc. | 2426916 | 442014 |
| British American Tobacco PLC (ADR) | 1900519 | 89952 |
| Keurig Dr Pepper, Inc. | 2618399 | 86564 |
| Altria Group, Inc. | 1020176 | 59813 |
| Constellation Brands, Inc., Class A | 347154 | 56475 |
| Mondelez International, Inc., Class A | 776532 | 52369 |

---

American Funds Insurance Series **40**

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer staples (continued) |  |  |
| Coca-Cola Co. | 590211 | $41757 |
| Procter & Gamble Co. | 216242 | 34452 |
| Costco Wholesale Corp. | 33711 | 33372 |
| Hershey Co. | 120501 | 19997 |
| Church & Dwight Co., Inc. | 184306 | 17714 |
| Nestlé SA (ADR) | 178302 | 17709 |
| Dollar General Corp. | 138016 | 15786 |
| Kimberly-Clark Corp. | 103829 | 13386 |
| Estee Lauder Cos., Inc. (The), Class A | 145769 | 11778 |
| Kraft Heinz Co. (The) | 412788 | 10658 |
| Target Corp. | 98519 | 9719 |
| Bunge Global SA | 80582 | 6469 |
|  |  | 1019984 |
| Consumer discretionary 6.59% |  |  |
| Royal Caribbean Cruises, Ltd. | 568612 | 178055 |
| Home Depot, Inc. | 250518 | 91850 |
| Starbucks Corp. | 949091 | 86965 |
| YUM! Brands, Inc. | 530703 | 78640 |
| Amazon.com, Inc. <sup>(a)</sup> | 356329 | 78175 |
| Darden Restaurants, Inc. | 342240 | 74598 |
| TJX Companies, Inc. (The) | 336253 | 41524 |
| Marriott International, Inc., Class A | 100754 | 27527 |
| NIKE, Inc., Class B | 360727 | 25626 |
| D.R. Horton, Inc. | 171613 | 22124 |
| Vail Resorts, Inc. | 118995 | 18698 |
| Tractor Supply Co. | 340785 | 17983 |
| General Motors Co. | 226927 | 11167 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 165637 | 9301 |
| Sony Group Corp. (ADR) <sup>(c)</sup> | 268839 | 6998 |
|  |  | 769231 |
| Communication services 4.85% |  |  |
| Alphabet, Inc., Class C | 591921 | 105001 |
| Alphabet, Inc., Class A | 449491 | 79214 |
| Meta Platforms, Inc., Class A | 241141 | 177984 |
| Comcast Corp., Class A | 3506395 | 125143 |
| Walt Disney Co. (The) | 323772 | 40151 |
| Electronic Arts, Inc. | 144232 | 23034 |
| Deutsche Telekom AG (ADR) | 267761 | 9797 |
| AT&T, Inc. | 189961 | 5497 |
|  |  | 565821 |
| Utilities 3.74% |  |  |
| Constellation Energy Corp. | 389313 | 125655 |
| Sempra | 1188525 | 90054 |
| Southern Co. (The) | 821429 | 75432 |
| FirstEnergy Corp. | 1235342 | 49735 |
| DTE Energy Co. | 225528 | 29873 |
| CenterPoint Energy, Inc. | 560529 | 20594 |
| Entergy Corp. | 238997 | 19865 |
| Public Service Enterprise Group, Inc. | 192090 | 16170 |
| NextEra Energy, Inc. | 125161 | 8689 |
|  |  | 436067 |
| Energy 3.52% |  |  |
| EOG Resources, Inc. | 1101276 | 131724 |

---

**41**American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy (continued) |  |  |
| Exxon Mobil Corp. | 818910 | $88278 |
| ConocoPhillips | 625790 | 56158 |
| Canadian Natural Resources, Ltd. | 1752296 | 55022 |
| Shell PLC (ADR) | 378073 | 26620 |
| TC Energy Corp. | 434970 | 21222 |
| Cenovus Energy, Inc. | 951373 | 12939 |
| Halliburton Co. | 398694 | 8125 |
| Schlumberger NV | 216823 | 7329 |
| Chevron Corp. | 20964 | 3002 |
|  |  | 410419 |
| Materials 2.86% |  |  |
| Linde PLC | 187287 | 87871 |
| Corteva, Inc. | 873022 | 65066 |
| Wheaton Precious Metals Corp. | 565165 | 50752 |
| Air Products and Chemicals, Inc. | 177158 | 49969 |
| International Paper Co. | 770696 | 36092 |
| Freeport-McMoRan, Inc. | 258172 | 11192 |
| Rio Tinto PLC (ADR) | 156586 | 9134 |
| LyondellBasell Industries NV | 153562 | 8885 |
| Royal Gold, Inc. | 44934 | 7991 |
| H.B. Fuller Co. | 114890 | 6911 |
|  |  | 333863 |
| Real estate 2.28% |  |  |
| Welltower, Inc. REIT | 912865 | 140335 |
| Mid-America Apartment Communities, Inc. REIT | 327583 | 48486 |
| Prologis, Inc. REIT | 262923 | 27638 |
| American Tower Corp. REIT | 87159 | 19264 |
| Simon Property Group, Inc. REIT | 93346 | 15006 |
| AvalonBay Communities, Inc. REIT | 43005 | 8751 |
| Extra Space Storage, Inc. REIT | 42274 | 6233 |
|  |  | 265713 |
| Total common stocks (cost: $6,870,557,000) |  | 11229299 |
| Convertible stocks 0.50% |  |  |
| Convertible stocks 0.50% |  |  |
| Industrials 0.27% |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 455591 | 30980 |
| Financials 0.23% |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 436775 | 23411 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 54000 | 4042 |
|  |  | 27453 |
| Total convertible stocks (cost: $47,807,000) |  | 58433 |
| Short-term securities 3.14% |  |  |
| Short-term securities 3.14% |  |  |
| **Money market investments 3.14%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)(e)</sup> | 3667823 | 366782 |

---

American Funds Insurance Series **42**

Washington Mutual Investors Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Short-term securities (continued) |  |  |  |  |  |  |  |  | Value |
| Short-term securities (continued) |  |  |  |  | Shares | Shares |  | (000) | (000) |
| **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup> |  | 4082 | 4082 | $ | $4 | 4 |
| Total short-term securities (cost: $366,736,000) |  |  |  |  |  |  |  | 366786 | 366786 |
| Total investment securities 99.85% (cost: $7,285,100,000) |  |  |  |  |  |  |  | 11654518 | 11654518 |
| Other assets less liabilities 0.15% |  |  |  |  |  |  |  | 17171 | 17171 |
| Net assets 100.00% |  |  |  |  |  |  | $11671689 | $11671689 | $11671689 |
| **Investments in affiliates <sup>(e)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(e)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(e)</sup>** |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend | Dividend |
|  | Value at |  |  | realized | appreciation |  | Value at | or interest | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | 6/30/2025 | income | income |
|  | (000) | (000) | (000) | (000) | (000) |  | (000) | (000) | (000) |
| Short-term securities 3.14% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.14% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(d)</sup> | $245250 | $902891 | $781291 | $(31) | $(37) | $366782 | $366782 | $7099 | $7099 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.00% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(d)</sup> | 9850 |  | 9850<sup>(g)</sup> |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(h) |
| &nbsp;&nbsp;&nbsp;Total 3.14% |  |  |  | $(31) | $(37) | $366782 | $366782 | $7099 | $7099 |

---

(a)Security did not produce income during the last 12 months.

(b)Amount less than one thousand.

(c)All or a portion of this security was on loan. The total value of all such securities was $4,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(d)Rate represents the seven-day yield at 6/30/2025.

(e)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(f)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(g)Represents net activity. Refer to Note 5 for more information on securities lending.

(h)Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

Key to abbreviation(s)

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

**43**American Funds Insurance Series

U.S. Small and Mid Cap Equity Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 96.54% |  | &nbsp;&nbsp;Value |
| Common stocks 96.54% | Shares | (000) |
| Financials 23.50% |  |  |
| Capital One Financial Corp. | 2354 | $501 |
| Brown & Brown, Inc. | 3591 | 398 |
| Fifth Third Bancorp | 7211 | 297 |
| Victory Capital Holdings, Inc., Class A | 4402 | 280 |
| RenaissanceRe Holdings, Ltd. | 1100 | 267 |
| KeyCorp | 13000 | 227 |
| TPG, Inc., Class A | 3952 | 207 |
| LPL Financial Holdings, Inc. | 534 | 200 |
| Hamilton Lane, Inc., Class A | 1186 | 169 |
| StepStone Group, Inc., Class A | 2938 | 163 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 2094 | 145 |
| Aspen Insurance Holdings, Ltd., Class A <sup>(a)</sup> | 4099 | 129 |
| WEX, Inc. <sup>(a)</sup> | 864 | 127 |
| Radian Group, Inc. | 3119 | 112 |
| Tradeweb Markets, Inc., Class A | 614 | 90 |
| Ameriprise Financial, Inc. | 158 | 84 |
| Artisan Partners Asset Management, Inc., Class A | 1682 | 75 |
| Ally Financial, Inc. | 1756 | 68 |
| Citizens Financial Group, Inc. | 1105 | 50 |
| Kinsale Capital Group, Inc. | 91 | 44 |
| Arthur J. Gallagher & Co. | 109 | 35 |
| Block, Inc., Class A <sup>(a)</sup> | 521 | 35 |
|  |  | 3703 |
| Industrials 20.22% |  |  |
| XPO, Inc. <sup>(a)</sup> | 2218 | 280 |
| United Rentals, Inc. | 342 | 258 |
| Karman Holdings, Inc. <sup>(a)</sup> | 4909 | 247 |
| Crane Co. | 1255 | 238 |
| Ingersoll-Rand, Inc. | 2725 | 227 |
| ATI, Inc. <sup>(a)</sup> | 1884 | 163 |
| Comfort Systems USA, Inc. | 284 | 152 |
| AGCO Corp. | 1407 | 145 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 2211 | 133 |
| Generac Holdings, Inc. <sup>(a)</sup> | 853 | 122 |
| Kadant, Inc. | 378 | 120 |
| APi Group Corp. <sup>(a)</sup> | 2013 | 103 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 830 | 100 |
| Advanced Drainage Systems, Inc. | 718 | 83 |
| Copart, Inc. <sup>(a)</sup> | 1583 | 78 |
| PACCAR, Inc. | 756 | 72 |
| Applied Industrial Technologies, Inc. | 306 | 71 |
| Toro Co. (The) | 897 | 63 |
| HEICO Corp. | 180 | 59 |
| Alight, Inc., Class A | 10335 | 59 |
| L3Harris Technologies, Inc. | 192 | 48 |
| Robert Half, Inc. | 1150 | 47 |
| Graco, Inc. | 521 | 45 |
| AMETEK, Inc. | 246 | 45 |
| Fluor Corp. <sup>(a)</sup> | 774 | 40 |
| Bloom Energy Corp., Class A <sup>(a)</sup> | 1537 | 37 |
| Nextracker, Inc., Class A <sup>(a)</sup> | 598 | 33 |
| Oshkosh Corp. | 282 | 32 |
| CBIZ, Inc. <sup>(a)</sup> | 408 | 29 |
| FTI Consulting, Inc. <sup>(a)</sup> | 139 | 22 |
| FTAI Aviation, Ltd. | 186 | 21 |
| Regal Rexnord Corp. | 98 | 14 |
|  |  | 3186 |

---

American Funds Insurance Series **44**

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary 16.33% |  |  |
| YUM! Brands, Inc. | 2323 | $344 |
| Hilton Worldwide Holdings, Inc. | 1003 | 267 |
| Vail Resorts, Inc. | 1634 | 257 |
| LKQ Corp. | 6101 | 226 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 2253 | 154 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 970 | 120 |
| Wingstop, Inc. | 341 | 115 |
| Flutter Entertainment PLC <sup>(a)</sup> | 400 | 114 |
| Five Below, Inc. <sup>(a)</sup> | 714 | 94 |
| Darden Restaurants, Inc. | 422 | 92 |
| General Motors Co. | 1825 | 90 |
| Williams-Sonoma, Inc. | 475 | 77 |
| Polaris, Inc. | 1836 | 75 |
| Murphy USA, Inc. | 154 | 63 |
| TopBuild Corp. <sup>(a)</sup> | 191 | 62 |
| Chewy, Inc., Class A <sup>(a)</sup> | 1441 | 61 |
| Texas Roadhouse, Inc. | 321 | 60 |
| Royal Caribbean Cruises, Ltd. | 181 | 57 |
| D.R. Horton, Inc. | 396 | 51 |
| Brinker International, Inc. <sup>(a)</sup> | 266 | 48 |
| Toll Brothers, Inc. | 408 | 46 |
| Cavco Industries, Inc. <sup>(a)</sup> | 78 | 34 |
| AutoZone, Inc. <sup>(a)</sup> | 9 | 33 |
| CAVA Group, Inc. <sup>(a)</sup> | 385 | 32 |
|  |  | 2572 |
| Information technology 10.90% |  |  |
| Ingram Micro Holding Corp. | 12295 | 256 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 1116 | 154 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 513 | 151 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 836 | 137 |
| Flex, Ltd. <sup>(a)</sup> | 2187 | 109 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 1084 | 103 |
| Vontier Corp. | 2653 | 98 |
| Procore Technologies, Inc. <sup>(a)</sup> | 1410 | 97 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 394 | 77 |
| Pure Storage, Inc., Class A <sup>(a)</sup> | 1273 | 73 |
| TD SYNNEX Corp. | 472 | 64 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 293 | 62 |
| Ciena Corp. <sup>(a)</sup> | 657 | 54 |
| CDW Corp. | 276 | 49 |
| EPAM Systems, Inc. <sup>(a)</sup> | 221 | 39 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 1316 | 37 |
| Okta, Inc., Class A <sup>(a)</sup> | 369 | 37 |
| Fair Isaac Corp. <sup>(a)</sup> | 18 | 33 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup> | 1392 | 31 |
| Klaviyo, Inc., Class A <sup>(a)</sup> | 693 | 23 |
| ServiceTitan, Inc., Class A <sup>(a)</sup> | 160 | 17 |
| Circle Internet Group, Inc. <sup>(a)(b)</sup> | 96 | 17 |
|  |  | 1718 |
| Consumer staples 8.32% |  |  |
| US Foods Holding Corp. <sup>(a)</sup> | 4947 | 381 |
| Monster Beverage Corp. <sup>(a)</sup> | 3877 | 243 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 1295 | 161 |
| Kimberly-Clark Corp. | 801 | 103 |
| Casey's General Stores, Inc. | 189 | 96 |
| Dollar General Corp. | 823 | 94 |
| Estee Lauder Cos., Inc. (The), Class A | 801 | 65 |

---

**45**American Funds Insurance Series

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer staples (continued) |  |  |
| Keurig Dr Pepper, Inc. | 1967 | $65 |
| Maplebear, Inc. <sup>(a)</sup> | 1127 | 51 |
| Target Corp. | 347 | 34 |
| Constellation Brands, Inc., Class A | 75 | 12 |
| Bunge Global SA | 56 | 5 |
|  |  | 1310 |
| Health care 7.45% |  |  |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 2204 | 110 |
| Medpace Holdings, Inc. <sup>(a)</sup> | 305 | 96 |
| Exact Sciences Corp. <sup>(a)</sup> | 1764 | 94 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 2386 | 94 |
| Align Technology, Inc. <sup>(a)</sup> | 458 | 87 |
| Illumina, Inc. <sup>(a)</sup> | 885 | 84 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> | 291 | 84 |
| Cooper Cos., Inc. <sup>(a)</sup> | 1132 | 81 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 233 | 69 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 1133 | 59 |
| Doximity, Inc., Class A <sup>(a)</sup> | 884 | 54 |
| Penumbra, Inc. <sup>(a)</sup> | 203 | 52 |
| Natera, Inc. <sup>(a)</sup> | 275 | 47 |
| Zimmer Biomet Holdings, Inc. | 328 | 30 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup> | 1638 | 30 |
| DexCom, Inc. <sup>(a)</sup> | 310 | 27 |
| Humana, Inc. | 95 | 23 |
| Krystal Biotech, Inc. <sup>(a)</sup> | 147 | 20 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 34 | 11 |
| agilon health, Inc. <sup>(a)</sup> | 4503 | 10 |
| Caris Life Sciences, Inc., Class A <sup>(a)</sup> | 345 | 9 |
| GRAIL, Inc. <sup>(a)(b)</sup> | 57 | 3 |
|  |  | 1174 |
| Communication services 3.44% |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup> | 2872 | 302 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 613 | 93 |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 128 | 52 |
| Trade Desk, Inc. (The), Class A <sup>(a)</sup> | 669 | 48 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 192 | 47 |
|  |  | 542 |
| Real estate 2.79% |  |  |
| Mid-America Apartment Communities, Inc. REIT | 898 | 133 |
| Essex Property Trust, Inc. REIT | 370 | 105 |
| Crown Castle, Inc. REIT | 828 | 85 |
| NNN REIT, Inc. | 1771 | 76 |
| Lineage, Inc. REIT | 937 | 41 |
|  |  | 440 |
| Energy 2.03% |  |  |
| Diamondback Energy, Inc. | 883 | 121 |
| Baker Hughes Co., Class A | 2254 | 87 |
| Viper Energy, Inc., Class A | 1358 | 52 |
| Permian Resources Corp., Class A | 3106 | 42 |
| Cheniere Energy, Inc. | 71 | 17 |
|  |  | 319 |

---

American Funds Insurance Series **46**

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | Shares | (000) |
| Materials 1.46% |  |  |  |  |  |  |  |
| International Paper Co. |  |  |  |  | 3154 | 3154 | $148 |
| Element Solutions, Inc. |  |  |  |  | 2825 | 2825 | 64 |
| Albemarle Corp. |  |  |  |  | 295 | 295 | 18 |
|  |  |  |  |  |  |  | 230 |
| Utilities 0.10% |  |  |  |  |  |  |  |
| FirstEnergy Corp. |  |  |  |  | 364 | 364 | 15 |
| Total common stocks (cost: $14,596,000) |  |  |  |  |  |  | 15209 |
| Short-term securities 3.28% |  |  |  |  |  |  |  |
| Short-term securities 3.28% |  |  |  |  |  |  |  |
| **Money market investments 3.24%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup> |  |  |  |  | 5099 | 5099 | 510 |
| **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%** | **Money market investments purchased with collateral from securities on loan 0.04%** |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup> |  | 6301 | 6301 | 7 |
| Total short-term securities (cost: $516,000) |  |  |  |  |  |  | 517 |
| Total investment securities 99.82% (cost: $15,112,000) |  |  |  |  |  |  | 15726 |
| Other assets less liabilities 0.18% |  |  |  |  |  |  | 29 |
| Net assets 100.00% |  |  |  |  |  |  | $15755 |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 3.24% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.24% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(c)</sup> | $288 | $2214 | $1992 | $—(f) | $—(f) | $510 | $7 |

---

(a)Security did not produce income during the last 12 months.

(b)All or a portion of this security was on loan. The total value of all such securities was $7,000, which represented 0.04% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(c)Rate represents the seven-day yield at 6/30/2025.

(d)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(e)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(f)Amount less than one thousand.

Key to abbreviation(s)

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

**47**American Funds Insurance Series

Capital World Growth and Income Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 95.96% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 95.96% | Shares | (000) |
| Information technology 21.38% |  |  |
| Broadcom, Inc. | 322908 | $89010 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2154772 | 78189 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 3201 | 725 |
| Microsoft Corp. | 148122 | 73677 |
| NVIDIA Corp. | 275672 | 43553 |
| Apple, Inc. | 106641 | 21880 |
| ASML Holding NV | 17464 | 13939 |
| ASML Holding NV (ADR) | 1512 | 1212 |
| International Business Machines Corp. | 41677 | 12286 |
| Micron Technology, Inc. | 97542 | 12022 |
| Tokyo Electron, Ltd. | 50675 | 9741 |
| Oracle Corp. | 35633 | 7790 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 65481 | 7553 |
| SAP SE | 20143 | 6125 |
| Texas Instruments, Inc. | 25295 | 5252 |
| MediaTek, Inc. | 122094 | 5224 |
| Seagate Technology Holdings PLC | 27052 | 3904 |
| ANSYS, Inc. <sup>(a)</sup> | 10370 | 3642 |
| Accenture PLC, Class A | 10695 | 3197 |
| KLA Corp. | 3423 | 3066 |
| Salesforce, Inc. | 10034 | 2736 |
| Constellation Software, Inc. | 721 | 2644 |
| Intel Corp. | 116540 | 2611 |
| Capgemini SE | 14221 | 2430 |
| Allegro MicroSystems, Inc. <sup>(a)</sup> | 64600 | 2209 |
| Keyence Corp. | 5100 | 2048 |
| Synopsys, Inc. <sup>(a)</sup> | 3579 | 1835 |
| EPAM Systems, Inc. <sup>(a)</sup> | 10025 | 1773 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 8686 | 1701 |
| Ciena Corp. <sup>(a)</sup> | 17848 | 1452 |
| Adobe, Inc. <sup>(a)</sup> | 3195 | 1236 |
| Elastic NV, non-registered shares <sup>(a)</sup> | 11780 | 993 |
| Fair Isaac Corp. <sup>(a)</sup> | 458 | 837 |
| Advantech Co., Ltd. | 36098 | 420 |
| Applied Materials, Inc. | 743 | 136 |
|  |  | 427048 |
| Financials 15.86% |  |  |
| Zurich Insurance Group AG | 20837 | 14565 |
| JPMorgan Chase & Co. | 44526 | 12909 |
| AXA SA | 262359 | 12878 |
| Chubb, Ltd. | 41672 | 12073 |
| Mastercard, Inc., Class A | 18748 | 10535 |
| BlackRock, Inc. | 9891 | 10378 |
| Apollo Asset Management, Inc. | 70768 | 10040 |
| Capital One Financial Corp. | 46086 | 9805 |
| Citigroup, Inc. | 110046 | 9367 |
| Aviva PLC | 1042205 | 8858 |
| NatWest Group PLC | 1253488 | 8799 |
| ING Groep NV | 342713 | 7519 |
| Arthur J. Gallagher & Co. | 22995 | 7361 |
| Blackstone, Inc. | 47902 | 7165 |
| American Express Co. | 22216 | 7086 |
| Banco Bilbao Vizcaya Argentaria SA | 444681 | 6838 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 1005280 | 6384 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 35100 | 272 |
| UniCredit SpA | 93613 | 6276 |
| Visa, Inc., Class A | 17504 | 6215 |
| HSBC Holdings PLC (GBP denominated) | 351246 | 4252 |
| HSBC Holdings PLC (HKD denominated) | 130000 | 1572 |

---

American Funds Insurance Series **48**

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| HDFC Life Insurance Co., Ltd. | 598632 | $5684 |
| Wells Fargo & Co. | 70909 | 5681 |
| 3i Group PLC | 93637 | 5295 |
| Marsh & McLennan Cos., Inc. | 22870 | 5000 |
| Bank of America Corp. | 104457 | 4943 |
| Aon PLC, Class A | 12988 | 4634 |
| Blue Owl Capital, Inc., Class A | 230174 | 4422 |
| CVC Capital Partners PLC | 207761 | 4253 |
| Israel Discount Bank, Ltd., Class A | 426539 | 4250 |
| Ares Management Corp., Class A | 24360 | 4219 |
| Partners Group Holding AG | 3100 | 4044 |
| Postal Savings Bank of China Co., Ltd., Class H | 5705383 | 3983 |
| Progressive Corp. | 14883 | 3972 |
| BNP Paribas SA | 42005 | 3776 |
| Munchener Ruckversicherungs-Gesellschaft AG | 5305 | 3441 |
| KB Financial Group, Inc. | 40508 | 3329 |
| AIA Group, Ltd. | 365869 | 3281 |
| Mizuho Financial Group, Inc. | 116000 | 3216 |
| FinecoBank SpA | 139663 | 3099 |
| Axis Bank, Ltd. | 213293 | 2983 |
| Erste Group Bank AG | 34767 | 2961 |
| Danske Bank AS | 71120 | 2900 |
| Morgan Stanley | 20517 | 2890 |
| Svenska Handelsbanken AB, Class A | 193544 | 2587 |
| China Merchants Bank Co., Ltd., Class A | 256800 | 1647 |
| China Merchants Bank Co., Ltd., Class H | 122403 | 855 |
| Brown & Brown, Inc. | 22407 | 2484 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated) | 44450 | 2460 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 174140 | 2389 |
| DBS Group Holdings, Ltd. | 67000 | 2367 |
| HDFC Bank, Ltd. | 66556 | 1553 |
| HDFC Bank, Ltd. (ADR) | 8629 | 662 |
| CaixaBank SA, non-registered shares | 249398 | 2160 |
| Bank Central Asia Tbk PT | 4024400 | 2150 |
| B3 SA - Brasil, Bolsa, Balcao | 732050 | 1965 |
| American International Group, Inc. | 22219 | 1902 |
| TPG, Inc., Class A | 34713 | 1821 |
| KKR & Co., Inc. | 12817 | 1705 |
| National Bank of Canada | 14828 | 1530 |
| Skandinaviska Enskilda Banken AB, Class A | 84086 | 1467 |
| Societe Generale | 24943 | 1427 |
| Banco Comercial Portugues, SA | 1692704 | 1317 |
| Sumitomo Mitsui Financial Group, Inc. | 50300 | 1269 |
| Fiserv, Inc. <sup>(a)</sup> | 6083 | 1049 |
| Fidelity National Information Services, Inc. | 11892 | 968 |
| Bank Hapoalim BM | 46715 | 896 |
| Goldman Sachs Group, Inc. | 1233 | 873 |
| Abu Dhabi Islamic Bank PJSC | 141991 | 831 |
| Federal Home Loan Mortgage Corp. <sup>(a)(b)</sup> | 98292 | 810 |
| Fannie Mae <sup>(a)</sup> | 77815 | 742 |
| XP, Inc., Class A | 36512 | 738 |
| Macquarie Group, Ltd. | 4650 | 700 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 3196952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 316727 |
| Industrials 15.14% |  |  |
| General Electric Co. | 121801 | 31350 |
| BAE Systems PLC | 911124 | 23594 |
| Airbus SE, non-registered shares | 93536 | 19531 |
| RTX Corp. | 113584 | 16586 |

---

**49**American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Siemens AG | 63126 | $16184 |
| TransDigm Group, Inc. | 10394 | 15806 |
| Leonardo SpA | 245803 | 13834 |
| Carrier Global Corp. | 143154 | 10478 |
| Deere & Co. | 20164 | 10253 |
| Melrose Industries PLC | 1341959 | 9778 |
| Compagnie de Saint-Gobain SA, non-registered shares | 80853 | 9490 |
| Ryanair Holdings PLC (ADR) | 153215 | 8836 |
| Safran SA | 22275 | 7239 |
| United Rentals, Inc. | 9359 | 7051 |
| Hitachi, Ltd. | 237400 | 6932 |
| RELX PLC | 121544 | 6568 |
| Deutsche Post AG | 135573 | 6262 |
| Rolls-Royce Holdings PLC | 447691 | 5946 |
| Mitsui & Co., Ltd. | 253700 | 5192 |
| L3Harris Technologies, Inc. | 20021 | 5022 |
| Lockheed Martin Corp. | 10375 | 4805 |
| Siemens Energy AG <sup>(a)</sup> | 40154 | 4638 |
| Volvo AB, Class B | 161206 | 4522 |
| Bureau Veritas SA | 130575 | 4451 |
| Ingersoll-Rand, Inc. | 51987 | 4324 |
| Parker-Hannifin Corp. | 5942 | 4150 |
| Techtronic Industries Co., Ltd. | 359000 | 3947 |
| Recruit Holdings Co., Ltd. | 65950 | 3909 |
| MTU Aero Engines AG | 8343 | 3707 |
| Saab AB, Class B | 50858 | 2836 |
| ITOCHU Corp. | 49800 | 2613 |
| International Consolidated Airlines Group SA (CDI) | 547301 | 2563 |
| XPO, Inc. <sup>(a)</sup> | 15581 | 1968 |
| Crane Co. | 10233 | 1943 |
| Comfort Systems USA, Inc. | 2936 | 1574 |
| CSX Corp. | 45296 | 1478 |
| AMETEK, Inc. | 7650 | 1384 |
| Weir Group PLC (The) | 40053 | 1369 |
| Bunzl PLC | 42369 | 1349 |
| SS&C Technologies Holdings, Inc. | 13786 | 1142 |
| FTAI Aviation, Ltd. | 9560 | 1100 |
| Boeing Co. (The) <sup>(a)</sup> | 4235 | 887 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 37007 | 850 |
| Howmet Aerospace, Inc. | 4460 | 830 |
| Woodward, Inc. | 3354 | 822 |
| Diploma PLC | 11469 | 770 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 12400 | 748 |
| Ferguson Enterprises, Inc. | 2880 | 627 |
| Arcadis NV, non-registered shares | 10404 | 505 |
| FedEx Corp. | 1469 | 334 |
| Marubeni Corp. | 13600 | 275 |
| GE Vernova, Inc. | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 302352 |
| Consumer discretionary 9.07% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 140588 | 30844 |
| Starbucks Corp. | 160763 | 14731 |
| Flutter Entertainment PLC <sup>(a)</sup> | 44504 | 12717 |
| Royal Caribbean Cruises, Ltd. | 35581 | 11142 |
| Las Vegas Sands Corp. | 253300 | 11021 |
| Compagnie Financiere Richemont SA, Class A | 50832 | 9574 |
| Trip.com Group, Ltd. (ADR) | 81904 | 4803 |
| Trip.com Group, Ltd. | 77436 | 4498 |
| Industria de Diseno Textil SA | 172358 | 8970 |

---

American Funds Insurance Series **50**

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Tesla, Inc. <sup>(a)</sup> | 26703 | $8483 |
| NEXT PLC | 49226 | 8406 |
| MercadoLibre, Inc. <sup>(a)</sup> | 2554 | 6675 |
| Home Depot, Inc. | 15110 | 5540 |
| LVMH Moet Hennessy-Louis Vuitton SE | 10539 | 5519 |
| Booking Holdings, Inc. | 891 | 5158 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 82008 | 4605 |
| Moncler SpA | 60825 | 3467 |
| Hermes International | 1159 | 3139 |
| Marriott International, Inc., Class A | 8912 | 2435 |
| Shimano, Inc. | 16700 | 2424 |
| Restaurant Brands International, Inc. (CAD denominated) | 28394 | 1884 |
| Aristocrat Leisure, Ltd. | 39374 | 1689 |
| Dollarama, Inc. | 11674 | 1645 |
| D.R. Horton, Inc. | 12445 | 1604 |
| InterContinental Hotels Group PLC | 13475 | 1536 |
| Hyundai Motor Co. | 9840 | 1484 |
| adidas AG | 5898 | 1375 |
| Ferrari NV (EUR denominated) | 2794 | 1369 |
| Midea Group Co., Ltd., Class A | 123300 | 1242 |
| Suzuki Motor Corp. | 98300 | 1190 |
| Compass Group PLC | 24325 | 824 |
| BYD Co., Ltd., Class H | 42000 | 655 |
| Stellantis NV | 60662 | 608 |
|  |  | 181256 |
| Health care 8.41% |  |  |
| Eli Lilly and Co. | 40598 | 31647 |
| Abbott Laboratories | 157539 | 21427 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 46256 | 20593 |
| Stryker Corp. | 27929 | 11050 |
| Novo Nordisk AS, Class B | 149699 | 10390 |
| Gilead Sciences, Inc. | 87671 | 9720 |
| Sanofi | 80343 | 7780 |
| Medtronic PLC | 75839 | 6611 |
| UnitedHealth Group, Inc. | 20150 | 6286 |
| Takeda Pharmaceutical Co., Ltd. | 189200 | 5814 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 15146 | 4512 |
| Amgen, Inc. | 14806 | 4134 |
| Daiichi Sankyo Co., Ltd. | 152300 | 3559 |
| Novartis AG | 28740 | 3483 |
| Insulet Corp. <sup>(a)</sup> | 10680 | 3356 |
| EssilorLuxottica SA | 11285 | 3096 |
| Thermo Fisher Scientific, Inc. | 7404 | 3002 |
| GE HealthCare Technologies, Inc. | 21529 | 1595 |
| Haleon PLC | 246030 | 1264 |
| Boston Scientific Corp. <sup>(a)</sup> | 10781 | 1158 |
| Lonza Group AG | 1598 | 1138 |
| CVS Health Corp. | 16336 | 1127 |
| AstraZeneca PLC | 7502 | 1042 |
| Cigna Group (The) | 3100 | 1025 |
| Chugai Pharmaceutical Co., Ltd. | 17100 | 894 |
| Rede D'Or Sao Luiz SA | 122458 | 798 |
| Coloplast AS, Class B | 6002 | 570 |
| Centene Corp. <sup>(a)</sup> | 8628 | 468 |
| agilon health, Inc. <sup>(a)</sup> | 125582 | 289 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 568 | 185 |
|  |  | 168013 |

---

**51**American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Communication services 8.30% |  |  |
| Meta Platforms, Inc., Class A | 55225 | $40761 |
| Alphabet, Inc., Class A | 91743 | 16168 |
| Alphabet, Inc., Class C | 61561 | 10920 |
| Netflix, Inc. <sup>(a)</sup> | 9626 | 12891 |
| Deutsche Telekom AG | 330282 | 12049 |
| Publicis Groupe SA | 106720 | 12028 |
| SoftBank Group Corp. | 116000 | 8470 |
| AT&T, Inc. | 240744 | 6967 |
| NetEase, Inc. | 216200 | 5811 |
| NetEase, Inc. (ADR) | 4665 | 628 |
| Singapore Telecommunications, Ltd. | 2083063 | 6258 |
| Bharti Airtel, Ltd. | 230486 | 5401 |
| Bharti Airtel, Ltd., interim shares | 7924 | 141 |
| Universal Music Group NV | 170542 | 5521 |
| SoftBank Corp. | 3155950 | 4887 |
| Tencent Holdings, Ltd. | 58900 | 3774 |
| Comcast Corp., Class A | 100858 | 3600 |
| Nintendo Co., Ltd. | 34000 | 3277 |
| Spotify Technology SA <sup>(a)</sup> | 3523 | 2703 |
| Omnicom Group, Inc. | 19663 | 1415 |
| Walt Disney Co. (The) | 10921 | 1354 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 4749 | 760 |
| Advanced Info Service PCL, foreign registered shares | 7000 | 60 |
|  |  | 165844 |
| Consumer staples 6.05% |  |  |
| Philip Morris International, Inc. | 270760 | 49313 |
| Nestle SA | 120933 | 12015 |
| Imperial Brands PLC | 302229 | 11935 |
| British American Tobacco PLC | 242773 | 11540 |
| Kroger Co. | 117170 | 8405 |
| JBS NV (BDR) <sup>(a)</sup> | 238801 | 3438 |
| Ajinomoto Co., Inc. | 123600 | 3355 |
| Ocado Group PLC <sup>(a)</sup> | 792264 | 2468 |
| Costco Wholesale Corp. | 2306 | 2283 |
| Danone SA | 27147 | 2218 |
| Sysco Corp. | 24507 | 1856 |
| Kweichow Moutai Co., Ltd., Class A | 9100 | 1790 |
| Bunge Global SA | 17875 | 1435 |
| Procter & Gamble Co. | 7660 | 1220 |
| Uni-Charm Corp. | 147000 | 1062 |
| Suntory Beverage & Food, Ltd. <sup>(b)</sup> | 31400 | 1005 |
| US Foods Holding Corp. <sup>(a)</sup> | 12968 | 999 |
| Arca Continental, SAB de CV | 87378 | 924 |
| L'Oreal SA, non-registered shares | 2062 | 882 |
| Loblaw Companies, Ltd. | 5274 | 872 |
| Coca-Cola Co. | 11233 | 795 |
| Keurig Dr Pepper, Inc. | 19565 | 647 |
| Altria Group, Inc. | 6282 | 368 |
| General Mills, Inc. | 1805 | 93 |
|  |  | 120918 |
| Materials 5.30% |  |  |
| Freeport-McMoRan, Inc. | 411150 | 17823 |
| Linde PLC | 27617 | 12957 |
| Heidelberg Materials AG, non-registered shares | 45768 | 10753 |
| Vale SA, ordinary nominative shares | 962864 | 9331 |
| Vale SA (ADR), ordinary nominative shares | 140029 | 1359 |
| Rio Tinto PLC | 159054 | 9268 |

---

American Funds Insurance Series **52**

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 366873 | $6517 |
| Air Products and Chemicals, Inc. | 18638 | 5257 |
| Corteva, Inc. | 68862 | 5132 |
| Glencore PLC | 982063 | 3823 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 450844 | 3387 |
| Air Liquide SA | 15673 | 3234 |
| Smurfit Westrock PLC | 63371 | 2735 |
| Dow, Inc. | 84736 | 2244 |
| Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee | 17572 | 2094 |
| Grupo Mexico, SAB de CV, Series B | 249082 | 1509 |
| Southern Copper Corp. | 14886 | 1506 |
| Shin-Etsu Chemical Co., Ltd. | 31900 | 1057 |
| Akzo Nobel NV | 14643 | 1025 |
| Lundin Mining Corp. | 95894 | 1008 |
| CRH PLC | 10569 | 970 |
| Franco-Nevada Corp. | 5675 | 930 |
| Antofagasta PLC | 35642 | 885 |
| Anglogold Ashanti PLC | 15965 | 728 |
| Evonik Industries AG | 20222 | 417 |
| Anglo American PLC | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 105949 |
| Energy 3.99% |  |  |
| Shell PLC (GBP denominated) | 444092 | 15565 |
| Shell PLC (EUR denominated) | 14064 | 497 |
| EOG Resources, Inc. | 125943 | 15064 |
| Cameco Corp. (CAD denominated) | 127926 | 9500 |
| Cameco Corp. | 39775 | 2953 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 333819 | 10492 |
| TC Energy Corp. (CAD denominated) <sup>(b)</sup> | 153662 | 7502 |
| Tourmaline Oil Corp. | 64998 | 3136 |
| Baker Hughes Co., Class A | 76799 | 2944 |
| BP PLC | 567500 | 2849 |
| Suncor Energy, Inc. | 68296 | 2558 |
| ConocoPhillips | 21973 | 1972 |
| Expand Energy Corp. | 12380 | 1448 |
| Neste OYJ | 85724 | 1163 |
| Schlumberger NV | 21356 | 722 |
| TotalEnergies SE | 11680 | 717 |
| ADNOC Drilling Co. PJSC | 381223 | 592 |
|  |  | 79674 |
| Utilities 1.69% |  |  |
| E.ON SE | 252314 | 4644 |
| Iberdrola SA, non-registered shares | 231736 | 4447 |
| Constellation Energy Corp. | 11628 | 3753 |
| Pinnacle West Capital Corp. | 36700 | 3284 |
| Engie SA | 134866 | 3165 |
| NextEra Energy, Inc. | 38632 | 2682 |
| Dominion Energy, Inc. | 39815 | 2250 |
| Duke Energy Corp. | 18764 | 2214 |
| China Resources Gas Group, Ltd. | 728832 | 1862 |
| National Grid PLC | 105993 | 1544 |
| DTE Energy Co. | 10763 | 1426 |
| Public Service Enterprise Group, Inc. | 11944 | 1005 |
| FirstEnergy Corp. | 24064 | 969 |
| Southern Co. (The) | 5700 | 523 |
|  |  | 33768 |

---

**53**American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | Value |
| Common stocks (continued) | Shares | (000) |
| Real estate 0.77% |  |  |
| Prologis, Inc. REIT | 44269 | $4653 |
| China Resources Mixc Lifestyle Services, Ltd. | 943600 | 4562 |
| VICI Properties, Inc. REIT | 134656 | 4390 |
| Simon Property Group, Inc. REIT | 6679 | 1074 |
| Longfor Group Holdings, Ltd. <sup>(b)</sup> | 668238 | 788 |
|  |  | 15467 |
| Total common stocks (cost: $1,143,827,000) |  | 1917016 |
| Preferred securities 0.26% |  |  |
| Preferred securities 0.26% |  |  |
| Financials 0.26% |  |  |
| Itau Unibanco Holding SA, preferred nominative shares | 320549 | 2180 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares | 219472 | 1490 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)(b)</sup> | 58679 | 880 |
| Fannie Mae, Series T, 8.25% noncumulative preferred shares <sup>(a)</sup> | 700 | 10 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup> | 37228 | 531 |
|  |  | 5091 |
| Total preferred securities (cost: $4,428,000) |  | 5091 |
| Bonds, notes & other debt instruments 0.07% | Principal amount |  |
| Bonds, notes & other debt instruments 0.07% | Principal amount |  |
| Bonds, notes & other debt instruments 0.07% | (000) |  |
| **Corporate bonds, notes & loans 0.04%** |  |  |
| Financials 0.02% |  |  |
| Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.50% on 12/14/2041) <sup>(e)</sup> | USD709 | 505 |
| Health care 0.02% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 432 | 424 |
| Total corporate bonds, notes & loans |  | 929 |
| **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 | 577 |
| Total bonds, notes & other debt instruments (cost: $1,581,000) |  | 1506 |
| Short-term securities 4.22% | Shares |  |
| Short-term securities 4.22% | Shares |  |
| **Money market investments 3.82%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup> | 762860 | 76286 |
| **Money market investments purchased with collateral from securities on loan 0.40%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> | 8089301 | 8089 |
| Total short-term securities (cost: $84,370,000) |  | 84375 |
| Total investment securities 100.51% (cost: $1,234,206,000) |  | 2007988 |
| Other assets less liabilities (0.51)% |  | (10284) |
| Net assets 100.00% |  | $1997704 |

---

American Funds Insurance Series **54**

![](gqdz3mq3j4poter50oogj.jpg)

Capital World Growth and Income Fund (continued)

**Investments in affiliates <sup>(g)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 3.82% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.82% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(f)</sup> | $46673 | $205977 | $176354 | $(8) | $(2) | $76286 | $1606 |

---

(a)Security did not produce income during the last 12 months.

(b)All or a portion of this security was on loan. The total value of all such securities was $8,902,000, which represented 0.45% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(c)Value determined using significant unobservable inputs.

(d)Amount less than one thousand.

(e)Step bond; coupon rate may change at a later date.

(f)Rate represents the seven-day yield at 6/30/2025.

(g)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(h)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

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

UST = U.S. Treasury

Refer to the notes to financial statements.

**55**American Funds Insurance Series

Growth-Income Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 97.21% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 97.21% | Shares | (000) |
| Information technology 27.82% |  |  |
| Microsoft Corp. | 6355199 | $3161140 |
| NVIDIA Corp. | 15063719 | 2379917 |
| Broadcom, Inc. | 7692044 | 2120312 |
| Apple, Inc. | 5646237 | 1158438 |
| Accenture PLC, Class A | 1488978 | 445041 |
| Oracle Corp. | 1909313 | 417433 |
| Amphenol Corp., Class A | 3069782 | 303141 |
| Arista Networks, Inc. <sup>(a)</sup> | 2911504 | 297876 |
| Cognizant Technology Solutions Corp., Class A | 3381043 | 263823 |
| Seagate Technology Holdings PLC | 1823912 | 263245 |
| Texas Instruments, Inc. | 993770 | 206327 |
| Salesforce, Inc. | 684185 | 186570 |
| Applied Materials, Inc. | 933753 | 170942 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4102000 | 148847 |
| Microchip Technology, Inc. | 1828376 | 128663 |
| Adobe, Inc. <sup>(a)</sup> | 163526 | 63265 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 220554 | 45134 |
| Micron Technology, Inc. | 268034 | 33035 |
| ASML Holding NV | 28845 | 23023 |
| QUALCOMM, Inc. | 141313 | 22506 |
|  |  | 11838678 |
| Industrials 15.48% |  |  |
| RTX Corp. | 7207131 | 1052385 |
| Automatic Data Processing, Inc. | 1993331 | 614743 |
| Boeing Co. (The) <sup>(a)</sup> | 2376190 | 497883 |
| Carrier Global Corp. | 6092070 | 445878 |
| General Dynamics Corp. | 1519363 | 443137 |
| GFL Environmental, Inc., subordinate voting shares | 8442865 | 426027 |
| Woodward, Inc. | 1642573 | 402578 |
| Airbus SE, non-registered shares | 1921964 | 401313 |
| General Electric Co. | 1504665 | 387286 |
| United Rentals, Inc. | 293723 | 221291 |
| Paychex, Inc. | 1519430 | 221016 |
| XPO, Inc. <sup>(a)</sup> | 1749629 | 220961 |
| Honeywell International, Inc. | 828971 | 193051 |
| Ingersoll-Rand, Inc. | 2182540 | 181544 |
| Caterpillar, Inc. | 418832 | 162595 |
| APi Group Corp. <sup>(a)</sup> | 2760328 | 140915 |
| Uber Technologies, Inc. <sup>(a)</sup> | 1288242 | 120193 |
| CSX Corp. | 3114334 | 101621 |
| TransDigm Group, Inc. | 65897 | 100206 |
| L3Harris Technologies, Inc. | 381989 | 95818 |
| Union Pacific Corp. | 360831 | 83020 |
| StandardAero, Inc. <sup>(a)</sup> | 1589110 | 50295 |
| Waste Management, Inc. | 113395 | 25947 |
|  |  | 6589703 |
| Financials 12.23% |  |  |
| JPMorgan Chase & Co. | 2970358 | 861136 |
| Mastercard, Inc., Class A | 1095825 | 615788 |
| Fidelity National Information Services, Inc. | 6648960 | 541292 |
| BlackRock, Inc. | 504695 | 529551 |
| Wells Fargo & Co. | 3777575 | 302659 |
| Marsh & McLennan Cos., Inc. | 1141737 | 249629 |
| Capital One Financial Corp. | 1018858 | 216772 |
| Chubb, Ltd. | 559859 | 162202 |
| Visa, Inc., Class A | 445602 | 158211 |
| B3 SA - Brasil, Bolsa, Balcao | 56528755 | 151698 |

---

American Funds Insurance Series **56**

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Morgan Stanley | 957257 | $134839 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 269334 | 130834 |
| Pinnacle Financial Partners, Inc. | 1131294 | 124906 |
| Arthur J. Gallagher & Co. | 386229 | 123640 |
| Goldman Sachs Group, Inc. | 174257 | 123330 |
| Progressive Corp. | 441636 | 117855 |
| PNC Financial Services Group, Inc. | 520903 | 97107 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 1170785 | 87013 |
| S&P Global, Inc. | 165000 | 87003 |
| CME Group, Inc., Class A | 292470 | 80611 |
| State Street Corp. | 681940 | 72518 |
| American Express Co. | 214890 | 68546 |
| American International Group, Inc. | 704000 | 60255 |
| First Citizens BancShares, Inc., Class A | 27589 | 53977 |
| Apollo Asset Management, Inc. | 373721 | 53020 |
|  |  | 5204392 |
| Consumer discretionary 10.82% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 7885129 | 1729918 |
| Starbucks Corp. | 5895185 | 540176 |
| Royal Caribbean Cruises, Ltd. | 1347194 | 421860 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup> | 4703154 | 381943 |
| Home Depot, Inc. | 851415 | 312163 |
| Tesla, Inc. <sup>(a)</sup> | 809068 | 257009 |
| Las Vegas Sands Corp. | 5713687 | 248603 |
| Sony Group Corp. | 5225500 | 135350 |
| Viking Holdings, Ltd. <sup>(a)</sup> | 2360527 | 125793 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 2131290 | 119672 |
| Hasbro, Inc. | 1121640 | 82799 |
| TJX Companies, Inc. (The) | 495864 | 61234 |
| DoorDash, Inc., Class A <sup>(a)</sup> | 176256 | 43449 |
| Carvana Co., Class A <sup>(a)</sup> | 122390 | 41241 |
| YUM! Brands, Inc. | 272921 | 40441 |
| Hilton Worldwide Holdings, Inc. | 151393 | 40322 |
| LVMH Moet Hennessy-Louis Vuitton SE | 44522 | 23317 |
|  |  | 4605290 |
| Health care 9.29% |  |  |
| Eli Lilly and Co. | 1455976 | 1134977 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1278119 | 569019 |
| AbbVie, Inc. | 1919793 | 356352 |
| Abbott Laboratories | 2330871 | 317022 |
| Thermo Fisher Scientific, Inc. | 529687 | 214767 |
| Revvity, Inc. | 1740393 | 168331 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 861315 | 135735 |
| Johnson & Johnson | 807444 | 123337 |
| Sanofi | 1245837 | 120646 |
| Cencora, Inc. | 401982 | 120534 |
| Insulet Corp. <sup>(a)</sup> | 303962 | 95499 |
| Gilead Sciences, Inc. | 715085 | 79281 |
| UnitedHealth Group, Inc. | 238376 | 74366 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 129867 | 70571 |
| Cigna Group (The) | 169900 | 56165 |
| Stryker Corp. | 138782 | 54906 |
| Danaher Corp. | 250263 | 49437 |
| GE HealthCare Technologies, Inc. | 626693 | 46419 |
| Amgen, Inc. | 151000 | 42161 |
| CVS Health Corp. | 535085 | 36910 |
| DexCom, Inc. <sup>(a)</sup> | 390182 | 34059 |

---

**57**American Funds Insurance Series

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| Masimo Corp. <sup>(a)</sup> | 119168 | $20046 |
| Medtronic PLC | 210000 | 18306 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 44175 | 14405 |
|  |  | 3953251 |
| Communication services 8.98% |  |  |
| Meta Platforms, Inc., Class A | 2978719 | 2198563 |
| Alphabet, Inc., Class A | 4123004 | 726597 |
| Alphabet, Inc., Class C | 2168410 | 384654 |
| Netflix, Inc. <sup>(a)</sup> | 262557 | 351598 |
| Universal Music Group NV | 3239458 | 104862 |
| SoftBank Group Corp. | 484100 | 35348 |
| Comcast Corp., Class A | 624053 | 22272 |
|  |  | 3823894 |
| Consumer staples 3.14% |  |  |
| British American Tobacco PLC | 11381282 | 541008 |
| Procter & Gamble Co. | 1370988 | 218426 |
| Philip Morris International, Inc. | 1042193 | 189815 |
| Coca-Cola Co. | 2053492 | 145284 |
| Imperial Brands PLC | 3663668 | 144682 |
| Mondelez International, Inc., Class A | 851894 | 57452 |
| Keurig Dr Pepper, Inc. | 1164623 | 38502 |
|  |  | 1335169 |
| Energy 2.99% |  |  |
| Baker Hughes Co., Class A | 8415638 | 322656 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 9452456 | 297092 |
| Exxon Mobil Corp. | 2651600 | 285843 |
| Expand Energy Corp. | 715878 | 83715 |
| TC Energy Corp. | 1629755 | 79516 |
| EOG Resources, Inc. | 575078 | 68785 |
| Chevron Corp. | 444985 | 63717 |
| ConocoPhillips | 434738 | 39013 |
| Halliburton Co. | 1672003 | 34075 |
|  |  | 1274412 |
| Materials 2.72% |  |  |
| Air Products and Chemicals, Inc. | 1428502 | 402923 |
| International Paper Co. | 5806574 | 271922 |
| Linde PLC | 565683 | 265407 |
| Eastman Chemical Co. | 1388765 | 103685 |
| LyondellBasell Industries NV | 769974 | 44551 |
| Freeport-McMoRan, Inc. | 1005668 | 43596 |
| Albemarle Corp. | 431100 | 27017 |
|  |  | 1159101 |
| Utilities 1.97% |  |  |
| PG&E Corp. | 18016861 | 251155 |
| Dominion Energy, Inc. | 4402764 | 248844 |
| CenterPoint Energy, Inc. | 3037684 | 111605 |
| Entergy Corp. | 1337004 | 111132 |
| Sempra | 800000 | 60616 |
| NextEra Energy, Inc. | 793264 | 55068 |
|  |  | 838420 |

---

American Funds Insurance Series **58**

Growth-Income Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | (000) | (000) |
| Real estate 1.77% |  |  |  |  |  |  |  |
| VICI Properties, Inc. REIT |  |  |  |  | 10163137 | $331319 | 331319 |
| Equinix, Inc. REIT |  |  |  |  | 235188 | 187085 | 187085 |
| American Tower Corp. REIT |  |  |  |  | 428106 | 94620 | 94620 |
| Prologis, Inc. REIT |  |  |  |  | 866060 | 91040 | 91040 |
| Welltower, Inc. REIT |  |  |  |  | 306310 | 47089 | 47089 |
|  |  |  |  |  |  | 751153 | 751153 |
| Total common stocks (cost: $22,661,815,000) |  |  |  |  |  | 41373463 | 41373463 |
| Bonds, notes & other debt instruments 0.00% |  |  |  |  | Principal amount |  |  |
| Bonds, notes & other debt instruments 0.00% |  |  |  |  | Principal amount |  |  |
| Bonds, notes & other debt instruments 0.00% |  |  |  |  | (000) |  |  |
| **Corporate bonds, notes & loans 0.00%** |  |  |  |  |  |  |  |
| Consumer discretionary 0.00% |  |  |  |  |  |  |  |
| General Motors Financial Co., Inc. 4.30% 7/13/2025 |  |  |  |  | USD160 | 160 | 160 |
| General Motors Financial Co., Inc. 5.25% 3/1/2026 |  |  |  |  |  | 828 | 828 |
| Total corporate bonds, notes & loans |  |  |  |  |  | 988 | 988 |
| Total bonds, notes & other debt instruments (cost: $969,000) |  |  |  |  |  | 988 | 988 |
| Short-term securities 2.96% |  |  |  |  | Shares |  |  |
| Short-term securities 2.96% |  |  |  |  | Shares |  |  |
| **Money market investments 2.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(b)(c)</sup> |  |  |  |  | 12613746 | 1261375 | 1261375 |
| Total short-term securities (cost: $1,261,311,000) |  |  |  |  |  | 1261375 | 1261375 |
| Total investment securities 100.17% (cost: $23,924,095,000) |  |  |  |  |  | 42635826 | 42635826 |
| Other assets less liabilities (0.17)% |  |  |  |  |  | (73509) | (73509) |
| Net assets 100.00% |  |  |  |  |  | $42562317 | $42562317 |
| **Investments in affiliates <sup>(b)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(b)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(b)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized | Dividend | Dividend |
|  | Value at |  |  | realized | appreciation | or interest | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) |  | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Common stocks 0.90% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer discretionary 0.90% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | $509003 | $— | $32068 | $6460 | $(101452) | $3857 | $3857 |
| Short-term securities 2.96% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.96% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(c)</sup> | 1471964 | 3884821 | 4095042 | (247) | (121) | 33418 | 33418 |
| &nbsp;&nbsp;&nbsp;Total 3.86% |  |  |  | $6213 | $(101573) | $37275 | $37275 |

---

(a)Security did not produce income during the last 12 months.

(b)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.

(c)Rate represents the seven-day yield at 6/30/2025.

Key to abbreviation(s)

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

**59**American Funds Insurance Series

International Growth and Income Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 95.81% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 95.81% | Shares | (000) |
| Financials 24.20% |  |  |
| UniCredit SpA | 82015 | $5498 |
| AXA SA | 98049 | 4813 |
| Societe Generale | 83606 | 4781 |
| Skandinaviska Enskilda Banken AB, Class A | 213375 | 3724 |
| DBS Group Holdings, Ltd. | 92484 | 3267 |
| Banco Bilbao Vizcaya Argentaria SA | 207319 | 3188 |
| Zurich Insurance Group AG | 4329 | 3026 |
| CaixaBank SA, non-registered shares | 346304 | 3000 |
| HSBC Holdings PLC (GBP denominated) | 187318 | 2267 |
| HSBC Holdings PLC (HKD denominated) | 57200 | 692 |
| KB Financial Group, Inc. | 33773 | 2775 |
| Hana Financial Group, Inc. | 38096 | 2436 |
| AIA Group, Ltd. | 269000 | 2412 |
| Banco Santander SA | 278262 | 2303 |
| Euronext NV | 13050 | 2231 |
| Prudential PLC | 176972 | 2217 |
| PICC Property and Casualty Co., Ltd., Class H | 1140000 | 2207 |
| NatWest Group PLC | 307586 | 2159 |
| Deutsche Bank AG | 72520 | 2150 |
| Resona Holdings, Inc. | 231000 | 2137 |
| HDFC Bank, Ltd. | 84415 | 1970 |
| Bank Hapoalim BM | 100063 | 1920 |
| Aviva PLC | 214434 | 1823 |
| London Stock Exchange Group PLC | 11847 | 1729 |
| Kotak Mahindra Bank, Ltd. | 67163 | 1694 |
| Bank Leumi le-Israel BM | 85824 | 1596 |
| Munchener Ruckversicherungs-Gesellschaft AG | 2352 | 1525 |
| Allianz SE | 3670 | 1488 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 198500 | 1261 |
| Abu Dhabi Islamic Bank PJSC | 213614 | 1251 |
| 3i Group PLC | 22022 | 1245 |
| Tokio Marine Holdings, Inc. | 27700 | 1175 |
| Edenred SA | 36354 | 1126 |
| Aon PLC, Class A | 2980 | 1063 |
| CVC Capital Partners PLC | 50136 | 1026 |
| XP, Inc., Class A | 45340 | 916 |
| ICICI Bank, Ltd. (ADR) | 26538 | 893 |
| Mediobanca SpA <sup>(a)</sup> | 37649 | 875 |
| Adyen NV <sup>(b)</sup> | 463 | 850 |
| Etoro Group, Ltd., Class A <sup>(b)</sup> | 12624 | 841 |
| Hiscox, Ltd. | 48322 | 832 |
| Hong Kong Exchanges and Clearing, Ltd. | 15500 | 827 |
| Tryg A/S | 31592 | 816 |
| Macquarie Group, Ltd. | 5051 | 760 |
| Pluxee NV | 34882 | 760 |
| Canadian Imperial Bank of Commerce | 9407 | 668 |
| Partners Group Holding AG | 510 | 665 |
| Mizuho Financial Group, Inc. | 23700 | 657 |
| Plus500, Ltd. | 13607 | 634 |
| Brookfield Corp., Class A (CAD denominated) | 8991 | 556 |
| Grupo Financiero Banorte, SAB de CV, Series O | 56281 | 514 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H | 640000 | 487 |
| Banco BTG Pactual SA, units | 61713 | 480 |
| Canara Bank | 300837 | 401 |
| Sampo OYJ, Class A | 36843 | 396 |
| Intesa Sanpaolo SpA | 64163 | 370 |
| Grupo Financiero Inbursa, SAB de CV | 139929 | 361 |
| MS&AD Insurance Group Holdings, Inc. | 16000 | 359 |
| Saudi National Bank (The) | 36707 | 354 |
| Bank Central Asia Tbk PT | 641400 | 343 |
| Banca Generali SpA | 6155 | 342 |

---

American Funds Insurance Series **60**

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Japan Post Bank Co., Ltd. | 28500 | $308 |
| ING Groep NV | 10568 | 232 |
| Hang Seng Bank, Ltd. | 12900 | 193 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 476388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 95865 |
| Industrials 16.00% |  |  |
| BAE Systems PLC | 371144 | 9611 |
| Airbus SE, non-registered shares | 27613 | 5766 |
| Ryanair Holdings PLC (ADR) | 76887 | 4434 |
| Siemens AG | 11090 | 2843 |
| Rheinmetall AG, non-registered shares | 1264 | 2676 |
| Hitachi, Ltd. | 88400 | 2581 |
| ABB, Ltd. | 42447 | 2531 |
| Safran SA | 7110 | 2311 |
| Deutsche Post AG | 45152 | 2085 |
| RELX PLC | 38138 | 2061 |
| ITOCHU Corp. | 34700 | 1821 |
| DSV A/S | 7290 | 1752 |
| Epiroc AB, Class B | 42138 | 806 |
| Epiroc AB, Class A | 33488 | 727 |
| Motiva Infraestrutura de Mobilidade SA | 599534 | 1522 |
| Canadian National Railway Co. (CAD denominated) | 13158 | 1371 |
| Diploma PLC | 19393 | 1301 |
| Alliance Global Group, Inc. | 7546600 | 1208 |
| Copa Holdings SA, Class A | 10519 | 1157 |
| Compagnie de Saint-Gobain SA, non-registered shares | 9633 | 1131 |
| SMC Corp. | 3000 | 1084 |
| Volvo AB, Class B | 38529 | 1081 |
| Deutsche Lufthansa AG | 123520 | 1045 |
| Singapore Technologies Engineering, Ltd. | 166300 | 1019 |
| ASSA ABLOY AB, Class B | 31106 | 971 |
| SPIE SA | 15845 | 890 |
| SGH, Ltd. | 22731 | 809 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 34778 | 798 |
| Komatsu, Ltd. | 20200 | 664 |
| Brambles, Ltd. | 34999 | 539 |
| Kingspan Group PLC | 6112 | 520 |
| Metso Corp. | 39888 | 516 |
| Daikin Industries, Ltd. | 4000 | 473 |
| Caterpillar, Inc. | 1195 | 464 |
| Bombardier, Inc., Class B <sup>(b)</sup> | 4952 | 431 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 40100 | 403 |
| Mitsui & Co., Ltd. | 15800 | 323 |
| Rolls-Royce Holdings PLC | 23754 | 316 |
| International Consolidated Airlines Group SA (CDI) | 66727 | 313 |
| Ashtead Group PLC | 4715 | 302 |
| Salik Co. PJSC | 174803 | 288 |
| International Container Terminal Services, Inc. | 32510 | 237 |
| Wizz Air Holdings PLC <sup>(b)</sup> | 12727 | 190 |
|  |  | 63371 |
| Information technology 11.17% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 403000 | 14623 |
| ASML Holding NV | 7732 | 6171 |
| MediaTek, Inc. | 90000 | 3851 |
| Samsung Electronics Co., Ltd. | 71381 | 3163 |
| Broadcom, Inc. | 8075 | 2226 |
| SAP SE | 7175 | 2182 |

---

**61**American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Information technology (continued) |  |  |
| NEC Corp. | 55900 | $1638 |
| Sage Group PLC (The) | 68516 | 1176 |
| Capgemini SE | 6781 | 1159 |
| ASMPT, Ltd. | 137500 | 1008 |
| SK hynix, Inc. | 4609 | 997 |
| Halma PLC | 20776 | 913 |
| ASM International NV | 1296 | 830 |
| Fujitsu, Ltd. | 31500 | 769 |
| Tokyo Electron, Ltd. | 3900 | 750 |
| E Ink Holdings, Inc. | 95000 | 719 |
| Bechtle AG, non-registered shares | 12590 | 590 |
| Lumine Group, Inc., subordinate voting shares <sup>(b)</sup> | 10419 | 366 |
| Tata Consultancy Services, Ltd. | 8945 | 361 |
| Keyence Corp. | 800 | 321 |
| eMemory Technology, Inc. | 3000 | 242 |
| Newgen Software Technologies, Ltd. | 13433 | 183 |
|  |  | 44238 |
| Consumer staples 8.81% |  |  |
| British American Tobacco PLC | 131714 | 6261 |
| Philip Morris International, Inc. | 27581 | 5023 |
| Nestle SA | 44604 | 4431 |
| Imperial Brands PLC | 91475 | 3613 |
| Carlsberg A/S, Class B | 14001 | 1984 |
| KT&G Corp. | 18007 | 1704 |
| Pernod Ricard SA | 16278 | 1622 |
| Arca Continental, SAB de CV | 127111 | 1344 |
| L'Oreal SA, non-registered shares | 3110 | 1330 |
| Carrefour SA, non-registered shares | 91237 | 1286 |
| Danone SA | 13637 | 1114 |
| Anheuser-Busch InBev SA/NV | 15787 | 1083 |
| Yamazaki Baking Co., Ltd. | 39500 | 886 |
| Tsingtao Brewery Co., Ltd., Class H | 129738 | 847 |
| Kweichow Moutai Co., Ltd., Class A | 3290 | 647 |
| Ocado Group PLC <sup>(b)</sup> | 175541 | 547 |
| Unilever PLC | 8946 | 543 |
| United Spirits, Ltd. | 19088 | 318 |
| Seven & i Holdings Co., Ltd. | 18100 | 292 |
|  |  | 34875 |
| Consumer discretionary 8.23% |  |  |
| Industria de Diseno Textil SA | 85241 | 4436 |
| Renault SA | 67213 | 3098 |
| Trip.com Group, Ltd. (ADR) | 37365 | 2191 |
| Trip.com Group, Ltd. | 10050 | 584 |
| Prosus NV, Class N | 48589 | 2717 |
| MGM China Holdings, Ltd. | 1190000 | 1952 |
| Amadeus IT Group SA, Class A, non-registered shares | 17324 | 1459 |
| LVMH Moet Hennessy-Louis Vuitton SE | 2363 | 1238 |
| Aristocrat Leisure, Ltd. | 28439 | 1220 |
| Evolution AB | 13052 | 1037 |
| Entain PLC | 83159 | 1028 |
| Midea Group Co., Ltd., Class A | 95500 | 962 |
| ANTA Sports Products, Ltd. | 72700 | 875 |
| Compagnie Financiere Richemont SA, Class A | 4098 | 772 |
| InterContinental Hotels Group PLC | 6711 | 765 |
| Hyundai Motor Co. | 5056 | 762 |
| Suzuki Motor Corp. | 51100 | 618 |
| Games Workshop Group PLC | 2664 | 593 |

---

American Funds Insurance Series **62**

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Restaurant Brands International, Inc. (CAD denominated) | 8197 | $544 |
| D'Ieteren Group | 2461 | 529 |
| B&M European Value Retail SA | 138745 | 517 |
| Meituan, Class B <sup>(b)</sup> | 32000 | 511 |
| Dixon Technologies (India), Ltd. | 2917 | 510 |
| Accor SA | 9691 | 506 |
| Nitori Holdings Co., Ltd. | 4900 | 474 |
| H World Group, Ltd. (ADR) | 12538 | 425 |
| JD.com, Inc., Class A (ADR) | 12568 | 410 |
| Paltac Corp. | 14300 | 401 |
| Galaxy Entertainment Group, Ltd. | 89361 | 397 |
| Amber Enterprises India, Ltd. <sup>(b)</sup> | 4368 | 345 |
| BYD Co., Ltd., Class A | 6400 | 296 |
| Maruti Suzuki India, Ltd. | 1989 | 288 |
| Jumbo SA | 3722 | 128 |
|  |  | 32588 |
| Communication services 7.32% |  |  |
| Koninklijke KPN NV | 950618 | 4631 |
| Singapore Telecommunications, Ltd. | 972800 | 2923 |
| Publicis Groupe SA | 24160 | 2723 |
| Tencent Holdings, Ltd. | 32500 | 2082 |
| Deutsche Telekom AG | 49481 | 1805 |
| Nintendo Co., Ltd. | 17500 | 1687 |
| Bharti Airtel, Ltd. | 62029 | 1453 |
| MTN Group, Ltd. | 181961 | 1448 |
| BT Group PLC | 487864 | 1297 |
| Orange | 82607 | 1257 |
| Kanzhun, Ltd., Class A (ADR) <sup>(b)</sup> | 61210 | 1092 |
| Swisscom AG <sup>(b)</sup> | 1375 | 975 |
| NetEase, Inc. | 34200 | 919 |
| Nippon Television Holdings, Inc. | 38500 | 895 |
| HYBE Co., Ltd. | 3666 | 839 |
| Indus Towers, Ltd. <sup>(b)</sup> | 153766 | 755 |
| America Movil, SAB de CV, Class B (ADR) | 37216 | 668 |
| Universal Music Group NV | 20503 | 664 |
| KT Corp. (ADR) | 22308 | 464 |
| Vend Marketplaces ASA, Class A | 11389 | 401 |
|  |  | 28978 |
| Health care 6.52% |  |  |
| Sanofi | 67985 | 6584 |
| AstraZeneca PLC | 38492 | 5347 |
| EssilorLuxottica SA | 11732 | 3219 |
| Novo Nordisk AS, Class B | 44521 | 3090 |
| Chugai Pharmaceutical Co., Ltd. | 24300 | 1270 |
| bioMerieux SA | 8453 | 1169 |
| Haleon PLC | 180035 | 925 |
| Grifols SA, Class B (ADR) <sup>(b)</sup> | 96958 | 876 |
| Roche Holding AG, nonvoting non-registered shares | 2659 | 866 |
| Bayer AG | 25374 | 763 |
| Genus PLC | 15716 | 441 |
| Max Healthcare Institute, Ltd. | 27843 | 414 |
| Fresenius SE & Co. KGaA | 7058 | 355 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(b)</sup> | 40000 | 274 |

---

**63**American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| HOYA Corp. | 1100 | $131 |
| Akums Drugs and Pharmaceuticals, Ltd. <sup>(b)</sup> | 16884 | 115 |
| Euroapi SA <sup>(a)(b)</sup> | 1412 | 5 |
|  |  | 25844 |
| Materials 5.20% |  |  |
| Barrick Mining Corp. | 145374 | 3027 |
| Linde PLC | 4443 | 2084 |
| Glencore PLC | 443045 | 1725 |
| BASF SE | 34443 | 1698 |
| Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee | 11435 | 1362 |
| Shin-Etsu Chemical Co., Ltd. | 35500 | 1176 |
| Vale SA (ADR), ordinary nominative shares | 84314 | 819 |
| Vale SA, ordinary nominative shares | 32911 | 319 |
| Heidelberg Materials AG, non-registered shares | 3882 | 912 |
| Anhui Conch Cement Co., Ltd., Class H | 345000 | 877 |
| Norsk Hydro ASA | 141880 | 810 |
| Nutrien, Ltd. (CAD denominated) | 13615 | 793 |
| Air Liquide SA | 3426 | 707 |
| Rio Tinto PLC | 11504 | 670 |
| Grupo Mexico, SAB de CV, Series B | 102232 | 619 |
| Sika AG | 2232 | 606 |
| Valterra Platinum, Ltd. (ZAR denominated) | 11207 | 500 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(b)</sup> | 1235 | 54 |
| Fresnillo PLC | 25025 | 495 |
| Franco-Nevada Corp. (CAD denominated) | 2647 | 435 |
| Anglo American PLC | 10633 | 314 |
| Fortescue, Ltd. | 23624 | 238 |
| Givaudan SA | 43 | 208 |
| Freeport-McMoRan, Inc. | 3152 | 137 |
| Alrosa PJSC <sup>(c)</sup> | 53607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 20585 |
| Energy 4.55% |  |  |
| TotalEnergies SE | 113612 | 6972 |
| Cameco Corp. (CAD denominated) | 32219 | 2393 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 59516 | 1871 |
| Shell PLC (GBP denominated) | 50148 | 1758 |
| Gaztransport & Technigaz SA | 4044 | 801 |
| Cenovus Energy, Inc. (CAD denominated) | 37928 | 516 |
| Cenovus Energy, Inc. | 12761 | 174 |
| Repsol SA, non-registered shares | 46619 | 683 |
| TC Energy Corp. (CAD denominated) | 13038 | 636 |
| BP PLC | 125880 | 632 |
| ADNOC Drilling Co. PJSC | 316861 | 492 |
| Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 30053 | 376 |
| Tourmaline Oil Corp. | 7613 | 367 |
| Schlumberger NV | 7986 | 270 |
| South Bow Corp. <sup>(a)</sup> | 2470 | 64 |
| Sovcomflot PAO <sup>(c)</sup> | 356717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 18005 |
| Utilities 2.76% |  |  |
| Engie SA | 138827 | 3258 |
| SSE PLC | 64755 | 1628 |
| Iberdrola SA, non-registered shares | 80462 | 1544 |
| Brookfield Infrastructure Partners, LP | 37345 | 1251 |
| RWE AG | 29722 | 1240 |

---

American Funds Insurance Series **64**

International Growth and Income Fund (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | Shares |  | (000) |
| Utilities (continued) |  |  |  |  |  |  |  |  |
| Veolia Environnement SA |  |  |  |  | 18018 | 18018 | $ | $642 |
| National Grid PLC |  |  |  |  | 42387 | 42387 |  | 618 |
| CPFL Energia SA |  |  |  |  | 58911 | 58911 |  | 443 |
| NTPC, Ltd. |  |  |  |  | 81979 | 81979 |  | 320 |
|  |  |  |  |  |  |  |  | 10944 |
| Real estate 1.05% |  |  |  |  |  |  |  |  |
| Mitsubishi Estate Co., Ltd. |  |  |  |  | 42900 | 42900 |  | 805 |
| Prologis Property Mexico, SA de CV, REIT |  |  |  |  | 186799 | 186799 |  | 706 |
| CK Asset Holdings, Ltd. |  |  |  |  | 124000 | 124000 |  | 547 |
| Link REIT |  |  |  |  | 93568 | 93568 |  | 500 |
| Sun Hung Kai Properties, Ltd. |  |  |  |  | 34000 | 34000 |  | 390 |
| CapitaLand Integrated Commercial Trust REIT |  |  |  |  | 222900 | 222900 |  | 380 |
| Henderson Land Development Co., Ltd. |  |  |  |  | 92000 | 92000 |  | 322 |
| Longfor Group Holdings, Ltd. |  |  |  |  | 248742 | 248742 |  | 293 |
| Goodman Logistics (HK), Ltd. REIT |  |  |  |  | 10467 | 10467 |  | 236 |
|  |  |  |  |  |  |  |  | 4179 |
| Total common stocks (cost: $274,155,000) |  |  |  |  |  |  |  | 379472 |
| Preferred securities 0.04% |  |  |  |  |  |  |  |  |
| Preferred securities 0.04% |  |  |  |  |  |  |  |  |
| Materials 0.04% |  |  |  |  |  |  |  |  |
| Gerdau SA, preferred nominative shares |  |  |  |  | 58932 | 58932 |  | 174 |
| Total preferred securities (cost: $222,000) |  |  |  |  |  |  |  | 174 |
| Short-term securities 4.17% |  |  |  |  |  |  |  |  |
| Short-term securities 4.17% |  |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup> |  |  |  |  | 156755 | 156755 |  | 15675 |
| **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup> |  | 842889 | 842889 |  | 843 |
| Total short-term securities (cost: $16,516,000) |  |  |  |  |  |  |  | 16518 |
| Total investment securities 100.02% (cost: $290,893,000) |  |  |  |  |  |  |  | 396164 |
| Other assets less liabilities (0.02)% |  |  |  |  |  |  |  | (99) |
| Net assets 100.00% |  |  |  |  |  |  | $396065 | $396065 |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at |  | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 |  | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) |  | (000) |
| Short-term securities 3.96% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.96% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(e)</sup> | $11674 | $48655 | $44653 | $—(d) | $(1) | $15675 |  | $272 |

---

**65**American Funds Insurance Series

International Growth and Income Fund (continued)

(a)All or a portion of this security was on loan. The total value of all such securities was $891,000, which represented 0.22% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(b)Security did not produce income during the last 12 months.

(c)Value determined using significant unobservable inputs.

(d)Amount less than one thousand.

(e)Rate represents the seven-day yield at 6/30/2025.

(f)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(g)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series **66**

Capital Income Builder

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 74.97% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 74.97% | Shares | (000) |
| Financials 14.92% |  |  |
| JPMorgan Chase & Co. | 85808 | $24877 |
| Morgan Stanley | 105303 | 14833 |
| Munchener Ruckversicherungs-Gesellschaft AG | 20000 | 12972 |
| Zurich Insurance Group AG | 17253 | 12059 |
| NatWest Group PLC | 1714879 | 12038 |
| ING Groep NV | 431972 | 9478 |
| BlackRock, Inc. | 8807 | 9241 |
| Wells Fargo & Co. | 100287 | 8035 |
| Intact Financial Corp. | 34475 | 8017 |
| DBS Group Holdings, Ltd. | 213416 | 7538 |
| PNC Financial Services Group, Inc. | 33774 | 6296 |
| Truist Financial Corp. | 133958 | 5759 |
| KB Financial Group, Inc. | 67130 | 5516 |
| Tokio Marine Holdings, Inc. | 104800 | 4447 |
| Hana Financial Group, Inc. | 69407 | 4438 |
| Euronext NV | 22802 | 3897 |
| American International Group, Inc. | 43446 | 3719 |
| AIA Group, Ltd. | 400000 | 3587 |
| TPG, Inc., Class A | 68006 | 3567 |
| National Bank of Canada | 33144 | 3420 |
| BNP Paribas SA | 36399 | 3272 |
| Banco Santander SA | 392996 | 3253 |
| East West Bancorp, Inc. | 31456 | 3176 |
| Sampo OYJ, Class A | 289641 | 3115 |
| Progressive Corp. | 11438 | 3052 |
| 360 ONE WAM, Ltd. | 213984 | 2981 |
| Toronto-Dominion Bank (The) (CAD denominated) | 38971 | 2866 |
| Power Corporation of Canada, subordinate voting shares <sup>(a)</sup> | 71810 | 2805 |
| Banco Bilbao Vizcaya Argentaria SA | 178297 | 2742 |
| UniCredit SpA | 38177 | 2559 |
| Apollo Asset Management, Inc. | 17756 | 2519 |
| CME Group, Inc., Class A | 9068 | 2499 |
| PICC Property and Casualty Co., Ltd., Class H | 1252000 | 2424 |
| 3i Group PLC | 35575 | 2012 |
| Blackstone, Inc. | 13386 | 2002 |
| EFG International AG | 105100 | 1947 |
| Kaspi.kz JSC | 21756 | 1916 |
| Webster Financial Corp. | 33891 | 1851 |
| Skandinaviska Enskilda Banken AB, Class A | 105131 | 1835 |
| Mizuho Financial Group, Inc. | 64500 | 1789 |
| Swiss Re AG | 10267 | 1775 |
| Samsung Fire & Marine Insurance Co., Ltd. | 5329 | 1714 |
| Deutsche Bank AG | 53468 | 1585 |
| State Street Corp. | 14738 | 1567 |
| Hong Kong Exchanges and Clearing, Ltd. | 28000 | 1494 |
| Standard Chartered PLC | 87032 | 1442 |
| SouthState Corp. | 12116 | 1115 |
| Patria Investments, Ltd., Class A | 70098 | 986 |
| Bank Central Asia Tbk PT | 1673400 | 894 |
| Canadian Imperial Bank of Commerce | 12050 | 855 |
| Western Union Co. | 98671 | 831 |
| Marsh & McLennan Cos., Inc. | 3782 | 827 |
| Citizens Financial Group, Inc. | 17188 | 769 |
| Vontobel Holding AG | 9350 | 755 |
| Houlihan Lokey, Inc., Class A | 3658 | 658 |
| Great-West Lifeco, Inc. | 17173 | 653 |
| Resona Holdings, Inc. | 62400 | 577 |

---

**67**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| First American Financial Corp. | 6638 | $408 |
| Bank Mandiri (Persero) Tbk PT | 1301701 | 391 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 204176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 233645 |
| Information technology 9.73% |  |  |
| Broadcom, Inc. | 218318 | 60179 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 821800 | 29820 |
| Microsoft Corp. | 47315 | 23535 |
| Accenture PLC, Class A | 24540 | 7335 |
| Seagate Technology Holdings PLC | 33236 | 4797 |
| Tokyo Electron, Ltd. | 23200 | 4459 |
| Texas Instruments, Inc. | 21302 | 4423 |
| SAP SE | 12964 | 3942 |
| KLA Corp. | 3797 | 3401 |
| HCL Technologies, Ltd. | 134835 | 2718 |
| MediaTek, Inc. | 50000 | 2140 |
| TE Connectivity Public, Ltd. Co. | 10940 | 1845 |
| Analog Devices, Inc. | 7300 | 1738 |
| TDK Corp. | 140100 | 1649 |
| Capgemini SE | 2349 | 401 |
|  |  | 152382 |
| Industrials 8.67% |  |  |
| RTX Corp. | 200678 | 29303 |
| Volvo AB, Class B | 331726 | 9306 |
| Siemens AG | 34165 | 8759 |
| Deutsche Post AG | 170160 | 7859 |
| BAE Systems PLC | 287802 | 7453 |
| RELX PLC | 110698 | 5982 |
| Paychex, Inc. | 35883 | 5220 |
| Mitsubishi Corp. | 228781 | 4588 |
| Singapore Technologies Engineering, Ltd. | 716900 | 4392 |
| Marubeni Corp. | 211300 | 4274 |
| FedEx Corp. | 17546 | 3988 |
| Honeywell International, Inc. | 16873 | 3929 |
| Automatic Data Processing, Inc. | 12139 | 3744 |
| Carrier Global Corp. | 43991 | 3220 |
| Broadridge Financial Solutions, Inc. | 13014 | 3163 |
| Airbus SE, non-registered shares | 12725 | 2657 |
| Canadian National Railway Co. (CAD denominated) | 23624 | 2462 |
| Northrop Grumman Corp. | 4914 | 2457 |
| Union Pacific Corp. | 10554 | 2428 |
| ITOCHU Corp. | 41500 | 2178 |
| Localiza Rent a Car SA, ordinary nominative shares | 272638 | 2033 |
| Bureau Veritas SA | 58499 | 1994 |
| Robert Half, Inc. | 41739 | 1713 |
| Epiroc AB, Class A | 60943 | 1323 |
| Epiroc AB, Class B | 4933 | 95 |
| Trinity Industries, Inc. | 51776 | 1399 |
| Schneider Electric SE | 5014 | 1334 |
| UL Solutions, Inc., Class A | 16361 | 1192 |
| SGS SA | 11681 | 1185 |
| PACCAR, Inc. | 12078 | 1148 |
| Transurban Group | 121112 | 1114 |
| Sulzer AG | 5386 | 972 |
| Logista Integral SA, non-registered shares | 23729 | 777 |
| ABB, Ltd. | 11891 | 709 |

---

American Funds Insurance Series **68**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Brambles, Ltd. | 40818 | $629 |
| Computershare Ltd. | 22570 | 593 |
| Watsco, Inc. | 415 | 183 |
|  |  | 135755 |
| Consumer staples 8.60% |  |  |
| Philip Morris International, Inc. | 232304 | 42309 |
| British American Tobacco PLC | 501602 | 23843 |
| British American Tobacco PLC (ADR) | 40836 | 1933 |
| Mondelez International, Inc., Class A | 220906 | 14898 |
| Imperial Brands PLC | 229612 | 9068 |
| Nestle SA | 60265 | 5987 |
| Sysco Corp. | 57604 | 4363 |
| Danone SA | 45261 | 3698 |
| ITC, Ltd. | 710417 | 3450 |
| Altria Group, Inc. | 58605 | 3436 |
| Carlsberg A/S, Class B | 21785 | 3087 |
| Coca-Cola Co. | 42247 | 2989 |
| Kimberly-Clark Corp. | 19552 | 2521 |
| General Mills, Inc. | 42990 | 2227 |
| WH Group, Ltd. | 2022500 | 1945 |
| Suntory Beverage & Food, Ltd. | 51300 | 1642 |
| Procter & Gamble Co. | 9712 | 1547 |
| Dollar General Corp. | 10394 | 1189 |
| PepsiCo, Inc. | 8237 | 1088 |
| Unilever PLC | 16272 | 988 |
| Anheuser-Busch InBev SA/NV | 12112 | 831 |
| Molson Coors Beverage Co., Class B, restricted voting shares | 15116 | 727 |
| Pernod Ricard SA | 5475 | 545 |
| Constellation Brands, Inc., Class A | 1891 | 308 |
| Scandinavian Tobacco Group A/S | 9175 | 122 |
|  |  | 134741 |
| Health care 8.10% |  |  |
| AbbVie, Inc. | 109793 | 20380 |
| Abbott Laboratories | 124644 | 16953 |
| Amgen, Inc. | 49129 | 13717 |
| Gilead Sciences, Inc. | 117805 | 13061 |
| AstraZeneca PLC | 88789 | 12334 |
| Sanofi | 108546 | 10512 |
| Novo Nordisk AS, Class B | 110487 | 7668 |
| Medtronic PLC | 82172 | 7163 |
| UnitedHealth Group, Inc. | 14130 | 4408 |
| Bristol-Myers Squibb Co. | 85101 | 3939 |
| Takeda Pharmaceutical Co., Ltd. | 106625 | 3276 |
| Merck & Co., Inc. | 28632 | 2267 |
| CVS Health Corp. | 31588 | 2179 |
| EBOS Group, Ltd. | 81078 | 1899 |
| EssilorLuxottica SA | 6880 | 1887 |
| Roche Holding AG, nonvoting non-registered shares | 4650 | 1514 |
| Novartis AG | 9389 | 1138 |
| Sandoz Group AG | 18029 | 987 |
| GSK PLC | 43796 | 836 |
| Royalty Pharma PLC, Class A | 22537 | 812 |
|  |  | 126930 |
| Utilities 5.29% |  |  |
| Engie SA | 348234 | 8173 |

---

**69**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Utilities (continued) |  |  |
| Iberdrola SA, non-registered shares | 391173 | $7506 |
| E.ON SE | 386133 | 7107 |
| Dominion Energy, Inc. | 124159 | 7017 |
| National Grid PLC | 446695 | 6509 |
| SSE PLC | 209134 | 5256 |
| Pinnacle West Capital Corp. | 56998 | 5100 |
| DTE Energy Co. | 37944 | 5026 |
| CenterPoint Energy, Inc. | 124795 | 4585 |
| Duke Energy Corp. | 33133 | 3910 |
| Southern Co. (The) | 41174 | 3781 |
| Entergy Corp. | 37644 | 3129 |
| Sempra | 39487 | 2992 |
| Atmos Energy Corp. | 15655 | 2413 |
| Enel SpA | 230994 | 2192 |
| Power Grid Corporation of India, Ltd. | 616919 | 2157 |
| SembCorp Industries, Ltd. | 268900 | 1449 |
| AES Corp. | 132318 | 1392 |
| NextEra Energy, Inc. | 18420 | 1279 |
| Edison International | 21128 | 1090 |
| Power Assets Holdings, Ltd. | 127000 | 816 |
|  |  | 82879 |
| Consumer discretionary 4.85% |  |  |
| McDonald's Corp. | 32086 | 9375 |
| Industria de Diseno Textil SA | 154521 | 8042 |
| Home Depot, Inc. | 19698 | 7222 |
| Starbucks Corp. | 74312 | 6809 |
| YUM! Brands, Inc. | 33673 | 4990 |
| Midea Group Co., Ltd., Class A | 484566 | 4882 |
| Royal Caribbean Cruises, Ltd. | 11474 | 3593 |
| Compagnie Generale des Etablissements Michelin | 92890 | 3451 |
| LVMH Moet Hennessy-Louis Vuitton SE | 6411 | 3358 |
| Evolution AB | 39788 | 3161 |
| Amadeus IT Group SA, Class A, non-registered shares | 33725 | 2840 |
| Tractor Supply Co. | 42150 | 2224 |
| NEXT PLC | 12951 | 2211 |
| Compagnie Financiere Richemont SA, Class A | 11374 | 2142 |
| Aristocrat Leisure, Ltd. | 49212 | 2111 |
| Darden Restaurants, Inc. | 9659 | 2105 |
| Vail Resorts, Inc. | 12620 | 1983 |
| Restaurant Brands International, Inc. | 27181 | 1802 |
| Galaxy Entertainment Group, Ltd. | 283000 | 1256 |
| Las Vegas Sands Corp. | 26266 | 1143 |
| OPAP SA | 26284 | 596 |
| Jumbo SA | 13271 | 458 |
| International Game Technology PLC | 17882 | 283 |
|  |  | 76037 |
| Energy 4.64% |  |  |
| Exxon Mobil Corp. | 134162 | 14463 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 372833 | 11718 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup> | 195019 | 9521 |
| Shell PLC (GBP denominated) | 187059 | 6557 |
| Shell PLC (ADR) | 9821 | 691 |
| TotalEnergies SE | 100624 | 6175 |
| EOG Resources, Inc. | 42410 | 5073 |
| ConocoPhillips | 52067 | 4672 |
| South Bow Corp. <sup>(a)</sup> | 156968 | 4075 |
| EQT Corp. | 62823 | 3664 |

---

American Funds Insurance Series **70**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy (continued) |  |  |
| Chevron Corp. | 18330 | $2625 |
| Cenovus Energy, Inc. | 93424 | 1271 |
| DT Midstream, Inc. | 10047 | 1104 |
| Schlumberger NV | 17806 | 602 |
| BP PLC | 99480 | 499 |
| New Fortress Energy, Inc., Class A <sup>(d)</sup> | 950 | 3 |
|  |  | 72713 |
| Communication services 3.51% |  |  |
| Singapore Telecommunications, Ltd. | 3454300 | 10378 |
| T-Mobile US, Inc. | 30317 | 7223 |
| Publicis Groupe SA | 59664 | 6725 |
| AT&T, Inc. | 208493 | 6034 |
| Deutsche Telekom AG | 135327 | 4937 |
| Koninklijke KPN NV | 881213 | 4293 |
| Comcast Corp., Class A | 108926 | 3888 |
| Verizon Communications, Inc. | 65877 | 2850 |
| NetEase, Inc. | 86600 | 2328 |
| Nintendo Co., Ltd. | 18200 | 1754 |
| America Movil, SAB de CV, Class B (ADR) | 82076 | 1472 |
| HKT Trust and HKT, Ltd., units | 984240 | 1469 |
| Omnicom Group, Inc. | 12215 | 879 |
| Swisscom AG <sup>(d)</sup> | 566 | 401 |
| Telkom Indonesia (Persero) Tbk PT, Class B | 2242000 | 384 |
|  |  | 55015 |
| Real estate 3.43% |  |  |
| VICI Properties, Inc. REIT | 627033 | 20441 |
| Welltower, Inc. REIT | 45047 | 6925 |
| Prologis, Inc. REIT | 37913 | 3985 |
| Extra Space Storage, Inc. REIT | 23759 | 3503 |
| American Tower Corp. REIT | 14128 | 3123 |
| Rexford Industrial Realty, Inc. REIT | 84140 | 2993 |
| Mindspace Business Parks REIT | 399976 | 1866 |
| Link REIT | 302148 | 1613 |
| CTP NV | 75076 | 1578 |
| CK Asset Holdings, Ltd. | 322500 | 1421 |
| UDR, Inc. REIT | 34393 | 1404 |
| Equinix, Inc. REIT | 1676 | 1333 |
| SBA Communications Corp. REIT, Class A | 4761 | 1118 |
| Sun Communities, Inc. REIT | 5902 | 747 |
| Embassy Office Parks REIT | 140661 | 639 |
| Lineage, Inc. REIT <sup>(a)</sup> | 9785 | 426 |
| Longfor Group Holdings, Ltd. | 357634 | 422 |
| Kimco Realty Corp. REIT | 5095 | 107 |
|  |  | 53644 |
| Materials 3.23% |  |  |
| Air Products and Chemicals, Inc. | 28543 | 8051 |
| Rio Tinto PLC | 117196 | 6829 |
| Smurfit Westrock PLC | 148945 | 6427 |
| Shin-Etsu Chemical Co., Ltd. | 191162 | 6335 |
| Nitto Denko Corp. | 218938 | 4244 |
| Linde PLC | 8566 | 4019 |
| Vale SA, ordinary nominative shares | 211978 | 2054 |
| Vale SA (ADR), ordinary nominative shares | 91722 | 891 |
| International Paper Co. | 55076 | 2579 |
| Anglo American PLC | 75013 | 2214 |

---

**71**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Antofagasta PLC | 47581 | $1182 |
| BASF SE | 23462 | 1157 |
| Dow, Inc. | 31474 | 833 |
| Eastman Chemical Co. | 11125 | 830 |
| Barrick Mining Corp. | 34519 | 719 |
| Evonik Industries AG | 27512 | 567 |
| Givaudan SA | 110 | 532 |
| Air Liquide SA | 2512 | 518 |
| BHP Group, Ltd. (CDI) | 19509 | 468 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(d)</sup> | 3257 | 143 |
|  |  | 50592 |
| Total common stocks (cost: $810,358,000) |  | 1174333 |
| Convertible stocks 0.43% |  |  |
| Convertible stocks 0.43% |  |  |
| Information technology 0.19% |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028 | 44749 | 2982 |
| Utilities 0.13% |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 31400 | 1390 |
| PG&E Corp., Class A, convertible preferred shares, 6.00% 12/1/2027 | 18300 | 688 |
|  |  | 2078 |
| Materials 0.06% |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 30256 | 971 |
| Financials 0.05% |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 13000 | 697 |
| Total convertible stocks (cost: $6,289,000) |  | 6728 |
| Bonds, notes & other debt instruments 13.99% | Principal amount |  |
| Bonds, notes & other debt instruments 13.99% | Principal amount |  |
| Bonds, notes & other debt instruments 13.99% | (000) |  |
| **Mortgage-backed obligations 5.57%** |  |  |
| Federal agency mortgage-backed obligations 4.63% |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(e)</sup> | USD—<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(e)</sup> | 802 | 757 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(e)</sup> | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(e)</sup> | 273 | 255 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(e)</sup> | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(e)</sup> | 4 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(e)</sup> | 2 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(e)</sup> | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(e)</sup> | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(e)</sup> | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(e)</sup> | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(e)</sup> | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(e)</sup> | 2 | 2 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(e)</sup> | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(e)</sup> | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(e)</sup> | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(e)</sup> | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(e)</sup> | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(e)</sup> | 26 | 25 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(e)</sup> | 15 | 15 |

---

American Funds Insurance Series **72**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(e)</sup> | USD22 | $21 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(e)</sup> | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(e)</sup> | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(e)</sup> | 29 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(e)</sup> | 162 | 149 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(e)</sup> | 1853 | 1702 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(e)</sup> | 2584 | 2279 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(e)</sup> | 296 | 263 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(e)</sup> | 115 | 100 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(e)</sup> | 76 | 67 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(e)</sup> | 42 | 37 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(e)</sup> | 12 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(e)</sup> | 127 | 111 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(e)</sup> | 82 | 71 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(e)</sup> | 43 | 34 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(e)</sup> | 125 | 110 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(e)</sup> | 185 | 147 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(e)</sup> | 22 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(e)</sup> | 157 | 137 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(e)</sup> | 19 | 17 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(e)</sup> | 14 | 13 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(e)</sup> | 110 | 96 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(e)</sup> | 171 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(e)</sup> | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(e)</sup> | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(e)</sup> | 71 | 64 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(e)</sup> | 806 | 710 |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(e)</sup> | 460 | 403 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(e)</sup> | 269 | 244 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(e)</sup> | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(e)</sup> | 105 | 98 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(e)</sup> | 9 | 8 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(e)</sup> | 53 | 53 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(e)</sup> | 150 | 119 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(e)</sup> | 107 | 107 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(e)</sup> | 97 | 97 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(e)</sup> | 148 | 148 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(e)</sup> | 93 | 93 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(e)</sup> | 90 | 89 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(e)</sup> | 798 | 743 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(e)</sup> | 71 | 70 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(e)</sup> | 232 | 228 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(e)</sup> | 59 | 58 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(e)</sup> | 253 | 253 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(e)</sup> | 1378 | 1406 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(e)</sup> | 313 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(e)</sup> | 369 | 376 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(e)</sup> | 229 | 234 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(e)</sup> | 173 | 177 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(e)</sup> | 268 | 249 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(e)</sup> | 99 | 94 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(e)</sup> | 123 | 121 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(e)</sup> | 93 | 92 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(e)</sup> | 815 | 817 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(e)</sup> | 409 | 416 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(e)</sup> | 911 | 848 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(e)</sup> | 8 | 8 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(e)</sup> | 45 | 46 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(e)</sup> | 669 | 682 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(e)</sup> | 68 | 71 |

---

**73**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(e)</sup> | USD24 | $25 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(e)</sup> | 27 | 28 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(e)</sup> | 869 | 871 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(e)</sup> | 117 | 119 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(e)</sup> | 62 | 63 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(e)</sup> | 948 | 955 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(e)</sup> | 115 | 117 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(e)</sup> | 71 | 71 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(e)</sup> | 395 | 405 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(e)</sup> | 125 | 127 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(e)</sup> | 26 | 27 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(e)</sup> | 19 | 19 |
| Fannie Mae Pool #DB4399 6.50% 6/1/2054 <sup>(e)</sup> | 21 | 22 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(e)</sup> | 153 | 153 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(e)</sup> | 843 | 857 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(e)</sup> | 185 | 188 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(e)</sup> | 165 | 169 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(e)</sup> | 109 | 111 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(e)</sup> | 97 | 100 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(e)</sup> | 80 | 81 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(e)</sup> | 20 | 20 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(e)</sup> | 465 | 490 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(e)</sup> | 2755 | 2820 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(e)</sup> | 358 | 364 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 10 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 10 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(e)</sup> | 10 | 10 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 9 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(e)</sup> | 7 | 7 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(e)</sup> | 18 | 19 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(e)</sup> | 240 | 240 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(e)</sup> | 34 | 34 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(e)</sup> | 237 | 237 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(e)</sup> | 575 | 551 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(e)</sup> | 200 | 196 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(e)</sup> | 1177 | 1095 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(e)</sup> | 44 | 45 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(e)</sup> | 628 | 639 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(e)</sup> | 318 | 305 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(e)</sup> | 25 | 25 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(e)</sup> | 334 | 320 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(e)</sup> | 79 | 80 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(e)</sup> | 20 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(e)</sup> | 204 | 208 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(e)</sup> | 14 | 14 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(e)</sup> | 1 | 1 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(e)</sup> | 207 | 214 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(e)</sup> | 328 | 338 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(e)</sup> | 218 | 220 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(e)</sup> | 535 | 514 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(e)</sup> | 368 | 317 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(e)</sup> | 401 | 375 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(e)</sup> | 115 | 107 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(e)</sup> | 63 | 54 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(e)</sup> | 109 | 94 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(e)</sup> | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(e)</sup> | 181 | 171 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(e)</sup> | 15 | 14 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(e)</sup> | 12 | 11 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(e)</sup> | 7 | 7 |

---

American Funds Insurance Series **74**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(e)</sup> | USD23 | $22 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(e)</sup> | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(e)</sup> | 41 | 40 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(e)</sup> | 19 | 19 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(e)</sup> | 14 | 13 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(e)</sup> | 946 | 923 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(e)</sup> | 12 | 11 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(e)</sup> | 136 | 119 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(e)</sup> | 64 | 56 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(e)</sup> | 129 | 113 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(e)</sup> | 48 | 40 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(e)</sup> | 102 | 89 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(e)</sup> | 243 | 193 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(e)</sup> | 110 | 95 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(e)</sup> | 796 | 691 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(e)</sup> | 455 | 394 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(e)</sup> | 313 | 292 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(e)</sup> | 753 | 722 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(e)</sup> | 146 | 127 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(e)</sup> | 44 | 35 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(e)</sup> | 111 | 96 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(e)</sup> | 165 | 160 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(e)</sup> | 586 | 577 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(e)</sup> | 287 | 288 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(e)</sup> | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(e)</sup> | 2430 | 2191 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(e)</sup> | 103 | 103 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(e)</sup> | 23 | 20 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(e)</sup> | 437 | 419 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(e)</sup> | 754 | 703 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(e)</sup> | 93 | 92 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(e)</sup> | 517 | 518 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(e)</sup> | 391 | 392 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(e)</sup> | 31 | 31 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(e)</sup> | 979 | 981 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(e)</sup> | 79 | 80 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(e)</sup> | 15 | 16 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(e)</sup> | 12 | 13 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(e)</sup> | 12 | 13 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(e)</sup> | 13 | 13 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(e)</sup> | 8 | 9 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(e)</sup> | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(e)</sup> | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(e)</sup> | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(e)</sup> | 32 | 32 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(e)</sup> | 18 | 19 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(e)</sup> | 17 | 17 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(e)</sup> | 214 | 215 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(e)</sup> | 850 | 835 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(e)</sup> | 45 | 45 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(e)</sup> | 9 | 10 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(e)</sup> | 53 | 49 |
| Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(e)</sup> | 243 | 256 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(e)</sup> | 8 | 8 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(e)</sup> | 17 | 17 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(e)</sup> | 1190 | 1211 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(e)</sup> | 874 | 875 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(e)</sup> | 18 | 18 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(e)</sup> | 9 | 9 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(e)</sup> | 450 | 461 |

---

**75**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(e)</sup> | USD9 | $10 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(e)</sup> | 270 | 272 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(e)</sup> | 53 | 53 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(e)</sup> | 17 | 17 |
| Freddie Mac Pool #QI5199 6.50% 5/1/2054 <sup>(e)</sup> | 25 | 26 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(e)</sup> | 116 | 116 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(e)</sup> | 24 | 24 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(e)</sup> | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(e)</sup> | 76 | 77 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(e)</sup> | 64 | 64 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(e)</sup> | 358 | 365 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(e)</sup> | 291 | 300 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(e)</sup> | 252 | 256 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(e)</sup> | 76 | 77 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(e)</sup> | 18 | 19 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(e)</sup> | 16 | 16 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(e)</sup> | 176 | 179 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(e)</sup> | 18 | 18 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 10 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(e)</sup> | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(e)</sup> | 38 | 39 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(e)</sup> | 19 | 20 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(e)</sup> | 18 | 19 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(e)</sup> | 19 | 19 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(e)</sup> | 9 | 9 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(e)</sup> | 82 | 79 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(e)</sup> | 53 | 52 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(e)</sup> | 63 | 63 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(e)</sup> | 18 | 18 |
| Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(e)</sup> | 568 | 543 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(e)</sup> | 339 | 339 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(e)</sup> | 37 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(e)</sup> | 171 | 175 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(e)</sup> | 84 | 85 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(e)</sup> | 8 | 8 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(e)</sup> | 12 | 13 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(e)</sup> | 3033 | 3134 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(e)</sup> | 12 | 12 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(e)</sup> | 350 | 356 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(e)</sup> | 20 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(e)</sup> | 92 | 93 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(e)</sup> | 15 | 15 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(e)</sup> | 1 | 1 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(e)</sup> | 79 | 80 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(e)(f)</sup> | 160 | 160 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(e)(f)</sup> | 89 | 84 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(e)</sup> | 187 | 174 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(e)(f)</sup> | 180 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(e)(f)</sup> | 81 | 73 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(e)</sup> | 68 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(e)</sup> | 13 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(e)</sup> | 837 | 749 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(e)</sup> | 289 | 278 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(e)</sup> | 457 | 437 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(e)</sup> | 12 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(e)</sup> | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(e)</sup> | 688 | 669 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(e)</sup> | 995 | 946 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(e)(g)</sup> | 609 | 610 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(e)</sup> | 160 | 156 |

---

American Funds Insurance Series **76**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(e)</sup> | USD2,792 | $2611 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(e)</sup> | 59 | 55 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(e)</sup> | 208 | 194 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(e)</sup> | 380 | 375 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(e)</sup> | 1022 | 1007 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(e)</sup> | 25 | 23 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(e)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(e)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(e)(g)</sup> | 1951 | 1618 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(e)(g)</sup> | 1431 | 1289 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(e)(g)</sup> | 88 | 82 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(e)(g)</sup> | 164 | 157 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(e)(g)</sup> | 162 | 159 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(e)(g)</sup> | 191 | 191 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(e)(g)</sup> | 1703 | 1731 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(e)(g)</sup> | 3754 | 3953 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(e)(g)</sup> | 51 | 40 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(e)(g)</sup> | 872 | 754 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(e)(g)</sup> | 187 | 174 |
| Uniform Mortgage-Backed Security 6.00% 8/1/2055 <sup>(e)(g)</sup> | 156 | 158 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(e)(g)</sup> | 154 | 159 |
| Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(e)(g)</sup> | 243 | 255 |
|  |  | 72469 |
| Commercial mortgage-backed securities 0.47% |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.409% 11/10/2029 <sup>(e)(f)(h)</sup> | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(e)</sup> | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(e)(f)</sup> | 122 | 128 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(e)(f)(h)</sup> | 332 | 334 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(e)(f)(h)</sup> | 105 | 106 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(e)(f)(h)</sup> | 628 | 626 |
| BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(e)(f)(h)</sup> | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(e)(f)(h)</sup> | 97 | 97 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(e)(f)(h)</sup> | 152 | 152 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(e)(f)(h)</sup> | 88 | 88 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(e)(f)(h)</sup> | 86 | 86 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(e)(f)(h)</sup> | 176 | 177 |
| BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.763% 8/15/2039 <sup>(e)(f)(h)</sup> | 39 | 39 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(e)(f)(h)</sup> | 590 | 599 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(e)(f)(h)</sup> | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(e)(f)(h)</sup> | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(e)(f)(h)</sup> | 237 | 245 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(e)(f)(h)</sup> | 574 | 582 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup> | 213 | 215 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup> | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup> | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup> | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(e)(f)(h)</sup> | 100 | 100 |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(e)(f)(h)</sup> | 100 | 100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(e)</sup> | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(e)(f)(h)</sup> | 592 | 596 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(e)(f)(h)</sup> | 329 | 338 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(e)(f)(h)</sup> | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(e)(f)(h)</sup> | 243 | 245 |

---

**77**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(e)(f)(h)</sup> | USD541 | $558 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;7.055% 7/25/2054 <sup>(e)(f)(h)</sup> | 110 | 111 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) |  |  |
| &nbsp;&nbsp;&nbsp;6.953% 3/15/2042 <sup>(e)(f)(h)</sup> | 597 | 592 |
|  |  | 7402 |
| Collateralized mortgage-backed obligations (privately originated) 0.47% |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(e)(f)(h)</sup> | 86 | 78 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(e)(h)(i)</sup> | 514 | 498 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(e)(f)(h)</sup> | 60 | 56 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(e)(f)(h)</sup> | 175 | 173 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(e)(f)(h)</sup> | 398 | 390 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(e)(f)(h)</sup> | 139 | 133 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(e)(f)(h)</sup> | 6 | 6 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) |  |  |
| &nbsp;&nbsp;&nbsp;6.705% 12/25/2042 <sup>(e)(f)(h)</sup> | 28 | 29 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;6.205% 6/25/2043 <sup>(e)(f)(h)</sup> | 244 | 246 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;6.005% 7/25/2043 <sup>(e)(f)(h)</sup> | 82 | 82 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;5.405% 5/25/2044 <sup>(e)(f)(h)</sup> | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) |  |  |
| &nbsp;&nbsp;&nbsp;5.905% 9/25/2044 <sup>(e)(f)(h)</sup> | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(e)(f)(h)</sup> | 11 | 12 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(e)(f)(h)</sup> | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(e)(f)(h)</sup> | 208 | 209 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(e)(f)(h)</sup> | 90 | 90 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;(30-day Average USD-SOFR + 1.814%) 6.12% 1/25/2050 <sup>(e)(f)(h)</sup> | 7 | 7 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(e)(h)(i)</sup> | 97 | 98 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(e)(h)</sup> | 59 | 58 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(e)(h)(i)</sup> | 765 | 770 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(e)(h)</sup> | 57 | 57 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(e)(h)(i)</sup> | 96 | 96 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(e)(h)(i)</sup> | 516 | 514 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/1/2028) <sup>(e)(h)(i)</sup> | 119 | 120 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(e)(f)(h)</sup> | 152 | 150 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(e)(h)(i)</sup> | 172 | 174 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(e)(h)(i)</sup> | 387 | 391 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(e)(h)(i)</sup> | 969 | 975 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(e)(h)</sup> | 554 | 520 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(e)(h)</sup> | 96 | 93 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;6.062% 10/17/2041 <sup>(e)(f)(h)</sup> | 140 | 141 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(e)(f)(h)</sup> | 18 | 17 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(e)(f)(h)</sup> | 16 | 16 |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(e)(f)(h)</sup> | 9 | 9 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(e)(h)</sup> | 329 | 299 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(h)</sup> | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(e)(h)</sup> | 195 | 190 |

---

American Funds Insurance Series **78**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **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>(e)(h)</sup> | USD167 | $167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(e)(h)(i)</sup> | 77 | 78 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(e)(f)(h)</sup> | 98 | 98 |
|  |  | 7360 |
| Total mortgage-backed obligations |  | 87231 |
| **U.S. Treasury bonds & notes 4.93%** |  |  |
| **U.S. Treasury bonds & notes 4.93%** |  |  |
| U.S. Treasury 4.93% |  |  |
| U.S. Treasury 4.00% 2/15/2026 | 2369 | 2367 |
| U.S. Treasury 0.75% 3/31/2026 | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026 | 3850 | 3737 |
| U.S. Treasury 1.875% 6/30/2026 | 3855 | 3775 |
| U.S. Treasury 1.125% 10/31/2026 | 995 | 960 |
| U.S. Treasury 2.00% 11/15/2026 <sup>(j)</sup> | 2800 | 2731 |
| U.S. Treasury 4.625% 11/15/2026 | 1200 | 1212 |
| U.S. Treasury 4.00% 1/15/2027 <sup>(j)</sup> | 6541 | 6557 |
| U.S. Treasury 0.50% 4/30/2027 | 2375 | 2240 |
| U.S. Treasury 2.625% 5/31/2027 | 80 | 78 |
| U.S. Treasury 3.875% 5/31/2027 | 3009 | 3016 |
| U.S. Treasury 3.75% 6/30/2027 | 11364 | 11371 |
| U.S. Treasury 4.00% 2/29/2028 | 745 | 751 |
| U.S. Treasury 1.25% 3/31/2028 | 1350 | 1264 |
| U.S. Treasury 3.625% 3/31/2028 | 4 | 4 |
| U.S. Treasury 3.875% 6/15/2028 | 7447 | 7486 |
| U.S. Treasury 4.00% 7/31/2029 | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030 | 345 | 382 |
| U.S. Treasury 4.00% 5/31/2030 | 917 | 955 |
| U.S. Treasury 3.875% 6/30/2030 | 10178 | 10217 |
| U.S. Treasury 4.00% 6/30/2032 | 7532 | 7536 |
| U.S. Treasury 4.125% 11/15/2032 | 9 | 9 |
| U.S. Treasury 4.375% 5/15/2034 | 18 | 18 |
| U.S. Treasury 4.25% 5/15/2035 | 3046 | 3050 |
| U.S. Treasury 4.50% 8/15/2039 | 1045 | 1041 |
| U.S. Treasury 4.75% 2/15/2041 | 1730 | 1753 |
| U.S. Treasury 2.00% 11/15/2041 <sup>(j)</sup> | 300 | 206 |
| U.S. Treasury 5.00% 5/15/2045 | 585 | 601 |
| U.S. Treasury 2.375% 5/15/2051 <sup>(j)</sup> | 196 | 125 |
| U.S. Treasury 4.00% 11/15/2052 | 152 | 133 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(j)</sup> | 3276 | 3189 |
| U.S. Treasury 4.75% 5/15/2055 | 310 | 308 |
| Total U.S. Treasury bonds & notes |  | 77098 |
| **Corporate bonds, notes & loans 2.47%** |  |  |
| **Corporate bonds, notes & loans 2.47%** |  |  |
| Financials 0.47% |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) |  |  |
| &nbsp;&nbsp;&nbsp;7.61% 11/17/2029 <sup>(b)(f)(h)(k)</sup> | 264 | 262 |
| 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>(i)</sup> | 50 | 51 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(i)</sup> | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030 | 99 | 101 |
| American International Group, Inc. 5.125% 3/27/2033 | 17 | 17 |
| Aon Corp. 5.35% 2/28/2033 | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 125 | 127 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 50 | 51 |
| Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(i)</sup> | 26 | 24 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(i)</sup> | 238 | 244 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(i)</sup> | 118 | 120 |

---

**79**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(i)</sup> | USD75 | $77 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(h)(i)</sup> | 400 | 414 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(h)(i)</sup> | 200 | 209 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(i)</sup> | 45 | 48 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(i)</sup> | 95 | 99 |
| 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>(i)</sup> | 50 | 51 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(i)</sup> | 36 | 36 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(i)</sup> | 35 | 31 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(i)</sup> | 44 | 45 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(i)</sup> | 55 | 56 |
| Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(i)</sup> | 120 | 124 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 180 | 176 |
| 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 |  |  |
| &nbsp;&nbsp;&nbsp;4/1/2027) <sup>(h)(i)</sup> | 200 | 199 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(i)</sup> | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(i)</sup> | 150 | 151 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(i)</sup> | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(i)</sup> | 45 | 45 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(i)</sup> | 60 | 63 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(i)</sup> | 40 | 41 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(i)</sup> | 197 | 202 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(i)</sup> | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(i)</sup> | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(i)</sup> | 198 | 202 |
| JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(i)</sup> | 52 | 53 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(i)</sup> | 20 | 17 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(i)</sup> | 328 | 334 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(i)</sup> | 162 | 168 |
| 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>(i)</sup> | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(i)</sup> | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(i)</sup> | 140 | 145 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(i)</sup> | 488 | 489 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(i)</sup> | 35 | 36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(i)</sup> | 57 | 58 |
| Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(i)</sup> | 38 | 39 |
| Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(i)</sup> | 92 | 95 |
| Navient Corp. 5.00% 3/15/2027 | 150 | 150 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(h)</sup> | 150 | 146 |
| OneMain Finance Corp. 6.625% 5/15/2029 | 340 | 350 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(i)</sup> | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(h)</sup> | 100 | 101 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(i)</sup> | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(i)</sup> | 50 | 51 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(i)</sup> | 10 | 10 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(i)</sup> | 40 | 42 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(i)</sup> | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(i)</sup> | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(h)(i)</sup> | 200 | 208 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(h)(i)</sup> | 374 | 366 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(i)</sup> | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(i)</sup> | 55 | 56 |

---

American Funds Insurance Series **80**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(i)</sup> | USD104 | $114 |
| Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(i)</sup> | 25 | 25 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(i)</sup> | 56 | 58 |
|  |  | 7412 |
| Health care 0.34% |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 | 175 | 178 |
| 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. 5.507% 3/2/2026 | 30 | 30 |
| Amgen, Inc. 5.15% 3/2/2028 | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029 | 100 | 99 |
| Amgen, Inc. 5.25% 3/2/2030 | 124 | 128 |
| Amgen, Inc. 4.20% 3/1/2033 | 133 | 128 |
| Amgen, Inc. 5.25% 3/2/2033 | 71 | 73 |
| Amgen, Inc. 5.60% 3/2/2043 | 105 | 104 |
| 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 | 51 |
| Baxter International, Inc. 3.132% 12/1/2051 | 25 | 16 |
| Bristol-Myers Squibb Co. 4.90% 2/22/2029 | 95 | 97 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 260 | 269 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 295 | 302 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 325 | 317 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064 | 100 | 97 |
| Centene Corp. 4.625% 12/15/2029 | 530 | 516 |
| Centene Corp. 2.625% 8/1/2031 | 40 | 34 |
| CVS Health Corp. 5.125% 2/21/2030 | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033 | 23 | 23 |
| CVS Health Corp. 5.70% 6/1/2034 | 97 | 100 |
| CVS Health Corp. 6.00% 6/1/2044 | 50 | 50 |
| CVS Health Corp. 5.625% 2/21/2053 | 55 | 51 |
| CVS Health Corp. 6.05% 6/1/2054 | 50 | 49 |
| Elevance Health, Inc. 4.95% 11/1/2031 | 30 | 30 |
| Elevance Health, Inc. 5.20% 2/15/2035 | 13 | 13 |
| Gilead Sciences, Inc. 1.65% 10/1/2030 | 8 | 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>(h)</sup> | 380 | 391 |
| Merck & Co., Inc. 1.70% 6/10/2027 | 118 | 113 |
| Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 107 |
| Merck & Co., Inc. 4.50% 5/17/2033 | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044 | 35 | 33 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(h)</sup> | 40 | 36 |
| 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 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 7 | 7 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 362 | 364 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 600 | 655 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 89 | 64 |
|  |  | 5251 |

---

**81**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy 0.25% |  |  |
| APA Corp. 4.25% 1/15/2030 <sup>(h)</sup> | USD385 | $369 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(h)</sup> | 600 | 573 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 | 44 | 39 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(h)</sup> | 9 | 9 |
| ConocoPhillips Co. 5.50% 1/15/2055 | 50 | 47 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(h)</sup> | 270 | 258 |
| 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 | 335 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 210 | 149 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(h)</sup> | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(h)</sup> | 400 | 384 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(h)</sup> | 148 | 67 |
| Occidental Petroleum Corp. 5.55% 10/1/2034 | 124 | 122 |
| Petroleos Mexicanos 6.50% 1/23/2029 | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029 | 177 | 183 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(h)</sup> | 200 | 188 |
| TotalEnergies Capital SA 4.724% 9/10/2034 | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(h)</sup> | 595 | 551 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(h)</sup> | 195 | 195 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(h)</sup> | 75 | 81 |
|  |  | 3845 |
| Utilities 0.23% |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051 | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032 | 42 | 38 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 | 25 | 26 |
| Edison International 4.125% 3/15/2028 | 132 | 127 |
| Edison International 5.45% 6/15/2029 | 100 | 99 |
| Edison International 5.25% 3/15/2032 | 389 | 369 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 5.411% on 6/15/2033) <sup>(h)(i)</sup> | 200 | 226 |
| FirstEnergy Corp. 2.65% 3/1/2030 | 393 | 361 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 107 | 95 |
| 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 | 96 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 | 105 | 102 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 284 | 283 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 | 375 | 326 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 50 | 52 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 | 377 | 374 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 162 | 131 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 256 | 164 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054 | 25 | 23 |
| PacifiCorp 5.50% 5/15/2054 | 95 | 87 |
| PacifiCorp 5.80% 1/15/2055 | 25 | 24 |
| Southern California Edison Co. 5.20% 6/1/2034 | 40 | 39 |
| Southern California Edison Co. 3.60% 2/1/2045 | 206 | 142 |
| Southern California Edison Co. 5.90% 3/1/2055 | 30 | 27 |
| Union Electric Co. 3.90% 4/1/2052 | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027 | 25 | 25 |
| Xcel Energy, Inc. 4.75% 3/21/2028 | 264 | 267 |
|  |  | 3615 |

---

American Funds Insurance Series **82**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Communication services 0.23% |  |  |
| America Movil, SAB de CV, 8.46% 12/18/2036 | MXN1,300 | $61 |
| AT&T, Inc. 3.50% 6/1/2041 | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(h)</sup> | 25 | 24 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(h)</sup> | 655 | 584 |
| Charter Communications Operating, LLC 6.10% 6/1/2029 | 41 | 43 |
| Meta Platforms, Inc. 4.30% 8/15/2029 | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034 | 53 | 53 |
| Meta Platforms, Inc. 5.40% 8/15/2054 | 29 | 28 |
| Meta Platforms, Inc. 5.55% 8/15/2064 | 40 | 39 |
| Netflix, Inc. 4.90% 8/15/2034 | 16 | 16 |
| Netflix, Inc. 5.40% 8/15/2054 | 6 | 6 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(h)</sup> | 253 | 243 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(h)</sup> | 780 | 750 |
| TEGNA, Inc. 5.00% 9/15/2029 | 360 | 344 |
| T-Mobile USA, Inc. 3.875% 4/15/2030 | 625 | 607 |
| T-Mobile USA, Inc. 2.55% 2/15/2031 | 203 | 182 |
| T-Mobile USA, Inc. 6.00% 6/15/2054 | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(h)</sup> | 340 | 334 |
| Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 123 |
|  |  | 3606 |
| Consumer discretionary 0.20% |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030 | 18 | 17 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 | 12 | 11 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 150 | 156 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(h)</sup> | 290 | 285 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(h)</sup> | 25 | 23 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(h)</sup> | 175 | 179 |
| Daimler Trucks Finance North America, LLC 5.15% 1/16/2026 <sup>(h)</sup> | 150 | 151 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(h)</sup> | 150 | 152 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(h)</sup> | 150 | 130 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 306 | 298 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 604 | 600 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 622 | 628 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 200 | 207 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034 | 27 | 27 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(h)</sup> | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052 | 10 | 9 |
| Toyota Motor Credit Corp. 5.40% 11/10/2025 | 228 | 229 |
|  |  | 3158 |
| Industrials 0.19% |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(h)</sup> | 200 | 205 |
| Boeing Co. (The) 2.75% 2/1/2026 | 91 | 90 |
| Boeing Co. (The) 6.259% 5/1/2027 | 376 | 387 |
| Boeing Co. (The) 6.298% 5/1/2029 | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031 | 178 | 168 |
| Boeing Co. (The) 6.388% 5/1/2031 | 92 | 99 |
| Boeing Co. (The) 6.528% 5/1/2034 | 921 | 1001 |
| Boeing Co. (The) 5.805% 5/1/2050 | 136 | 131 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 25 | 18 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048 | 50 | 44 |
| CSX Corp. 4.50% 11/15/2052 | 35 | 29 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(h)</sup> | 90 | 94 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 15 | 15 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053 | 13 | 13 |

---

**83**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Industrials (continued) |  |  |
| Moog, Inc. 4.25% 12/9/2027 <sup>(h)</sup> | USD55 | $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>(h)</sup> | 190 | 196 |
| 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 | 15 |
| 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 |
|  |  | 2912 |
| Real estate 0.16% |  |  |
| American Tower Corp. 4.05% 3/15/2032 | 11 | 10 |
| 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 | 96 |
| Crown Castle, Inc. 5.00% 1/11/2028 | 54 | 55 |
| Equinix, Inc. 1.55% 3/15/2028 | 25 | 23 |
| Equinix, Inc. 3.20% 11/18/2029 | 144 | 137 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(h)</sup> | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 550 | 496 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(h)</sup> | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 | 475 | 439 |
| Prologis, LP 5.00% 3/15/2034 | 40 | 40 |
| Service Properties Trust 8.375% 6/15/2029 | 680 | 708 |
|  |  | 2577 |
| Consumer staples 0.16% |  |  |
| Altria Group, Inc. 4.875% 2/4/2028 | 13 | 13 |
| Altria Group, Inc. 5.625% 2/6/2035 | 48 | 49 |
| BAT Capital Corp. 4.70% 4/2/2027 | 105 | 105 |
| BAT Capital Corp. 6.343% 8/2/2030 | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032 | 413 | 423 |
| BAT Capital Corp. 6.421% 8/2/2033 | 38 | 41 |
| BAT Capital Corp. 7.079% 8/2/2043 | 31 | 34 |
| BAT Capital Corp. 4.54% 8/15/2047 | 55 | 44 |
| BAT Capital Corp. 4.758% 9/6/2049 | 121 | 100 |
| BAT Capital Corp. 7.081% 8/2/2053 | 69 | 77 |
| BAT International Finance PLC 4.448% 3/16/2028 | 150 | 150 |
| H.J. Heinz Co. 4.875% 10/1/2049 | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(h)</sup> | 25 | 25 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(h)</sup> | 165 | 167 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(h)</sup> | 71 | 71 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(h)</sup> | 145 | 145 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(h)</sup> | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034 | 127 | 126 |
| 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 | 73 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033 | 55 | 57 |

---

American Funds Insurance Series **84**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer staples (continued) |  |  |
| Philip Morris International, Inc. 5.625% 9/7/2033 | USD30 | $31 |
| Philip Morris International, Inc. 4.90% 11/1/2034 | 90 | 90 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(h)</sup> | 330 | 334 |
|  |  | 2534 |
| Information technology 0.13% |  |  |
| Broadcom, Inc. 5.05% 7/12/2027 | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(h)</sup> | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029 | 45 | 46 |
| Broadcom, Inc. 5.15% 11/15/2031 | 104 | 107 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(h)</sup> | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034 | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(h)</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 | 11 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(h)</sup> | 250 | 266 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(h)</sup> | 100 | 101 |
| Oracle Corp. 5.50% 8/3/2035 | 18 | 18 |
| ServiceNow, Inc. 1.40% 9/1/2030 | 54 | 47 |
| Synopsys, Inc. 4.65% 4/1/2028 | 40 | 40 |
| Synopsys, Inc. 4.85% 4/1/2030 | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032 | 40 | 40 |
| Synopsys, Inc. 5.15% 4/1/2035 | 780 | 786 |
| Synopsys, Inc. 5.70% 4/1/2055 | 380 | 378 |
|  |  | 1987 |
| Materials 0.11% |  |  |
| 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 |
| Celanese US Holdings, LLC 6.85% 11/15/2028 | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 27 | 28 |
| Celanese US Holdings, LLC 6.629% 7/15/2032 | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 23 | 24 |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(h)</sup> | 20 | 20 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(h)</sup> | 125 | 121 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(h)</sup> | 750 | 647 |
| Dow Chemical Co. (The) 5.15% 2/15/2034 | 19 | 19 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 | 11 | 11 |
| Dow Chemical Co. (The) 5.55% 11/30/2048 | 15 | 14 |
| Dow Chemical Co. (The) 3.60% 11/15/2050 | 75 | 51 |
| Dow Chemical Co. (The) 6.90% 5/15/2053 | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054 | 53 | 48 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(h)</sup> | 249 | 250 |
| LYB International Finance III, LLC 3.625% 4/1/2051 | 102 | 68 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(h)</sup> | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(h)</sup> | 325 | 313 |
|  |  | 1773 |
| Total corporate bonds, notes & loans |  | 38670 |
| **Asset-backed obligations 0.95%** |  |  |
| **Asset-backed obligations 0.95%** |  |  |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(e)(h)</sup> | 215 | 216 |

---

**85**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(e)(h)</sup> | USD82 | $82 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(e)(h)</sup> | 100 | 100 |
| Auxilior Term Funding, LLC, Series 24-1, Class A2, 5.84% 3/15/2027 <sup>(e)(h)</sup> | 277 | 278 |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(e)(h)</sup> | 400 | 399 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(e)(h)</sup> | 197 | 195 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(e)(h)</sup> | 100 | 99 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(e)(h)</sup> | 339 | 353 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(e)(h)</sup> | 344 | 347 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(e)(h)</sup> | 78 | 78 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(e)(h)</sup> | 662 | 672 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(e)(h)</sup> | 351 | 347 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(e)(h)</sup> | 87 | 80 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(e)(h)</sup> | 90 | 89 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(e)(h)</sup> | 90 | 81 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(e)(h)</sup> | 316 | 304 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(e)(h)</sup> | 489 | 490 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(e)(h)</sup> | 301 | 301 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(e)(h)</sup> | 497 | 501 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(e)</sup> | 139 | 140 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(e)(h)</sup> | 323 | 324 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(e)(h)</sup> | 206 | 206 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(e)(h)</sup> | 394 | 397 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(e)(h)</sup> | 149 | 151 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(e)(h)</sup> | 176 | 179 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(e)(h)</sup> | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(e)(h)</sup> | 188 | 189 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(e)(h)</sup> | 345 | 326 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(e)(h)</sup> | 64 | 59 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(e)(h)</sup> | 83 | 81 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(e)(h)</sup> | 314 | 300 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(e)(h)</sup> | 59 | 59 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(e)(h)</sup> | 88 | 88 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(e)(h)</sup> | 285 | 292 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(e)(h)</sup> | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(e)</sup> | 18 | 18 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(e)</sup> | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(e)(h)</sup> | 268 | 258 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(e)(h)</sup> | 100 | 96 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(e)(h)</sup> | 100 | 96 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(e)(h)</sup> | 187 | 190 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(e)(h)</sup> | 364 | 365 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(e)</sup> | 15 | 14 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(e)</sup> | 28 | 28 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(e)(h)</sup> | 172 | 173 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(e)(h)</sup> | 246 | 246 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(e)(h)</sup> | 26 | 24 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(e)(h)</sup> | 47 | 43 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(e)(h)</sup> | 111 | 104 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(e)(h)</sup> | 220 | 206 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2062 <sup>(e)(f)(h)</sup> | 114 | 114 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(e)(h)</sup> | 935 | 881 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(e)(h)</sup> | 445 | 447 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(e)(h)</sup> | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(e)(h)</sup> | 127 | 126 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(e)(h)</sup> | 36 | 35 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(e)(h)</sup> | 153 | 153 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(e)(h)</sup> | 214 | 216 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(e)(h)</sup> | 100 | 100 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(e)(h)</sup> | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(e)(h)</sup> | 198 | 197 |

---

American Funds Insurance Series **86**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(e)(h)</sup> | USD102 | $103 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(e)(h)</sup> | 195 | 195 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(e)</sup> | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(e)(h)</sup> | 72 | 72 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(e)(h)</sup> | 43 | 38 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(e)(h)</sup> | 78 | 75 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(e)(f)(h)</sup> | 335 | 328 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(e)(h)</sup> | 257 | 257 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(e)(h)</sup> | 84 | 86 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(e)(h)</sup> | 799 | 804 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(e)(h)</sup> | 215 | 216 |
|  |  | 14904 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |  |  |
| Peru (Republic of) 2.783% 1/23/2031 | 190 | 171 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 197 |
| United Mexican States 3.25% 4/16/2030 | 200 | 184 |
| United Mexican States 7.375% 5/13/2055 | 245 | 253 |
|  |  | 805 |
| **Municipals 0.02%** |  |  |
| **Municipals 0.02%** |  |  |
| Illinois 0.01% |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 196 | 197 |
| Massachusetts 0.01% |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 135 | 139 |
| Total municipals |  | 336 |
| Total bonds, notes & other debt instruments (cost: $220,241,000) |  | 219044 |
| Investment funds 2.06% | Shares |  |
| Investment funds 2.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup> | 3819323 | 32235 |
| Total Investment funds (cost: $35,212,000) |  | 32235 |
| Short-term securities 8.35% |  |  |
| Short-term securities 8.35% |  |  |
| **Money market investments 7.34%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup> | 1150689 | 115069 |
| **Money market investments purchased with collateral from securities on loan 1.01%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup> | 15786027 | 15786 |
| Total short-term securities (cost: $130,837,000) |  | 130855 |
| Total investment securities 99.80% (cost: $1,202,937,000) |  | 1563195 |
| Other assets less liabilities 0.20% |  | 3128 |
| Net assets 100.00% |  | $1566323 |

---

**87**American Funds Insurance Series

![](gigi1doiraaoudjuj8erj.jpg)

Capital Income Builder (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| 3 Month SOFR Futures | Long | 269 | 9/17/2025 | USD64,335 | $44 |
| 2 Year U.S. Treasury Note Futures | Long | 217 | 10/3/2025 | 45141 | 178 |
| 5 Year U.S. Treasury Note Futures | Long | 375 | 10/3/2025 | 40875 | 429 |
| 10 Year U.S. Treasury Note Futures | Long | 147 | 9/30/2025 | 16482 | 313 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 25 | 9/30/2025 | (2857) | (72) |
| 20 Year U.S. Treasury Bond Futures | Long | 44 | 9/30/2025 | 5081 | 185 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 72 | 9/30/2025 | 8577 | 332 |
|  |  |  |  |  | $1409 |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  | Upfront | Upfront |  | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  |  |  |  | premium | premium | appreciation | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  | Value at | Value at | Value at | paid | paid | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  | Value at | Value at | Value at | paid | paid | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  | Value at | Value at | Value at | paid | paid | (depreciation) | (depreciation) |
|  | Payment |  | Payment | Expiration |  |  | 6/30/2025 | 6/30/2025 |  | (received) | (received) | at 6/30/2025 | at 6/30/2025 |
| Rate | frequency | Rate | frequency |  |  |  | (000) | (000) | (000) | (000) | (000) |  | (000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | 6/23/2026 |  |  | $ | $—(c) | —(c) |  | $— |  | $&nbsp;&nbsp;&nbsp;—(c) |
| U.S. Urban CPI | At maturity | 3.17% | At maturity | 6/23/2026 |  |  |  | —(c) | —(c) |  |  |  | &nbsp;&nbsp;&nbsp;—(c) |
| SOFR | Annual | 3.055% | Annual | 4/6/2031 |  |  | 144 | 144 |  |  |  |  | 144 |
| SOFR | Annual | 2.91% | Annual | 9/18/2050 |  |  | 99 | 99 |  |  |  |  | 99 |
|  |  |  |  |  |  |  | $243 | $243 |  |  | $— |  | $243 |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Upfront |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  | premium |  | appreciation | appreciation |
|  |  |  |  |  | Notional |  | Value at |  |  | paid |  | (depreciation) | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;Financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration |  | amount <sup>(o)</sup> | 6/30/2025 <sup>(p)</sup> | 6/30/2025 <sup>(p)</sup> |  |  | (received) |  | at 6/30/2025 | at 6/30/2025 |
| index | &nbsp;&nbsp;&nbsp;rate received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date |  | (000) |  | (000) |  |  | (000) |  |  | (000) |
| CDX.NA.IG.44 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | 6/20/2030 |  | USD5,015 |  | $111 |  |  | $99 |  |  | $12 |
| **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Net |  |  | Net |  |  |  |
|  |  |  | Value at | Value at |  |  | Net |  |  | unrealized |  |  | Dividend |
|  |  |  | Value at | Value at |  |  | realized |  | appreciation | appreciation |  | Value at | or interest |
|  |  |  | 1/1/2025 | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | (depreciation) | (depreciation) | 6/30/2025 | 6/30/2025 | income |
|  |  |  | (000) | (000) | (000) | (000) | (000) |  |  | (000) |  | (000) | (000) |
| Investment funds 2.06% | Investment funds 2.06% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $30920 | $30920 | $750 | $— | $— |  |  | $565 | $32235 | $32235 | $750 |
| Short-term securities 7.34% | Short-term securities 7.34% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 7.34% | &nbsp;&nbsp;&nbsp;Money market investments 7.34% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(m)</sup> | 60575 | 60575 | 199935 | 145437 |  |  |  | (4) |  | 115069 | 1854 |
| &nbsp;&nbsp;&nbsp;Total 9.40% |  |  |  |  |  |  | $—(c) |  |  | $561 | $147304 | $147304 | $2604 |

---

American Funds Insurance Series **88**

Capital Income Builder (continued)

(a)All or a portion of this security was on loan. The total value of all such securities was $16,714,000, which represented 1.07% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(b)Value determined using significant unobservable inputs.

(c)Amount less than one thousand.

(d)Security did not produce income during the last 12 months.

(e)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(f)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.

(g)Represents securities transacted on a TBA basis.

(h)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 $40,844,000, which represented 2.61% of the net assets of the fund.

(i)Step bond; coupon rate may change at a later date.

(j)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,008,000, which represented 0.13% of the net assets of the fund.

(k)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $262,000, which represented 0.02% of the net assets of the fund.

(l)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(m)Rate represents the seven-day yield at 6/30/2025.

(n)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(o)The maximum potential amount the fund may pay as a protection seller should a credit event occur.

(p)The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

---

| | |
|:---|:---|
| Key to abbreviation(s) |  |
| ADR = American Depositary Receipts | GO = General Obligation |
| Assn. = Association | ICE = Intercontinental Exchange, Inc. |
| Auth. = Authority | MXN = Mexican pesos |
| CAD = Canadian dollars | REIT = Real Estate Investment Trust |
| CDI = CREST Depository Interest | Rev. = Revenue |
| CME = CME Group | SOFR = Secured Overnight Financing Rate |
| CPI = Consumer Price Index | TBA = To be announced |
| DAC = Designated Activity Company | USD = U.S. dollars |
| Fncg. = Financing | UST = U.S. Treasury |
| GBP = British pounds |  |
| Refer to the notes to financial statements. |  |

---

**89**American Funds Insurance Series

Asset Allocation Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;unaudited |
| Common stocks 67.14% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 67.14% | Shares | (000) |
| Information technology 16.85% |  |  |
| Broadcom, Inc. | 5212782 | $1436903 |
| Microsoft Corp. | 2083449 | 1036328 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2973803 | 673537 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 773000 | 28049 |
| NVIDIA Corp. | 2594429 | 409894 |
| Apple, Inc. | 1032637 | 211866 |
| Intel Corp. | 6095959 | 136550 |
| ASML Holding NV (ADR) | 145009 | 116209 |
| MicroStrategy, Inc., Class A <sup>(a)</sup> | 246870 | 99792 |
| Micron Technology, Inc. | 726977 | 89600 |
| KLA Corp. | 94152 | 84336 |
| International Business Machines Corp. | 275000 | 81065 |
| Adobe, Inc. <sup>(a)</sup> | 202715 | 78426 |
| Synopsys, Inc. <sup>(a)</sup> | 90490 | 46392 |
| Oracle Corp. | 185267 | 40505 |
| Diebold Nixdorf, Inc. <sup>(a)</sup> | 532940 | 29525 |
| Salesforce, Inc. | 102608 | 27980 |
| Applied Materials, Inc. | 113846 | 20842 |
| Motorola Solutions, Inc. | 35587 | 14963 |
|  |  | 4662762 |
| Financials 12.18% |  |  |
| Apollo Asset Management, Inc. | 2534818 | 359615 |
| Arthur J. Gallagher & Co. | 1010070 | 323344 |
| Aon PLC, Class A | 752130 | 268330 |
| Mastercard, Inc., Class A | 360948 | 202831 |
| Synchrony Financial | 3000000 | 200220 |
| Capital One Financial Corp. | 889662 | 189284 |
| Visa, Inc., Class A | 525963 | 186743 |
| Ares Management Corp., Class A | 1004749 | 174022 |
| Blue Owl Capital, Inc., Class A | 9047540 | 173803 |
| Bank of America Corp. | 2784601 | 131767 |
| Blackstone, Inc. | 837355 | 125252 |
| Wells Fargo & Co. | 1413342 | 113237 |
| American Express Co. | 337999 | 107815 |
| Brown & Brown, Inc. | 964468 | 106931 |
| Fiserv, Inc. <sup>(a)</sup> | 584262 | 100733 |
| BlackRock, Inc. | 88049 | 92385 |
| JPMorgan Chase & Co. | 318591 | 92363 |
| Chubb, Ltd. | 273887 | 79351 |
| Progressive Corp. | 280641 | 74892 |
| Citigroup, Inc. | 875000 | 74480 |
| AXA SA | 1445264 | 70941 |
| KKR & Co., Inc. | 273886 | 36435 |
| Brookfield Corp., Class A | 486973 | 30119 |
| Goldman Sachs Group, Inc. | 30100 | 21303 |
| Intercontinental Exchange, Inc. | 110132 | 20206 |
| UniCredit SpA | 214008 | 14346 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 8880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 3370748 |
| Industrials 9.09% |  |  |
| ATI, Inc. <sup>(a)</sup> | 3762816 | 324882 |
| Boeing Co. (The) <sup>(a)</sup> | 1355000 | 283913 |
| TransDigm Group, Inc. | 160869 | 244624 |
| L3Harris Technologies, Inc. | 870418 | 218336 |
| General Electric Co. | 722399 | 185938 |
| Honeywell International, Inc. | 641747 | 149450 |
| Deere & Co. | 270815 | 137707 |

---

American Funds Insurance Series **90**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Parker-Hannifin Corp. | 183050 | $127855 |
| Caterpillar, Inc. | 290000 | 112581 |
| Ingersoll-Rand, Inc. | 1251137 | 104070 |
| Safran SA | 312100 | 101431 |
| United Rentals, Inc. | 129402 | 97491 |
| Northrop Grumman Corp. | 126468 | 63232 |
| Trane Technologies PLC | 137366 | 60085 |
| Quanta Services, Inc. | 152260 | 57566 |
| Copart, Inc. <sup>(a)</sup> | 835833 | 41014 |
| Republic Services, Inc. | 158509 | 39090 |
| RTX Corp. | 260623 | 38056 |
| Union Pacific Corp. | 158202 | 36399 |
| Carrier Global Corp. | 382605 | 28003 |
| GE Vernova, Inc. | 44366 | 23476 |
| FTAI Aviation, Ltd. | 181908 | 20927 |
| Airbus SE, non-registered shares | 94296 | 19689 |
|  |  | 2515815 |
| Consumer discretionary 7.00% |  |  |
| Booking Holdings, Inc. | 68188 | 394757 |
| Amazon.com, Inc. <sup>(a)</sup> | 1331622 | 292145 |
| Royal Caribbean Cruises, Ltd. | 808815 | 253272 |
| Starbucks Corp. | 1827909 | 167491 |
| Home Depot, Inc. | 367100 | 134594 |
| NIKE, Inc., Class B | 1485288 | 105515 |
| Darden Restaurants, Inc. | 448084 | 97669 |
| D.R. Horton, Inc. | 650250 | 83830 |
| Carnival Corp. <sup>(a)</sup> | 2758206 | 77561 |
| Compagnie Financiere Richemont SA, Class A | 381887 | 71930 |
| Moncler SpA | 1254665 | 71517 |
| Texas Roadhouse, Inc. | 325829 | 61064 |
| Hilton Worldwide Holdings, Inc. | 139547 | 37167 |
| Restaurant Brands International, Inc. | 498700 | 33059 |
| Tesla, Inc. <sup>(a)</sup> | 79806 | 25351 |
| YUM! Brands, Inc. | 91381 | 13541 |
| lululemon athletica, Inc. <sup>(a)</sup> | 44474 | 10566 |
| AutoZone, Inc. <sup>(a)</sup> | 1687 | 6262 |
| Aimbridge Topco, LLC <sup>(a)(b)</sup> | 10722 | 807 |
| Party City Holdco, Inc. <sup>(a)(b)</sup> | 68158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Party City Holdco, Inc. <sup>(a)(b)(d)</sup> | 681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 1938098 |
| Health care 6.79% |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 992755 | 441974 |
| Gilead Sciences, Inc. | 2987938 | 331273 |
| Eli Lilly and Co. | 314292 | 245000 |
| UnitedHealth Group, Inc. | 480370 | 149861 |
| Amgen, Inc. | 473094 | 132093 |
| CVS Health Corp. | 1451353 | 100114 |
| Thermo Fisher Scientific, Inc. | 179059 | 72601 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 205917 | 67147 |
| Abbott Laboratories | 487227 | 66268 |
| Illumina, Inc. <sup>(a)</sup> | 599260 | 57175 |
| Cooper Cos., Inc. <sup>(a)</sup> | 731383 | 52045 |
| Centene Corp. <sup>(a)</sup> | 675000 | 36639 |
| AbbVie, Inc. | 176323 | 32729 |
| Boston Scientific Corp. <sup>(a)</sup> | 198062 | 21274 |
| Exact Sciences Corp. <sup>(a)</sup> | 388980 | 20670 |
| Danaher Corp. | 95660 | 18897 |

---

**91**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| Rotech Healthcare, Inc. <sup>(a)(b)(e)</sup> | 184138 | $13864 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 36950 | 11007 |
| Novo Nordisk AS, Class B | 70320 | 4881 |
| Endo, Inc. <sup>(a)</sup> | 140115 | 2941 |
| Endo, Inc., 1L 7.50% Escrow <sup>(a)(b)</sup> | 9648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Carbon Health Technologies, Inc., Class A <sup>(a)(b)</sup> | 4955500 | 50 |
|  |  | 1878503 |
| Materials 4.82% |  |  |
| Franco-Nevada Corp. (CAD denominated) | 1925000 | 316044 |
| Wheaton Precious Metals Corp. | 3349100 | 300749 |
| Royal Gold, Inc. | 1405000 | 249865 |
| Lundin Mining Corp. | 16017925 | 168443 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 5805000 | 103119 |
| Linde PLC | 145263 | 68154 |
| Freeport-McMoRan, Inc. | 1400000 | 60690 |
| Corteva, Inc. | 571302 | 42579 |
| Air Products and Chemicals, Inc. | 45664 | 12880 |
| Avery Dennison Corp. | 65336 | 11465 |
| Venator Materials PLC <sup>(a)(b)</sup> | 4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 1333988 |
| Consumer staples 4.33% |  |  |
| Philip Morris International, Inc. | 4082884 | 743615 |
| Keurig Dr Pepper, Inc. | 3252056 | 107513 |
| Constellation Brands, Inc., Class A | 499955 | 81333 |
| Costco Wholesale Corp. | 69889 | 69186 |
| Nestle SA | 617055 | 61305 |
| US Foods Holding Corp. <sup>(a)</sup> | 514932 | 39655 |
| Estee Lauder Cos., Inc. (The), Class A | 440395 | 35584 |
| Altria Group, Inc. | 527643 | 30936 |
| Bunge Global SA | 197085 | 15822 |
| Procter & Gamble Co. | 75358 | 12006 |
|  |  | 1196955 |
| Communication services 3.78% |  |  |
| Meta Platforms, Inc., Class A | 581159 | 428948 |
| Alphabet, Inc., Class C | 1206415 | 214006 |
| Alphabet, Inc., Class A | 344016 | 60626 |
| Comcast Corp., Class A | 6366969 | 227237 |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 179040 | 73193 |
| Nintendo Co., Ltd. | 265200 | 25561 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 67585 | 16413 |
|  |  | 1045984 |
| Energy 1.29% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 4009172 | 126009 |
| ConocoPhillips | 824000 | 73946 |
| Shell PLC (GBP denominated) | 1914457 | 67103 |
| EOG Resources, Inc. | 254319 | 30419 |
| Noble Corp. PLC, Class A | 771174 | 20474 |
| Halliburton Co. | 960000 | 19565 |
| Schlumberger NV | 286500 | 9684 |
| Exxon Mobil Corp. | 66470 | 7165 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup> | 1564956 | 699 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup> | 150315 | 499 |

---

American Funds Insurance Series **92**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy (continued) |  |  |
| Altera Infrastructure, LP <sup>(b)</sup> | 16129 | $498 |
| Expand Energy Corp. | 277 | 32 |
| Bighorn Permian Resources, LLC <sup>(b)</sup> | 4392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 356093 |
| Real estate 0.53% |  |  |
| VICI Properties, Inc. REIT | 2308795 | 75267 |
| American Tower Corp. REIT | 136942 | 30267 |
| Simon Property Group, Inc. REIT | 119922 | 19279 |
| Crown Castle, Inc. REIT | 134329 | 13799 |
| Alexandria Real Estate Equities, Inc. REIT | 121544 | 8828 |
|  |  | 147440 |
| Utilities 0.48% |  |  |
| DTE Energy Co. | 848144 | 112345 |
| FirstEnergy Corp. | 323684 | 13032 |
| Southern Co. (The) | 83100 | 7631 |
|  |  | 133008 |
| Total common stocks (cost: $10,832,516,000) |  | 18579394 |
| Preferred securities 0.00% |  |  |
| Preferred securities 0.00% |  |  |
| Industrials 0.00% |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(b)(d)</sup> | 450 | 647 |
| Total preferred securities (cost: $466,000) |  | 647 |
| Rights & warrants 0.00% |  |  |
| Rights & warrants 0.00% |  |  |
| Energy 0.00% |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(a)</sup> | 524 | 54 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(b)</sup> | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Total rights & warrants (cost: $313,000) |  | 54 |
| Convertible stocks 0.14% |  |  |
| Convertible stocks 0.14% |  |  |
| Information technology 0.07% |  |  |
| MicroStrategy, Inc., 8.00% perpetual convertible preferred shares <sup>(f)</sup> | 168200 | 20354 |
| Industrials 0.07% |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 262145 | 17826 |
| Total convertible stocks (cost: $29,379,000) |  | 38180 |
| Bonds, notes & other debt instruments 26.96% | Principal amount |  |
| Bonds, notes & other debt instruments 26.96% | Principal amount |  |
| Bonds, notes & other debt instruments 26.96% | (000) |  |
| **Mortgage-backed obligations 10.51%** |  |  |
| Federal agency mortgage-backed obligations 9.44% |  |  |
| Fannie Mae Pool #AE3069 4.00% 9/1/2025 <sup>(g)</sup> | USD—<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #AH0829 4.00% 1/1/2026 <sup>(g)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(g)</sup> | 24 | 24 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(g)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(g)</sup> | 2 | 2 |

---

**93**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(g)</sup> | USD—<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(g)</sup> | 6 | 6 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(g)</sup> | 7 | 7 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(g)</sup> | 133 | 136 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(g)</sup> | 85 | 87 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(g)</sup> | 238 | 238 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(g)</sup> | 243 | 229 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(g)</sup> | 254 | 262 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(g)</sup> | 496 | 520 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(g)</sup> | 125 | 131 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(g)</sup> | 4020 | 3808 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(g)</sup> | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(g)</sup> | 41 | 43 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(g)</sup> | 369 | 387 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(g)</sup> | 69 | 71 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(g)</sup> | 124 | 116 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(g)</sup> | 39 | 40 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(g)</sup> | 586 | 614 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(g)</sup> | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(g)</sup> | 228 | 240 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(g)</sup> | 724 | 762 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(g)</sup> | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(g)</sup> | 231 | 242 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(g)</sup> | 141 | 147 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(g)</sup> | 13 | 14 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(g)</sup> | 504 | 528 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(g)</sup> | 69 | 72 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(g)</sup> | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(g)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(g)</sup> | 47 | 49 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(g)</sup> | 137 | 144 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(g)</sup> | 167 | 174 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(g)</sup> | 336 | 351 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(g)</sup> | 5520 | 4763 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(g)</sup> | 16669 | 13782 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(g)</sup> | 2457 | 2308 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(g)</sup> | 1527 | 1471 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(g)</sup> | 830 | 800 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(g)</sup> | 815 | 786 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(g)</sup> | 4247 | 3986 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(g)</sup> | 6952 | 6458 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(g)</sup> | 989 | 921 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(g)</sup> | 2175 | 2019 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(g)</sup> | 80 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(g)</sup> | 290 | 261 |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(g)</sup> | 1234 | 1170 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(g)</sup> | 1226 | 1128 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(g)</sup> | 1825 | 1681 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(g)</sup> | 375 | 337 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(g)</sup> | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(g)</sup> | 1259 | 1153 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(g)</sup> | 2105 | 1999 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(g)</sup> | 8 | 8 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(g)</sup> | 9 | 9 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(g)</sup> | 13393 | 12303 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(g)</sup> | 1798 | 1672 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(g)</sup> | 1390 | 1234 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(g)</sup> | 31 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(g)</sup> | 4580 | 3862 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(g)</sup> | 404 | 336 |

---

American Funds Insurance Series **94**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(g)</sup> | USD10,266 | $8665 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(g)</sup> | 304 | 266 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(g)</sup> | 2329 | 1848 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(g)</sup> | 8416 | 7083 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(g)</sup> | 1305 | 1103 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(g)</sup> | 715 | 595 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(g)</sup> | 11550 | 10313 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(g)</sup> | 1956 | 1552 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(g)</sup> | 1609 | 1275 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(g)</sup> | 1036 | 1008 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(g)</sup> | 5151 | 4110 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(g)</sup> | 778 | 647 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(g)</sup> | 79 | 66 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(g)</sup> | 29 | 24 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(g)</sup> | 6030 | 4780 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(g)</sup> | 1837 | 1456 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(g)</sup> | 3200 | 2701 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(g)</sup> | 60 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(g)</sup> | 4141 | 3287 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(g)</sup> | 1760 | 1395 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(g)</sup> | 96 | 80 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(g)</sup> | 4542 | 3969 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(g)</sup> | 559 | 489 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(g)</sup> | 828 | 688 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(g)</sup> | 778 | 646 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(g)</sup> | 34956 | 29022 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(g)</sup> | 9291 | 7714 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(g)</sup> | 414 | 362 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(g)</sup> | 154 | 123 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(g)</sup> | 2059 | 1710 |
| Fannie Mae Pool #FM8434 2.00% 8/1/2051 <sup>(g)</sup> | 5970 | 4733 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(g)</sup> | 3904 | 3456 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(g)</sup> | 71 | 62 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(g)</sup> | 1338 | 1111 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(g)</sup> | 661 | 549 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(g)</sup> | 840 | 698 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(g)</sup> | 536 | 445 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(g)</sup> | 134 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(g)</sup> | 92 | 77 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(g)</sup> | 7704 | 6123 |
| Fannie Mae Pool #FM9646 2.00% 11/1/2051 <sup>(g)</sup> | 5300 | 4201 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(g)</sup> | 7975 | 6967 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(g)</sup> | 2437 | 1937 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(g)</sup> | 14266 | 11989 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(g)</sup> | 6680 | 5611 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(g)</sup> | 162 | 136 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(g)</sup> | 78 | 66 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(g)</sup> | 77 | 65 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(g)</sup> | 77 | 65 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(g)</sup> | 2944 | 2338 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(g)</sup> | 124 | 103 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(g)</sup> | 65 | 54 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(g)</sup> | 10085 | 8812 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(g)</sup> | 6678 | 5298 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(g)</sup> | 5115 | 4063 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(g)</sup> | 1824 | 1447 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(g)</sup> | 991 | 786 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(g)</sup> | 2133 | 1774 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(g)</sup> | 1947 | 1617 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(g)</sup> | 728 | 607 |

---

**95**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(g)</sup> | USD636 | $528 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(g)</sup> | 53834 | 47420 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(g)</sup> | 2963 | 2348 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(g)</sup> | 2462 | 1956 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(g)</sup> | 1826 | 1449 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(g)</sup> | 1312 | 1040 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(g)</sup> | 1300 | 1030 |
| Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(g)</sup> | 115 | 91 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(g)</sup> | 813 | 678 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(g)</sup> | 739 | 616 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(g)</sup> | 642 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(g)</sup> | 163 | 136 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(g)</sup> | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(g)</sup> | 352 | 305 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(g)</sup> | 5929 | 4714 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(g)</sup> | 3022 | 2400 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(g)</sup> | 909 | 757 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(g)</sup> | 880 | 733 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(g)</sup> | 877 | 731 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(g)</sup> | 162 | 135 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(g)</sup> | 138 | 115 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(g)</sup> | 657 | 613 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(g)</sup> | 9713 | 7721 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(g)</sup> | 940 | 783 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(g)</sup> | 869 | 723 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(g)</sup> | 153 | 127 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(g)</sup> | 153 | 127 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(g)</sup> | 118 | 98 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(g)</sup> | 2416 | 1917 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(g)</sup> | 786 | 654 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(g)</sup> | 5830 | 5436 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(g)</sup> | 1363 | 1272 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(g)</sup> | 5085 | 4876 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(g)</sup> | 5004 | 3968 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(g)</sup> | 23 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(g)</sup> | 156 | 130 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(g)</sup> | 94 | 78 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(g)</sup> | 629 | 602 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(g)</sup> | 1007 | 995 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(g)</sup> | 16546 | 13126 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(g)</sup> | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(g)</sup> | 10696 | 10257 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(g)</sup> | 839 | 806 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(g)</sup> | 450 | 444 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(g)</sup> | 982 | 915 |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(g)</sup> | 936 | 873 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(g)</sup> | 9896 | 9490 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(g)</sup> | 2995 | 2873 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(g)</sup> | 887 | 738 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(g)</sup> | 2361 | 2369 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(g)</sup> | 22 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(g)</sup> | 2695 | 2582 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(g)</sup> | 569 | 530 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(g)</sup> | 982 | 985 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(g)</sup> | 902 | 841 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(g)</sup> | 2515 | 2533 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(g)</sup> | 327 | 304 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(g)</sup> | 2143 | 2108 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(g)</sup> | 6967 | 6492 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(g)</sup> | 10714 | 10537 |

---

American Funds Insurance Series **96**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(g)</sup> | USD765 | $756 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(g)</sup> | 963 | 964 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(g)</sup> | 170 | 171 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(g)</sup> | 239 | 248 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(g)</sup> | 285 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(g)</sup> | 25639 | 25196 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(g)</sup> | 613 | 614 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(g)</sup> | 1250 | 1302 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(g)</sup> | 444 | 461 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(g)</sup> | 325 | 339 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(g)</sup> | 11488 | 9125 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(g)</sup> | 840 | 697 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(g)</sup> | 786 | 653 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(g)</sup> | 9490 | 8840 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(g)</sup> | 13850 | 13277 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(g)</sup> | 2308 | 2313 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(g)</sup> | 101 | 101 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(g)</sup> | 5473 | 5487 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(g)</sup> | 20042 | 20408 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(g)</sup> | 1775 | 1778 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(g)</sup> | 4871 | 4960 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(g)</sup> | 15359 | 14300 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(g)</sup> | 14504 | 13506 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(g)</sup> | 4114 | 4121 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(g)</sup> | 7362 | 7497 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(g)</sup> | 11356 | 10574 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(g)</sup> | 273 | 273 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(g)</sup> | 7518 | 7774 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(g)</sup> | 2197 | 2283 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(g)</sup> | 12395 | 11537 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(g)</sup> | 1962 | 1826 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(g)</sup> | 636 | 637 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(g)</sup> | 542 | 542 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(g)</sup> | 3263 | 3330 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(g)</sup> | 2266 | 2344 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(g)</sup> | 11351 | 11359 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(g)</sup> | 4859 | 4873 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(g)</sup> | 896 | 912 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(g)</sup> | 888 | 909 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(g)</sup> | 9 | 9 |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(g)</sup> | 7444 | 7469 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(g)</sup> | 1120 | 1121 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(g)</sup> | 2259 | 2299 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(g)</sup> | 1021 | 1045 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(g)</sup> | 993 | 1016 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(g)</sup> | 860 | 877 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(g)</sup> | 805 | 825 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(g)</sup> | 1009 | 1048 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(g)</sup> | 60 | 62 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(g)</sup> | 6048 | 6053 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(g)</sup> | 2419 | 2423 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(g)</sup> | 1495 | 1497 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(g)</sup> | 12501 | 12716 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(g)</sup> | 1411 | 1436 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(g)</sup> | 698 | 713 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(g)</sup> | 504 | 514 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(g)</sup> | 6917 | 7149 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(g)</sup> | 4621 | 4812 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(g)</sup> | 3438 | 3580 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(g)</sup> | 1573 | 1638 |

---

**97**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(g)</sup> | USD469 | $488 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(g)</sup> | 270 | 281 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(g)</sup> | 454 | 445 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(g)</sup> | 1403 | 1408 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(g)</sup> | 9453 | 9617 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(g)</sup> | 2887 | 2956 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(g)</sup> | 1614 | 1645 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(g)</sup> | 1361 | 1387 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(g)</sup> | 1183 | 1210 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(g)</sup> | 1167 | 1188 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(g)</sup> | 954 | 970 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(g)</sup> | 356 | 364 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(g)</sup> | 279 | 285 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(g)</sup> | 275 | 281 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(g)</sup> | 1830 | 1906 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(g)</sup> | 1337 | 1392 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(g)</sup> | 3829 | 3841 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(g)</sup> | 2421 | 2435 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(g)</sup> | 2298 | 2310 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(g)</sup> | 1169 | 1170 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(g)</sup> | 2955 | 3023 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(g)</sup> | 6658 | 6197 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(g)</sup> | 1872 | 1743 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(g)</sup> | 20081 | 19697 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(g)</sup> | 1900 | 1903 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(g)</sup> | 502 | 502 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(g)</sup> | 310 | 310 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(g)</sup> | 24032 | 23574 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(g)</sup> | 1095 | 1076 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(g)</sup> | 1450 | 1452 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(g)</sup> | 27343 | 27808 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(g)</sup> | 3069 | 3120 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(g)</sup> | 341 | 347 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(g)</sup> | 841 | 783 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(g)</sup> | 13705 | 13118 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(g)</sup> | 1956 | 1921 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(g)</sup> | 4789 | 4871 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(g)</sup> | 2808 | 2855 |
| Fannie Mae Pool #DC9721 6.50% 1/1/2055 <sup>(g)</sup> | 17221 | 17806 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(g)</sup> | 1825 | 1827 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(g)</sup> | 22612 | 22994 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(g)</sup> | 5681 | 5870 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(g)</sup> | 14938 | 14298 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(g)</sup> | 7363 | 7486 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(g)</sup> | 25308 | 23550 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(g)</sup> | 15703 | 15030 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(g)</sup> | 6045 | 6148 |
| Fannie Mae Pool #MA5675 6.50% 4/1/2055 <sup>(g)</sup> | 259 | 268 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(g)</sup> | 3888 | 3813 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(g)</sup> | 10004 | 10172 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(g)</sup> | 1988 | 1949 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(g)</sup> | 168 | 168 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(g)</sup> | 5401 | 5043 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(g)</sup> | 9400 | 9090 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(g)</sup> | 3321 | 2864 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(g)</sup> | 9297 | 7394 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(g)</sup> | 763 | 645 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(g)</sup> | 3230 | 2861 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(g)</sup> | 3613 | 3341 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(g)</sup> | 19 | 20 |

---

American Funds Insurance Series **98**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(g)</sup> | USD54 | $55 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(g)</sup> | 26 | 23 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(g)</sup> | 7241 | 6866 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(g)</sup> | 183 | 171 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(g)</sup> | 52 | 49 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(g)</sup> | 327 | 332 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(g)</sup> | 37 | 39 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(g)</sup> | 49 | 49 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(g)</sup> | 18245 | 15828 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(g)</sup> | 479 | 486 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(g)</sup> | 1243 | 1202 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(g)</sup> | 901 | 869 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(g)</sup> | 586 | 566 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(g)(h)</sup> | 140 | 139 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(g)</sup> | 3958 | 3768 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(g)</sup> | 3780 | 3607 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(g)</sup> | 3337 | 3032 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(g)</sup> | 191 | 187 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(g)</sup> | 192 | 188 |
| Freddie Mac Pool #760015 3.45% 1/1/2047 <sup>(g)(h)</sup> | 344 | 335 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(g)</sup> | 1055 | 974 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(g)</sup> | 1837 | 1740 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(g)</sup> | 1581 | 1540 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(g)</sup> | 755 | 628 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(g)</sup> | 309 | 271 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(g)</sup> | 25275 | 20177 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(g)</sup> | 14701 | 11844 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(g)</sup> | 1783 | 1413 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(g)</sup> | 34 | 28 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(g)</sup> | 24 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(g)</sup> | 58 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(g)</sup> | 26126 | 21009 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(g)</sup> | 668 | 555 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(g)</sup> | 336 | 296 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(g)</sup> | 793 | 631 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(g)</sup> | 8375 | 7055 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(g)</sup> | 5715 | 4823 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(g)</sup> | 808 | 671 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(g)</sup> | 48 | 40 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(g)</sup> | 5553 | 4888 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(g)</sup> | 640 | 554 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(g)</sup> | 2955 | 2453 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(g)</sup> | 149 | 132 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(g)</sup> | 3771 | 2991 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(g)</sup> | 1621 | 1288 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(g)</sup> | 5655 | 4750 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(g)</sup> | 2642 | 2195 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(g)</sup> | 1987 | 1674 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(g)</sup> | 918 | 763 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(g)</sup> | 284 | 250 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(g)</sup> | 1663 | 1320 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(g)</sup> | 1598 | 1268 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(g)</sup> | 853 | 676 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(g)</sup> | 828 | 658 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(g)</sup> | 538 | 449 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(g)</sup> | 822 | 746 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(g)</sup> | 3841 | 3050 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(g)</sup> | 2909 | 2311 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(g)</sup> | 1742 | 1381 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(g)</sup> | 1077 | 854 |

---

**99**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(g)</sup> | USD854 | $677 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(g)</sup> | 255 | 202 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(g)</sup> | 56 | 45 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(g)</sup> | 838 | 698 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(g)</sup> | 29 | 24 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(g)</sup> | 2950 | 2343 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(g)</sup> | 1836 | 1456 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(g)</sup> | 1559 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(g)</sup> | 1064 | 843 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(g)</sup> | 772 | 643 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(g)</sup> | 591 | 492 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(g)</sup> | 359 | 298 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(g)</sup> | 111 | 92 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(g)</sup> | 76 | 64 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(g)</sup> | 812 | 676 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(g)</sup> | 156 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(g)</sup> | 118 | 98 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(g)</sup> | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(g)</sup> | 29984 | 26009 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(g)</sup> | 3568 | 2841 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(g)</sup> | 15027 | 13020 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(g)</sup> | 2152 | 2006 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(g)</sup> | 29751 | 25803 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(g)</sup> | 1164 | 1020 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(g)(i)</sup> | 36298 | 34932 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(g)</sup> | 176 | 169 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(g)</sup> | 863 | 717 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(g)</sup> | 100 | 83 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(g)</sup> | 808 | 775 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(g)</sup> | 203 | 195 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(g)</sup> | 119 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(g)</sup> | 1051 | 1035 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(g)</sup> | 29 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(g)</sup> | 1160 | 1112 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(g)</sup> | 79 | 76 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(g)</sup> | 2998 | 2875 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(g)</sup> | 5187 | 5111 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(g)</sup> | 223 | 186 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(g)</sup> | 16126 | 15466 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(g)</sup> | 927 | 771 |
| Freddie Mac Pool #QF7871 2.50% 2/1/2053 <sup>(g)</sup> | 744 | 618 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(g)</sup> | 1846 | 1720 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(g)</sup> | 16971 | 15796 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(g)</sup> | 1188 | 1174 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(g)</sup> | 11519 | 10734 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(g)</sup> | 81 | 77 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(g)</sup> | 10350 | 10171 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(g)</sup> | 3365 | 3132 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(g)</sup> | 3633 | 3570 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(g)</sup> | 2741 | 2747 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(g)</sup> | 589 | 613 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(g)</sup> | 511 | 532 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(g)</sup> | 494 | 516 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(g)</sup> | 480 | 502 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(g)</sup> | 338 | 354 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(g)</sup> | 258 | 269 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(g)</sup> | 163 | 169 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(g)</sup> | 142 | 151 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(g)</sup> | 863 | 719 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(g)</sup> | 9181 | 8549 |

---

American Funds Insurance Series **100**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(g)</sup> | USD28 | $28 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(g)</sup> | 8411 | 8433 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(g)</sup> | 693 | 712 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(g)</sup> | 388 | 362 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(g)</sup> | 26525 | 26569 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(g)</sup> | 849 | 705 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(g)</sup> | 102 | 85 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(g)</sup> | 4872 | 4961 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(g)</sup> | 1962 | 1826 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(g)</sup> | 127362 | 125162 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(g)</sup> | 23225 | 23285 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(g)</sup> | 728 | 756 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(g)</sup> | 587 | 608 |
| Freddie Mac Pool #SD8397 6.50% 1/1/2054 <sup>(g)</sup> | 455 | 470 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(g)</sup> | 295 | 306 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(g)</sup> | 40 | 39 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(g)</sup> | 438 | 438 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(g)</sup> | 13204 | 13438 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(g)</sup> | 302 | 281 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(g)</sup> | 11702 | 11711 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(g)</sup> | 120 | 125 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(g)</sup> | 673 | 627 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(g)</sup> | 1590 | 1602 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(g)</sup> | 1160 | 1163 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(g)</sup> | 402 | 410 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(g)</sup> | 15641 | 15754 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(g)</sup> | 7744 | 7755 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(g)</sup> | 2939 | 2943 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(g)</sup> | 511 | 524 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(g)</sup> | 440 | 442 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(g)</sup> | 1650 | 1689 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(g)</sup> | 1166 | 1195 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(g)</sup> | 1774 | 1837 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(g)</sup> | 508 | 531 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(g)</sup> | 1956 | 1920 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(g)</sup> | 1021 | 1022 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(g)</sup> | 751 | 752 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(g)</sup> | 632 | 632 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(g)</sup> | 6950 | 7070 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(g)</sup> | 3099 | 3177 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(g)</sup> | 712 | 725 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(g)</sup> | 209 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(g)</sup> | 5999 | 6201 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(g)</sup> | 5428 | 5620 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(g)</sup> | 2113 | 2200 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(g)</sup> | 377 | 371 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(g)</sup> | 268 | 263 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(g)</sup> | 240 | 235 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(g)</sup> | 6211 | 6230 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(g)</sup> | 3978 | 3992 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(g)</sup> | 3559 | 3566 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(g)</sup> | 1171 | 1179 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(g)</sup> | 652 | 656 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(g)</sup> | 5281 | 5371 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(g)</sup> | 2900 | 2976 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(g)</sup> | 2862 | 2916 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(g)</sup> | 1821 | 1863 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(g)</sup> | 967 | 985 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(g)</sup> | 1766 | 1839 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(g)</sup> | 1464 | 1524 |

---

**101**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(g)</sup> | USD875 | $907 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(g)</sup> | 3633 | 3645 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(g)</sup> | 3093 | 3120 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(g)</sup> | 2393 | 2401 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(g)</sup> | 2384 | 2385 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(g)</sup> | 1536 | 1546 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(g)</sup> | 1383 | 1386 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(g)</sup> | 1180 | 1181 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(g)</sup> | 6273 | 6392 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(g)</sup> | 3411 | 3490 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(g)</sup> | 3220 | 3305 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(g)</sup> | 2991 | 3070 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(g)</sup> | 1833 | 1867 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(g)</sup> | 829 | 843 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(g)</sup> | 7787 | 8048 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(g)</sup> | 1177 | 1221 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(g)</sup> | 597 | 622 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(g)</sup> | 383 | 397 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(g)</sup> | 265 | 276 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(g)</sup> | 141 | 146 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(g)</sup> | 1589 | 1590 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(g)</sup> | 419 | 433 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(g)</sup> | 2355 | 2256 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(g)</sup> | 134 | 128 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(g)</sup> | 5821 | 5710 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(g)</sup> | 6584 | 6589 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(g)</sup> | 5900 | 5915 |
| Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(g)</sup> | 41540 | 39760 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(g)</sup> | 6398 | 6282 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(g)</sup> | 3747 | 3677 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(g)</sup> | 936 | 920 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(g)</sup> | 309 | 304 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(g)</sup> | 3278 | 3280 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(g)</sup> | 1307 | 1309 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(g)</sup> | 293 | 293 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(g)</sup> | 4392 | 4394 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(g)</sup> | 1917 | 1949 |
| Freddie Mac Pool #SD8486 6.50% 1/1/2055 <sup>(g)</sup> | 100 | 103 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(g)</sup> | 3172 | 2951 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(g)</sup> | 3997 | 3827 |
| Freddie Mac Pool #SD8505 5.00% 2/1/2055 <sup>(g)</sup> | 2987 | 2929 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(g)</sup> | 182 | 182 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(g)</sup> | 2934 | 2983 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(g)</sup> | 1074 | 1074 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(g)</sup> | 390 | 396 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(g)</sup> | 1785 | 1845 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(g)</sup> | 1687 | 1655 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(g)</sup> | 5518 | 5611 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(g)</sup> | 5359 | 5449 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(g)</sup> | 4855 | 5017 |
| Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(g)</sup> | 1640 | 1694 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(g)</sup> | 3572 | 3504 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(g)</sup> | 61 | 61 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(g)</sup> | 1422 | 1445 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(g)</sup> | 765 | 778 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(g)</sup> | 704 | 716 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(g)</sup> | 42 | 39 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(g)</sup> | 2098 | 2057 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(g)</sup> | 386 | 386 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(g)</sup> | 26271 | 26711 |

---

American Funds Insurance Series **102**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac, Series T041, Class 3A, 4.45% 7/25/2032 <sup>(g)(h)</sup> | USD148 | $136 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(g)</sup> | 10192 | 10655 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(g)(h)</sup> | 2047 | 1923 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(g)(h)</sup> | 884 | 840 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(g)</sup> | 4060 | 3793 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(g)(h)</sup> | 3930 | 3686 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(g)(h)</sup> | 765 | 690 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(g)</sup> | 639 | 574 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(g)</sup> | 1240 | 1196 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(g)</sup> | 1628 | 1460 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(g)</sup> | 6893 | 6591 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(g)</sup> | 4032 | 3739 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(g)</sup> | 1606 | 1562 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(g)</sup> | 3146 | 3050 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(g)</sup> | 2455 | 2374 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(g)</sup> | 1955 | 1857 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(g)</sup> | 411 | 384 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(g)</sup> | 256 | 250 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(g)</sup> | 152 | 148 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(g)</sup> | 6651 | 5424 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(g)</sup> | 66491 | 54207 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(g)</sup> | 1322 | 1289 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(g)</sup> | 364 | 355 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(g)</sup> | 138 | 118 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(g)</sup> | 19601 | 16674 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(g)</sup> | 4775 | 4062 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(g)</sup> | 17975 | 15920 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(g)</sup> | 772 | 656 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(g)</sup> | 13647 | 12084 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(g)</sup> | 128 | 117 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(g)</sup> | 824 | 703 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(g)</sup> | 628 | 573 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(g)</sup> | 9635 | 9027 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(g)</sup> | 30121 | 27525 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(g)</sup> | 2178 | 1852 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(g)</sup> | 1859 | 1594 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(g)</sup> | 2934 | 2822 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(g)</sup> | 24822 | 23853 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(g)</sup> | 5140 | 4787 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(g)</sup> | 2023 | 1479 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2055 <sup>(g)(j)</sup> | 27010 | 21388 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(g)(j)</sup> | 184341 | 152871 |
| Uniform Mortgage-Backed Security 3.00% 7/1/2055 <sup>(g)(j)</sup> | 329 | 285 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(g)(j)</sup> | 16339 | 14712 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(g)(j)</sup> | 5029 | 4677 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(g)(j)</sup> | 33 | 32 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(g)(j)</sup> | 2036 | 2036 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(g)(j)</sup> | 81295 | 82618 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(g)(j)</sup> | 1024 | 811 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(g)(j)</sup> | 7719 | 6679 |
| Uniform Mortgage-Backed Security 3.50% 8/1/2055 <sup>(g)(j)</sup> | 133584 | 120248 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(g)(j)</sup> | 10641 | 9894 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(g)(j)</sup> | 107699 | 111049 |
|  |  | 2613173 |
| Commercial mortgage-backed securities 0.84% |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(g)</sup> | 1400 | 1356 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(g)</sup> | 645 | 655 |

---

**103**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(g)</sup> | USD5,368 | $5662 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(g)(h)</sup> | 857 | 918 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(g)</sup> | 4615 | 4782 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(g)</sup> | 1380 | 1441 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(g)(h)</sup> | 4062 | 4265 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(g)(h)</sup> | 1914 | 2001 |
| Bank Commercial Mortgage Trust, Series 2025-BNK49, Class A5, 5.623% 3/15/2058 <sup>(g)(h)</sup> | 2753 | 2882 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(g)</sup> | 2909 | 2621 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(g)(h)</sup> | 490 | 484 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(g)</sup> | 3006 | 3108 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(g)(h)</sup> | 1792 | 1912 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(g)</sup> | 1828 | 1892 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(g)</sup> | 1000 | 981 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(g)</sup> | 2960 | 2624 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(g)(h)</sup> | 750 | 745 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(g)</sup> | 2112 | 2186 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(g)(h)</sup> | 590 | 614 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(g)</sup> | 618 | 633 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(g)(h)</sup> | 1750 | 1760 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(g)</sup> | 1117 | 1167 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(g)(h)</sup> | 6990 | 7260 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(g)(h)</sup> | 1450 | 1506 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(g)</sup> | 3334 | 3484 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.754% 4/15/2029 <sup>(d)(g)(h)</sup> | 4665 | 4681 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 5.015% 9/15/2034 <sup>(d)(g)(h)</sup> | 5608 | 5592 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(g)(h)</sup> | 4365 | 4352 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 5.325% 10/15/2036 <sup>(d)(g)(h)</sup> | 7968 | 7963 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(d)(g)(h)</sup> | 5348 | 5344 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(d)(g)(h)</sup> | 3970 | 3970 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(d)(g)(h)</sup> | 1070 | 1070 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(d)(g)(h)</sup> | 965 | 965 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(d)(g)(h)</sup> | 4504 | 4504 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(d)(g)(h)</sup> | 6334 | 6333 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(d)(g)(h)</sup> | 7668 | 7708 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(d)(g)(h)</sup> | 11410 | 11575 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(d)(g)(h)</sup> | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.652% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(d)(g)(h)</sup> | 1414 | 1419 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(d)(g)(h)</sup> | 5162 | 5151 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(g)(h)</sup> | 3606 | 3727 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(d)(g)</sup> | 3677 | 3839 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 <sup>(d)(g)(h)</sup> | 1350 | 1351 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 (d)(g)(h) | 1105 | 1106 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 <sup>(d)(g)(h)</sup> | 1154 | 1155 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 12/15/2029 <sup>(d)(g)(h)</sup> | 2748 | 2752 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(d)(g)</sup> | 3795 | 3338 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% |  |  |
| &nbsp;&nbsp;&nbsp;5/15/2041 <sup>(d)(g)(h)</sup> | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 5.101% 9/15/2038 <sup>(d)(g)(h)</sup> | 1214 | 1211 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(g)</sup> | 2489 | 2246 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(g)(h)</sup> | 2059 | 2063 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(g)(h)</sup> | 5246 | 5393 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(g)(h)</sup> | 10151 | 10475 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(d)(g)</sup> | 1522 | 1388 |

---

American Funds Insurance Series **104**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(d)(g)</sup> | USD578 | $516 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% |  |  |
| &nbsp;&nbsp;&nbsp;1/5/2039 (d)(g)(h) | 100 | 85 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.593%) 5.905% 11/15/2039 <sup>(d)(g)(h)</sup> | 1960 | 1964 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(d)(g)</sup> | 13772 | 13031 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;0.915%) 5.227% 4/15/2038 <sup>(d)(g)(h)</sup> | 487 | 488 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.792% 4/15/2055 <sup>(g)(h)</sup> | 370 | 345 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) |  |  |
| &nbsp;&nbsp;&nbsp;6.705% 5/25/2055 <sup>(d)(g)(h)</sup> | 577 | 579 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) |  |  |
| &nbsp;&nbsp;&nbsp;5.703% 5/15/2039 <sup>(d)(g)(h)</sup> | 3964 | 3964 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(d)(g)</sup> | 2194 | 1927 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 5.157% 11/15/2038 <sup>(d)(g)(h)</sup> | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.00%) 5.312% 1/15/2039 <sup>(d)(g)(h)</sup> | 10709 | 10674 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.755% 3/15/2042 <sup>(d)(g)(h)</sup> | 9322 | 9268 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(g)(h)</sup> | 1620 | 1532 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(g)</sup> | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;2.789%) 7.101% 11/15/2027 <sup>(d)(g)(h)</sup> | 5716 | 5728 |
|  |  | 231685 |
| Collateralized mortgage-backed obligations (privately originated) 0.23% |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(d)(g)(k)</sup> | 6136 | 6161 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(d)(g)(h)</sup> | 672 | 607 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on |  |  |
| &nbsp;&nbsp;&nbsp;5/1/2027) <sup>(d)(g)(k)</sup> | 546 | 550 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(d)(g)(h)</sup> | 5671 | 5552 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(d)(g)(k)</sup> | 1575 | 1558 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(d)(g)(k)</sup> | 2751 | 2757 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(g)</sup> | 112 | 114 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(d)(g)(k)</sup> | 6582 | 6340 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(d)(g)(h)</sup> | 306 | 308 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.25%) 5.555% 5/25/2044 <sup>(d)(g)(h)</sup> | 3642 | 3659 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(d)(g)</sup> | 3645 | 3510 |
| IRV Trust, Series 2025-200P, Class A, 5.471% 3/14/2047 <sup>(d)(g)(h)</sup> | 6890 | 6980 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(g)</sup> | 212 | 213 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/1/2028) <sup>(d)(g)(k)</sup> | 2448 | 2475 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on |  |  |
| &nbsp;&nbsp;&nbsp;5/1/2029) (d)(g)(k) | 680 | 683 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(d)(g)(k)</sup> | 4511 | 4519 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(g)</sup> | 2635 | 2483 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(d)(g)</sup> | 2446 | 2385 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;6.062% 10/17/2041 <sup>(d)(g)(h)</sup> | 4925 | 4957 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 2/17/2042 <sup>(d)(g)(h)</sup> | 675 | 676 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(d)(g)</sup> | 2490 | 2409 |

---

**105**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(d)(g)(k)</sup> | USD1,910 | $1923 |
| Verus Securitization Trust, Series 24-R1, Class A1, 5.218% 9/25/2069 (6.218% on 10/1/2028) <sup>(d)(g)(k)</sup> | 1943 | 1943 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(d)(g)(k)</sup> | 1217 | 1230 |
|  |  | 63992 |
| Total mortgage-backed obligations |  | 2908850 |
| **Corporate bonds, notes & loans 7.30%** |  |  |
| **Corporate bonds, notes & loans 7.30%** |  |  |
| Financials 1.75% |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 | 4890 | 4766 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) |  |  |
| &nbsp;&nbsp;&nbsp;7.61% 11/17/2029 <sup>(b)(d)(h)(l)</sup> | 5453 | 5412 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(d)</sup> | 4470 | 4474 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(d)</sup> | 1072 | 1111 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(k)</sup> | 4250 | 4286 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(d)</sup> | 1940 | 1906 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(d)</sup> | 2295 | 2264 |
| Ally Financial, Inc. 8.00% 11/1/2031 | 2688 | 3040 |
| American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(k)</sup> | 4810 | 4839 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(k)</sup> | 2407 | 2623 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(k)</sup> | 5885 | 6010 |
| American International Group, Inc. 5.125% 3/27/2033 | 2937 | 2988 |
| American International Group, Inc. 5.45% 5/7/2035 | 530 | 544 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(d)</sup> | 1348 | 1311 |
| Aon North America, Inc. 5.45% 3/1/2034 | 600 | 617 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(d)</sup> | 2415 | 2543 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(d)</sup> | 1250 | 1266 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 750 | 761 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 5444 | 5450 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 2586 | 2482 |
| Athene Holding, Ltd. 6.625% 5/19/2055 | 770 | 794 |
| Banco Santander, SA 5.147% 8/18/2025 | 1400 | 1401 |
| Banco Santander, SA 5.565% 1/17/2030 | 6400 | 6647 |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.90% on 9/25/2029) <sup>(k)</sup> | 2176 | 2026 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(k)</sup> | 485 | 455 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(k)</sup> | 5533 | 5765 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(k)</sup> | 1000 | 872 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(k)</sup> | 4064 | 4147 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(k)</sup> | 1182 | 1212 |
| Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(k)</sup> | 3477 | 3561 |
| Bank of New York Mellon Corp. 5.225% 11/20/2035 (USD-SOFR + 1.253% on 11/20/2034) <sup>(k)</sup> | 326 | 332 |
| Bank of New York Mellon Corp. 5.316% 6/6/2036 (USD-SOFR + 1.35% on 6/6/2035) <sup>(k)</sup> | 3359 | 3430 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on |  |  |
| &nbsp;&nbsp;&nbsp;2/11/2030) <sup>(d)(k)</sup> | 2220 | 2285 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026 | 448 | 445 |
| Blackstone Private Credit Fund 6.00% 11/22/2034 | 2020 | 1976 |
| Block, Inc. 3.50% 6/1/2031 | 2325 | 2134 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 1230 | 1223 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 800 | 823 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(d)(k)</sup> | 2535 | 2350 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(d)</sup> | 1150 | 1222 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(d)(k)</sup> | 8155 | 8462 |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(d)(k)</sup> | 3015 | 3071 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(d)(k)</sup> | 9000 | 9456 |
| BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(k)</sup> | 4295 | 4426 |
| Brown & Brown, Inc. 4.60% 12/23/2026 | 1250 | 1256 |
| Brown & Brown, Inc. 5.25% 6/23/2032 | 358 | 365 |
| Brown & Brown, Inc. 5.55% 6/23/2035 | 7665 | 7819 |

---

American Funds Insurance Series **106**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Brown & Brown, Inc. 6.25% 6/23/2055 | USD5,952 | $6141 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(k)</sup> | 938 | 975 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(d)(k)</sup> | 4764 | 4928 |
| CaixaBank, SA 4.885% 7/3/2031 (USD-SOFR + 1.36% on 7/3/2030) <sup>(d)(k)</sup> | 5200 | 5223 |
| CaixaBank, SA 5.581% 7/3/2036 (USD-SOFR + 1.79% on 7/3/2035) <sup>(d)(k)</sup> | 4887 | 4939 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(k)</sup> | 2859 | 2981 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 880 | 873 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4623 | 4712 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 400 | 346 |
| Citibank, NA 4.914% 5/29/2030 | 4825 | 4919 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025) <sup>(k)</sup> | 8000 | 8018 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(k)</sup> | 7250 | 7303 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(k)</sup> | 2242 | 2288 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(k)</sup> | 4750 | 4729 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(k)</sup> | 2506 | 2192 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(k)</sup> | 1299 | 1335 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(k)</sup> | 1650 | 1664 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(k)</sup> | 4213 | 4360 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(k)</sup> | 3808 | 4107 |
| CME Group, Inc. 3.75% 6/15/2028 | 3069 | 3050 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(d)</sup> | 6514 | 6112 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(d)</sup> | 5766 | 5139 |
| Cooperatieve Rabobank UA 4.375% 8/4/2025 | 4032 | 4030 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 | 914 | 902 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 556 | 545 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 315 | 296 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 182 | 153 |
| Corebridge Financial, Inc. 4.40% 4/5/2052 | 438 | 351 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(k)</sup> | 6650 | 6461 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(k)</sup> | 1109 | 1128 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(k)</sup> | 2250 | 2364 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(k)</sup> | 750 | 800 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(k)</sup> | 300 | 281 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025) <sup>(d)(k)</sup> | 6945 | 6971 |
| First Citizens BancShares, Inc. 5.231% 3/12/2031 (USD-SOFR + 1.41% on 3/12/2030) <sup>(k)</sup> | 4540 | 4565 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(k)</sup> | 2198 | 2129 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(k)</sup> | 4000 | 3886 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(k)</sup> | 1980 | 1996 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(k)</sup> | 8513 | 8540 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(k)</sup> | 1443 | 1480 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(k)</sup> | 2000 | 1497 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(k)</sup> | 937 | 833 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(k)</sup> | 873 | 773 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(k)</sup> | 15084 | 15173 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(k)</sup> | 809 | 832 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(k)</sup> | 537 | 577 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(d)</sup> | 690 | 722 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031 | 2020 | 2095 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% |  |  |
| &nbsp;&nbsp;&nbsp;on 11/21/2032) <sup>(d)(k)</sup> | 4122 | 4787 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on |  |  |
| &nbsp;&nbsp;&nbsp;6/20/2053) <sup>(d)(k)</sup> | 3245 | 3644 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(d)</sup> | 3015 | 3102 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(d)</sup> | 3010 | 3121 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(k)</sup> | 2666 | 2611 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(k)</sup> | 1066 | 1076 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(k)</sup> | 1550 | 1549 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(k)</sup> | 3351 | 3387 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(k)</sup> | 3630 | 3642 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(k)</sup> | 4250 | 4468 |

---

**107**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(k)</sup> | USD1,262 | $1311 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(k)</sup> | 4718 | 4735 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(k)</sup> | 1081 | 1100 |
| JPMorgan Chase & Co. 5.502% 1/24/2036 (USD-SOFR + 1.315% on 1/24/2035) <sup>(k)</sup> | 2952 | 3042 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.70% on 10/2/2026) <sup>(k)</sup> | 1222 | 1190 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029 | 1705 | 1712 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031 | 7000 | 7112 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2250 | 2251 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049 | 719 | 650 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051 | 920 | 579 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2000 | 1929 |
| Mastercard, Inc. 4.35% 1/15/2032 | 4801 | 4782 |
| Mastercard, Inc. 4.85% 3/9/2033 | 2258 | 2302 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(d)</sup> | 1600 | 1625 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025) <sup>(k)</sup> | 2450 | 2450 |
| Morgan Stanley 3.125% 7/27/2026 | 325 | 321 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(k)</sup> | 463 | 470 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(k)</sup> | 3995 | 4074 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(k)</sup> | 3097 | 3186 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(k)</sup> | 3584 | 3646 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(k)</sup> | 1506 | 1542 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(k)</sup> | 1031 | 951 |
| Morgan Stanley 5.516% 11/19/2055 (USD-SOFR + 1.71% on 11/19/2054) <sup>(k)</sup> | 3500 | 3423 |
| MPT Finance Corp. 7.00% 2/15/2032 | EUR2,075 | 2508 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(d)</sup> | USD1,230 | 1278 |
| Navient Corp. 6.75% 6/15/2026 | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029 | 11105 | 10884 |
| Navient Corp. 11.50% 3/15/2031 | 4860 | 5510 |
| Navient Corp. 7.875% 6/15/2032 | 1095 | 1140 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(d)</sup> | 529 | 518 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(d)</sup> | 1132 | 1108 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(d)</sup> | 2240 | 2162 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(d)</sup> | 2420 | 2427 |
| PayPal Holdings, Inc. 2.65% 10/1/2026 | 593 | 582 |
| PayPal Holdings, Inc. 2.30% 6/1/2030 | 552 | 502 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(d)</sup> | 1375 | 1411 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(d)</sup> | 540 | 541 |
| PNC Bank, National Association, 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(k)</sup> | 1720 | 1721 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(k)</sup> | 4180 | 4310 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028 | 383 | 388 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028 | 350 | 364 |
| Power Finance Corp., Ltd. 4.50% 6/18/2029 | 554 | 546 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030 | 1213 | 1163 |
| Prudential Financial, Inc. 4.35% 2/25/2050 | 1976 | 1642 |
| Prudential Financial, Inc. 3.70% 3/13/2051 | 677 | 498 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(d)</sup> | 2110 | 2059 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(d)</sup> | 1505 | 1431 |
| SLM Corp. 6.50% 1/31/2030 | 1460 | 1534 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(d)</sup> | 3580 | 3549 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(d)</sup> | 970 | 1021 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(d)</sup> | 525 | 543 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 |  |  |
| &nbsp;&nbsp;&nbsp;(5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029) <sup>(d)(k)</sup> | 1000 | 999 |
| Travelers Cos., Inc. 4.00% 5/30/2047 | 771 | 618 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(k)</sup> | 2000 | 2003 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(k)</sup> | 1677 | 1814 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(k)</sup> | 506 | 514 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(h)(l)</sup> | 2190 | 2221 |
| U.S. Bancorp 2.375% 7/22/2026 | 3584 | 3520 |

---

American Funds Insurance Series **108**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(k)</sup> | USD3,808 | $3882 |
| UBS Group AG 4.125% 9/24/2025 <sup>(d)</sup> | 2750 | 2746 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028) <sup>(d)(k)(m)</sup> | 800 | 788 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on |  |  |
| &nbsp;&nbsp;&nbsp;2/8/2029) <sup>(d)(k)</sup> | 3575 | 3672 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(d)</sup> | 625 | 625 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(d)</sup> | 5950 | 6194 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(k)</sup> | 7025 | 7180 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(k)</sup> | 400 | 385 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(k)</sup> | 2070 | 2099 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(k)</sup> | 7225 | 7637 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(k)</sup> | 3360 | 3674 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(k)</sup> | 390 | 403 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.75% on 11/15/2030) <sup>(k)</sup> | 2980 | 2630 |
| Westpac Banking Corp. 2.963% 11/16/2040 | 1344 | 996 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(d)</sup> | 1025 | 1035 |
|  |  | 485259 |
| Communication services 0.86% |  |  |
| Alphabet, Inc. 5.25% 5/15/2055 | 821 | 809 |
| Alphabet, Inc. 5.30% 5/15/2065 | 1876 | 1838 |
| AT&T, Inc. 2.25% 2/1/2032 | 800 | 689 |
| AT&T, Inc. 3.50% 9/15/2053 | 5140 | 3482 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(d)</sup> | 1350 | 1309 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(d)</sup> | 5750 | 5486 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(d)</sup> | 9361 | 8751 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(d)</sup> | 3115 | 2957 |
| CCO Holdings, LLC 4.50% 5/1/2032 | 7189 | 6699 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(d)</sup> | 2085 | 1907 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(d)</sup> | 1135 | 1011 |
| Charter Communications Operating, LLC 4.908% 7/23/2025 | 116 | 116 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 4823 | 3862 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 5493 | 3662 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 8760 | 6017 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 4965 | 4221 |
| Comcast Corp. 2.35% 1/15/2027 | 3584 | 3488 |
| Comcast Corp. 4.80% 5/15/2033 | 2165 | 2161 |
| Comcast Corp. 5.65% 6/1/2054 | 2281 | 2218 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(d)</sup> | 6425 | 6466 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(d)</sup> | 1400 | 1338 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(h)(l)</sup> | 972 | 949 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(h)(l)</sup> | 2666 | 2632 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(d)</sup> | 4713 | 4701 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(d)</sup> | 10154 | 10475 |
| EchoStar Corp. 10.75% 11/30/2029 | 4409 | 4545 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(n)</sup> | 1964 | 1793 |
| Embarq, LLC 7.995% 6/1/2036 | 8084 | 3712 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(d)</sup> | 6550 | 6640 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 5591 | 5651 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(d)</sup> | 3196 | 3240 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(d)</sup> | 1100 | 1151 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(d)</sup> | 7305 | 7853 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(d)</sup> | 1656 | 1254 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(d)</sup> | 4790 | 3596 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(h)(l)</sup> | 1086 | 1086 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(d)</sup> | 8871 | 9068 |

---

**109**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Communication services (continued) |  |  |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(d)(n)(o)</sup> | USD7,331 | $2529 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(l)(n)</sup> | 1540 | 1540 |
| Meta Platforms, Inc. 4.75% 8/15/2034 | 3584 | 3602 |
| Meta Platforms, Inc. 5.40% 8/15/2054 | 3584 | 3498 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(d)</sup> | 1875 | 1872 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(d)</sup> | 2950 | 2875 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(d)</sup> | 7802 | 7488 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(d)</sup> | 1375 | 1390 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(d)</sup> | 6650 | 6392 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(d)</sup> | 7282 | 6719 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(d)</sup> | 7547 | 6713 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032 | 2185 | 2071 |
| T-Mobile USA, Inc. 1.50% 2/15/2026 | 500 | 490 |
| T-Mobile USA, Inc. 2.05% 2/15/2028 | 325 | 307 |
| T-Mobile USA, Inc. 4.95% 3/15/2028 | 1918 | 1951 |
| T-Mobile USA, Inc. 4.80% 7/15/2028 | 4000 | 4054 |
| T-Mobile USA, Inc. 5.125% 5/15/2032 | 3623 | 3696 |
| T-Mobile USA, Inc. 5.30% 5/15/2035 | 4665 | 4725 |
| Univision Communications, Inc. 6.625% 6/1/2027 <sup>(d)</sup> | 6300 | 6289 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(d)</sup> | 300 | 305 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(d)</sup> | 6234 | 5674 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(d)</sup> | 1216 | 1196 |
| Verizon Communications, Inc. 2.55% 3/21/2031 | 410 | 368 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | 2944 | 2539 |
| Verizon Communications, Inc. 5.05% 5/9/2033 | 1946 | 1974 |
| Verizon Communications, Inc. 5.25% 4/2/2035 | 6205 | 6259 |
| Verizon Communications, Inc. 2.875% 11/20/2050 | 601 | 375 |
| Verizon Communications, Inc. 2.987% 10/30/2056 | 1537 | 926 |
| Vodafone Group PLC 4.25% 9/17/2050 | 3898 | 3041 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 1018 | 950 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 4748 | 3335 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(l)</sup> | 2675 | 2604 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(h)(l)</sup> | 2776 | 2716 |
|  |  | 238238 |
| Health care 0.78% |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(d)</sup> | 1840 | 1857 |
| AbbVie, Inc. 5.20% 3/15/2035 | 3056 | 3123 |
| AbbVie, Inc. 5.40% 3/15/2054 | 7250 | 7055 |
| AbbVie, Inc. 5.60% 3/15/2055 | 2261 | 2264 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(d)</sup> | 645 | 647 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(d)</sup> | 1990 | 1877 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(d)</sup> | 1010 | 961 |
| Amgen, Inc. 5.25% 3/2/2030 | 1244 | 1282 |
| Amgen, Inc. 5.25% 3/2/2033 | 2990 | 3063 |
| Amgen, Inc. 5.60% 3/2/2043 | 1500 | 1489 |
| Amgen, Inc. 5.65% 3/2/2053 | 2750 | 2687 |
| Amgen, Inc. 4.40% 2/22/2062 | 1697 | 1326 |
| Amgen, Inc. 5.75% 3/2/2063 | 858 | 835 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1677 | 1573 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031 | 1658 | 1704 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 | 665 | 595 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 | 3181 | 3244 |
| AstraZeneca PLC 3.375% 11/16/2025 | 1022 | 1018 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(d)</sup> | 1025 | 865 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(d)</sup> | 1525 | 1511 |
| Baxter International, Inc. 1.915% 2/1/2027 | 4739 | 4564 |
| Baxter International, Inc. 2.272% 12/1/2028 | 3180 | 2961 |

---

American Funds Insurance Series **110**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Health care (continued) |  |  |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(d)</sup> | USD5,419 | $5509 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(d)</sup> | 3092 | 3248 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 1800 | 1865 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 825 | 845 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064 | 2550 | 2478 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(d)</sup> | 1750 | 1685 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(d)</sup> | 285 | 302 |
| CVS Health Corp. 5.00% 1/30/2029 | 3831 | 3890 |
| CVS Health Corp. 5.40% 6/1/2029 | 4144 | 4266 |
| CVS Health Corp. 5.55% 6/1/2031 | 3039 | 3158 |
| CVS Health Corp. 5.70% 6/1/2034 | 4053 | 4175 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(d)</sup> | 2865 | 2608 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(d)</sup> | 810 | 840 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(d)</sup> | 1600 | 1653 |
| Elevance Health, Inc. 4.90% 2/8/2026 | 1417 | 1417 |
| Elevance Health, Inc. 5.20% 2/15/2035 | 610 | 617 |
| Elevance Health, Inc. 5.125% 2/15/2053 | 308 | 275 |
| Eli Lilly and Co. 5.10% 2/12/2035 | 8075 | 8280 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(d)</sup> | 2200 | 2332 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(h)(l)</sup> | 2556 | 2557 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 1522 | 1545 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 | 2642 | 2734 |
| Gilead Sciences, Inc. 5.10% 6/15/2035 | 500 | 507 |
| Grifols SA 3.875% 10/15/2028 | EUR800 | 904 |
| Grifols SA 7.50% 5/1/2030 | 400 | 494 |
| HCA, Inc. 3.375% 3/15/2029 | USD720 | 692 |
| HCA, Inc. 3.625% 3/15/2032 | 896 | 827 |
| HCA, Inc. 4.375% 3/15/2042 | 1344 | 1125 |
| HCA, Inc. 4.625% 3/15/2052 | 1299 | 1045 |
| Humana, Inc. 5.375% 4/15/2031 | 3194 | 3268 |
| Humana, Inc. 5.55% 5/1/2035 | 6289 | 6327 |
| Humana, Inc. 5.75% 4/15/2054 | 1359 | 1267 |
| Humana, Inc. 6.00% 5/1/2055 | 230 | 222 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(d)</sup> | 885 | 923 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(d)</sup> | 2050 | 2109 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 | 1983 | 1994 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(d)</sup> | 545 | 533 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(d)</sup> | 2899 | 2698 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(d)</sup> | 5110 | 4655 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(d)</sup> | 1900 | 1935 |
| Novant Health, Inc. 3.168% 11/1/2051 | 3360 | 2212 |
| Novartis Capital Corp. 2.00% 2/14/2027 | 570 | 554 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(d)</sup> | 5360 | 4809 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(d)</sup> | 2300 | 2163 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 1000 | 945 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(d)</sup> | 2445 | 2454 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% |  |  |
| &nbsp;&nbsp;&nbsp;Cash 1/31/2029 <sup>(h)(l)(n)</sup> | 3369 | 3362 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(d)</sup> | 3450 | 3458 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(d)</sup> | 2244 | 2222 |
| Summa Health 3.511% 11/15/2051 | 1483 | 1223 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 8987 | 8992 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055 | 1983 | 1994 |
| Tenet Healthcare Corp. 4.625% 6/15/2028 | 645 | 637 |
| Tenet Healthcare Corp. 4.25% 6/1/2029 | 1975 | 1917 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 5360 | 5259 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 11995 | 12073 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2000 | 2267 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032 | 5863 | 5940 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 | 3650 | 3689 |

---

**111**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Health care (continued) |  |  |
| UnitedHealth Group, Inc. 5.30% 6/15/2035 | USD4,818 | $4912 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 | 2900 | 2815 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055 | 3754 | 3815 |
| Viatris, Inc. 4.00% 6/22/2050 | 3161 | 2107 |
|  |  | 214124 |
| Energy 0.70% |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(d)</sup> | 2390 | 2374 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(d)</sup> | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(d)</sup> | 1270 | 1273 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(d)</sup> | 510 | 519 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(d)</sup> | 430 | 437 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(d)</sup> | 3087 | 2822 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(d)</sup> | 1298 | 1149 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 861 | 860 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | 1397 | 1196 |
| Chevron USA, Inc. 4.687% 4/15/2030 | 8472 | 8644 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(d)</sup> | 1325 | 1354 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(d)</sup> | 2075 | 2164 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(d)</sup> | 480 | 474 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(d)</sup> | 2780 | 2850 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(d)</sup> | 525 | 533 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(d)</sup> | 735 | 744 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(d)</sup> | 1055 | 999 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(d)</sup> | 2675 | 2687 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(d)</sup> | 553 | 577 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(d)</sup> | 1180 | 1223 |
| ConocoPhillips Co. 5.50% 1/15/2055 | 3823 | 3631 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(d)</sup> | 2320 | 2363 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(d)</sup> | 1510 | 1476 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(d)</sup> | 1210 | 1158 |
| Devon Energy Corp. 5.20% 9/15/2034 | 2157 | 2096 |
| Devon Energy Corp. 5.75% 9/15/2054 | 7806 | 7034 |
| Diamondback Energy, Inc. 5.55% 4/1/2035 | 3000 | 3034 |
| Diamondback Energy, Inc. 5.75% 4/18/2054 | 5000 | 4646 |
| Enbridge, Inc. 3.70% 7/15/2027 | 56 | 55 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(d)</sup> | 395 | 437 |
| Energy Transfer, LP 4.75% 1/15/2026 | 2235 | 2235 |
| Eni SpA 5.75% 5/19/2035 <sup>(d)</sup> | 360 | 368 |
| Eni SpA 5.95% 5/15/2054 <sup>(d)</sup> | 831 | 805 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026 | 3153 | 3160 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046 | 448 | 403 |
| EOG Resources, Inc. 4.40% 7/15/2028 | 410 | 412 |
| EOG Resources, Inc. 5.65% 12/1/2054 | 3079 | 3009 |
| EQT Corp. 7.50% 6/1/2030 <sup>(d)</sup> | 642 | 706 |
| EQT Corp. 4.75% 1/15/2031 <sup>(d)</sup> | 1635 | 1610 |
| Equinor ASA 4.25% 11/23/2041 | 1792 | 1589 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(d)</sup> | 790 | 794 |
| Expand Energy Corp. 5.375% 3/15/2030 | 1645 | 1651 |
| Expand Energy Corp. 4.75% 2/1/2032 | 810 | 788 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(o)</sup> | 7225 | 29 |
| Exxon Mobil Corp. 2.44% 8/16/2029 | 213 | 201 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 555 | 394 |
| Genesis Energy, LP 7.75% 2/1/2028 | 350 | 355 |
| Genesis Energy, LP 8.25% 1/15/2029 | 670 | 701 |
| Genesis Energy, LP 8.875% 4/15/2030 | 884 | 939 |
| Genesis Energy, LP 7.875% 5/15/2032 | 1120 | 1165 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup> | 1135 | 1149 |

---

American Funds Insurance Series **112**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| GreenSaif Pipelines Bidco SARL 6.129% 2/23/2038 | USD3,477 | $3588 |
| GreenSaif Pipelines Bidco SARL 6.51% 2/23/2042 | 2003 | 2077 |
| GreenSaif Pipelines Bidco SARL 6.103% 8/23/2042 <sup>(d)</sup> | 4257 | 4263 |
| Halliburton Co. 3.80% 11/15/2025 | 6 | 6 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(d)</sup> | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(d)</sup> | 190 | 201 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(d)</sup> | 750 | 762 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(d)</sup> | 1655 | 1645 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(d)</sup> | 960 | 924 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(d)</sup> | 400 | 402 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(d)</sup> | 465 | 452 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(d)</sup> | 540 | 523 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(d)</sup> | 475 | 493 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(d)</sup> | 1325 | 1327 |
| MPLX, LP 4.125% 3/1/2027 | 448 | 446 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(d)</sup> | 1745 | 1672 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(d)</sup> | 1375 | 764 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(d)</sup> | 20423 | 9289 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(d)</sup> | 300 | 310 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 | 2268 | 2237 |
| Occidental Petroleum Corp. 6.05% 10/1/2054 | 6482 | 5946 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(d)</sup> | 1550 | 1552 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(d)</sup> | 510 | 489 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(d)</sup> | 586 | 642 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(d)</sup> | 1020 | 1058 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(d)</sup> | 800 | 808 |
| Petroleos Mexicanos 6.875% 10/16/2025 | 2517 | 2516 |
| Petroleos Mexicanos 4.50% 1/23/2026 | 400 | 395 |
| Petroleos Mexicanos 6.875% 8/4/2026 | 850 | 851 |
| Petroleos Mexicanos 6.50% 3/13/2027 | 2500 | 2484 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 4260 | 4118 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 3280 | 2968 |
| Petroleos Mexicanos 6.70% 2/16/2032 | 5793 | 5387 |
| Petroleos Mexicanos 6.50% 6/2/2041 | 41 | 31 |
| Petroleos Mexicanos 6.375% 1/23/2045 | 16 | 11 |
| Petroleos Mexicanos 6.75% 9/21/2047 | 139 | 101 |
| Petroleos Mexicanos 6.35% 2/12/2048 | 23 | 16 |
| Petroleos Mexicanos 7.69% 1/23/2050 | 2548 | 2006 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 163 | 117 |
| Plains All American Pipeline, LP 3.80% 9/15/2030 | 101 | 97 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(d)</sup> | 2689 | 2642 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup> | 4040 | 3797 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(d)</sup> | 625 | 637 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 <sup>(d)</sup> | 1668 | 1674 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(d)</sup> | 1475 | 1523 |
| Sunoco, LP 4.50% 5/15/2029 | 925 | 899 |
| Sunoco, LP 4.50% 4/30/2030 | 1105 | 1063 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(d)</sup> | 530 | 539 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(d)</sup> | 500 | 512 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(d)</sup> | 85 | 87 |
| TGS ASA 8.50% 1/15/2030 <sup>(d)</sup> | 1235 | 1280 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(d)</sup> | 445 | 458 |
| TotalEnergies Capital SA 5.275% 9/10/2054 | 3750 | 3514 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028 | 977 | 974 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 536 | 525 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(d)</sup> | 400 | 407 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(d)</sup> | 105 | 104 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(d)</sup> | 2000 | 1787 |
| Valero Energy Corp. 4.00% 4/1/2029 | 3584 | 3516 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(d)</sup> | 1030 | 972 |

---

**113**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(d)</sup> | USD840 | $778 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(d)</sup> | 3680 | 3825 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(d)(k)</sup> | 2000 | 1946 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(d)</sup> | 2215 | 2373 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(d)</sup> | 2730 | 2730 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(d)</sup> | 2035 | 2035 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(d)</sup> | 8996 | 9278 |
|  |  | 194729 |
| Consumer discretionary 0.70% |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% |  |  |
| &nbsp;&nbsp;&nbsp;3/11/2030 (b)(h)(l) | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and |  |  |
| &nbsp;&nbsp;&nbsp;5.947% Cash 3/11/2030 <sup>(b)(h)(l)(n)</sup> | 116 | 116 |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | 501 | 444 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034 | 766 | 739 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 200 | 176 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(d)</sup> | 2115 | 2044 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 350 | 363 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(d)</sup> | 2075 | 2150 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(d)</sup> | 2375 | 2326 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(d)</sup> | 1270 | 1300 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(d)</sup> | 6570 | 6657 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(d)</sup> | 604 | 613 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(d)</sup> | 1350 | 1260 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(d)</sup> | 3281 | 3345 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(d)</sup> | 8140 | 8333 |
| Daimler Trucks Finance North America, LLC 5.375% 6/25/2034 <sup>(d)</sup> | 1070 | 1073 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(d)</sup> | 3580 | 3431 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 2111 | 2188 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3385 | 3393 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 6830 | 6853 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 1425 | 1480 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 4370 | 4366 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030 | 10705 | 10840 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034 | 1894 | 1858 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 9342 | 9397 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(d)</sup> | 1300 | 1273 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(d)</sup> | 3525 | 3453 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(d)</sup> | 1385 | 1425 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(d)</sup> | 1625 | 1722 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(d)</sup> | 1885 | 1774 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(d)</sup> | 3580 | 3446 |
| Home Depot, Inc. 1.50% 9/15/2028 | 3000 | 2773 |
| Home Depot, Inc. 3.90% 12/6/2028 | 825 | 823 |
| Home Depot, Inc. 2.95% 6/15/2029 | 1174 | 1124 |
| Home Depot, Inc. 1.875% 9/15/2031 | 3000 | 2584 |
| Home Depot, Inc. 4.50% 12/6/2048 | 428 | 367 |
| Home Depot, Inc. 5.30% 6/25/2054 | 3000 | 2883 |
| Hyatt Hotels Corp. 5.05% 3/30/2028 | 3726 | 3767 |
| Hyatt Hotels Corp. 5.75% 3/30/2032 | 3520 | 3615 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup> | 762 | 740 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(d)</sup> | 3905 | 3937 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(d)</sup> | 1334 | 1342 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(d)</sup> | 6273 | 6355 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup> | 2311 | 2198 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(d)</sup> | 4992 | 5029 |

---

American Funds Insurance Series **114**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(d)</sup> | USD2,756 | $2544 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(d)</sup> | 10081 | 10301 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup> | 4980 | 5036 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(d)</sup> | 991 | 1013 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(d)</sup> | 2445 | 2425 |
| KB Home 7.25% 7/15/2030 | 1295 | 1341 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(d)</sup> | 440 | 428 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(d)</sup> | 1025 | 1091 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(d)</sup> | 2900 | 2768 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(d)</sup> | 1025 | 975 |
| Marriott International, Inc. 4.90% 4/15/2029 | 1207 | 1229 |
| Marriott International, Inc. 2.75% 10/15/2033 | 2500 | 2129 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(d)</sup> | 528 | 507 |
| McDonald's Corp. 4.60% 9/9/2032 | 642 | 643 |
| McDonald's Corp. 4.95% 3/3/2035 | 4392 | 4391 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(d)</sup> | 1710 | 1675 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025 <sup>(d)</sup> | 1344 | 1348 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(d)</sup> | 715 | 753 |
| Newell Brands, Inc. 6.625% 9/15/2029 | 1850 | 1835 |
| Newell Brands, Inc. 6.375% 5/15/2030 | 535 | 522 |
| Newell Brands, Inc. 6.625% 5/15/2032 | 385 | 368 |
| Newell Brands, Inc. 6.875% 4/1/2036 | 1025 | 984 |
| Newell Brands, Inc. 7.00% 4/1/2046 | 475 | 407 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(d)</sup> | 320 | 305 |
| Nissan Motor Co., Ltd. 3.522% 9/17/2025 <sup>(d)</sup> | 200 | 199 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(b)(d)(n)(o)</sup> | 1355 | 135 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% |  |  |
| &nbsp;&nbsp;&nbsp;3/3/2028 <sup>(h)(l)</sup> | 875 | 809 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(d)</sup> | 575 | 592 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(d)</sup> | 910 | 916 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(d)</sup> | 1030 | 1051 |
| Sally Holdings, LLC 6.75% 3/1/2032 | 920 | 945 |
| Sands China, Ltd. 2.30% 3/8/2027 | 1859 | 1786 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(d)</sup> | 3645 | 3539 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(d)</sup> | 2215 | 2107 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 | 384 | 377 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027 | 2240 | 2165 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(d)</sup> | 2100 | 2031 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(d)</sup> | 600 | 587 |
| Volkswagen Group of America Finance, LLC 4.625% 11/13/2025 <sup>(d)</sup> | 3446 | 3444 |
| Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(h)(l)</sup> | 2115 | 2096 |
|  |  | 193299 |
| Information technology 0.56% |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031 | 4734 | 4691 |
| Accenture Capital, Inc. 4.50% 10/4/2034 | 4453 | 4335 |
| Analog Devices, Inc. 5.05% 4/1/2034 | 1281 | 1314 |
| Analog Devices, Inc. 5.30% 4/1/2054 | 1762 | 1700 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup> | 600 | 506 |
| Cisco Systems, Inc. 4.95% 2/26/2031 | 313 | 322 |
| Cisco Systems, Inc. 5.05% 2/26/2034 | 12 | 12 |
| Cisco Systems, Inc. 5.10% 2/24/2035 | 9674 | 9906 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(d)</sup> | 4125 | 4166 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(d)</sup> | 3750 | 3891 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(d)</sup> | 2975 | 3169 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% |  |  |
| &nbsp;&nbsp;&nbsp;3/29/2029 <sup>(h)(l)</sup> | 3816 | 3823 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(d)</sup> | 5703 | 5560 |

---

**115**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Information technology (continued) |  |  |
| CommScope, LLC 8.25% 3/1/2027 <sup>(d)</sup> | USD1,527 | $1522 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(d)</sup> | 1973 | 1941 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(d)</sup> | 400 | 419 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(h)(l)</sup> | 485 | 492 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(d)</sup> | 1525 | 1560 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(d)</sup> | 7575 | 8055 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(h)(l)</sup> | 225 | 230 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(d)</sup> | 1050 | 1023 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(d)</sup> | 3925 | 3971 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup> | 2614 | 2633 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup> | 54 | 55 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(d)</sup> | 1375 | 1415 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 12971 | 11556 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 9228 | 6579 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(d)</sup> | 560 | 578 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(h)(l)</sup> | 1746 | 1755 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(h)(l)</sup> | 900 | 903 |
| Microchip Technology, Inc. 5.05% 3/15/2029 | 3000 | 3049 |
| Microchip Technology, Inc. 5.05% 2/15/2030 | 6361 | 6455 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(d)</sup> | 4144 | 4542 |
| Open Text Holdings, Inc. 4.125% 12/1/2031 <sup>(d)</sup> | 400 | 369 |
| Oracle Corp. 5.25% 2/3/2032 | 4750 | 4874 |
| Oracle Corp. 5.50% 8/3/2035 | 6232 | 6373 |
| Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(d)</sup> | 2400 | 2494 |
| Synopsys, Inc. 5.15% 4/1/2035 | 6898 | 6956 |
| Synopsys, Inc. 5.70% 4/1/2055 | 5521 | 5493 |
| Texas Instruments, Inc. 4.60% 2/8/2029 | 2222 | 2261 |
| Texas Instruments, Inc. 4.85% 2/8/2034 | 1203 | 1223 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(d)</sup> | 950 | 986 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(d)</sup> | 1228 | 1266 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(d)</sup> | 6733 | 6711 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(d)</sup> | 1900 | 1797 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(d)</sup> | 6626 | 5746 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(e)(k)(n)</sup> | 1014 | 1026 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(e)(k)(n)</sup> | 336 | 340 |
| X.Ai Corp. 12.50% 6/30/2030 | 2485 | 2485 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(d)</sup> | 600 | 459 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(d)</sup> | 779 | 589 |
|  |  | 153576 |
| Industrials 0.51% |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(d)</sup> | 335 | 334 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(d)</sup> | 6000 | 6138 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(d)</sup> | 601 | 569 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(d)</sup> | 5175 | 5335 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(d)</sup> | 5835 | 6023 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(d)</sup> | 3403 | 3489 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(d)</sup> | 2663 | 2754 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(d)</sup> | 2772 | 2835 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(d)</sup> | 599 | 592 |
| Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(d)(n)</sup> | 2125 | 2208 |
| Boeing Co. (The) 3.10% 5/1/2026 | 251 | 248 |
| Boeing Co. (The) 3.25% 2/1/2028 | 2000 | 1940 |
| Boeing Co. (The) 5.15% 5/1/2030 | 945 | 963 |
| Boeing Co. (The) 3.625% 2/1/2031 | 178 | 168 |
| Boeing Co. (The) 6.388% 5/1/2031 | 227 | 244 |
| Boeing Co. (The) 3.60% 5/1/2034 | 2500 | 2205 |
| Boeing Co. (The) 6.528% 5/1/2034 | 5453 | 5928 |

---

American Funds Insurance Series **116**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Industrials (continued) |  |  |
| Boeing Co. (The) 5.805% 5/1/2050 | USD3,605 | $3461 |
| Boeing Co. (The) 6.858% 5/1/2054 | 2361 | 2587 |
| Boeing Co. (The) 7.008% 5/1/2064 | 1301 | 1430 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(d)</sup> | 2385 | 2372 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(d)</sup> | 485 | 500 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(d)</sup> | 850 | 886 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1385 | 1337 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035 | 2705 | 2744 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 209 | 152 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 653 | 430 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(d)</sup> | 1347 | 1412 |
| CSX Corp. 4.25% 3/15/2029 | 1062 | 1063 |
| CSX Corp. 5.05% 6/15/2035 | 6111 | 6149 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(d)</sup> | 1540 | 1533 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(d)</sup> | 1510 | 1578 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(d)</sup> | 505 | 529 |
| Icahn Enterprises, LP 5.25% 5/15/2027 | 2535 | 2458 |
| Icahn Enterprises, LP 4.375% 2/1/2029 | 2500 | 2104 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 4059 | 4171 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(d)</sup> | 4250 | 4277 |
| Lockheed Martin Corp. 5.10% 11/15/2027 | 852 | 874 |
| Lockheed Martin Corp. 4.45% 5/15/2028 | 2604 | 2635 |
| Lockheed Martin Corp. 5.70% 11/15/2054 | 1657 | 1673 |
| Norfolk Southern Corp. 4.45% 3/1/2033 | 1515 | 1483 |
| Norfolk Southern Corp. 5.10% 5/1/2035 | 2842 | 2857 |
| Norfolk Southern Corp. 3.05% 5/15/2050 | 2746 | 1808 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028 | 3132 | 3061 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(d)</sup> | 1125 | 1172 |
| Otis Worldwide Corp. 2.293% 4/5/2027 | 1913 | 1852 |
| Paychex, Inc. 5.60% 4/15/2035 | 427 | 442 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(d)</sup> | 1455 | 1503 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(d)</sup> | 1035 | 985 |
| RTX Corp. 5.15% 2/27/2033 | 2669 | 2729 |
| RTX Corp. 5.375% 2/27/2053 | 3950 | 3784 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(d)</sup> | 2225 | 2330 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(d)</sup> | 6288 | 6496 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(d)</sup> | 5581 | 5782 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(b)(d)</sup> | 400 | 400 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(d)</sup> | 1485 | 1539 |
| Triumph Group, Inc. 9.00% 3/15/2028 <sup>(d)</sup> | 1310 | 1370 |
| Union Pacific Corp. 2.40% 2/5/2030 | 2163 | 1996 |
| Union Pacific Corp. 5.10% 2/20/2035 | 2865 | 2915 |
| Union Pacific Corp. 2.95% 3/10/2052 | 1000 | 639 |
| Union Pacific Corp. 5.60% 12/1/2054 | 2487 | 2476 |
| Union Pacific Corp. 3.839% 3/20/2060 | 546 | 393 |
| Union Pacific Corp. 3.799% 4/6/2071 | 545 | 374 |
|  |  | 140668 |
| Real estate 0.39% |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 | 282 | 280 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | 1093 | 1081 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 | 1738 | 1606 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 | 1183 | 1094 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 | 3670 | 2936 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 | 367 | 308 |
| American Tower Corp. 1.45% 9/15/2026 | 2369 | 2289 |
| American Tower Corp. 3.55% 7/15/2027 | 1277 | 1259 |

---

**117**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Real estate (continued) |  |  |
| American Tower Corp. 3.60% 1/15/2028 | USD896 | $880 |
| American Tower Corp. 1.50% 1/31/2028 | 2240 | 2087 |
| American Tower Corp. 2.30% 9/15/2031 | 1344 | 1167 |
| American Tower Corp. 2.95% 1/15/2051 | 1792 | 1136 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(d)</sup> | 3040 | 2670 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(d)</sup> | 1975 | 1847 |
| Boston Properties, LP 6.50% 1/15/2034 | 2223 | 2381 |
| Boston Properties, LP 5.75% 1/15/2035 | 3143 | 3165 |
| Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(h)(l)</sup> | 945 | 945 |
| Extra Space Storage, LP 2.35% 3/15/2032 | 1241 | 1054 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(d)</sup> | 1185 | 1236 |
| Host Hotels & Resorts, LP 4.50% 2/1/2026 | 318 | 317 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(d)</sup> | 1705 | 1693 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(d)</sup> | 2855 | 2721 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(d)</sup> | 3900 | 3602 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2152 | 1833 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(d)</sup> | 3785 | 3736 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(d)</sup> | 2650 | 2527 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 1884 | 1897 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 | 12137 | 11221 |
| MPT Operating Partnership, LP 4.625% 8/1/2029 | 630 | 497 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(d)</sup> | 3968 | 4156 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(d)</sup> | 2280 | 2210 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(d)</sup> | 1000 | 1029 |
| Prologis, LP 4.875% 6/15/2028 | 1357 | 1385 |
| Prologis, LP 4.75% 6/15/2033 | 2359 | 2354 |
| Prologis, LP 5.00% 3/15/2034 | 1850 | 1856 |
| Prologis, LP 5.00% 1/31/2035 | 1033 | 1033 |
| Public Storage Operating Co. 1.85% 5/1/2028 | 2231 | 2096 |
| Public Storage Operating Co. 1.95% 11/9/2028 | 1816 | 1692 |
| Public Storage Operating Co. 2.30% 5/1/2031 | 644 | 573 |
| Scentre Group Trust 1 3.25% 10/28/2025 <sup>(d)</sup> | 896 | 892 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(d)</sup> | 2178 | 2153 |
| Service Properties Trust 5.25% 2/15/2026 | 510 | 508 |
| Service Properties Trust 4.75% 10/1/2026 | 1635 | 1613 |
| Service Properties Trust 4.95% 2/15/2027 | 1540 | 1521 |
| Service Properties Trust 5.50% 12/15/2027 | 655 | 649 |
| Service Properties Trust 3.95% 1/15/2028 | 1815 | 1678 |
| Service Properties Trust 8.375% 6/15/2029 | 4228 | 4401 |
| Service Properties Trust 4.95% 10/1/2029 | 2715 | 2372 |
| Service Properties Trust 4.375% 2/15/2030 | 705 | 593 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(d)</sup> | 6775 | 7278 |
| Service Properties Trust 8.875% 6/15/2032 | 3803 | 3914 |
| Sun Communities Operating, LP 2.30% 11/1/2028 | 1653 | 1548 |
| Sun Communities Operating, LP 2.70% 7/15/2031 | 785 | 696 |
| UDR, Inc. 2.95% 9/1/2026 | 681 | 670 |
|  |  | 108335 |
| Consumer staples 0.38% |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(d)</sup> | 739 | 723 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(d)</sup> | 1000 | 984 |
| B&G Foods, Inc. 5.25% 9/15/2027 | 1000 | 912 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(d)</sup> | 1750 | 1687 |
| BAT Capital Corp. 6.343% 8/2/2030 | 1191 | 1284 |
| BAT Capital Corp. 6.421% 8/2/2033 | 1290 | 1402 |
| BAT Capital Corp. 5.625% 8/15/2035 | 6074 | 6183 |
| BAT Capital Corp. 4.54% 8/15/2047 | 627 | 507 |
| Campbell's Co. (The) 4.75% 3/23/2035 | 952 | 915 |

---

American Funds Insurance Series **118**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer staples (continued) |  |  |
| Coca-Cola Co. 1.00% 3/15/2028 | USD842 | $782 |
| Coca-Cola Co. 4.65% 8/14/2034 | 1618 | 1627 |
| Constellation Brands, Inc. 3.60% 2/15/2028 | 625 | 614 |
| Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1289 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(d)</sup> | 400 | 423 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(d)</sup> | 3643 | 3657 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(d)</sup> | 2101 | 2132 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028 | 2385 | 2507 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033 | 1554 | 1669 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043 | 229 | 243 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053 | 806 | 862 |
| Kroger Co. 5.00% 9/15/2034 | 4462 | 4433 |
| Kroger Co. 5.50% 9/15/2054 | 1983 | 1884 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(d)</sup> | 3408 | 3454 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(d)</sup> | 1855 | 1881 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup> | 385 | 390 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(d)</sup> | 6678 | 6666 |
| Mondelez International, Inc. 4.75% 8/28/2034 | 837 | 828 |
| Mondelez International, Inc. 5.125% 5/6/2035 | 2176 | 2188 |
| Philip Morris International, Inc. 5.125% 11/17/2027 | 3073 | 3135 |
| Philip Morris International, Inc. 4.875% 2/15/2028 | 6000 | 6103 |
| Philip Morris International, Inc. 4.625% 11/1/2029 | 6764 | 6830 |
| Philip Morris International, Inc. 5.625% 11/17/2029 | 1482 | 1557 |
| Philip Morris International, Inc. 5.125% 2/15/2030 | 4166 | 4288 |
| Philip Morris International, Inc. 4.375% 4/30/2030 | 2554 | 2548 |
| Philip Morris International, Inc. 5.125% 2/13/2031 | 2275 | 2344 |
| Philip Morris International, Inc. 4.75% 11/1/2031 | 6194 | 6243 |
| Philip Morris International, Inc. 4.90% 11/1/2034 | 6755 | 6728 |
| Philip Morris International, Inc. 4.875% 4/30/2035 | 1907 | 1882 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(d)</sup> | 2886 | 2777 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(d)</sup> | 3279 | 3374 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(d)</sup> | 1115 | 1028 |
| Reynolds American, Inc. 5.85% 8/15/2045 | 2030 | 1960 |
| Walgreens Boots Alliance, Inc. 3.45% 6/1/2026 | 1595 | 1562 |
|  |  | 104485 |
| Utilities 0.36% |  |  |
| AEP Transmission Co., LLC 5.375% 6/15/2035 | 50 | 51 |
| Calpine Corp. 3.75% 3/1/2031 <sup>(d)</sup> | 1975 | 1875 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.961% on 6/1/2035) <sup>(k)</sup> | 1375 | 1382 |
| Commonwealth Edison Co. 4.35% 11/15/2045 | 972 | 823 |
| Commonwealth Edison Co. 3.85% 3/15/2052 | 2330 | 1762 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034 | 1837 | 1838 |
| Consumers Energy Co. 5.05% 5/15/2035 | 525 | 529 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049 | 850 | 577 |
| Duke Energy Progress, LLC 3.70% 10/15/2046 | 457 | 345 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 | 202 | 117 |
| Duke Energy Progress, LLC 2.90% 8/15/2051 | 91 | 57 |
| Edison International 4.125% 3/15/2028 | 1225 | 1183 |
| Edison International 5.25% 11/15/2028 | 1537 | 1522 |
| Edison International 5.45% 6/15/2029 | 917 | 907 |
| Edison International 6.95% 11/15/2029 | 2461 | 2559 |
| Edison International 6.25% 3/15/2030 | 3740 | 3800 |
| Edison International 5.25% 3/15/2032 | 7445 | 7067 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(d)</sup> | 1075 | 1152 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 5.411% on 6/15/2033) <sup>(d)(k)</sup> | 1475 | 1667 |

---

**119**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Utilities (continued) |  |  |
| Emera US Finance, LP 3.55% 6/15/2026 | USD287 | $284 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 1.975% on 3/15/2035) <sup>(k)</sup> | 1000 | 1018 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(d)</sup> | 605 | 577 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(d)</sup> | 1000 | 1032 |
| Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(d)</sup> | 2605 | 2708 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(h)(l)</sup> | 1920 | 1901 |
| MidAmerican Energy Co. 5.85% 9/15/2054 | 875 | 902 |
| Northern States Power Co. 2.60% 6/1/2051 | 735 | 444 |
| Northern States Power Co. 5.65% 5/15/2055 | 175 | 175 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 | 125 | 118 |
| Pacific Gas and Electric Co. 5.00% 6/4/2028 | 450 | 451 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 800 | 796 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 192 | 201 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034 | 5560 | 5988 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 | 13859 | 13742 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035 | 4962 | 5020 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 90 | 64 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 2950 | 2381 |
| PacifiCorp 5.30% 2/15/2031 | 1404 | 1447 |
| PacifiCorp 5.45% 2/15/2034 | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053 | 3298 | 2968 |
| PacifiCorp 5.80% 1/15/2055 | 575 | 551 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047 | 548 | 407 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(d)</sup> | 1495 | 1562 |
| Southern California Edison Co. 2.85% 8/1/2029 | 4450 | 4120 |
| Southern California Edison Co. 5.45% 6/1/2031 | 2500 | 2546 |
| Southern California Edison Co. 5.20% 6/1/2034 | 2522 | 2448 |
| Southern California Edison Co. 5.75% 4/1/2035 | 675 | 689 |
| Southern California Edison Co. 5.35% 7/15/2035 | 3000 | 2925 |
| Southern California Edison Co. 3.65% 2/1/2050 | 234 | 155 |
| Southern California Edison Co. 6.20% 9/15/2055 | 4770 | 4572 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(d)</sup> | 400 | 429 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(d)</sup> | 2295 | 2379 |
| Virginia Electric & Power 2.40% 3/30/2032 | 2307 | 2002 |
| Xcel Energy, Inc. 2.60% 12/1/2029 | 1131 | 1047 |
| Xcel Energy, Inc. 5.50% 3/15/2034 | 285 | 290 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(d)</sup> | 1150 | 1229 |
|  |  | 99589 |
| Materials 0.31% |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(d)</sup> | 855 | 882 |
| Avient Corp. 6.25% 11/1/2031 <sup>(d)</sup> | 170 | 172 |
| Celanese US Holdings, LLC 6.415% 7/15/2027 | 1996 | 2068 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 2501 | 2634 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 1618 | 1719 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 5425 | 5424 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(d)</sup> | 3625 | 3332 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(d)</sup> | 1650 | 1626 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(d)</sup> | 2275 | 2203 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(d)</sup> | 775 | 664 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(d)</sup> | 2000 | 1931 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(d)</sup> | 2695 | 2544 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(d)</sup> | 1480 | 1453 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 | 2674 | 2661 |
| Dow Chemical Co. (The) 4.80% 5/15/2049 | 435 | 358 |
| Dow Chemical Co. (The) 3.60% 11/15/2050 | 1057 | 716 |
| Dow Chemical Co. (The) 5.95% 3/15/2055 | 4720 | 4503 |

---

American Funds Insurance Series **120**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Materials (continued) |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup> | USD5,370 | $5706 |
| First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(d)</sup> | 950 | 976 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup> | 4517 | 3980 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup> | 2181 | 1931 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(d)</sup> | 1406 | 1325 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(d)</sup> | 1700 | 1716 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(d)</sup> | 1335 | 1358 |
| Linde, Inc. 1.10% 8/10/2030 | 2633 | 2266 |
| LYB International Finance III, LLC 6.15% 5/15/2035 | 757 | 786 |
| Methanex Corp. 5.125% 10/15/2027 | 6305 | 6288 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(d)</sup> | 330 | 329 |
| Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(d)</sup> | 6734 | 6856 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(d)</sup> | 945 | 968 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(d)</sup> | 1525 | 1519 |
| Mosaic Co. 4.05% 11/15/2027 | 941 | 934 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(d)</sup> | 1785 | 1718 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(d)</sup> | 775 | 838 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(d)</sup> | 1130 | 1185 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(d)</sup> | 555 | 571 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(d)</sup> | 1050 | 1084 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1339 | 1363 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055 | 3244 | 3251 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash |  |  |
| &nbsp;&nbsp;&nbsp;1/16/2026 (b)(h)(l)(n) | 766 | 421 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash |  |  |
| &nbsp;&nbsp;&nbsp;7/16/2026 (b)(h)(l)(n) | 770 | 423 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(h)(l)(n)</sup> | 1267 | 697 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(d)</sup> | 640 | 694 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(d)</sup> | 2212 | 2259 |
| Westlake Corp. 4.375% 11/15/2047 | 448 | 350 |
|  |  | 86682 |
| Total corporate bonds, notes & loans |  | 2018984 |
| **U.S. Treasury bonds & notes 6.89%** |  |  |
| **U.S. Treasury bonds & notes 6.89%** |  |  |
| U.S. Treasury 6.71% |  |  |
| U.S. Treasury 4.75% 7/31/2025 | 50547 | 50563 |
| U.S. Treasury 5.00% 10/31/2025 | 2167 | 2172 |
| U.S. Treasury 4.875% 11/30/2025 | 12250 | 12278 |
| U.S. Treasury 0.50% 2/28/2026 | 42515 | 41501 |
| U.S. Treasury 4.625% 2/28/2026 | 1878 | 1883 |
| U.S. Treasury 3.625% 5/15/2026 | 1071 | 1067 |
| U.S. Treasury 4.625% 6/30/2026 | 17210 | 17312 |
| U.S. Treasury 4.125% 2/15/2027 | 1258 | 1264 |
| U.S. Treasury 2.625% 5/31/2027 | 96250 | 94271 |
| U.S. Treasury 3.875% 5/31/2027 | 87803 | 88007 |
| U.S. Treasury 0.50% 6/30/2027 | 28098 | 26368 |
| U.S. Treasury 3.75% 6/30/2027 | 130554 | 130641 |
| U.S. Treasury 4.125% 9/30/2027 | 90000 | 90817 |
| U.S. Treasury 4.00% 2/29/2028 | 46200 | 46549 |
| U.S. Treasury 3.625% 3/31/2028 | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028 | 5600 | 5569 |
| U.S. Treasury 3.875% 6/15/2028 | 17264 | 17355 |
| U.S. Treasury 4.00% 1/31/2029 | 8844 | 8924 |
| U.S. Treasury 2.875% 4/30/2029 | 50000 | 48478 |
| U.S. Treasury 4.25% 6/30/2029 | 28885 | 29425 |
| U.S. Treasury 4.00% 3/31/2030 | 83865 | 84645 |
| U.S. Treasury 0.625% 5/15/2030 | 9358 | 8051 |
| U.S. Treasury 4.00% 5/31/2030 | 25757 | 26005 |

---

**121**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 3.875% 6/30/2030 | USD230,050 | $230940 |
| U.S. Treasury 4.00% 7/31/2030 | 8160 | 8231 |
| U.S. Treasury 4.875% 10/31/2030 | 45491 | 47751 |
| U.S. Treasury 4.25% 6/30/2031 | 17165 | 17479 |
| U.S. Treasury 2.875% 5/15/2032 | 50000 | 46649 |
| U.S. Treasury 4.00% 6/30/2032 | 59074 | 59106 |
| U.S. Treasury 4.125% 11/15/2032 | 648 | 652 |
| U.S. Treasury 3.50% 2/15/2033 | 27034 | 26060 |
| U.S. Treasury 3.875% 8/15/2033 | 114911 | 113196 |
| U.S. Treasury 4.375% 5/15/2034 | 14285 | 14514 |
| U.S. Treasury 4.25% 11/15/2034 | 2075 | 2082 |
| U.S. Treasury 4.25% 5/15/2035 | 18803 | 18828 |
| U.S. Treasury 1.375% 11/15/2040 | 51338 | 32696 |
| U.S. Treasury 1.75% 8/15/2041 | 24960 | 16570 |
| U.S. Treasury 2.00% 11/15/2041 | 1058 | 728 |
| U.S. Treasury 4.625% 5/15/2044 | 14928 | 14638 |
| U.S. Treasury 5.00% 5/15/2045 | 99575 | 102275 |
| U.S. Treasury 2.50% 2/15/2046 | 3365 | 2332 |
| U.S. Treasury 3.00% 5/15/2047 | 8383 | 6277 |
| U.S. Treasury 3.00% 2/15/2048 | 301 | 224 |
| U.S. Treasury 2.25% 2/15/2052 | 72025 | 43985 |
| U.S. Treasury 4.00% 11/15/2052 | 5700 | 4987 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(i)</sup> | 121025 | 98766 |
| U.S. Treasury 3.625% 5/15/2053 | 18989 | 15484 |
| U.S. Treasury 4.25% 2/15/2054 | 17191 | 15688 |
| U.S. Treasury 4.25% 8/15/2054 | 37315 | 34073 |
| U.S. Treasury 4.625% 2/15/2055 | 49676 | 48353 |
|  |  | 1855718 |
| U.S. Treasury inflation-protected securities 0.18% |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(p)</sup> | 4485 | 4483 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025 <sup>(p)</sup> | 3767 | 3755 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(p)</sup> | 21632 | 21989 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(p)</sup> | 22946 | 21009 |
|  |  | 51236 |
| Total U.S. Treasury bonds & notes |  | 1906954 |
| **Asset-backed obligations 2.05%** |  |  |
| **Asset-backed obligations 2.05%** |  |  |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(d)(g)</sup> | 5 | 5 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(d)(g)</sup> | 10457 | 10463 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(d)(g)</sup> | 2962 | 2976 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(g)</sup> | 184 | 184 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(d)(g)</sup> | 920 | 921 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(d)(g)</sup> | 809 | 811 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(d)(g)</sup> | 371 | 371 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(d)(g)</sup> | 1328 | 1335 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(d)(g)</sup> | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(d)(g)</sup> | 3332 | 3372 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(d)(g)</sup> | 1005 | 1008 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(g)</sup> | 3914 | 3961 |
| AutoNation Finance Trust 2025-1, Series 2025-1A, Class A2, 4.72% 4/10/2028 <sup>(d)(g)</sup> | 255 | 255 |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(d)(g)</sup> | 8500 | 8479 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(d)(g)</sup> | 4100 | 4083 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(d)(g)</sup> | 2715 | 2706 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(d)(g)</sup> | 20244 | 20015 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(d)(g)</sup> | 138 | 137 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(d)(g)</sup> | 10410 | 10114 |

---

American Funds Insurance Series **122**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(d)(g)</sup> | USD29,013 | $29616 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup> | 4960 | 5160 |
| Ballyrock, Ltd., CLO, Series 2019-2A, Class A1R, (3-month USD CME Term SOFR + 1.40%) 5.722% |  |  |
| &nbsp;&nbsp;&nbsp;2/20/2036 <sup>(d)(g)(h)</sup> | 7810 | 7830 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(d)(g)</sup> | 116 | 114 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(d)(g)</sup> | 2470 | 2495 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A2, 5.54% 2/16/2027 <sup>(g)</sup> | 332 | 332 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class A2, 4.71% 9/15/2027 <sup>(g)</sup> | 688 | 688 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(g)</sup> | 531 | 531 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(g)</sup> | 2186 | 2192 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(g)</sup> | 955 | 956 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(g)</sup> | 1679 | 1681 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(d)(g)</sup> | 892 | 842 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(g)</sup> | 1710 | 1715 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(g)</sup> | 8604 | 8698 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(g)</sup> | 652 | 654 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(d)(g)</sup> | 4138 | 3816 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(d)(g)</sup> | 162 | 157 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup> | 4714 | 4787 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(d)(g)</sup> | 5140 | 5086 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(d)(g)</sup> | 1707 | 1580 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(d)(g)</sup> | 6034 | 5808 |
| Chase Auto Owner Trust, Series 2024-2, Class A2, 5.66% 5/26/2027 <sup>(d)(g)</sup> | 1230 | 1232 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(d)(g)</sup> | 2349 | 2354 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(d)(g)</sup> | 2213 | 2219 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(d)(g)</sup> | 5309 | 5359 |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(d)(g)</sup> | 4257 | 4308 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(d)(g)</sup> | 968 | 901 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(d)(g)</sup> | 3648 | 3394 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(d)(g)</sup> | 759 | 707 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(d)(g)</sup> | 1050 | 964 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(g)</sup> | 1569 | 1574 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(d)(g)</sup> | 904 | 907 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(d)(g)</sup> | 1958 | 1976 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A2, 5.60% 4/15/2026 <sup>(g)</sup> | 773 | 774 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(g)</sup> | 3457 | 3494 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(d)(g)</sup> | 215 | 198 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(d)(g)</sup> | 679 | 682 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(d)(g)</sup> | 3048 | 3061 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(d)(g)</sup> | 616 | 615 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(d)(g)</sup> | 1484 | 1490 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(g)</sup> | 2609 | 2651 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(g)</sup> | 926 | 933 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(g)</sup> | 1744 | 1744 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(g)</sup> | 930 | 932 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(g)</sup> | 4558 | 4641 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(g)</sup> | 3970 | 4052 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037 <sup>(d)(g)</sup> | 4756 | 4696 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(d)(g)</sup> | 5998 | 6184 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(d)(g)(h)</sup> | 13442 | 13716 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(d)(g)</sup> | 3235 | 3243 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(d)(g)</sup> | 417 | 393 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(d)(g)</sup> | 188 | 177 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(d)(g)</sup> | 1527 | 1483 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(d)(g)</sup> | 6501 | 6200 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(d)(g)</sup> | 8223 | 7854 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(d)(g)</sup> | 2758 | 2554 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(d)(g)</sup> | 4088 | 3813 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(d)(g)</sup> | 323 | 300 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(d)(g)</sup> | 500 | 500 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(d)(g)</sup> | 902 | 902 |

---

**123**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(d)(g)</sup> | USD807 | $809 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(g)</sup> | 1004 | 1006 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(d)(g)</sup> | 8654 | 9064 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(d)(g)</sup> | 6768 | 6817 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(g)</sup> | 2126 | 2137 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026 <sup>(d)(g)</sup> | 3759 | 3754 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(d)(g)</sup> | 4391 | 4220 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(d)(g)</sup> | 4445 | 4386 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(d)(g)</sup> | 4585 | 4789 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(d)(g)</sup> | 10307 | 9917 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(d)(g)</sup> | 685 | 655 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(d)(g)</sup> | 429 | 412 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(g)</sup> | 4771 | 4850 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup> | 1616 | 1624 |
| Hertz Vehicle Financing, LLC, Series 2025-3A, Class A, 5.06% 12/26/2029 <sup>(d)(g)</sup> | 1250 | 1257 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(g)</sup> | 569 | 570 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(d)(g)</sup> | 2519 | 2525 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(g)</sup> | 3187 | 3217 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(g)</sup> | 2894 | 2922 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(d)(g)</sup> | 1581 | 1581 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(d)(g)</sup> | 1422 | 1429 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(g)</sup> | 954 | 957 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(d)(g)</sup> | 504 | 508 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% |  |  |
| &nbsp;&nbsp;&nbsp;1/20/2033 <sup>(d)(g)(h)</sup> | 3648 | 3632 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(d)(g)</sup> | 2778 | 2796 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(d)(g)</sup> | 2788 | 2511 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(d)(g)</sup> | 3576 | 3233 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(d)(g)</sup> | 4877 | 4565 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(d)(g)</sup> | 4921 | 4604 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(d)(g)</sup> | 3087 | 2905 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(d)(g)</sup> | 5216 | 4881 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(d)(g)</sup> | 23051 | 21721 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% |  |  |
| &nbsp;&nbsp;&nbsp;7/25/2030 <sup>(d)(g)(h)</sup> | 780 | 780 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) |  |  |
| &nbsp;&nbsp;&nbsp;5.318% 10/15/2029 <sup>(d)(g)(h)</sup> | 627 | 626 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) |  |  |
| &nbsp;&nbsp;&nbsp;5.918% 10/15/2029 <sup>(d)(g)(h)</sup> | 5378 | 5383 |
| Palmer Square Loan Funding, Ltd., Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;5.256% 1/15/2033 <sup>(d)(g)(h)</sup> | 4264 | 4257 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup> | 1069 | 1073 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(d)(g)</sup> | 5298 | 5334 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036 <sup>(g)</sup> | 2442 | 2306 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(d)(g)</sup> | 814 | 826 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 0%) 6.012% |  |  |
| &nbsp;&nbsp;&nbsp;9/15/2039 (d)(g)(h) | 598 | 599 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 5.458% |  |  |
| &nbsp;&nbsp;&nbsp;10/15/2030 <sup>(d)(g)(h)</sup> | 701 | 701 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A2, 5.80% 9/15/2027 <sup>(g)</sup> | 733 | 733 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(g)</sup> | 615 | 616 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(g)</sup> | 5474 | 5504 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(g)</sup> | 5062 | 5130 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(g)</sup> | 5394 | 5411 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(d)(g)</sup> | 3077 | 3085 |
| SBNA Auto Lease Trust, Series 2024-B, Class A2, 5.67% 11/20/2026 <sup>(d)(g)</sup> | 249 | 250 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(d)(g)</sup> | 1265 | 1276 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(d)(g)</sup> | 1598 | 1599 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(d)(g)</sup> | 2864 | 2883 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(d)(g)</sup> | 504 | 505 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(d)(g)</sup> | 2966 | 2980 |

---

American Funds Insurance Series **124**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) |  |  |
| &nbsp;&nbsp;&nbsp;5.156% 1/15/2053 <sup>(d)(g)(h)</sup> | USD3,851 | $3823 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(d)(g)</sup> | 2741 | 2557 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(d)(g)</sup> | 2485 | 2404 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(d)(g)</sup> | 1918 | 1881 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(d)(g)</sup> | 922 | 884 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(d)(g)</sup> | 751 | 719 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(d)(g)</sup> | 5253 | 5234 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(d)(g)</sup> | 6201 | 6195 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(d)(g)</sup> | 1421 | 1374 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(g)</sup> | 2840 | 2873 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/18/2031 <sup>(g)</sup> | 4155 | 4223 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(d)(g)</sup> | 1194 | 1126 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(d)(g)</sup> | 552 | 516 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(d)(g)</sup> | 708 | 651 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(d)(g)</sup> | 2047 | 1911 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(d)(g)</sup> | 2096 | 2096 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 5.306% |  |  |
| &nbsp;&nbsp;&nbsp;4/15/2034 <sup>(d)(g)(h)</sup> | 3229 | 3225 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(d)(g)</sup> | 5582 | 5628 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(d)(g)(h)</sup> | 6503 | 6362 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(g)</sup> | 4585 | 4610 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(g)</sup> | 1822 | 1848 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(d)(g)</sup> | 7627 | 7095 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(d)(g)</sup> | 1368 | 1250 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(d)(g)</sup> | 416 | 416 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(d)(g)</sup> | 649 | 651 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(d)(g)</sup> | 1151 | 1170 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(g)</sup> | 3846 | 3854 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(g)(k)</sup> | 6704 | 6705 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(g)</sup> | 9409 | 9615 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(d)(g)</sup> | 8048 | 8177 |
| Verizon Master Trust., Series 24-5, Class A, 5.00% 6/21/2032 <sup>(d)(g)</sup> | 934 | 959 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(d)(g)</sup> | 1928 | 1930 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(d)(g)</sup> | 6044 | 6044 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(d)(g)</sup> | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(d)(g)</sup> | 2142 | 2150 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(d)(g)</sup> | 2504 | 2518 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(d)(g)</sup> | 6520 | 6537 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(d)(g)</sup> | 1973 | 2001 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(g)</sup> | 572 | 573 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(g)</sup> | 7030 | 7067 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(g)</sup> | 2254 | 2259 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(g)</sup> | 4623 | 4649 |
|  |  | 567592 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.13%** |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.13%** |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(d)</sup> | 5914 | 5770 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(d)</sup> | 3867 | 3668 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(d)</sup> | 3867 | 3002 |
| Panama (Republic of) 7.50% 3/1/2031 | 1765 | 1882 |
| Panama (Republic of) 2.252% 9/29/2032 | 4306 | 3297 |
| Peru (Republic of) 1.862% 12/1/2032 | 2525 | 2018 |
| Peru (Republic of) 5.875% 8/8/2054 | 2310 | 2234 |
| Peru (Republic of) 2.78% 12/1/2060 | 3383 | 1826 |
| Qatar (State of) 4.00% 3/14/2029 <sup>(d)</sup> | 745 | 740 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(d)</sup> | 750 | 674 |
| United Mexican States 4.75% 4/27/2032 | 2305 | 2195 |
| United Mexican States 3.50% 2/12/2034 | 1790 | 1507 |
| United Mexican States 6.875% 5/13/2037 | 2720 | 2844 |

---

**125**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| United Mexican States 6.625% 1/29/2038 | USD200 | $203 |
| United Mexican States 7.375% 5/13/2055 | 4235 | 4382 |
| United Mexican States 3.771% 5/24/2061 | 1528 | 906 |
|  |  | 37148 |
| **Municipals 0.08%** |  |  |
| **Municipals 0.08%** |  |  |
| Florida 0.03% |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | 4781 | 4556 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 4808 | 4306 |
|  |  | 8862 |
| Illinois 0.01% |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 3140 | 3158 |
| Ohio 0.02% |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021, 4.425% 5/1/2031 | 4960 | 4424 |
| Puerto Rico 0.00% |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 451 | 285 |
| Wisconsin 0.02% |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 5765 | 5638 |
| Total municipals |  | 22367 |
| Total bonds, notes & other debt instruments (cost: $7,551,950,000) |  | 7461895 |
| Investment funds 2.79% | Shares |  |
| Investment funds 2.79% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(q)</sup> | 91567012 | 772826 |
| Total Investment funds (cost: $797,018,000) |  | 772826 |
| Short-term securities 4.79% |  |  |
| Short-term securities 4.79% |  |  |
| **Money market investments 4.78%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(q)(r)</sup> | 13235020 | 1323502 |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(r)(s)</sup> | 2117436 | 2118 |
| Total short-term securities (cost: $1,325,460,000) |  | 1325620 |
| Total investment securities 101.82% (cost: $20,537,102,000) |  | 28178616 |
| Other assets less liabilities (1.82)% |  | (503035) |
| Net assets 100.00% |  | $27675581 |

---

American Funds Insurance Series **126**

![](gv77smhwbpt611g0auxpx.jpg)

Asset Allocation Fund (continued)

**Futures contracts**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  |  | appreciation | appreciation |
|  |  |  |  |  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  |  | Number of |  | Expiration |  |  | amount | at 6/30/2025 | at 6/30/2025 |
| Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts |  | date |  |  | (000) |  | (000) |
| 2 Year U.S. Treasury Note Futures | 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long |  |  | 10/3/2025 |  | USD1,282,465 | USD1,282,465 |  | $5037 |
| 5 Year U.S. Treasury Note Futures | 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long |  |  | 10/3/2025 |  |  | 770303 |  | 8745 |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long |  |  | 9/30/2025 |  |  | 369900 |  | 7122 |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short |  |  | 9/30/2025 |  |  | (113694) |  | (2796) |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long |  |  | 9/30/2025 |  |  | 97109 |  | 3355 |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short |  |  | 9/30/2025 |  |  | (74334) |  | (2725) |
|  |  |  |  |  |  |  |  |  |  | $18738 |
| **Swap contracts** |  |  |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |  |  |
| Interest rate swaps |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps | &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Upfront |  | Unrealized |
|  |  |  |  |  |  |  |  | premium | appreciation | appreciation |
|  |  |  |  | Notional |  | Value at | Value at | paid | (depreciation) | (depreciation) |
| Reference | Financing | Payment | Expiration | amount | 6/30/2025 | 6/30/2025 |  | (received) | at 6/30/2025 | at 6/30/2025 |
| index | rate paid | frequency | date | (000) |  | (000) |  | (000) |  | (000) |
| CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD9,557 |  | $(211) |  | $(189) |  | $(22) |
| CDX.NA.HY.44 | 5.00% | Quarterly | 6/20/2030 | 68375 |  | (5132) |  | (4294) |  | (838) |
|  |  |  |  |  |  | $(5343) |  | $(4483) |  | $(860) |
| **Investments in affiliates <sup>(q)</sup>** | **Investments in affiliates <sup>(q)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(q)</sup>** | **Investments in affiliates <sup>(q)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(q)</sup>** | **Investments in affiliates <sup>(q)</sup>** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Net | Net | Net |  |  |
|  |  |  | Value at |  |  | Net | Net | unrealized |  | Dividend |
|  |  |  | Value at |  |  | realized | realized | appreciation | Value at | or interest |
|  |  |  | 1/1/2025 | Additions | Reductions | gain (loss) | gain (loss) | (depreciation) | 6/30/2025 | income |
|  |  |  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Investment funds 2.79% |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $1368034 | $28182 | $634717 | $(136730) | $(136730) | $148057 | $772826 | $28182 |
| Short-term securities 4.78% | Short-term securities 4.78% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 4.78% | &nbsp;&nbsp;&nbsp;Money market investments 4.78% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(r)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(r)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(r)</sup> | 855747 | 3621866 | 3154023 | (32) | (32) | (56) | 1323502 | 29602 |
| &nbsp;&nbsp;&nbsp;Total 7.57% |  |  |  |  |  | $(136762) | $(136762) | $148001 | $2096328 | $57784 |

---

**127**American Funds Insurance Series

![](g8c8t0ufvxlsaxxna8qfw.jpg)

Asset Allocation Fund (continued)

**Restricted securities <sup>(e)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Rotech Healthcare, Inc. <sup>(a)(b)</sup> | 8/22/2014 | $6949 | $13864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> | 9/13/2023 | 2573 | 2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> | 9/13/2023-6/13/2025 | 55 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(t)</sup> |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.875% on 6/22/2026) <sup>(k)(n)</sup> | 6/23/2023-3/24/2025 | 992 | 1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(t)</sup> |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.875% on 6/23/2026) <sup>(k)(n)</sup> | 10/22/2024-3/24/2025 | 326 | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(t)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $10895 | $17918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |

---

(a)Security did not produce income during the last 12 months.

(b)Value determined using significant unobservable inputs.

(c)Amount less than one thousand.

(d)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 $1,496,397,000, which represented 5.41% of the net assets of the fund.

(e)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $17,918,000, which represented 0.06% of the net assets of the fund.

(f)All or a portion of this security was on loan. The total value of all such securities was $2,306,000, which represented 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(g)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(h)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.

(i)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $25,924,000, which represented 0.09% of the net assets of the fund.

(j)Represents securities transacted on a TBA basis.

(k)Step bond; coupon rate may change at a later date.

(l)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $42,505,000, which represented 0.15% of the net assets of the fund.

(m)Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(n)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.

(o)Scheduled interest and/or principal payment was not received.

(p)Index-linked bond whose principal amount moves with a government price index.

(q)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(r)Rate represents the seven-day yield at 6/30/2025.

(s)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(t)Amount less than 0.01%.

---

| | |
|:---|:---|
| Key to abbreviation(s) |  |
| ADR = American Depositary Receipts | Fncg. = Financing |
| Assn. = Association | GBP = British pounds |
| Auth. = Authority | GO = General Obligation |
| CAB = Capital Appreciation Bonds | LIBOR = London Interbank Offered Rate |
| CAD = Canadian dollars | NDR = Norwegian Depositary Receipts |
| CLO = Collateralized Loan Obligations | PIK = Payment In Kind |
| CME = CME Group | REIT = Real Estate Investment Trust |
| CMO = Collateralized Mortgage Obligations | Rev. = Revenue |
| CMS = Constant Maturity Swap | SOFR = Secured Overnight Financing Rate |
| DAC = Designated Activity Company | TBA = To be announced |
| EUR = Euros | USD = U.S. dollars |
| Fin. = Finance | UST = U.S. Treasury |
| Refer to the notes to financial statements. |  |

---

American Funds Insurance Series **128**

American Funds Global Balanced Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Common stocks 61.95% |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 61.95% | Shares | (000) |
| Information technology 10.64% |  |  |
| Broadcom, Inc. | 40394 | $11135 |
| Microsoft Corp. | 21644 | 10766 |
| NVIDIA Corp. | 47330 | 7478 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 201000 | 7294 |
| Accenture PLC, Class A | 7800 | 2331 |
| Apple, Inc. | 9047 | 1856 |
| Microchip Technology, Inc. | 22545 | 1586 |
| ASML Holding NV | 1857 | 1482 |
| Arista Networks, Inc. <sup>(a)</sup> | 5876 | 601 |
|  |  | 44529 |
| Financials 10.09% |  |  |
| B3 SA - Brasil, Bolsa, Balcao | 1852727 | 4972 |
| Banco Bilbao Vizcaya Argentaria SA | 263394 | 4051 |
| ING Groep NV | 155027 | 3401 |
| Chubb, Ltd. | 10959 | 3175 |
| Marsh & McLennan Cos., Inc. | 14131 | 3090 |
| Standard Chartered PLC | 156968 | 2601 |
| Munchener Ruckversicherungs-Gesellschaft AG | 3868 | 2509 |
| HDFC Bank, Ltd. (ADR) | 25481 | 1954 |
| HDFC Bank, Ltd. | 23358 | 545 |
| BlackRock, Inc. | 1894 | 1987 |
| JPMorgan Chase & Co. | 6668 | 1933 |
| Zurich Insurance Group AG | 2524 | 1764 |
| Morgan Stanley | 10945 | 1542 |
| BNP Paribas SA | 11060 | 994 |
| Swiss Re AG | 5574 | 964 |
| Mizuho Financial Group, Inc. | 34600 | 959 |
| Capital One Financial Corp. | 4389 | 934 |
| NatWest Group PLC | 131775 | 925 |
| AIA Group, Ltd. | 74200 | 665 |
| Progressive Corp. | 2416 | 645 |
| Great-West Lifeco, Inc. | 16064 | 611 |
| Goldman Sachs Group, Inc. | 782 | 553 |
| UniCredit SpA | 7995 | 536 |
| 3i Group PLC | 9121 | 516 |
| Hannover Rück SE | 1272 | 400 |
|  |  | 42226 |
| Industrials 8.60% |  |  |
| RTX Corp. | 55837 | 8153 |
| Volvo AB, Class B | 92975 | 2608 |
| General Dynamics Corp. | 8071 | 2354 |
| Airbus SE, non-registered shares | 11225 | 2344 |
| BAE Systems PLC | 86701 | 2245 |
| Uber Technologies, Inc. <sup>(a)</sup> | 20402 | 1903 |
| Daikin Industries, Ltd. | 14400 | 1702 |
| Deutsche Post AG | 36092 | 1667 |
| IHI Corp. | 14483 | 1573 |
| Carrier Global Corp. | 20453 | 1497 |
| Safran SA | 4408 | 1433 |
| nVent Electric PLC | 18043 | 1322 |
| CSX Corp. | 32703 | 1067 |
| Melrose Industries PLC | 108484 | 790 |
| Rolls-Royce Holdings PLC | 59127 | 785 |
| TransDigm Group, Inc. | 480 | 730 |
| PACCAR, Inc. | 5817 | 553 |
| United Rentals, Inc. | 708 | 533 |
| General Electric Co. | 1980 | 510 |

---

**129**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Caterpillar, Inc. | 1262 | $490 |
| Waste Management, Inc. | 2046 | 468 |
| L3Harris Technologies, Inc. | 1800 | 452 |
| AtkinsRealis Group, Inc. | 6127 | 430 |
| Boeing Co. (The) <sup>(a)</sup> | 1845 | 387 |
|  |  | 35996 |
| Health care 8.15% |  |  |
| Eli Lilly and Co. | 6479 | 5051 |
| Sanofi | 48529 | 4699 |
| Abbott Laboratories | 29693 | 4038 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 8449 | 3761 |
| Gilead Sciences, Inc. | 33630 | 3729 |
| Novo Nordisk AS, Class B | 50903 | 3533 |
| Medtronic PLC | 19325 | 1685 |
| Stryker Corp. | 3483 | 1378 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 4063 | 1325 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 3573 | 1064 |
| AbbVie, Inc. | 5172 | 960 |
| UnitedHealth Group, Inc. | 2675 | 834 |
| Novartis AG | 3976 | 482 |
| Takeda Pharmaceutical Co., Ltd. | 14500 | 446 |
| GE HealthCare Technologies, Inc. | 5321 | 394 |
| AstraZeneca PLC | 2821 | 392 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 5924 | 326 |
|  |  | 34097 |
| Communication services 5.15% |  |  |
| Meta Platforms, Inc., Class A | 12920 | 9536 |
| Alphabet, Inc., Class A | 16320 | 2876 |
| Alphabet, Inc., Class C | 6975 | 1237 |
| AT&T, Inc. | 117836 | 3410 |
| Netflix, Inc. <sup>(a)</sup> | 917 | 1228 |
| Deutsche Telekom AG | 25673 | 937 |
| Comcast Corp., Class A | 23470 | 838 |
| Omnicom Group, Inc. | 8961 | 645 |
| Universal Music Group NV | 13386 | 433 |
| SoftBank Group Corp. | 5500 | 402 |
|  |  | 21542 |
| Consumer discretionary 4.68% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 24589 | 5395 |
| Ferrari NV | 3418 | 1677 |
| Ferrari NV (EUR denominated) | 739 | 362 |
| Las Vegas Sands Corp. | 43437 | 1890 |
| adidas AG | 7746 | 1806 |
| Starbucks Corp. | 18930 | 1734 |
| LVMH Moet Hennessy-Louis Vuitton SE | 3082 | 1614 |
| Compagnie Financiere Richemont SA, Class A | 6583 | 1240 |
| Midea Group Co., Ltd., Class A | 119450 | 1204 |
| Royal Caribbean Cruises, Ltd. | 3643 | 1141 |
| Sony Group Corp. | 27900 | 723 |
| Viking Holdings, Ltd. <sup>(a)</sup> | 8985 | 479 |
| Hasbro, Inc. | 4685 | 346 |
|  |  | 19611 |

---

American Funds Insurance Series **130**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer staples 4.34% |  |  |
| Philip Morris International, Inc. | 27539 | $5016 |
| Imperial Brands PLC | 109428 | 4321 |
| British American Tobacco PLC | 74366 | 3535 |
| ITC, Ltd. | 568184 | 2759 |
| Nestle SA | 9977 | 991 |
| Sysco Corp. | 10532 | 798 |
| Suntory Beverage & Food, Ltd. | 24000 | 768 |
|  |  | 18188 |
| Materials 4.18% |  |  |
| Freeport-McMoRan, Inc. | 93947 | 4073 |
| Vale SA, ordinary nominative shares | 272884 | 2644 |
| Vale SA (ADR), ordinary nominative shares | 56123 | 545 |
| Nitto Denko Corp. | 145300 | 2817 |
| Lundin Gold, Inc. | 37546 | 1982 |
| Air Products and Chemicals, Inc. | 4709 | 1328 |
| Smurfit Westrock PLC | 26077 | 1125 |
| International Paper Co. | 23245 | 1089 |
| Rio Tinto PLC | 9962 | 581 |
| Franco-Nevada Corp. (CAD denominated) | 3358 | 551 |
| Air Liquide SA | 2444 | 504 |
| Celanese Corp. | 4784 | 265 |
|  |  | 17504 |
| Utilities 3.13% |  |  |
| E.ON SE | 135349 | 2491 |
| DTE Energy Co. | 15885 | 2104 |
| Duke Energy Corp. | 14304 | 1688 |
| Constellation Energy Corp. | 5203 | 1679 |
| SembCorp Industries, Ltd. | 284900 | 1535 |
| Dominion Energy, Inc. | 23269 | 1315 |
| Pinnacle West Capital Corp. | 12840 | 1149 |
| PG&E Corp. | 80544 | 1123 |
|  |  | 13084 |
| Energy 2.30% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 159193 | 5003 |
| Shell PLC (GBP denominated) | 46723 | 1638 |
| TC Energy Corp. (CAD denominated) <sup>(b)</sup> | 30769 | 1502 |
| Chevron Corp. | 7037 | 1008 |
| Cameco Corp. (CAD denominated) | 6626 | 492 |
|  |  | 9643 |
| Real estate 0.69% |  |  |
| CTP NV | 96586 | 2030 |
| Embassy Office Parks REIT | 187528 | 851 |
|  |  | 2881 |
| Total common stocks (cost: $181,462,000) |  | 259301 |
| Convertible stocks 0.62% |  |  |
| Convertible stocks 0.62% |  |  |
| Financials 0.33% |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 18365 | 1375 |

---

**131**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) |  | &nbsp;&nbsp;Value |
| Convertible stocks (continued) | Shares | (000) |
| Utilities 0.29% |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 27600 | $1221 |
| Total convertible stocks (cost: $2,727,000) |  | 2596 |
| Bonds, notes & other debt instruments 31.20% | Principal amount |  |
| Bonds, notes & other debt instruments 31.20% | Principal amount |  |
| Bonds, notes & other debt instruments 31.20% | (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.98%** |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029 | CNY550 | 82 |
| Asian Development Bank 6.72% 2/8/2028 | INR18,000 | 212 |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD115 | 67 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 725 | 443 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 700 | 450 |
| Austria (Republic of) 0% 2/20/2031 | EUR500 | 512 |
| Austria (Republic of) 2.90% 2/20/2034 | 120 | 142 |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | 270 | 321 |
| Brazil (Federative Republic of) 10.00% 1/1/2029 | BRL2,230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 12103 | 1956 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 5535 | 841 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup> | 226 | 38 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup> | 1633 | 267 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup> | 226 | 36 |
| Bulgaria (Republic of) 4.50% 1/27/2033 | EUR120 | 154 |
| Canada (Government) 0.25% 3/1/2026 | CAD246 | 178 |
| Canada (Government) 3.50% 3/1/2028 | 1119 | 839 |
| Canada (Government) 1.50% 12/1/2031 | 1040 | 697 |
| Chile (Republic of) 4.70% 9/1/2030 | CLP55,000 | 57 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035 | CNY3,980 | 553 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028 | 4100 | 590 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029 | 3860 | 556 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030 | 1970 | 290 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 2870 | 437 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 2410 | 353 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 360 | 62 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 1520 | 213 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 | 1060 | 152 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 | 8580 | 1240 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 | 2040 | 309 |
| Colombia (Republic of) 3.125% 4/15/2031 | USD200 | 165 |
| Estonia (Republic of) 3.25% 1/17/2034 | EUR160 | 190 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 | INR10,100 | 116 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 | 4300 | 50 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 | 55400 | 653 |
| European Investment Bank 0.375% 9/15/2027 | EUR110 | 125 |
| European Investment Bank 6.95% 3/1/2029 | INR5,700 | 67 |
| European Investment Bank 0.25% 1/20/2032 | EUR860 | 870 |
| European Investment Bank 7.40% 10/23/2033 | INR19,300 | 237 |
| European Investment Bank 2.875% 1/15/2035 | EUR45 | 53 |
| European Union 3.375% 10/4/2039 | 40 | 47 |
| Export-Import Bank of Thailand 5.354% 5/16/2029 | USD200 | 206 |
| French Republic O.A.T. 0.75% 2/25/2028 | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030 | 1320 | 1353 |
| French Republic O.A.T. 2.00% 11/25/2032 | 610 | 675 |
| French Republic O.A.T. 3.25% 5/25/2045 | 160 | 175 |
| French Republic O.A.T. 3.75% 5/25/2056 | 295 | 329 |
| Germany (Federal Republic of) 0% 8/15/2030 | 3775 | 3988 |
| Germany (Federal Republic of) 0% 2/15/2032 | 540 | 546 |
| Germany (Federal Republic of) 1.70% 8/15/2032 | 674 | 760 |
| Germany (Federal Republic of) 2.30% 2/15/2033 | 300 | 351 |
| Germany (Federal Republic of) 2.50% 2/15/2035 | 730 | 853 |
| Germany (Federal Republic of) 1.00% 5/15/2038 | 180 | 171 |

---

American Funds Insurance Series **132**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Germany (Federal Republic of) 0% 8/15/2050 | EUR300 | $167 |
| Germany (Federal Republic of) 0% 8/15/2052 | 80 | 42 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028 | 65 | 80 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 | 530 | 579 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029 | IDR2,030,000 | 136 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | 2263000 | 149 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031 | 1253000 | 77 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 2543000 | 160 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 1026000 | 63 |
| Inter-American Development Bank 7.00% 1/25/2029 | INR22,000 | 260 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027 | 15800 | 186 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029 | 16200 | 191 |
| Ireland (Republic of) 2.60% 10/18/2034 | EUR100 | 115 |
| Ireland (Republic of) 3.00% 10/18/2043 | 150 | 168 |
| Italy (Republic of) 1.35% 4/1/2030 | 250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033 | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033 | 740 | 945 |
| Italy (Republic of) 4.20% 3/1/2034 | 900 | 1137 |
| Italy (Republic of) 3.65% 8/1/2035 | 795 | 954 |
| Italy (Republic of) 4.50% 10/1/2053 | 210 | 257 |
| Italy (Republic of) 4.30% 10/1/2054 | 200 | 236 |
| Japan, Series 150, 0.005% 12/20/2026 | JPY84,950 | 584 |
| Japan, Series 346, 0.10% 3/20/2027 | 134150 | 922 |
| Japan, Series 352, 0.10% 9/20/2028 | 30650 | 208 |
| Japan, Series 358, 0.10% 3/20/2030 | 37400 | 249 |
| Japan, Series 363, 0.10% 6/20/2031 | 10500 | 69 |
| Japan, Series 373, 0.60% 12/20/2033 | 55750 | 366 |
| Japan, Series 152, 1.20% 3/20/2035 | 434000 | 2952 |
| Japan, Series 173, 0.40% 6/20/2040 | 50350 | 277 |
| Japan, Series 176, 0.50% 3/20/2041 | 109950 | 602 |
| Japan, Series 179, 0.50% 12/20/2041 | 50500 | 271 |
| Japan, Series 42, 1.70% 3/20/2044 | 59400 | 375 |
| Japan, Series 192, 2.40% 3/20/2045 | 487500 | 3410 |
| Japan, Series 37, 0.60% 6/20/2050 | 26950 | 118 |
| Japan, Series 74, 1.00% 3/20/2052 | 84000 | 393 |
| Japan, Series 76, 1.40% 9/20/2052 | 41100 | 212 |
| Japan, Series 77, 1.60% 12/20/2052 | 99700 | 539 |
| Japan, Series 84, 2.10% 9/20/2054 | 82450 | 492 |
| Magyar Export-Import Bank 6.00% 5/16/2029 | EUR100 | 127 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR3,466 | 843 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 601 | 148 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 180 | 46 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 653 | 165 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 1307 | 327 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 93 | 25 |
| Netherlands (Kingdom of the) 5.50% 1/15/2028 | EUR100 | 128 |
| New South Wales Treasury Corp. 4.75% 2/20/2035 | AUD400 | 263 |
| New South Wales Treasury Corp. 4.25% 2/20/2036 | 670 | 416 |
| Norway (Kingdom of) 1.75% 9/6/2029 | NOK735 | 68 |
| Norway (Kingdom of) 3.75% 6/12/2035 | 2460 | 243 |
| Nova Scotia (Province of) 3.15% 12/1/2051 | CAD170 | 98 |
| Panama (Republic of) 7.50% 3/1/2031 | USD200 | 213 |
| Panama (Republic of) 6.40% 2/14/2035 | 200 | 195 |
| Philippines (Republic of) 0.875% 5/17/2027 | EUR110 | 126 |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN410 | 105 |
| Portugal (Republic of) 0.475% 10/18/2030 | EUR50 | 53 |
| Portugal (Republic of) 3.375% 6/15/2040 | 195 | 227 |
| Province of Ontario 3.25% 7/3/2035 | 100 | 118 |
| Quebec (Province of) 3.35% 7/23/2039 | 190 | 219 |
| Romania 2.125% 3/7/2028 | 130 | 148 |

---

**133**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| South Africa (Republic of), Series R-214, 6.50% 2/28/2041 | ZAR4,235 | $162 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW348,590 | 258 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 1830410 | 1493 |
| Spain (Kingdom of) 0% 1/31/2027 | EUR335 | 383 |
| Spain (Kingdom of) 0.80% 7/30/2027 | 490 | 563 |
| Spain (Kingdom of) 0.50% 10/31/2031 | 165 | 170 |
| Spain (Kingdom of) 3.15% 4/30/2033 | 317 | 380 |
| Spain (Kingdom of) 3.55% 10/31/2033 | 370 | 454 |
| Spain (Kingdom of) 3.25% 4/30/2034 | 120 | 143 |
| Spain (Kingdom of) 3.45% 10/31/2034 | 240 | 290 |
| Turkey (Republic of) 7.125% 7/17/2032 | USD200 | 200 |
| United Kingdom 1.25% 7/22/2027 | GBP410 | 536 |
| United Kingdom 0.375% 10/22/2030 | 210 | 241 |
| United Kingdom 1.00% 1/31/2032 | 750 | 848 |
| United Kingdom 4.25% 6/7/2032 | 785 | 1087 |
| United Kingdom 3.25% 1/31/2033 | 140 | 180 |
| United Kingdom 3.25% 1/22/2044 | 644 | 686 |
| United Kingdom 1.25% 7/31/2051 | 413 | 248 |
| United Kingdom 4.375% 7/31/2054 | 205 | 244 |
| United Kingdom 2.50% 7/22/2065 | 340 | 259 |
| United Mexican States 6.875% 5/13/2037 | USD200 | 209 |
| United Mexican States, Series M, 5.75% 3/5/2026 | MXN10,710 | 561 |
| United Mexican States, Series M, 8.00% 11/7/2047 | 5120 | 227 |
| United Mexican States, Series M, 8.00% 7/31/2053 | 26580 | 1166 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup> | 533 | 25 |
|  |  | 58518 |
| **Corporate bonds, notes & loans 6.14%** |  |  |
| **Corporate bonds, notes & loans 6.14%** |  |  |
| Financials 1.59% |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(d)</sup> | USD100 | 99 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(e)</sup> | EUR330 | 360 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(e)</sup> | USD200 | 202 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(e)</sup> | EUR200 | 254 |
| Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(e)</sup> | 100 | 125 |
| Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028) <sup>(e)</sup> | USD161 | 165 |
| Barclays PLC 7.09% 11/6/2029 (1-year EUR (vs. 6-month GBP-LIBOR) + 2.553% on 11/6/2028) <sup>(e)(f)</sup> | GBP100 | 146 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on |  |  |
| &nbsp;&nbsp;&nbsp;6/29/2033) <sup>(e)</sup> | USD200 | 212 |
| BPCE SA 4.50% 1/13/2033 | EUR100 | 124 |
| BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(e)</sup> | USD250 | 258 |
| Brown & Brown, Inc. 5.55% 6/23/2035 | 7 | 7 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(e)</sup> | 200 | 208 |
| CaixaBank, SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(e)</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>(e)</sup> | 70 | 70 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 59 | 55 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(e)</sup> | 160 | 155 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(e)</sup> | EUR200 | 221 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(e)</sup> | GBP100 | 136 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(e)</sup> | USD290 | 302 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(e)</sup> | 200 | 200 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(e)</sup> | 360 | 382 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(e)</sup> | 290 | 324 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(e)</sup> | EUR100 | 131 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(e)</sup> | USD160 | 161 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(e)</sup> | 280 | 243 |
| KfW 1.125% 7/4/2025 | GBP95 | 130 |
| Mastercard, Inc. 2.00% 11/18/2031 | USD102 | 89 |

---

American Funds Insurance Series **134**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.65% on 7/6/2028) <sup>(e)</sup> | USD294 | $305 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(e)</sup> | 150 | 156 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(e)</sup> | 119 | 121 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(e)</sup> | EUR175 | 191 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(d)</sup> | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(e)</sup> | 65 | 73 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(e)</sup> | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029 | 280 | 285 |
| Royal Bank of Canada 1.20% 4/27/2026 | 175 | 171 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(e)(g)</sup> | EUR250 | 303 |
|  |  | 6676 |
| Utilities 0.87% |  |  |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(d)</sup> | USD200 | 206 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(d)</sup> | 35 | 34 |
| CMS Energy Corp. 3.00% 5/15/2026 | 180 | 178 |
| Duke Energy Corp. 3.75% 4/1/2031 | EUR100 | 120 |
| Edison International 5.45% 6/15/2029 | USD55 | 54 |
| Edison International 6.25% 3/15/2030 | 50 | 51 |
| Electricite de France SA 4.25% 1/25/2032 | EUR100 | 123 |
| Electricite de France SA 4.00% 5/7/2037 | 100 | 117 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on |  |  |
| &nbsp;&nbsp;&nbsp;12/6/2028) <sup>(e)</sup> | 200 | 260 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(d)</sup> | USD200 | 187 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 | 200 | 179 |
| Engie SA 7.00% 10/30/2028 | GBP50 | 74 |
| Exelon Corp. 3.40% 4/15/2026 | USD150 | 149 |
| Interstate Power and Light Co. 2.30% 6/1/2030 | 50 | 45 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 | 100 | 95 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 | 252 | 244 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 114 | 113 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 | 31 | 30 |
| Pacific Gas and Electric Co. 6.15% 1/15/2033 | 78 | 80 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 120 | 97 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 137 | 88 |
| Public Service Company of Colorado 2.70% 1/15/2051 | 125 | 75 |
| Southern California Edison Co. 6.20% 9/15/2055 | 60 | 57 |
| SP Transmission PLC 2.00% 11/13/2031 | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026 | USD316 | 312 |
| XPLR Infrastructure Operating Partners, LP 7.25% 1/15/2029 <sup>(d)</sup> | 550 | 564 |
|  |  | 3649 |
| Energy 0.79% |  |  |
| Ecopetrol SA 8.625% 1/19/2029 | 125 | 132 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(d)</sup> | 200 | 203 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup> | 225 | 228 |
| Halliburton Co. 3.80% 11/15/2025 | 2 | 2 |
| ONEOK, Inc. 5.80% 11/1/2030 | 7 | 7 |
| ONEOK, Inc. 6.05% 9/1/2033 | 53 | 56 |
| Petroleos Mexicanos 6.875% 10/16/2025 | 63 | 63 |
| Petroleos Mexicanos 6.875% 8/4/2026 | 211 | 211 |
| Petroleos Mexicanos 6.49% 1/23/2027 | 1238 | 1232 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 460 | 445 |
| Qatar Energy 3.125% 7/12/2041 <sup>(d)</sup> | 320 | 237 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(d)</sup> | 200 | 200 |

---

**135**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup> | USD200 | $188 |
| Targa Resources Corp. 5.50% 2/15/2035 | 2 | 2 |
| TotalEnergies Capital SA 5.488% 4/5/2054 | 85 | 82 |
|  |  | 3313 |
| Communication services 0.54% |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN9,100 | 500 |
| America Movil, SAB de CV, 9.50% 1/27/2031 | 2000 | 107 |
| AT&T, Inc. 2.75% 6/1/2031 | USD165 | 150 |
| AT&T, Inc. 5.20% 11/18/2033 | GBP100 | 137 |
| AT&T, Inc. 2.55% 12/1/2033 | USD64 | 54 |
| Comcast Corp. 0% 9/14/2026 | EUR100 | 115 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD45 | 56 |
| Orange 9.00% 3/1/2031 <sup>(e)</sup> | 65 | 79 |
| Orange 3.625% 11/16/2031 | EUR100 | 122 |
| Orange 5.625% 1/23/2034 | GBP90 | 128 |
| T-Mobile USA, Inc. 2.05% 2/15/2028 | USD200 | 189 |
| T-Mobile USA, Inc. 3.15% 2/11/2032 | EUR100 | 117 |
| T-Mobile USA, Inc. 3.70% 5/8/2032 | 100 | 120 |
| T-Mobile USA, Inc. 5.15% 4/15/2034 | USD115 | 116 |
| Verizon Communications, Inc. 0.375% 3/22/2029 | EUR140 | 151 |
| Verizon Communications, Inc. 0.75% 3/22/2032 | 100 | 101 |
|  |  | 2242 |
| Consumer staples 0.50% |  |  |
| Altria Group, Inc. 2.20% 6/15/2027 | 270 | 318 |
| BAT Capital Corp. 3.215% 9/6/2026 | USD62 | 61 |
| BAT Capital Corp. 4.70% 4/2/2027 | 67 | 67 |
| BAT Capital Corp. 3.557% 8/15/2027 | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029 | 75 | 72 |
| BAT Capital Corp. 5.625% 8/15/2035 | 243 | 248 |
| British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + |  |  |
| &nbsp;&nbsp;&nbsp;3.372% on 12/27/2026) <sup>(e)</sup> | EUR640 | 751 |
| Campbell's Co. (The) 4.75% 3/23/2035 | USD47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034 | 61 | 61 |
| Coca-Cola Co. 3.75% 8/15/2053 | EUR125 | 138 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup> | USD105 | 106 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 110 | 116 |
|  |  | 2087 |
| Health care 0.47% |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 | 25 | 25 |
| 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 | 30 | 29 |
| Amgen, Inc. 4.20% 3/1/2033 | 280 | 269 |
| Amgen, Inc. 5.65% 3/2/2053 | 422 | 412 |
| Becton, Dickinson and Co. 3.70% 6/6/2027 | 43 | 42 |
| Becton, Dickinson and Co. 4.298% 8/22/2032 | 150 | 146 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 60 | 59 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064 | 85 | 83 |
| CVS Health Corp. 5.40% 6/1/2029 | 242 | 249 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 33 | 33 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 107 | 107 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 21 | 20 |

---

American Funds Insurance Series **136**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Health care (continued) |  |  |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026 | EUR100 | $118 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD258 | 255 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 | 65 | 63 |
|  |  | 1983 |
| Industrials 0.43% |  |  |
| Boeing Co. (The) 6.528% 5/1/2034 | 604 | 657 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 42 | 31 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 129 | 85 |
| Carrier Global Corp. 2.493% 2/15/2027 | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050 | 6 | 4 |
| CSX Corp. 2.50% 5/15/2051 | 75 | 43 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035 | 200 | 192 |
| Honeywell International, Inc. 3.75% 3/1/2036 | EUR100 | 117 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(d)</sup> | USD79 | 81 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(d)</sup> | 200 | 197 |
| RTX Corp. 4.125% 11/16/2028 | 100 | 100 |
| RTX Corp. 6.10% 3/15/2034 | 55 | 59 |
| RTX Corp. 4.50% 6/1/2042 | 70 | 62 |
| Veralto Corp. 4.15% 9/19/2031 | EUR100 | 123 |
| Veralto Corp. 5.45% 9/18/2033 | USD60 | 62 |
|  |  | 1820 |
| Consumer discretionary 0.37% |  |  |
| BMW International Investment BV 4.75% 9/4/2030 | GBP100 | 139 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(d)</sup> | USD150 | 148 |
| Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(d)</sup> | 150 | 150 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028 | EUR200 | 236 |
| General Motors Financial Co., Inc. 4.90% 10/6/2029 | USD135 | 135 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup> | 250 | 243 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup> | 109 | 104 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup> | 72 | 73 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(g)</sup> | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030 | USD200 | 191 |
|  |  | 1528 |
| Materials 0.26% |  |  |
| BHP Billiton Finance (USA), Ltd. 5.30% 2/21/2035 | 150 | 153 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 | 400 | 350 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup> | 250 | 266 |
| Vale Overseas, Ltd. 3.75% 7/8/2030 | 94 | 89 |
| Verallia SAS 3.875% 11/4/2032 | EUR200 | 235 |
|  |  | 1093 |
| Information technology 0.18% |  |  |
| Amphenol Corp. 3.125% 6/16/2032 | 100 | 117 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(d)</sup> | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030 | 70 | 69 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(d)</sup> | 123 | 110 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup> | 15 | 12 |
| Oracle Corp. 2.65% 7/15/2026 | 216 | 212 |
| SK hynix, Inc. 1.50% 1/19/2026 | 200 | 197 |
|  |  | 738 |

---

**137**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Real estate 0.14% |  |  |
| American Tower Corp. 0.875% 5/21/2029 | EUR130 | $142 |
| Equinix Europe 2 Financing Corp., LLC 3.65% 9/3/2033 | 110 | 128 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034 | USD100 | 102 |
| Equinix, Inc. 2.15% 7/15/2030 | 176 | 157 |
| Essex Portfolio, LP 3.375% 4/15/2026 | 40 | 40 |
|  |  | 569 |
| Total corporate bonds, notes & loans |  | 25698 |
| **Mortgage-backed obligations 5.66%** |  |  |
| **Mortgage-backed obligations 5.66%** |  |  |
| Federal agency mortgage-backed obligations 4.35% |  |  |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup> | 159 | 126 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup> | 33 | 32 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup> | 262 | 264 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(h)</sup> | 70 | 71 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup> | 1301 | 1280 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup> | 339 | 340 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup> | 441 | 450 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup> | 29 | 31 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup> | 21 | 21 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup> | 15 | 15 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup> | 2813 | 2862 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(h)</sup> | 92 | 93 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup> | 74 | 76 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(h)</sup> | 496 | 497 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(h)</sup> | 186 | 187 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup> | 139 | 139 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup> | 106 | 108 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(h)</sup> | 72 | 73 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(h)</sup> | 52 | 53 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(h)</sup> | 7 | 7 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup> | 87 | 87 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup> | 87 | 89 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup> | 72 | 74 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(h)</sup> | 66 | 68 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup> | 35 | 36 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup> | 29 | 30 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(h)</sup> | 349 | 350 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(h)</sup> | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(h)</sup> | 1169 | 1189 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup> | 92 | 94 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(h)</sup> | 524 | 514 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup> | 11 | 11 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(h)</sup> | 283 | 271 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup> | 13 | 13 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup> | 334 | 334 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup> | 118 | 120 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup> | 63 | 61 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(h)</sup> | 40 | 40 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup> | 38 | 39 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup> | 67 | 64 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup> | 43 | 43 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(h)</sup> | 101 | 99 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup> | 14 | 14 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(h)</sup> | 52 | 51 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup> | 28 | 28 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup> | 3 | 3 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup> | 333 | 264 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup> | 99 | 95 |

---

American Funds Insurance Series **138**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup> | USD55 | $53 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup> | 128 | 126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup> | 10 | 10 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup> | 763 | 764 |
| Freddie Mac Pool #QI0213 6.50% 2/1/2054 <sup>(h)</sup> | 8 | 8 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup> | 420 | 420 |
| Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(h)</sup> | 10 | 10 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(h)</sup> | 27 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup> | 43 | 43 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup> | 83 | 85 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup> | 36 | 36 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(h)</sup> | 109 | 112 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup> | 73 | 75 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(h)</sup> | 56 | 57 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup> | 51 | 52 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup> | 44 | 44 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(h)</sup> | 23 | 23 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup> | 47 | 48 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup> | 12 | 12 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup> | 126 | 126 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup> | 6 | 6 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup> | 162 | 165 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup> | 85 | 87 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup> | 83 | 85 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup> | 76 | 78 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup> | 45 | 46 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup> | 35 | 35 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup> | 74 | 71 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup> | 69 | 69 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(h)</sup> | 511 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup> | 64 | 64 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup> | 1 | 1 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup> | 22 | 22 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup> | 1045 | 1045 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup> | 44 | 43 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup> | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(h)</sup> | 92 | 91 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)</sup> | 12 | 12 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(h)</sup> | 1412 | 1384 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup> | 65 | 65 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(h)(i)</sup> | 403 | 386 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(h)(i)</sup> | 891 | 874 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(h)(i)</sup> | 88 | 91 |
|  |  | 18203 |
| Collateralized mortgage-backed obligations (privately originated) 0.56% |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(h)(j)</sup> | 82 | 81 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) |  |  |
| &nbsp;&nbsp;&nbsp;6.605% 5/25/2043 <sup>(d)(h)(j)</sup> | 143 | 146 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;6.205% 6/25/2043 <sup>(d)(h)(j)</sup> | 72 | 72 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;6.005% 7/25/2043 <sup>(d)(h)(j)</sup> | 49 | 49 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;6.105% 1/25/2044 <sup>(d)(h)(j)</sup> | 55 | 56 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;5.405% 5/25/2044 <sup>(d)(h)(j)</sup> | 63 | 63 |

---

**139**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) |  |  |
| &nbsp;&nbsp;&nbsp;5.955% 5/25/2044 <sup>(d)(h)(j)</sup> | USD121 | $122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;5.305% 2/25/2045 <sup>(d)(h)(j)</sup> | 21 | 21 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;5.455% 2/25/2045 <sup>(d)(h)(j)</sup> | 54 | 54 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(h)(j)</sup> | 32 | 32 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(e)(h)</sup> | 228 | 230 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(e)(h)</sup> | 110 | 111 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(h)(j)</sup> | 87 | 81 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(d)(e)(h)</sup> | 85 | 85 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(e)(h)</sup> | 166 | 168 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(e)(h)</sup> | 208 | 210 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(d)(e)(h)</sup> | 215 | 216 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 2/17/2042 <sup>(d)(h)(j)</sup> | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(e)(h)</sup> | 236 | 239 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(e)(h)</sup> | 118 | 120 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(h)(j)</sup> | 93 | 93 |
|  |  | 2349 |
| Commercial mortgage-backed securities 0.51% |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(j)</sup> | 55 | 57 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(h)(j)</sup> | 146 | 145 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(h)</sup> | 140 | 144 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(h)(j)</sup> | 100 | 105 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(h)(j)</sup> | 135 | 140 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 12/15/2029 <sup>(d)(h)(j)</sup> | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 (d)(h)(j) | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(h)(j)</sup> | 157 | 161 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(h)(j)</sup> | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(h)(j)</sup> | 131 | 135 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(h)(j)</sup> | 295 | 294 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) |  |  |
| &nbsp;&nbsp;&nbsp;5.854% 12/15/2039 <sup>(d)(h)(j)</sup> | 143 | 143 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;7.055% 7/25/2054 <sup>(d)(h)(j)</sup> | 51 | 52 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.755% 3/15/2042 <sup>(d)(h)(j)</sup> | 555 | 552 |
|  |  | 2153 |
| Other mortgage-backed securities 0.24% |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(h)</sup> | DKK415 | 60 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(h)</sup> | 1093 | 156 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(h)</sup> | 5082 | 659 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(h)</sup> | 447 | 52 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(h)</sup> | 540 | 67 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(h)</sup> | 179 | 22 |
|  |  | 1016 |
| Total mortgage-backed obligations |  | 23721 |

---

American Funds Insurance Series **140**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes 4.78%** |  |  |
| U.S. Treasury 4.47% |  |  |
| U.S. Treasury 3.00% 7/15/2025 | USD985 | $984 |
| U.S. Treasury 4.50% 4/15/2027 | 1223 | 1238 |
| U.S. Treasury 4.00% 6/30/2028 | 4484 | 4522 |
| U.S. Treasury 4.625% 9/30/2028 | 1875 | 1927 |
| U.S. Treasury 4.125% 3/31/2029 | 865 | 877 |
| U.S. Treasury 3.50% 9/30/2029 | 755 | 747 |
| U.S. Treasury 4.00% 2/28/2030 | 1130 | 1141 |
| U.S. Treasury 0.625% 5/15/2030 | 1150 | 989 |
| U.S. Treasury 4.00% 5/31/2030 | 1090 | 1101 |
| U.S. Treasury 1.375% 11/15/2031 <sup>(k)</sup> | 771 | 660 |
| U.S. Treasury 2.875% 5/15/2032 | 306 | 286 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(k)</sup> | 1340 | 1383 |
| U.S. Treasury 4.25% 5/15/2035 | 6 | 6 |
| U.S. Treasury 1.875% 2/15/2041 <sup>(k)</sup> | 285 | 196 |
| U.S. Treasury 2.25% 5/15/2041 <sup>(k)</sup> | 986 | 717 |
| U.S. Treasury 2.875% 11/15/2046 | 330 | 243 |
| U.S. Treasury 1.25% 5/15/2050 | 440 | 211 |
| U.S. Treasury 1.375% 8/15/2050 | 400 | 197 |
| U.S. Treasury 2.375% 5/15/2051 <sup>(k)</sup> | 510 | 324 |
| U.S. Treasury 2.00% 8/15/2051 <sup>(k)</sup> | 560 | 323 |
| U.S. Treasury 4.00% 11/15/2052 | 270 | 236 |
| U.S. Treasury 3.625% 2/15/2053 | 149 | 122 |
| U.S. Treasury 4.25% 8/15/2054 | 320 | 292 |
|  |  | 18722 |
| U.S. Treasury inflation-protected securities 0.31% |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(c)</sup> | 372 | 367 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup> | 687 | 713 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(c)</sup> | 268 | 194 |
|  |  | 1274 |
| Total U.S. Treasury bonds & notes |  | 19996 |
| **Asset-backed obligations 0.58%** |  |  |
| **Asset-backed obligations 0.58%** |  |  |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(h)</sup> | 7 | 7 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(h)</sup> | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(h)</sup> | 148 | 154 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(h)</sup> | 97 | 99 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(h)</sup> | 91 | 92 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(h)</sup> | 100 | 101 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(h)</sup> | 43 | 43 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% |  |  |
| &nbsp;&nbsp;&nbsp;1/20/2033 (d)(h)(j) | 233 | 231 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(h)</sup> | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(h)</sup> | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(h)</sup> | 100 | 100 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(h)</sup> | 100 | 100 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(h)</sup> | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(h)</sup> | 100 | 102 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(h)</sup> | 86 | 86 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(h)</sup> | 231 | 236 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(h)</sup> | 13 | 13 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) |  |  |
| &nbsp;&nbsp;&nbsp;5.854% 11/15/2052 <sup>(d)(h)(j)</sup> | 70 | 71 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2032 (d)(h)(j) | 230 | 230 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(h)</sup> | 219 | 219 |
|  |  | 2436 |

---

**141**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) |  | (000) | (000) |
| **Municipals 0.03%** |  |  |  |
| Ohio 0.02% |  |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, | Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, |  |  |
| &nbsp;&nbsp;&nbsp;3.216% 2/15/2048 |  | USD100 | $72 |
| Texas 0.01% |  |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.236% 10/1/2052 |  | 80 | 55 |
| Total municipals |  |  | 127 |
| **Federal agency bonds & notes 0.03%** |  |  |  |
| **Federal agency bonds & notes 0.03%** |  |  |  |
| Korea Development Bank 6.75% 7/1/2030 |  | INR10,000 | 116 |
| Total bonds, notes & other debt instruments (cost: $131,387,000) |  |  | 130612 |
| Investment funds 0.99% |  | Shares |  |
| Investment funds 0.99% |  | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup> |  | 488295 | 4121 |
| Total Investment funds (cost: $3,868,000) |  |  | 4121 |
| Short-term securities 5.53% |  |  |  |
| Short-term securities 5.53% |  |  |  |
| **Money market investments 5.16%** |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup> |  | 215820 | 21582 |
| **Money market investments purchased with collateral from securities on loan 0.33%** |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup> | 1390770 | 1391 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Weighted |  |  |
|  | average yield | Principal amount |  |
|  | at acquisition | (000) |  |
| **Bills & notes of governments & government agencies outside the U.S. 0.04%** |  |  |  |
| Egypt (Arab Republic of) 9/9/2025 | 21.356% | EGP10,000 | 191 |
| Total short-term securities (cost: $23,161,000) |  |  | 23164 |
| Total investment securities 100.29% (cost: $342,605,000) |  |  | 419794 |
| Other assets less liabilities (0.29)% |  |  | (1205) |
| Net assets 100.00% |  |  | $418589 |

---

American Funds Insurance Series **142**

![](gs62h4mswijoaotajzdrr.jpg)

American Funds Global Balanced Fund (continued)

**Options purchased (futures style)**

Options on futures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 6/30/2025 |
| Description | contracts | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | 95 | 7/25/2025 | EUR129.00 | EUR9,500 | $7 |
| **Options written (futures style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 6/30/2025 |
| Description | contracts | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | 7/25/2025 | EUR128.00 | EUR(9500) | $(5) |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| 2 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 6 | 9/10/2025 | USD763 | $—(o) |
| 2 Year Euro-Schatz Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 5 | 9/10/2025 | 632 | —(o) |
| 2 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 16 | 9/29/2025 | 1242 | —(o) |
| 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 7 | 10/3/2025 | (1456) | —(o) |
| 5 Year Euro-Bobl Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 60 | 9/10/2025 | 8317 | (20) |
| 5 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 19 | 9/29/2025 | 1592 | 5 |
| 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 86 | 10/3/2025 | 9374 | 96 |
| 10 Year French Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 5 | 9/10/2025 | 729 | (3) |
| 10 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 8 | 9/10/2025 | (1140) | (3) |
| 10 Year Euro-Bund Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 47 | 9/10/2025 | (7206) | 42 |
| 10 Year Australian Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 7 | 9/15/2025 | (528) | (6) |
| 10 Year Japanese Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 8 | 9/22/2025 | (7723) | (25) |
| 10 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 15 | 9/29/2025 | 1344 | 6 |
| 10 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 23 | 9/30/2025 | 2579 | 52 |
| 10 Year UK Gilt Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 12 | 9/30/2025 | 1532 | 14 |
| 10 Year Ultra U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 10 | 9/30/2025 | 1143 | 24 |
| 20 Year U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 15 | 9/30/2025 | 1732 | 64 |
| 30 Year Euro-Buxl Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 11 | 9/10/2025 | (1539) | 16 |
| 30 Year Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 6 | 9/30/2025 | 715 | 19 |
|  |  |  |  |  | $281 |

---

**143**American Funds Insurance Series

![](g10d31w43tp14is52arpe.jpg)

American Funds Global Balanced Fund (continued)

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  | appreciation |
|  | Contract amount |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 6/30/2025 |
|  | (000) |  | (000) | Counterparty | date | (000) |
| GBP | 275 | USD | 371 | Morgan Stanley | 7/1/2025 | $7 |
| GBP | 110 | USD | 148 | UBS AG | 7/1/2025 | 3 |
| USD | 240 | GBP | 175 | Morgan Stanley | 7/1/2025 | —(o) |
| USD | 284 | GBP | 210 | Morgan Stanley | 7/1/2025 | (5) |
| JPY | 86895 | USD | 599 | Goldman Sachs | 7/7/2025 | 5 |
| JPY | 16970 | USD | 118 | Barclays Bank PLC | 7/7/2025 | —(o) |
| EUR | 2380 | USD | 2713 | Goldman Sachs | 7/8/2025 | 92 |
| USD | 91 | EUR | 80 | BNP Paribas | 7/8/2025 | (3) |
| USD | 138 | EUR | 120 | UBS AG | 7/8/2025 | (3) |
| USD | 232 | EUR | 200 | UBS AG | 7/8/2025 | (4) |
| USD | 907 | EUR | 820 | BNP Paribas | 7/8/2025 | (60) |
| USD | 187 | MYR | 790 | BNP Paribas | 7/9/2025 | (1) |
| EUR | 980 | USD | 1127 | HSBC Bank | 7/10/2025 | 28 |
| USD | 122 | EUR | 107 | HSBC Bank | 7/10/2025 | (4) |
| USD | 912 | EUR | 790 | JPMorgan Chase | 7/10/2025 | (20) |
| EUR | 430 | USD | 493 | Standard Chartered Bank | 7/14/2025 | 14 |
| CNH | 22979 | USD | 3206 | Citibank | 7/14/2025 | 8 |
| CHF | 130 | USD | 159 | UBS AG | 7/14/2025 | 5 |
| USD | 49 | AUD | 75 | Standard Chartered Bank | 7/14/2025 | —(o) |
| USD | 21 | CLP | 19505 | Morgan Stanley | 7/14/2025 | —(o) |
| USD | 18 | BRL | 105 | Citibank | 7/14/2025 | (1) |
| USD | 202 | CNH | 1450 | Goldman Sachs | 7/14/2025 | (1) |
| USD | 785 | INR | 67415 | Standard Chartered Bank | 7/14/2025 | (1) |
| USD | 70 | RON | 310 | Citibank | 7/14/2025 | (2) |
| USD | 86 | ILS | 300 | HSBC Bank | 7/14/2025 | (3) |
| USD | 591 | IDR | 9648911 | HSBC Bank | 7/14/2025 | (4) |
| USD | 1438 | AUD | 2195 | Citibank | 7/14/2025 | (7) |
| EUR | 1615 | USD | 1847 | BNP Paribas | 7/15/2025 | 58 |
| USD | 278 | MXN | 5330 | Citibank | 7/15/2025 | (5) |
| EUR | 780 | USD | 905 | Bank of America | 7/16/2025 | 15 |
| EUR | 423 | GBP | 360 | BNP Paribas | 7/16/2025 | 5 |
| CNH | 4590 | USD | 641 | Citibank | 7/16/2025 | 1 |
| EUR | 12 | USD | 14 | Bank of America | 7/16/2025 | —(o) |
| NZD | 47 | USD | 29 | UBS AG | 7/16/2025 | —(o) |
| USD | 227 | JPY | 32750 | Citibank | 7/16/2025 | (1) |
| USD | 9685 | CNH | 69313 | HSBC Bank | 7/16/2025 | (11) |
| USD | 10308 | JPY | 1480084 | JPMorgan Chase | 7/17/2025 | 9 |
| USD | 1950 | CAD | 2660 | Bank of New York Mellon | 7/17/2025 | (5) |
| USD | 71 | COP | 300000 | Morgan Stanley | 7/18/2025 | (2) |
| USD | 1728 | KRW 2,363,730 | KRW 2,363,730 | Citibank | 7/18/2025 | (21) |
| USD | 1570 | BRL | 8781 | Citibank | 7/18/2025 | (39) |
| USD | 5670 | GBP | 4190 | UBS AG | 7/18/2025 | (82) |
| MYR | 2435 | USD | 573 | Standard Chartered Bank | 7/21/2025 | 5 |
| MYR | 915 | USD | 216 | JPMorgan Chase | 7/21/2025 | 2 |
| USD | 92 | SEK | 870 | Morgan Stanley | 7/21/2025 | —(o) |
| USD | 64 | MYR | 281 | HSBC Bank | 7/21/2025 | (2) |
| USD | 107 | PLN | 390 | Citibank | 7/21/2025 | (2) |
| USD | 95 | MYR | 418 | BNP Paribas | 7/21/2025 | (4) |
| USD | 165 | MYR | 727 | Standard Chartered Bank | 7/21/2025 | (7) |
| USD | 234 | MYR | 1031 | Standard Chartered Bank | 7/21/2025 | (10) |
| USD | 249 | MYR | 1091 | Standard Chartered Bank | 7/21/2025 | (10) |
| USD | 281 | MYR | 1234 | Standard Chartered Bank | 7/21/2025 | (12) |
| USD | 388 | MYR | 1698 | HSBC Bank | 7/21/2025 | (15) |
| USD | 326 | JPY | 47140 | Bank of America | 7/22/2025 | (2) |
| JPY | 68730 | USD | 486 | Standard Chartered Bank | 7/22/2025 | (8) |
| EUR | 110 | USD | 126 | Goldman Sachs | 7/24/2025 | 3 |

---

American Funds Insurance Series **144**

![](g1jcewhl4n4bvynvrsyg8.jpg)

American Funds Global Balanced Fund (continued)

**Forward currency contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  | appreciation |
|  | Contract amount |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 6/30/2025 |
|  | (000) |  | (000) | Counterparty | date | (000) |
| USD | 345 | EUR | 300 | HSBC Bank | 7/24/2025 | $(9) |
| GBP | 457 | EUR | 530 | BNP Paribas | 7/25/2025 | 1 |
| EUR | 115 | USD | 136 | UBS AG | 7/25/2025 | —(o) |
| USD | 583 | EUR | 510 | UBS AG | 7/25/2025 | (19) |
| EUR | 396 | DKK | 2950 | Bank of America | 7/28/2025 | —(o) |
| USD | 367 | NOK | 3711 | Bank of America | 7/28/2025 | (1) |
| USD | 411 | INR | 35415 | BNP Paribas | 7/28/2025 | (2) |
| USD | 569 | MXN | 10835 | Morgan Stanley | 7/28/2025 | (7) |
| USD | 549 | CHF | 440 | Barclays Bank PLC | 7/28/2025 | (8) |
| USD | 59 | CZK | 1240 | Citibank | 8/6/2025 | —(o) |
| USD | 126 | SGD | 160 | Bank of America | 8/6/2025 | —(o) |
| USD | 378 | EUR | 325 | UBS AG | 8/6/2025 | (5) |
| EUR | 188 | CAD | 300 | Citibank | 8/7/2025 | 1 |
| USD | 29349 | EUR | 25010 | Morgan Stanley | 8/8/2025 | (193) |
| GBP | 175 | USD | 240 | Morgan Stanley | 8/11/2025 | —(o) |
| EUR | 505 | USD | 580 | HSBC Bank | 9/12/2025 | 18 |
|  |  |  |  |  |  | $(321) |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &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;Pay |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &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;Pay |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
| 3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $(2) | $— | $(2) |
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP70 | 1 |  | 1 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD2,970 | 2 |  | 2 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD2,500 | 3 |  | 3 |
| 4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP267 | 14 |  | 14 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP1,495 | 24 |  | 24 |
| SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD2,870 | 15 |  | 15 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK3,700 | 3 |  | 3 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR310 | —(o) |  | &nbsp;&nbsp;&nbsp;&nbsp;—(o) |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | —(o) |  | &nbsp;&nbsp;&nbsp;&nbsp;—(o) |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | —(o) |  | &nbsp;&nbsp;&nbsp;&nbsp;—(o) |
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR280 | 1 |  | 1 |
| 3.947% | Annual | SONIA | Annual | 3/20/2030 | GBP410 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK1,500 | 3 |  | 3 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK960 | 2 |  | 2 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK970 | 1 |  | 1 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK3,540 | 6 |  | 6 |
| SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP62 | (3) |  | (3) |
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP375 | 44 |  | 44 |
|  |  |  |  |  |  | $121 | $— | $121 |

---

**145**American Funds Insurance Series

![](gip3shksvn888odpioz6k.jpg)

American Funds Global Balanced Fund (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Bilateral interest rate swaps

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | Pay | Pay |  |  |  |  |  |  |  | premium | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | Pay | Pay |  |  | Notional | Notional | Value at | Value at | Value at | paid | paid | (depreciation) |
|  |  |  |  |  |  | Notional | Notional | Value at | Value at | Value at | paid | paid | (depreciation) |
|  |  |  |  |  |  | Notional | Notional | Value at | Value at | Value at | paid | paid | (depreciation) |
|  | Payment |  | Payment |  | Expiration | amount | amount | 6/30/2025 | 6/30/2025 | 6/30/2025 | (received) | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | Counterparty | date |  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | BRL2,940 | BRL2,940 | $(20) | $(20) | $(20) |  | $— | $(20) |
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL6,010 | BRL6,010 |  | 36 |  |  |  | 36 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL1,660 | BRL1,660 |  | 11 |  |  |  | 11 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL1,210 | BRL1,210 |  | 8 |  |  |  | 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 |  | BRL740 |  | 5 |  |  |  | 5 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL3,810 | BRL3,810 |  | (42) | (42) |  |  | (42) |
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL9,330 | BRL9,330 | (222) | (222) | (222) |  |  | (222) |
|  |  |  |  |  |  |  |  | $(224) | $(224) | $(224) |  |  | $(224) |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Unrealized |
|  |  |  |  |  |  |  |  |  |  | premium | premium | premium | appreciation |
|  |  |  |  |  | Notional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  |  | paid | paid | (depreciation) |
| Reference |  | Financing | Payment | Expiration | amount |  | 6/30/2025 | 6/30/2025 | (received) | (received) | (received) | (received) | at 6/30/2025 |
| index |  | rate paid | frequency | date | (000) |  |  | (000) |  |  | (000) |  | (000) |
| ITRAXX.EUR.43 | ITRAXX.EUR.43 | 1.00% | Quarterly | 6/20/2030 | EUR2,260 |  |  | $(57) |  |  | $(25) |  | $(32) |
| Centrally cleared credit default swaps on credit indices — sell protection | Centrally cleared credit default swaps on credit indices — sell protection | Centrally cleared credit default swaps on credit indices — sell protection | Centrally cleared credit default swaps on credit indices — sell protection | Centrally cleared credit default swaps on credit indices — sell protection |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  | premium | premium | appreciation |
|  |  |  |  |  | Notional |  | &nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;Value at |  |  | paid | paid | (depreciation) |
| Reference |  | &nbsp;&nbsp;&nbsp;&nbsp;Financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amount <sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amount <sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 <sup>(q)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 <sup>(q)</sup> |  | (received) | (received) | (received) | at 6/30/2025 |
| index |  | &nbsp;&nbsp;&nbsp;&nbsp;rate received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) |  |  | (000) |  |  | (000) | (000) | (000) |
| ITRAXX.EUR.XO.43 | ITRAXX.EUR.XO.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | 6/20/2030 | EUR1,130 |  |  | $124 |  |  | $119 | $119 | $5 |
| CDX.NA.IG.44 | CDX.NA.IG.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | 6/20/2030 | USD3,073 |  |  | 68 |  |  | 65 | 65 | 3 |
|  |  |  |  |  |  |  |  | $192 |  |  | $184 | $184 | $8 |

---

American Funds Insurance Series **146**

![](gazgoe66vxe9cahvcfjwc.jpg)

American Funds Global Balanced Fund (continued)

**Investments in affiliates <sup>(l)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Investment funds 0.98% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $3953 | $96 | $— | $— | $72 | $4121 | $96 |
| Short-term securities 5.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 5.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(m)</sup> | 22187 | 58601 | 59201 | (3) | (2) | 21582 | 541 |
| &nbsp;&nbsp;&nbsp;Total 6.14% |  |  |  | $(3) | $70 | $25703 | $637 |

---

**Restricted securities <sup>(g)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Percent |
|  | Acquisition | Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/22/2031) <sup>(e)</sup> | 12/4/2024 | $273 | $303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. 1.60% 3/15/2031 | 9/30/2024 | 103 | 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;Total |  | $376 | $412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |

---

(a)Security did not produce income during the last 12 months.

(b)All or a portion of this security was on loan. The total value of all such securities was $1,472,000, which represented 0.35% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

(c)Index-linked bond whose principal amount moves with a government price index.

(d)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 $11,223,000, which represented 2.68% of the net assets of the fund.

(e)Step bond; coupon rate may change at a later date.

(f)Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(g)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $412,000, which represented 0.10% of the net assets of the fund.

(h)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(i)Represents securities transacted on a TBA basis.

(j)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.

(k)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,261,000, which represented 0.54% of the net assets of the fund.

(l)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(m)Rate represents the seven-day yield at 6/30/2025.

(n)Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

(o)Amount less than one thousand.

(p)The maximum potential amount the fund may pay as a protection seller should a credit event occur.

(q)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.

**147**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

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 CZK = Czech korunas

DKK = Danish kroner EGP = Egyptian pounds EUR = Euros

EURIBOR = Euro Interbank Offered Rate GBP = British pounds

ICE = Intercontinental Exchange, Inc. IDR = Indonesian rupiah

ILS = Israeli shekels INR = Indian rupees

Refer to the notes to financial statements.

JPY = Japanese yen KRW = South Korean won

LIBOR = London Interbank Offered Rate MXN = Mexican pesos

MYR = Malaysian ringgits

NIBOR = Norwegian Interbank Offered Rate NOK = Norwegian kroner

NZD = New Zealand dollars 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 TBA = To be announced

USD = U.S. dollars UST = U.S. Treasury ZAR = South African rand

American Funds Insurance Series **148**

The Bond Fund of America<sup>®</sup>

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Bonds, notes & other debt instruments 95.24% | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments 95.24% | (000) | (000) |
| **Mortgage-backed obligations 34.58%** |  |  |
| Federal agency mortgage-backed obligations 27.75% |  |  |
| Fannie Mae Pool #256133 4.50% 1/1/2026 <sup>(a)</sup> | USD1 | $1 |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup> | 25 | 25 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup> | 26 | 25 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup> | 12 | 11 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup> | 2084 | 1968 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup> | 99 | 92 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup> | 30 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 1768 | 1652 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> | 739 | 690 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup> | 326 | 342 |
| Fannie Mae Pool #924866 6.14% 10/1/2037 <sup>(a)(b)</sup> | 128 | 129 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup> | 161 | 165 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup> | 642 | 660 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup> | 140 | 142 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup> | 703 | 707 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup> | 681 | 690 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> | 107480 | 92775 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> | 659 | 667 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> | 346 | 350 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> | 310 | 315 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> | 175 | 177 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup> | 39 | 36 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> | 1616 | 1501 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup> | 694 | 644 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup> | 738 | 699 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup> | 119 | 113 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup> | 4331 | 4117 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup> | 294 | 274 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup> | 718 | 682 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup> | 33 | 31 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup> | 3882 | 3556 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup> | 1806 | 1712 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup> | 68 | 65 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup> | 2106 | 2050 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup> | 1098 | 1005 |
| 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> | 5389 | 4782 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup> | 4077 | 3720 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup> | 17796 | 16865 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup> | 16585 | 15335 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup> | 10 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> | 419 | 390 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup> | 1136 | 1011 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup> | 757 | 675 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup> | 2186 | 2014 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup> | 17711 | 16743 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup> | 12601 | 11515 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup> | 3335 | 3040 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup> | 5246 | 4780 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup> | 25007 | 22957 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup> | 11 | 9 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup> | 4987 | 4205 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup> | 532 | 443 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup> | 15444 | 13669 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup> | 5242 | 4672 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup> | 1684 | 1466 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup> | 4698 | 3912 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup> | 965 | 802 |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup> | 610 | 507 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup> | 956 | 832 |

---

**149**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup> | USD1,627 | $1298 |
| 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> | 17165 | 14257 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup> | 2635 | 2226 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup> | 896 | 757 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup> | 423 | 351 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 306 | 268 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup> | 902 | 749 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> | 255 | 215 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup> | 191 | 159 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup> | 179 | 149 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup> | 1485 | 1292 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup> | 1809 | 1434 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup> | 6060 | 5121 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup> | 1123 | 933 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup> | 659 | 548 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup> | 25 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup> | 15025 | 13416 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 1045 | 834 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup> | 1022 | 889 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | 6554 | 5230 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup> | 5062 | 4049 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup> | 41 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> | 21322 | 17821 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup> | 1550 | 1289 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup> | 934 | 776 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup> | 64 | 56 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup> | 3278 | 2599 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> | 717 | 568 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup> | 377 | 303 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup> | 5016 | 4234 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup> | 3501 | 2911 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup> | 348 | 276 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup> | 7432 | 6170 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup> | 1720 | 1428 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup> | 966 | 802 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup> | 8557 | 6789 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup> | 1832 | 1452 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup> | 572 | 453 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 28 | 23 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup> | 4948 | 4108 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup> | 4637 | 3850 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup> | 2463 | 2058 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup> | 172 | 143 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup> | 116 | 97 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup> | 3041 | 2658 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup> | 375 | 328 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup> | 10603 | 8405 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup> | 1779 | 1410 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> | 17 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup> | 1906 | 1590 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup> | 1800 | 1494 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup> | 590 | 490 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup> | 475 | 394 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup> | 162 | 135 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup> | 33 | 27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup> | 27 | 23 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup> | 1879 | 1489 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup> | 503 | 405 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup> | 47 | 39 |

---

American Funds Insurance Series **150**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup> | USD277 | $242 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup> | 197 | 172 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup> | 77 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup> | 8722 | 7332 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup> | 4773 | 3965 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup> | 4453 | 3697 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup> | 996 | 829 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup> | 928 | 770 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup> | 573 | 475 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 427 | 360 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup> | 216 | 181 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup> | 1347 | 1186 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(a)</sup> | 10828 | 8583 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 3121 | 2591 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup> | 1964 | 1631 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 1043 | 874 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup> | 487 | 406 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup> | 437 | 363 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup> | 316 | 264 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup> | 302 | 251 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup> | 56 | 46 |
| Fannie Mae Pool #FM8827 2.00% 10/1/2051 <sup>(a)</sup> | 1653 | 1311 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup> | 319 | 265 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup> | 3092 | 2702 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup> | 4430 | 3521 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 128 | 102 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup> | 94 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup> | 904 | 788 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup> | 812 | 646 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup> | 1934 | 1606 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup> | 21 | 19 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup> | 1846 | 1466 |
| Fannie Mae Pool #BU7233 2.00% 1/1/2052 <sup>(a)</sup> | 933 | 740 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup> | 4462 | 3710 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup> | 2098 | 1741 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup> | 1126 | 935 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup> | 337 | 280 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup> | 969 | 848 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | 15112 | 11989 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup> | 2497 | 1984 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup> | 809 | 642 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup> | 1648 | 1374 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup> | 885 | 737 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup> | 731 | 607 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup> | 488 | 406 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup> | 441 | 366 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup> | 256 | 213 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> | 32666 | 28775 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup> | 1573 | 1247 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup> | 1256 | 997 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup> | 1073 | 853 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup> | 867 | 687 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup> | 2759 | 2291 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> | 1766 | 1472 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup> | 642 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup> | 359 | 300 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup> | 35 | 29 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup> | 1663 | 1321 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup> | 750 | 596 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> | 31581 | 26219 |

---

**151**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup> | USD1,597 | $1329 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup> | 1455 | 1358 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup> | 264 | 246 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup> | 3727 | 2963 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup> | 20741 | 17232 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup> | 2186 | 1821 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup> | 968 | 805 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup> | 150 | 125 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup> | 3018 | 2816 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup> | 3072 | 3024 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup> | 1375 | 1356 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup> | 738 | 614 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup> | 432 | 358 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup> | 136 | 113 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup> | 2813 | 2773 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> | 568 | 563 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup> | 453 | 377 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> | 255 | 244 |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup> | 59 | 56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> | 8469 | 8374 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 9096 | 7216 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup> | 9772 | 9371 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> | 2518 | 2418 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> | 2466 | 2430 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 2770 | 2780 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 2519 | 2530 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> | 205 | 214 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup> | 847 | 812 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> | 133 | 130 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup> | 37 | 37 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup> | 272 | 253 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup> | 30348 | 29904 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup> | 687 | 570 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup> | 4621 | 4302 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup> | 593 | 584 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup> | 407 | 379 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup> | 151 | 149 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup> | 4058 | 4079 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup> | 423 | 426 |
| Fannie Mae Pool #BX7949 6.00% 3/1/2053 <sup>(a)</sup> | 1000 | 1018 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 835 | 855 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup> | 4281 | 3986 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup> | 656 | 629 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> | 15642 | 15388 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup> | 88 | 87 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup> | 960 | 965 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup> | 17738 | 18159 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup> | 4697 | 4377 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup> | 432 | 403 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup> | 30 | 28 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(a)</sup> | 10478 | 10313 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> | 2900 | 2865 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup> | 2760 | 2714 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 5894 | 5907 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 7060 | 7203 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup> | 615 | 533 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup> | 2902 | 2782 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> | 6679 | 6694 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> | 6347 | 6360 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup> | 311 | 312 |

---

American Funds Insurance Series **152**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> | USD3,837 | $3904 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> | 2380 | 2432 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> | 1799 | 1841 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup> | 6068 | 4820 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup> | 3642 | 3024 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup> | 152 | 126 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup> | 75 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 19842 | 19022 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup> | 591 | 583 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup> | 93 | 92 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 3400 | 3407 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup> | 7908 | 8229 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> | 23480 | 23524 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup> | 12744 | 12787 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup> | 6200 | 6224 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup> | 531 | 532 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup> | 5000 | 5091 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup> | 15338 | 15862 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup> | 7575 | 7055 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup> | 11829 | 11871 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup> | 6558 | 6583 |
| Fannie Mae Pool #CB7725 6.00% 10/1/2053 <sup>(a)</sup> | 8769 | 8929 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup> | 152 | 154 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup> | 63161 | 62069 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup> | 2116 | 2196 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> | 1917 | 1920 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup> | 774 | 806 |
| Fannie Mae Pool #MA5218 7.00% 12/1/2053 <sup>(a)</sup> | 965 | 1018 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> | 5281 | 5488 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 1292 | 1336 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup> | 2980 | 2855 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> | 2613 | 2616 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 1777 | 1779 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup> | 7083 | 7251 |
| Fannie Mae Pool #FS7503 6.00% 2/1/2054 <sup>(a)</sup> | 5296 | 5387 |
| Fannie Mae Pool #CB8422 6.00% 2/1/2054 <sup>(a)</sup> | 1902 | 1936 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup> | 1771 | 1802 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup> | 25 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup> | 14405 | 13808 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup> | 19135 | 19189 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 1607 | 1608 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup> | 5058 | 5178 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup> | 3391 | 3455 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup> | 1742 | 1773 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> | 4359 | 4537 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> | 4987 | 5023 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 5405 | 5542 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup> | 594 | 596 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup> | 384 | 391 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup> | 228 | 232 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup> | 2702 | 2704 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup> | 1869 | 1879 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> | 18915 | 19367 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 1261 | 1291 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup> | 1195 | 1216 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 10755 | 11178 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup> | 6987 | 6999 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup> | 1490 | 1499 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> | 33148 | 33719 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> | 5109 | 5243 |

---

**153**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> | USD2,600 | $2655 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 2391 | 2433 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> | 2197 | 2255 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup> | 1316 | 1340 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 1237 | 1258 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup> | 596 | 606 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 16780 | 17475 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 4952 | 5148 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 2806 | 2922 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup> | 136 | 136 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | 44877 | 45653 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup> | 1348 | 1373 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 1289 | 1312 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 1041 | 1059 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 227 | 232 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 111 | 113 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 96 | 98 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup> | 2318 | 2414 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> | 2007 | 2091 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> | 3624 | 3627 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup> | 1709 | 1724 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> | 1269 | 1276 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup> | 82 | 84 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> | 887 | 902 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup> | 5359 | 5256 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 4532 | 4536 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup> | 3500 | 3559 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> | 264 | 254 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup> | 90 | 86 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup> | 33 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 143 | 140 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup> | 4029 | 4128 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup> | 1426 | 1453 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup> | 949 | 965 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> | 377 | 384 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup> | 294 | 300 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup> | 1900 | 1901 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> | 1607 | 1638 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup> | 869 | 883 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup> | 1995 | 2062 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup> | 1346 | 1399 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 2934 | 2936 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> | 13962 | 14198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> | 496 | 496 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 5405 | 5496 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup> | 17406 | 16196 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 1036 | 1054 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> | 281 | 276 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 2211 | 2249 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup> | 6906 | 6909 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup> | 511 | 511 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 2070 | 2139 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup> | 9669 | 8665 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup> | 7168 | 6450 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup> | 15248 | 13151 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 18049 | 15563 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 1008 | 965 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup> | 4704 | 4168 |
| 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> | 14 | 14 |

---

American Funds Insurance Series **154**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae, Series 2002-W1, Class 2A, 4.453% 2/25/2042 <sup>(a)(b)</sup> | USD15 | $15 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup> | 48 | 47 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup> | 877 | 862 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup> | 38 | 38 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup> | 31 | 29 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> | 2494 | 2333 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup> | 37 | 38 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup> | 28 | 29 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup> | 53 | 54 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup> | 183 | 188 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup> | 1812 | 1572 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup> | 131 | 131 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup> | 5393 | 4657 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup> | 135 | 135 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup> | 9385 | 8101 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup> | 303 | 311 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup> | 15573 | 14152 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup> | 56 | 47 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup> | 90 | 79 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> | 807 | 762 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup> | 488 | 465 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup> | 4015 | 3595 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup> | 10467 | 9664 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> | 766 | 725 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup> | 245 | 226 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup> | 956 | 907 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup> | 497 | 455 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup> | 1585 | 1447 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup> | 8469 | 7809 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup> | 23124 | 20549 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup> | 4617 | 3900 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup> | 27 | 23 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 312 | 273 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup> | 1823 | 1522 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup> | 1764 | 1543 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup> | 5495 | 4662 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup> | 1196 | 995 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup> | 60 | 50 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup> | 25 | 21 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup> | 1943 | 1615 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup> | 1779 | 1411 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup> | 424 | 341 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 98 | 78 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 62873 | 50074 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup> | 1789 | 1418 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup> | 2309 | 1917 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup> | 2195 | 1740 |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup> | 226 | 188 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup> | 159 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup> | 1840 | 1459 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup> | 1803 | 1429 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> | 1614 | 1279 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 1261 | 1014 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup> | 1092 | 954 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup> | 1985 | 1573 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup> | 2349 | 1975 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup> | 764 | 634 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup> | 1950 | 1621 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup> | 551 | 461 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> | 5773 | 5097 |

---

**155**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup> | USD781 | $621 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup> | 10005 | 8411 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup> | 7635 | 6339 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup> | 1857 | 1552 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup> | 888 | 737 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup> | 461 | 382 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup> | 50 | 41 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup> | 1022 | 893 |
| Freddie Mac Pool #QD0086 2.00% 10/1/2051 <sup>(a)</sup> | 530 | 420 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup> | 1913 | 1589 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup> | 6354 | 5551 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup> | 1794 | 1579 |
| Freddie Mac Pool #QD0877 2.00% 11/1/2051 <sup>(a)</sup> | 7969 | 6317 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup> | 2359 | 1871 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 1383 | 1165 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup> | 1159 | 1013 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup> | 810 | 644 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup> | 1102 | 915 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup> | 18 | 16 |
| Freddie Mac Pool #QD4465 2.00% 1/1/2052 <sup>(a)</sup> | 1886 | 1495 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup> | 4134 | 3433 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup> | 2642 | 2205 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup> | 487 | 405 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup> | 482 | 402 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> | 3961 | 3484 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup> | 1634 | 1296 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup> | 828 | 658 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup> | 977 | 811 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup> | 403 | 335 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup> | 230 | 192 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup> | 171 | 142 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup> | 62 | 52 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 596 | 541 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup> | 2322 | 1843 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup> | 1812 | 1439 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup> | 918 | 727 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup> | 854 | 677 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> | 493 | 391 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup> | 170 | 135 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup> | 808 | 672 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup> | 728 | 607 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup> | 70 | 58 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup> | 1264 | 1004 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup> | 1714 | 1423 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup> | 563 | 469 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup> | 223 | 185 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup> | 124 | 103 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup> | 120 | 100 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup> | 1683 | 1401 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup> | 380 | 315 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 42415 | 36791 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> | 3623 | 3139 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup> | 180 | 189 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup> | 881 | 731 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup> | 475 | 395 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup> | 190 | 158 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 4318 | 3745 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup> | 2045 | 2015 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> | 89 | 71 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup> | 193 | 161 |

---

American Funds Insurance Series **156**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup> | USD560 | $490 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> | 72 | 69 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup> | 4020 | 3487 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> | 326 | 313 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup> | 285 | 274 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> | 83 | 79 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> | 48 | 46 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> | 32 | 31 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> | 5779 | 5821 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup> | 16148 | 15285 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup> | 5631 | 5328 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup> | 16259 | 15592 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup> | 3483 | 3433 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup> | 3450 | 3399 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> | 2042 | 2049 |
| 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> | 40 | 42 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | 1040 | 901 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup> | 997 | 929 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup> | 513 | 478 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup> | 1157 | 1187 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 15265 | 14640 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> | 193 | 190 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup> | 3080 | 3153 |
| Freddie Mac Pool #SD8298 4.50% 2/1/2053 <sup>(a)</sup> | 14914 | 14303 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup> | 2208 | 2172 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup> | 42881 | 43071 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup> | 23172 | 23261 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup> | 13602 | 13891 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup> | 2602 | 2422 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup> | 1695 | 1577 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup> | 76 | 71 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup> | 2684 | 2502 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup> | 194 | 186 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> | 4506 | 4453 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup> | 642 | 633 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> | 542 | 534 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup> | 193 | 180 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> | 33 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> | 8264 | 8121 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> | 8090 | 8108 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup> | 3465 | 3488 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> | 2382 | 2388 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> | 13542 | 13806 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup> | 578 | 538 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup> | 5524 | 5429 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 19409 | 19448 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup> | 6319 | 6457 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> | 2909 | 2962 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> | 670 | 697 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> | 580 | 604 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> | 561 | 586 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> | 546 | 570 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> | 385 | 402 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> | 294 | 307 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> | 185 | 192 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> | 162 | 171 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup> | 5155 | 4804 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup> | 542 | 504 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup> | 66 | 61 |

---

**157**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> | USD255 | $251 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 7500 | 7511 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup> | 584 | 586 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup> | 8188 | 8374 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup> | 2936 | 2992 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup> | 476 | 443 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup> | 396 | 369 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup> | 2310 | 2318 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup> | 2156 | 2164 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup> | 2033 | 2039 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup> | 1343 | 1348 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup> | 4434 | 4526 |
| Freddie Mac Pool #QH0851 6.00% 9/1/2053 <sup>(a)</sup> | 13728 | 13973 |
| Freddie Mac Pool #QH1296 6.00% 9/1/2053 <sup>(a)</sup> | 13376 | 13621 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup> | 10892 | 11101 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup> | 1428 | 1461 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> | 1074 | 1101 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> | 54078 | 55892 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup> | 802 | 790 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> | 14446 | 14706 |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup> | 3680 | 3806 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup> | 601 | 591 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup> | 18116 | 18178 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup> | 2186 | 2226 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> | 12641 | 13150 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> | 1751 | 1818 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup> | 5293 | 5402 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup> | 2812 | 2886 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> | 644 | 668 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup> | 187 | 174 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> | 770 | 771 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup> | 11117 | 11305 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> | 4713 | 4796 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup> | 3599 | 3672 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup> | 194 | 197 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup> | 4842 | 5028 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> | 410 | 410 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 2559 | 2578 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 1857 | 1862 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup> | 8058 | 8235 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup> | 5285 | 5411 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 4208 | 4313 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup> | 1997 | 2050 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup> | 166 | 169 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup> | 23 | 23 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> | 6363 | 6624 |
| Freddie Mac Pool #QI3488 6.50% 4/1/2054 <sup>(a)</sup> | 4289 | 4433 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup> | 1977 | 1940 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup> | 37758 | 38030 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup> | 4705 | 4738 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 3074 | 3129 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> | 6179 | 6436 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup> | 2752 | 2757 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup> | 984 | 990 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup> | 25088 | 25561 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> | 120 | 122 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> | 5849 | 6091 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(a)</sup> | 2462 | 2463 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup> | 1826 | 1828 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> | 23030 | 23429 |

---

American Funds Insurance Series **158**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> | USD13,207 | $13581 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> | 3096 | 3154 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> | 2714 | 2765 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 237 | 243 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> | 35128 | 36307 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup> | 2575 | 2682 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup> | 2048 | 2015 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup> | 1454 | 1429 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup> | 1313 | 1290 |
| 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> | 9466 | 9627 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 5050 | 5147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 2455 | 2502 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 141 | 144 |
| 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> | 12853 | 13386 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> | 12151 | 12655 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> | 4793 | 4993 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> | 3279 | 3415 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | 1923 | 2001 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> | 1144 | 1185 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> | 3617 | 3620 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup> | 4490 | 4592 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 485 | 494 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 263 | 269 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 248 | 254 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 229 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 152 | 155 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup> | 44 | 45 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup> | 30 | 31 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> | 4174 | 4347 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup> | 2607 | 2703 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> | 2254 | 2342 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup> | 1034 | 1077 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 1000 | 1034 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 4203 | 4206 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup> | 147 | 150 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup> | 46 | 47 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup> | 5516 | 5715 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup> | 149 | 154 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup> | 4311 | 4012 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup> | 4829 | 4624 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup> | 7307 | 7167 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 13366 | 13376 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup> | 11082 | 11107 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup> | 3287 | 3343 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup> | 6877 | 6751 |
| 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> | 274 | 274 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup> | 14 | 14 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup> | 283 | 288 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup> | 780 | 808 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup> | 1412 | 1413 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> | 5759 | 5866 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> | 2350 | 2412 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> | 1643 | 1683 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> | 593 | 603 |
| Freddie Mac Pool #RJ3241 6.50% 1/1/2055 <sup>(a)</sup> | 1498 | 1562 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> | 4596 | 4401 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(a)</sup> | 7333 | 7336 |

---

**159**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | USD2,421 | $2461 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> | 1756 | 1796 |
| Freddie Mac Pool #SD8508 6.50% 2/1/2055 <sup>(a)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 159 | 161 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 2703 | 2793 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 8923 | 9073 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup> | 1707 | 1736 |
| Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(a)</sup> | 483 | 500 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> | 197 | 193 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 1595 | 1621 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 883 | 865 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup> | 12865 | 12872 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup> | 224 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 1861 | 1892 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup> | 37 | 38 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup> | 94 | 99 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup> | 3461 | 3461 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup> | 84 | 74 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup> | 77 | 67 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup> | 5688 | 5486 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup> | 1400 | 1339 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 7792 | 7495 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(d)</sup> | 135 | 133 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(d)</sup> | 27314 | 27358 |
| Government National Mortgage Assn. 2.00% 8/1/2055 <sup>(a)(d)</sup> | 6176 | 5014 |
| Government National Mortgage Assn. 4.00% 8/1/2055 <sup>(a)(d)</sup> | 108 | 100 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup> | 9290 | 8762 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup> | 25 | 25 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup> | 3865 | 3756 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup> | 8606 | 7891 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 1930 | 1574 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 3347 | 2728 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup> | 7742 | 6471 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 2839 | 2377 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 2751 | 2300 |
| Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(a)</sup> | 4337 | 3638 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> | 4033 | 3431 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> | 3458 | 2897 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 226 | 200 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 174 | 154 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> | 4664 | 4257 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup> | 4832 | 4280 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> | 3986 | 3643 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 21289 | 19425 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup> | 7615 | 7121 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 5348 | 5011 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup> | 3409 | 3283 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 12036 | 11578 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> | 3131 | 3085 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> | 7748 | 7446 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> | 12720 | 12217 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 1742 | 1623 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 21027 | 20143 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup> | 9065 | 8435 |
| Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(a)</sup> | 797 | 741 |
| Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(a)</sup> | 1165 | 1084 |
| Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(a)</sup> | 99 | 92 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 1472 | 1076 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(d)</sup> | 5845 | 5342 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(d)</sup> | 151036 | 125252 |

---

American Funds Insurance Series **160**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(d)</sup> | USD58,704 | $52860 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(d)</sup> | 688 | 640 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(d)</sup> | 580 | 568 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(a)(d)</sup> | 5902 | 5902 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(d)</sup> | 1301 | 1322 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(d)</sup> | 35090 | 36948 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(d)</sup> | 18486 | 14644 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(d)</sup> | 9047 | 7828 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(d)</sup> | 1456 | 1354 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(d)</sup> | 10953 | 11294 |
| Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(a)(d)</sup> | 30276 | 31760 |
|  |  | 3042615 |
| Commercial mortgage-backed securities 3.48% |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.7426%) 6.043% |  |  |
| &nbsp;&nbsp;&nbsp;6/15/2040 <sup>(a)(b)(e)</sup> | 11443 | 11524 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup> | 11892 | 11381 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 6.003% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(a)(b)(e)</sup> | 1251 | 1255 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup> | 770 | 754 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup> | 100 | 97 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup> | 684 | 732 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup> | 500 | 536 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup> | 3537 | 3697 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup> | 123 | 120 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup> | 1018 | 953 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup> | 295 | 266 |
| Bank5, Series 2025-5YR14, Class A3, 5.646% 4/15/2058 <sup>(a)</sup> | 15601 | 16254 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup> | 2541 | 2490 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup> | 781 | 776 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)</sup> | 3361 | 3506 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)</sup> | 2174 | 2276 |
| Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66% 4/15/2058 <sup>(a)</sup> | 8867 | 9248 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup> | 2774 | 2907 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)</sup> | 7780 | 8129 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(b)(e)</sup> | 8476 | 8540 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(a)(b)(e)</sup> | 2183 | 2186 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(a)(b)(e)</sup> | 14268 | 14228 |
| BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 5.376% 9/15/2036 <sup>(a)(b)(e)</sup> | 552 | 550 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(a)(b)(e)</sup> | 995 | 994 |
| BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(a)(b)(e)</sup> | 996 | 995 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 5.174% 11/15/2036 <sup>(a)(b)(e)</sup> | 10670 | 10666 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(b)(e)</sup> | 3395 | 3400 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(a)(b)(e)</sup> | 1981 | 1981 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(a)(b)(e)</sup> | 382 | 382 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(a)(b)(e)</sup> | 259 | 259 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(a)(b)(e)</sup> | 654 | 654 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(a)(b)(e)</sup> | 8555 | 8555 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.676% 11/15/2038 <sup>(a)(b)(e)</sup> | 291 | 290 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(a)(b)(e)</sup> | 86 | 86 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 6.276% 11/15/2038 <sup>(a)(b)(e)</sup> | 129 | 129 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(a)(b)(e)</sup> | 8600 | 8598 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(a)(b)(e)</sup> | 8000 | 8042 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(a)(b)(e)</sup> | 26909 | 27299 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(a)(b)(e)</sup> | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(a)(b)(e)</sup> | 5461 | 5449 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup> | 19044 | 19682 |

---

**161**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup> | USD610 | $602 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(a)(b)(e)</sup> | 8924 | 9048 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(a)(e)</sup> | 966 | 1009 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/2040 <sup>(a)(e)</sup> | 1121 | 1177 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.379% 9/10/2040 <sup>(a)(b)(e)</sup> | 862 | 904 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup> | 200 | 196 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 <sup>(a)(b)(e)</sup> | 564 | 564 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 <sup>(a)(b)(e)</sup> | 769 | 770 |
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 6.676% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 <sup>(a)(b)(e)</sup> | 588 | 590 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)</sup> | 2432 | 2493 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 12/15/2029 <sup>(a)(b)(e)</sup> | 1508 | 1510 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup> | 10443 | 10507 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup> | 400 | 389 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup> | 100 | 97 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup> | 1536 | 1386 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(a)(b)(e)</sup> | 8260 | 8276 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(a)(b)(e)</sup> | 15120 | 15543 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(a)(b)(e)</sup> | 1478 | 1494 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(a)(b)(e)</sup> | 24720 | 25509 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 (a)(b)(e) | 28416 | 28334 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup> | 640 | 623 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup> | 240 | 233 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup> | 6854 | 6250 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% |  |  |
| &nbsp;&nbsp;&nbsp;12/15/2049 <sup>(a)(b)</sup> | 2040 | 2008 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) |  |  |
| &nbsp;&nbsp;&nbsp;5.854% 12/15/2039 <sup>(a)(b)(e)</sup> | 13405 | 13400 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;0.915%) 5.227% 4/15/2038 <sup>(a)(b)(e)</sup> | 19 | 19 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup> | 97 | 96 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup> | 245 | 242 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048 <sup>(a)</sup> | 730 | 718 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) |  |  |
| &nbsp;&nbsp;&nbsp;5.703% 5/15/2039 <sup>(a)(b)(e)</sup> | 3848 | 3848 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup> | 4065 | 3571 |
| SREIT Trust, Series 2021-FLWR, Class B, (1-month USD CME Term SOFR + 1.04%) 5.352% 7/15/2036 <sup>(a)(b)(e)</sup> | 800 | 799 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 5.506% 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%) 5.755% 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%) |  |  |
| &nbsp;&nbsp;&nbsp;5.755% 3/15/2042 <sup>(a)(b)(e)</sup> | 26882 | 26728 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/2048 <sup>(a)</sup> | 1132 | 1129 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup> | 2550 | 2515 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup> | 1019 | 963 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)</sup> | 5667 | 5941 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup> | 205 | 202 |
|  |  | 381406 |
| Collateralized mortgage-backed obligations (privately originated) 3.35% |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup> | 1747 | 1578 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup> | 64 | 62 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup> | 4257 | 4094 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup> | 11821 | 11432 |

---

American Funds Insurance Series **162**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup> | USD593 | $556 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup> | 243 | 237 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup> | 675 | 619 |
| Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/2033 <sup>(a)(b)(e)</sup> | 197 | 195 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup> | 2305 | 2285 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup> | 13815 | 13523 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup> | 5199 | 4955 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup> | 122 | 114 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup> | 1054 | 952 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;7.055% 5/25/2042 <sup>(a)(b)(e)</sup> | 180 | 184 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) |  |  |
| &nbsp;&nbsp;&nbsp;6.705% 12/25/2042 <sup>(a)(b)(e)</sup> | 465 | 478 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) |  |  |
| &nbsp;&nbsp;&nbsp;6.605% 5/25/2043 <sup>(a)(b)(e)</sup> | 2374 | 2425 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;6.205% 6/25/2043 <sup>(a)(b)(e)</sup> | 1415 | 1429 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;6.005% 7/25/2043 <sup>(a)(b)(e)</sup> | 731 | 735 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) |  |  |
| &nbsp;&nbsp;&nbsp;5.355% 1/25/2044 <sup>(a)(b)(e)</sup> | 3393 | 3393 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;6.105% 1/25/2044 <sup>(a)(b)(e)</sup> | 507 | 513 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;5.405% 2/25/2044 <sup>(a)(b)(e)</sup> | 354 | 354 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;6.105% 2/25/2044 <sup>(a)(b)(e)</sup> | 1053 | 1064 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;5.405% 5/25/2044 <sup>(a)(b)(e)</sup> | 2713 | 2713 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) |  |  |
| &nbsp;&nbsp;&nbsp;5.355% 9/25/2044 <sup>(a)(b)(e)</sup> | 966 | 966 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) |  |  |
| &nbsp;&nbsp;&nbsp;5.905% 9/25/2044 <sup>(a)(b)(e)</sup> | 1584 | 1591 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;5.305% 2/25/2045 <sup>(a)(b)(e)</sup> | 2005 | 2007 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;5.455% 2/25/2045 <sup>(a)(b)(e)</sup> | 5202 | 5209 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) |  |  |
| &nbsp;&nbsp;&nbsp;5.505% 5/25/2045 <sup>(a)(b)(e)</sup> | 6774 | 6791 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup> | 1700 | 1385 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup> | 1872 | 1528 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.95%) 7.255% 6/25/2042 <sup>(a)(b)(e)</sup> | 132 | 135 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(a)(b)(e)</sup> | 209 | 211 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(a)(b)(e)</sup> | 1519 | 1601 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.35%) 5.655% 2/25/2044 <sup>(a)(b)(e)</sup> | 3318 | 3326 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(a)(b)(e)</sup> | 13353 | 13381 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.00%) 5.305% 10/25/2044 <sup>(a)(b)(e)</sup> | 3944 | 3944 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(a)(b)(e)</sup> | 1648 | 1652 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.10%) 5.405% 5/25/2045 <sup>(a)(b)(e)</sup> | 2978 | 2981 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.20%) 5.505% 5/25/2045 <sup>(a)(b)(e)</sup> | 9130 | 9156 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup> | 4454 | 4493 |

---

**163**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup> | USD1,772 | $1607 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on 2/1/2028) |  |  |
| &nbsp;&nbsp;&nbsp;(a)(e)(f) | 694 | 677 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup> | 694 | 677 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup> | 4556 | 4388 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup> | 15394 | 15497 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup> | 638 | 643 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup> | 621 | 622 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(a)(e)(f)</sup> | 1921 | 1919 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup> | 2027 | 1847 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup> | 23624 | 23561 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(a)(b)(e)</sup> | 2453 | 2418 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup> | 6519 | 6567 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.677% 4/25/2053 <sup>(a)(b)(e)</sup> | 1880 | 1878 |
| 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> | 3385 | 3411 |
| 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> | 7224 | 7304 |
| 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> | 7021 | 7087 |
| 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> | 17725 | 17931 |
| 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> | 5192 | 5176 |
| 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> | 19510 | 19630 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup> | 1303 | 1156 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(a)(e)</sup> | 4038 | 3805 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup> | 1084 | 1058 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup> | 1044 | 991 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup> | 14345 | 13519 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup> | 6176 | 5913 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;6.062% 10/17/2041 <sup>(a)(b)(e)</sup> | 6368 | 6410 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup> | 7476 | 6786 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.107% 7/25/2065 <sup>(a)(b)(e)</sup> | 3356 | 3424 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup> | 1423 | 1423 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup> | 5021 | 4881 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup> | 8569 | 8597 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup> | 7475 | 7435 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup> | 3360 | 3315 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup> | 15504 | 15685 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup> | 6574 | 6650 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup> | 14079 | 14172 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup> | 4413 | 4414 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup> | 21776 | 22012 |
|  |  | 368056 |
| Total mortgage-backed obligations |  | 3792077 |
| **Corporate bonds, notes & loans 33.01%** |  |  |
| **Corporate bonds, notes & loans 33.01%** |  |  |
| Financials 11.08% |  |  |
| AerCap Ireland Capital DAC 6.50% 7/15/2025 | 1798 | 1799 |
| AerCap Ireland Capital DAC 1.75% 1/30/2026 | 2841 | 2792 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 | 10289 | 10027 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027 | 3994 | 4126 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) |  |  |
| &nbsp;&nbsp;&nbsp;7.61% 11/17/2029 <sup>(b)(e)(g)(h)</sup> | 7652 | 7595 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup> | 1597 | 1690 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup> | 1995 | 2058 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup> | EUR437 | 539 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup> | 2840 | 3708 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup> | 4065 | 5102 |
| American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(f)</sup> | USD604 | 608 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup> | 359 | 391 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup> | 1618 | 1634 |

---

American Funds Insurance Series **164**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup> | USD4,927 | $5031 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup> | 2464 | 2552 |
| American International Group, Inc. 4.85% 5/7/2030 | 3534 | 3592 |
| American International Group, Inc. 5.125% 3/27/2033 | 2749 | 2796 |
| Aon Corp. 5.35% 2/28/2033 | 1083 | 1116 |
| Aon North America, Inc. 5.15% 3/1/2029 | 3015 | 3089 |
| Aon North America, Inc. 5.30% 3/1/2031 | 1005 | 1040 |
| Aon North America, Inc. 5.45% 3/1/2034 | 2550 | 2621 |
| Aon North America, Inc. 5.75% 3/1/2054 | 1163 | 1147 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 3140 | 3188 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 1845 | 1847 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 1845 | 1771 |
| Banco Santander, SA 5.147% 8/18/2025 | 4000 | 4003 |
| Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on |  |  |
| &nbsp;&nbsp;&nbsp;9/14/2026) <sup>(f)</sup> | 1400 | 1353 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup> | 4295 | 4176 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup> | 2635 | 2635 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup> | 3202 | 3002 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup> | 339 | 353 |
| 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 | 1132 |
| Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(f)</sup> | 3691 | 3456 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(f)</sup> | 5024 | 5151 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup> | 20927 | 18255 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup> | 36155 | 31516 |
| Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;2.65% on 9/16/2025) <sup>(e)(f)</sup> | 4850 | 4866 |
| Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(f)</sup> | 1858 | 1903 |
| Bank of New York Mellon Corp. 5.06% 7/22/2032 (USD-SOFR + 1.23% on 7/22/2031) <sup>(f)</sup> | 5690 | 5826 |
| Bank of New York Mellon Corp. 5.188% 3/14/2035 (USD-SOFR + 1.418% on 3/14/2034) <sup>(f)</sup> | 2378 | 2409 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028 | 1370 | 1412 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026 | JPY300,000 | 2074 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup> | USD2,585 | 2605 |
| Block, Inc. 2.75% 6/1/2026 | 1975 | 1935 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup> | 13134 | 12752 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup> | 3594 | 3332 |
| BNP Paribas SA 5.738% 2/20/2035 (USD-SOFR + 1.88% on 2/20/2034) <sup>(e)(f)</sup> | 4117 | 4266 |
| BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025) <sup>(e)(f)</sup> | 4729 | 4691 |
| BPCE SA 0.895% 12/14/2026 | JPY100,000 | 691 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup> | USD2,150 | 2165 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup> | 5000 | 5297 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on |  |  |
| &nbsp;&nbsp;&nbsp;1/18/2029) <sup>(e)(f)</sup> | 1285 | 1323 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup> | 1845 | 1914 |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup> | 3814 | 3885 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup> | 4503 | 4617 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(e)(f)</sup> | 10005 | 10512 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup> | 10948 | 11326 |
| CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup> | 1900 | 2088 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(e)(f)</sup> | 3953 | 4138 |
| Canadian Imperial Bank of Commerce 5.237% 6/28/2027 | 2650 | 2699 |
| Canadian Imperial Bank of Commerce 4.857% 3/30/2029 (USD-SOFR + 1.03% on 3/31/2028) <sup>(f)</sup> | 31095 | 31435 |
| Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025) <sup>(f)</sup> | 2430 | 2430 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup> | 515 | 527 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup> | 1204 | 1282 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup> | 2920 | 3045 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup> | 2445 | 2535 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 526 | 470 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 2020 | 2005 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4400 | 4485 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 2015 | 1745 |

---

**165**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Citibank, NA 5.803% 9/29/2028 | USD4,100 | $4288 |
| Citigroup, Inc. 4.60% 3/9/2026 | 1800 | 1800 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup> | 7800 | 7960 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(f)</sup> | 5103 | 5081 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup> | 21543 | 21794 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup> | 990 | 885 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup> | 3090 | 2889 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup> | 123 | 126 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup> | 1874 | 1889 |
| Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(f)</sup> | 15346 | 15898 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(f)</sup> | 4518 | 4872 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 | 3913 | 3863 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 3534 | 3464 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 3964 | 3723 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 361 | 304 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup> | 2450 | 2404 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on |  |  |
| &nbsp;&nbsp;&nbsp;9/10/2026) <sup>(e)(f)</sup> | 2990 | 2889 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on |  |  |
| &nbsp;&nbsp;&nbsp;4/1/2027) <sup>(e)(f)</sup> | 2975 | 2965 |
| Deutsche Bank AG 4.10% 1/13/2026 | 7305 | 7281 |
| Deutsche Bank AG 4.10% 1/13/2026 | 857 | 854 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(f)</sup> | 27047 | 26776 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup> | 17595 | 17095 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(f)</sup> | 7343 | 7715 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(f)</sup> | 6271 | 6693 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(f)</sup> | 6685 | 6737 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup> | 6750 | 6316 |
| Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031) <sup>(f)</sup> | 3235 | 2965 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup> | 3200 | 3184 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on |  |  |
| &nbsp;&nbsp;&nbsp;5/25/2026) <sup>(e)(f)</sup> | 1200 | 1170 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup> | EUR1,845 | 2158 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup> | 4230 | 4943 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup> | 3855 | 4999 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup> | 12035 | 15435 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup> | 390 | 489 |
| 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 | 1990 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup> | 11396 | 11863 |
| Five Corners Funding Trust III 5.791% 2/15/2033 <sup>(e)</sup> | 942 | 980 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup> | 3030 | 2965 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup> | 13275 | 12820 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup> | 12997 | 12588 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup> | 3703 | 3598 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup> | 5534 | 5459 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup> | 4895 | 4935 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup> | 28930 | 30121 |
| Goldman Sachs Group, Inc. 5.049% 7/23/2030 (USD-SOFR + 1.21% on 7/23/2029) <sup>(f)</sup> | 13759 | 13991 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(f)</sup> | 2441 | 2449 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup> | 7315 | 7501 |
| Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034) <sup>(f)</sup> | 2929 | 2895 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(f)</sup> | 24589 | 25225 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup> | 3160 | 2264 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup> | 14232 | 13261 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup> | 9437 | 8351 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup> | 2000 | 2012 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup> | 1680 | 1711 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031 | 1091 | 1132 |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup> | 15400 | 15436 |

---

American Funds Insurance Series **166**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup> | USD6,250 | $6170 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup> | 1986 | 1949 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on |  |  |
| &nbsp;&nbsp;&nbsp;6/20/2053) <sup>(e)(f)</sup> | 5100 | 5727 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> | 705 | 677 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup> | 323 | 316 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup> | 1400 | 1431 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup> | 20000 | 20196 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup> | 2678 | 2734 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup> | 8670 | 8783 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup> | 11980 | 11932 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup> | 6480 | 6730 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup> | 10724 | 10922 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup> | 6549 | 6573 |
| JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(f)</sup> | 4720 | 4838 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup> | 641 | 556 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup> | 5313 | 4679 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup> | 17099 | 17407 |
| JPMorgan Chase & Co. 4.946% 10/22/2035 (USD-SOFR + 1.34% on 10/22/2034) <sup>(f)</sup> | 2790 | 2762 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup> | 10233 | 10609 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.70% on 10/2/2026) <sup>(f)</sup> | 2415 | 2352 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on |  |  |
| &nbsp;&nbsp;&nbsp;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 + |  |  |
| &nbsp;&nbsp;&nbsp;1.48% on 8/7/2026) <sup>(f)</sup> | 1625 | 1650 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;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 + |  |  |
| &nbsp;&nbsp;&nbsp;1.75% on 1/5/2034) <sup>(f)</sup> | 1979 | 2032 |
| M&T Bank Corp. 7.413% 10/30/2029 (USD-SOFR + 2.80% on 10/30/2028) <sup>(f)</sup> | 6528 | 7081 |
| M&T Bank Corp. 6.082% 3/13/2032 (USD-SOFR + 2.26% on 3/13/2031) <sup>(f)</sup> | 6357 | 6715 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2285 | 2286 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044 | 250 | 246 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2060 | 1987 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 |  |  |
| &nbsp;&nbsp;&nbsp;(3-month USD CME Term SOFR + 4.222% on 12/15/2037) <sup>(e)(f)</sup> | 1405 | 1544 |
| MetLife, Inc. 3.60% 11/13/2025 | 3490 | 3481 |
| MetLife, Inc. 5.375% 7/15/2033 | 1279 | 1332 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup> | 840 | 871 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup> | 2050 | 2089 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup> | 619 | 629 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 0.75% on 7/20/2026) <sup>(f)</sup> | 6200 | 6017 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 0.67% on 10/13/2026) <sup>(f)</sup> | 2225 | 2149 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 |  |  |
| &nbsp;&nbsp;&nbsp;(1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028) <sup>(f)</sup> | 1430 | 1468 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 |  |  |
| &nbsp;&nbsp;&nbsp;(1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032) <sup>(f)</sup> | 763 | 773 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;0.75% on 7/9/2026) <sup>(f)</sup> | 1367 | 1327 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.65% on 7/6/2028) <sup>(f)</sup> | 1701 | 1767 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.12% on 5/26/2029) <sup>(f)</sup> | 2020 | 2078 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup> | 13336 | 12940 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup> | 350 | 355 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup> | 21869 | 22301 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup> | 21784 | 22631 |

---

**167**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup> | USD1,704 | $1708 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup> | 4664 | 4782 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup> | 3031 | 2594 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup> | 11313 | 11593 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup> | 3069 | 3108 |
| Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(f)</sup> | 14060 | 14438 |
| Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(f)</sup> | 9846 | 10207 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026 | 2775 | 2834 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup> | 695 | 610 |
| NatWest Group PLC 5.847% 3/2/2027 |  |  |
| &nbsp;&nbsp;&nbsp;(1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026) <sup>(f)</sup> | 3555 | 3587 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on |  |  |
| &nbsp;&nbsp;&nbsp;3/1/2027) <sup>(f)</sup> | 2170 | 2210 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup> | 2090 | 2132 |
| 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 | 725 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup> | 165 | 203 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup> | 1345 | 1760 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup> | USD4,594 | 4759 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup> | 12265 | 13716 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup> | 635 | 660 |
| Royal Bank of Canada 4.90% 1/12/2028 | 360 | 367 |
| Royal Bank of Canada 4.95% 2/1/2029 | 1360 | 1392 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup> | 5100 | 5319 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup> | 3706 | 3773 |
| Standard Chartered PLC 5.905% 5/14/2035 |  |  |
| &nbsp;&nbsp;&nbsp;(1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 5/14/2034) <sup>(e)(f)</sup> | 546 | 568 |
| State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032) <sup>(f)</sup> | 1640 | 1577 |
| State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033) <sup>(f)</sup> | 2579 | 2635 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026 | 1429 | 1451 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027 | 1100 | 1067 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028 | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 | 373 | 393 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup> | 1400 | 1453 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup> | 2100 | 2146 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup> | 1370 | 1389 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup> | 2605 | 2636 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup> | 2396 | 2592 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup> | 1741 | 1794 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup> | 4707 | 4800 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup> | 1586 | 1657 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup> | 2440 | 2530 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup> | 2115 | 2129 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup> | 7300 | 7518 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup> | 2839 | 2804 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup> | 1712 | 1799 |
| UBS AG 7.50% 2/15/2028 | 2445 | 2638 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup> | 11200 | 10990 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on |  |  |
| &nbsp;&nbsp;&nbsp;8/10/2026) <sup>(e)(f)</sup> | 6623 | 6407 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on |  |  |
| &nbsp;&nbsp;&nbsp;2/8/2029) <sup>(e)(f)</sup> | 17490 | 17966 |
| 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 | 15017 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup> | 9636 | 9438 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on |  |  |
| &nbsp;&nbsp;&nbsp;2/11/2031) <sup>(e)(f)</sup> | 1392 | 1204 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup> | 20425 | 18546 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on |  |  |
| &nbsp;&nbsp;&nbsp;2/11/2032) <sup>(e)(f)</sup> | 4038 | 3524 |
| UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032) <sup>(e)(f)</sup> | 5000 | 6184 |

---

American Funds Insurance Series **168**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup> | USD1,395 | $1395 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029 | 462 | 455 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup> | 6615 | 6524 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup> | 11151 | 11397 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup> | 1003 | 967 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup> | 8357 | 8429 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(f)</sup> | 4895 | 4964 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup> | 2545 | 2628 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup> | 4260 | 4364 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup> | 6025 | 6167 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup> | 4062 | 4442 |
| Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(f)</sup> | 198 | 199 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(f)</sup> | 13513 | 13954 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup> | 5719 | 4877 |
|  |  | 1215226 |
| Utilities 4.25% |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051 | 1380 | 930 |
| AEP Transmission Co., LLC 5.375% 6/15/2035 | 1075 | 1099 |
| Alabama Power Co. 3.00% 3/15/2052 | 3219 | 2085 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup> | 411 | 303 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052 | 525 | 441 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045 | 5895 | 5074 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053 | 1017 | 851 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup> | 2400 | 2336 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup> | 3655 | 3573 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031 | 1775 | 1550 |
| DTE Energy Co. 5.10% 3/1/2029 | 7900 | 8059 |
| DTE Energy Co. 3.00% 3/1/2032 | 259 | 236 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 332 | 319 |
| Duke Energy Florida, LLC 5.875% 11/15/2033 | 370 | 395 |
| Duke Energy Florida, LLC 3.40% 10/1/2046 | 5669 | 4080 |
| Duke Energy Florida, LLC 3.00% 12/15/2051 | 293 | 185 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 | 575 | 591 |
| Duke Energy Progress, LLC 3.70% 9/1/2028 | 3750 | 3709 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 | 1775 | 1542 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 | 644 | 373 |
| Edison International 4.125% 3/15/2028 | 6768 | 6535 |
| Edison International 6.95% 11/15/2029 | 1575 | 1638 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> | 1420 | 1474 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on |  |  |
| &nbsp;&nbsp;&nbsp;6/1/2028) <sup>(f)</sup> | EUR2,800 | 3214 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup> | USD1,575 | 1780 |
| Emera US Finance, LP 2.639% 6/15/2031 | 4400 | 3866 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup> | 1310 | 1292 |
| Entergy Louisiana, LLC 4.20% 9/1/2048 | 5637 | 4496 |
| Eversource Energy 5.00% 1/1/2027 | 3415 | 3447 |
| FirstEnergy Corp. 1.60% 1/15/2026 | 20066 | 19701 |
| FirstEnergy Corp. 2.65% 3/1/2030 | 16560 | 15212 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 12602 | 11197 |
| Florida Power & Light Co. 4.40% 5/15/2028 | 1655 | 1668 |
| Florida Power & Light Co. 5.10% 4/1/2033 | 7431 | 7600 |
| Florida Power & Light Co. 4.80% 5/15/2033 | 2929 | 2938 |
| Florida Power & Light Co. 5.30% 4/1/2053 | 1255 | 1201 |
| Georgia Power Co. 4.95% 5/17/2033 | 1845 | 1860 |
| Georgia Power Co. 5.25% 3/15/2034 | 3200 | 3265 |
| Georgia Power Co. 3.70% 1/30/2050 | 190 | 142 |

---

**169**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Utilities (continued) |  |  |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup> | USD525 | $461 |
| Monongahela Power Co. 3.55% 5/15/2027 <sup>(e)</sup> | 1700 | 1676 |
| NiSource, Inc. 5.40% 6/30/2033 | 650 | 665 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 | 27543 | 27283 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 | 10850 | 10709 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 | 2026 | 1919 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 | 7105 | 6876 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 | 2542 | 2415 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 | 13760 | 13356 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 7900 | 7858 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 | 35449 | 34617 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 | 21597 | 18759 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 12824 | 13412 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034 | 1294 | 1394 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034 | 5376 | 5378 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 | 14434 | 14312 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 10340 | 7405 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 5524 | 4458 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 15807 | 10149 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054 | 2410 | 2188 |
| PacifiCorp 5.30% 2/15/2031 | 603 | 621 |
| PacifiCorp 5.45% 2/15/2034 | 8920 | 9051 |
| PacifiCorp 3.30% 3/15/2051 | 325 | 212 |
| PacifiCorp 2.90% 6/15/2052 | 586 | 347 |
| PacifiCorp 5.35% 12/1/2053 | 3678 | 3310 |
| PacifiCorp 5.50% 5/15/2054 | 8738 | 8046 |
| PacifiCorp 5.80% 1/15/2055 | 7735 | 7411 |
| PECO Energy Co. 5.25% 9/15/2054 | 1775 | 1685 |
| Public Service Electric and Gas Co. 3.20% 5/15/2029 | 6000 | 5798 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033 | 1200 | 1237 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055 | 1503 | 1484 |
| Southern California Edison Co. 4.90% 6/1/2026 | 1177 | 1178 |
| Southern California Edison Co. 5.30% 3/1/2028 | 3826 | 3876 |
| Southern California Edison Co. 4.20% 3/1/2029 | 8211 | 8042 |
| Southern California Edison Co. 2.85% 8/1/2029 | 7858 | 7275 |
| Southern California Edison Co. 5.25% 3/15/2030 | 19378 | 19586 |
| Southern California Edison Co. 2.50% 6/1/2031 | 5044 | 4383 |
| Southern California Edison Co. 5.45% 6/1/2031 | 9875 | 10055 |
| Southern California Edison Co. 5.20% 6/1/2034 | 5196 | 5043 |
| Southern California Edison Co. 5.45% 3/1/2035 | 1845 | 1812 |
| Southern California Edison Co. 5.75% 4/1/2035 | 4549 | 4644 |
| Southern California Edison Co. 5.35% 7/15/2035 | 6450 | 6288 |
| Southern California Edison Co. 5.625% 2/1/2036 | 7051 | 6866 |
| Southern California Edison Co. 3.60% 2/1/2045 | 2417 | 1666 |
| Southern California Edison Co. 2.95% 2/1/2051 | 706 | 414 |
| Southern California Edison Co. 3.65% 6/1/2051 | 29 | 19 |
| Southern California Edison Co. 5.90% 3/1/2055 | 1661 | 1521 |
| Southwestern Electric Power Co. 1.65% 3/15/2026 | 3550 | 3481 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 | 2075 | 1343 |
| Virginia Electric & Power 2.40% 3/30/2032 | 2575 | 2234 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031 | 525 | 451 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050 | 1075 | 772 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051 | 375 | 230 |
| Xcel Energy, Inc. 4.75% 3/21/2028 | 7808 | 7886 |
| Xcel Energy, Inc. 2.60% 12/1/2029 | 4049 | 3747 |
| Xcel Energy, Inc. 5.45% 8/15/2033 | 4355 | 4445 |
| Xcel Energy, Inc. 5.50% 3/15/2034 | 4230 | 4300 |
|  |  | 466306 |

---

American Funds Insurance Series **170**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Health care 4.14% |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 | USD18,501 | $18844 |
| AbbVie, Inc. 5.35% 3/15/2044 | 800 | 785 |
| AbbVie, Inc. 5.40% 3/15/2054 | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064 | 550 | 534 |
| Amgen, Inc. 5.507% 3/2/2026 | 725 | 725 |
| Amgen, Inc. 5.15% 3/2/2028 | 5326 | 5444 |
| Amgen, Inc. 4.05% 8/18/2029 | 7429 | 7345 |
| Amgen, Inc. 2.45% 2/21/2030 | 5131 | 4700 |
| Amgen, Inc. 5.25% 3/2/2030 | 2854 | 2942 |
| Amgen, Inc. 4.20% 3/1/2033 | 8502 | 8164 |
| Amgen, Inc. 5.25% 3/2/2033 | 20793 | 21300 |
| Amgen, Inc. 4.875% 3/1/2053 | 3360 | 2937 |
| Amgen, Inc. 4.40% 2/22/2062 | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 | 6925 | 7062 |
| Baxter International, Inc. 2.539% 2/1/2032 | 3906 | 3406 |
| Bristol-Myers Squibb Co. 4.90% 2/22/2029 | 2625 | 2688 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 3990 | 4134 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 22685 | 23242 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 425 | 422 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050 | 2113 | 1234 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052 | 2197 | 1602 |
| Bristol-Myers Squibb Co. 6.25% 11/15/2053 | 1740 | 1866 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 12840 | 12535 |
| Centene Corp. 4.25% 12/15/2027 | 14860 | 14644 |
| Centene Corp. 2.45% 7/15/2028 | 12410 | 11533 |
| Centene Corp. 4.625% 12/15/2029 | 14945 | 14546 |
| Centene Corp. 3.375% 2/15/2030 | 15718 | 14488 |
| Cigna Group (The) 5.125% 5/15/2031 | 2095 | 2156 |
| Cigna Group (The) 5.25% 2/15/2034 | 3745 | 3806 |
| CVS Health Corp. 5.125% 2/21/2030 | 1720 | 1752 |
| CVS Health Corp. 5.25% 1/30/2031 | 960 | 982 |
| CVS Health Corp. 5.55% 6/1/2031 | 3707 | 3852 |
| CVS Health Corp. 5.25% 2/21/2033 | 2122 | 2137 |
| CVS Health Corp. 5.70% 6/1/2034 | 7706 | 7938 |
| CVS Health Corp. 5.625% 2/21/2053 | 40 | 37 |
| CVS Health Corp. 5.875% 6/1/2053 | 4897 | 4682 |
| CVS Health Corp. 6.05% 6/1/2054 | 1995 | 1957 |
| CVS Health Corp. 6.00% 6/1/2063 | 1344 | 1286 |
| Elevance Health, Inc. 4.95% 11/1/2031 | 2322 | 2356 |
| Elevance Health, Inc. 5.20% 2/15/2035 | 7577 | 7660 |
| Elevance Health, Inc. 4.55% 5/15/2052 | 271 | 222 |
| Elevance Health, Inc. 5.125% 2/15/2053 | 784 | 701 |
| Elevance Health, Inc. 5.70% 2/15/2055 | 995 | 965 |
| Eli Lilly and Co. 5.10% 2/12/2035 | 23057 | 23641 |
| Eli Lilly and Co. 5.50% 2/12/2055 | 7907 | 7962 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 | 3340 | 3457 |
| HCA, Inc. 5.20% 6/1/2028 | 4165 | 4256 |
| HCA, Inc. 2.375% 7/15/2031 | 2233 | 1944 |
| HCA, Inc. 3.625% 3/15/2032 | 2400 | 2215 |
| HCA, Inc. 4.625% 3/15/2052 | 226 | 182 |
| Humana, Inc. 5.375% 4/15/2031 | 5530 | 5659 |
| Humana, Inc. 5.55% 5/1/2035 | 1735 | 1745 |
| Humana, Inc. 5.75% 4/15/2054 | 954 | 889 |
| Johnson & Johnson 4.80% 6/1/2029 | 3970 | 4080 |
| Johnson & Johnson 4.90% 6/1/2031 | 4175 | 4319 |
| Merck & Co., Inc. 1.70% 6/10/2027 | 3093 | 2966 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 1375 | 1386 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 7942 | 7921 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 5622 | 5311 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup> | 7545 | 7031 |

---

**171**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Health care (continued) |  |  |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup> | USD765 | $757 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup> | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 306 | 302 |
| Stryker Corp. 4.85% 2/10/2030 | 1235 | 1260 |
| Stryker Corp. 5.20% 2/10/2035 | 1110 | 1132 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 12074 | 12080 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 26824 | 27874 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 4431 | 4460 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 3720 | 4063 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2935 | 3327 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 725 | 741 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 37896 | 27295 |
| UnitedHealth Group, Inc. 3.75% 7/15/2025 | 5410 | 5408 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030 | 395 | 401 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 | 466 | 417 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032 | 1910 | 1935 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 | 1654 | 1602 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 | 15956 | 16125 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 | 1300 | 956 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048 | 960 | 772 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 | 572 | 380 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 | 10472 | 10165 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062 | 69 | 59 |
| Viatris, Inc. 4.00% 6/22/2050 | 3750 | 2500 |
|  |  | 454479 |
| Consumer discretionary 3.71% |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup> | 335 | 325 |
| Amazon.com, Inc. 1.65% 5/12/2028 | 3860 | 3626 |
| Amazon.com, Inc. 3.45% 4/13/2029 | 600 | 589 |
| Amazon.com, Inc. 3.25% 5/12/2061 | 4100 | 2670 |
| Amazon.com, Inc. 4.10% 4/13/2062 | 470 | 369 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028 <sup>(e)</sup> | 255 | 247 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 14740 | 15308 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup> | 1075 | 1059 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup> | 1350 | 1259 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup> | 4115 | 4213 |
| Daimler Trucks Finance North America, LLC 5.00% 1/15/2027 <sup>(e)</sup> | 794 | 802 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(e)</sup> | 3567 | 3523 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(e)</sup> | 1320 | 1339 |
| Daimler Trucks Finance North America, LLC 5.40% 9/20/2028 <sup>(e)</sup> | 832 | 855 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(e)</sup> | 3230 | 3015 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(e)</sup> | 565 | 578 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(e)</sup> | 8174 | 7096 |
| Daimler Trucks Finance North America, LLC 5.375% 1/13/2032 <sup>(e)</sup> | 430 | 437 |
| Daimler Trucks Finance North America, LLC 5.50% 9/20/2033 <sup>(e)</sup> | 691 | 701 |
| Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(e)</sup> | 246 | 247 |
| Daimler Trucks Finance North America, LLC 5.625% 1/13/2035 <sup>(e)</sup> | 3395 | 3457 |
| Ford Motor Co. 3.25% 2/12/2032 | 620 | 523 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026 | 855 | 863 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 755 | 765 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 200 | 195 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026 | 9695 | 9675 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 18742 | 18479 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027 | 3145 | 3171 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 6490 | 6542 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 485 | 482 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027 | 39480 | 38603 |

---

American Funds Insurance Series **172**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 | USD3,990 | $3853 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 7549 | 7842 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 24035 | 24284 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 2030 | 2099 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 762 | 790 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029 | 1065 | 969 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 6740 | 6756 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 9854 | 9639 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029 | 5407 | 5312 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030 | 10668 | 11266 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 1015 | 1069 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031 | 3960 | 3953 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031 | 1215 | 1070 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 688 | 714 |
| General Motors Co. 6.125% 10/1/2025 | 13888 | 13913 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026 | 6712 | 6517 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027 | 9771 | 9420 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030 | 10000 | 10126 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030 | 8013 | 8129 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032 | 1201 | 1216 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 2888 | 2905 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(e)</sup> | 528 | 560 |
| Home Depot, Inc. 2.95% 6/15/2029 | 1966 | 1882 |
| Home Depot, Inc. 4.75% 6/25/2029 | 1849 | 1888 |
| Home Depot, Inc. 4.85% 6/25/2031 | 2559 | 2626 |
| Home Depot, Inc. 4.95% 6/25/2034 | 4749 | 4809 |
| Home Depot, Inc. 4.50% 12/6/2048 | 1915 | 1644 |
| Home Depot, Inc. 5.30% 6/25/2054 | 2234 | 2147 |
| Hyatt Hotels Corp. 5.05% 3/30/2028 | 8567 | 8662 |
| Hyundai Capital America 1.80% 10/15/2025 <sup>(e)</sup> | 13274 | 13164 |
| Hyundai Capital America 6.25% 11/3/2025 <sup>(e)</sup> | 825 | 828 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup> | 6000 | 5897 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup> | 705 | 709 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> | 7475 | 7259 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> | 7275 | 7024 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup> | 9000 | 8784 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup> | 1650 | 1672 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup> | 7543 | 7176 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup> | 1385 | 1419 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup> | 1523 | 1551 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup> | 25720 | 26038 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup> | 3365 | 3444 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup> | 3695 | 3622 |
| Marriott International, Inc. 5.00% 10/15/2027 | 4470 | 4545 |
| Marriott International, Inc. 4.90% 4/15/2029 | 653 | 665 |
| Marriott International, Inc. 5.35% 3/15/2035 | 1365 | 1377 |
| McDonald's Corp. 5.00% 5/17/2029 | 1305 | 1342 |
| McDonald's Corp. 4.95% 3/3/2035 | 786 | 786 |
| McDonald's Corp. 4.45% 3/1/2047 | 3535 | 2991 |
| McDonald's Corp. 3.625% 9/1/2049 | 2938 | 2133 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup> | 267 | 245 |
| Sands China, Ltd. 2.30% 3/8/2027 | 2368 | 2275 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 | 4954 | 4737 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030 | 1625 | 1636 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030 | 690 | 727 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup> | 675 | 683 |

---

**173**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup> | USD1,635 | $1642 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup> | 5190 | 5525 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup> | 410 | 407 |
|  |  | 407376 |
| Energy 2.63% |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup> | 280 | 282 |
| APA Corp. 4.25% 1/15/2030 <sup>(e)</sup> | 2465 | 2361 |
| Apache Corp. 4.625% 11/15/2025 | 645 | 644 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> | 395 | 401 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 1136 | 1101 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 754 | 753 |
| Cenovus Energy, Inc. 5.375% 7/15/2025 | 2763 | 2763 |
| Cenovus Energy, Inc. 4.25% 4/15/2027 | 13613 | 13586 |
| Cenovus Energy, Inc. 2.65% 1/15/2032 | 2969 | 2567 |
| Cenovus Energy, Inc. 5.25% 6/15/2037 | 289 | 273 |
| Cenovus Energy, Inc. 3.75% 2/15/2052 | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026 | 3365 | 3327 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> | 22400 | 22677 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup> | 268 | 283 |
| Devon Energy Corp. 5.75% 9/15/2054 | 2068 | 1863 |
| Diamondback Energy, Inc. 5.55% 4/1/2035 | 9020 | 9122 |
| Ecopetrol SA 8.875% 1/13/2033 | 15325 | 15820 |
| Energy Transfer, LP 5.25% 7/1/2029 | 979 | 1003 |
| Energy Transfer, LP 6.40% 12/1/2030 | 479 | 516 |
| Eni SpA 5.50% 5/15/2034 <sup>(e)</sup> | 359 | 362 |
| Eni SpA 5.95% 5/15/2054 <sup>(e)</sup> | 222 | 215 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 1465 | 1461 |
| EOG Resources, Inc. 5.95% 7/15/2055 | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028 | 4928 | 4862 |
| Equinor ASA 3.125% 4/6/2030 | 20000 | 19094 |
| Equinor ASA 3.25% 11/18/2049 | 5687 | 3979 |
| Exxon Mobil Corp. 3.043% 3/1/2026 | 4625 | 4590 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 6510 | 4620 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> | 11320 | 11460 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup> | 1470 | 1493 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 | 5120 | 5417 |
| Occidental Petroleum Corp. 5.55% 10/1/2034 | 5200 | 5106 |
| 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 | 1673 |
| Oleoducto Central SA 4.00% 7/14/2027 | 350 | 341 |
| Petroleos Mexicanos 6.875% 10/16/2025 | 5000 | 4998 |
| Petroleos Mexicanos 4.50% 1/23/2026 | 1158 | 1143 |
| Petroleos Mexicanos 6.875% 8/4/2026 | 2965 | 2968 |
| Petroleos Mexicanos 6.49% 1/23/2027 | 20653 | 20562 |
| Petroleos Mexicanos 6.50% 3/13/2027 | 35154 | 34932 |
| Petroleos Mexicanos 6.50% 1/23/2029 | 2404 | 2354 |
| Petroleos Mexicanos 8.75% 6/2/2029 | 14185 | 14705 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 11164 | 10793 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 4681 | 4236 |
| Petroleos Mexicanos 6.70% 2/16/2032 | 15755 | 14652 |
| Petroleos Mexicanos 6.50% 6/2/2041 | 645 | 480 |
| Petroleos Mexicanos 6.375% 1/23/2045 | 259 | 184 |
| Petroleos Mexicanos 6.75% 9/21/2047 | 4589 | 3327 |
| Petroleos Mexicanos 6.35% 2/12/2048 | 352 | 245 |
| Petroleos Mexicanos 7.69% 1/23/2050 | 5874 | 4624 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 6406 | 4607 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup> | 6770 | 6362 |

---

American Funds Insurance Series **174**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| Shell Finance US, Inc. 2.75% 4/6/2030 | USD377 | $354 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 <sup>(e)</sup> | 809 | 814 |
| TotalEnergies Capital International SA 3.455% 2/19/2029 | 885 | 866 |
| TotalEnergies Capital SA 5.275% 9/10/2054 | 6805 | 6377 |
|  |  | 288794 |
| Industrials 1.88% |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup> | 510 | 493 |
| Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/2041 <sup>(e)</sup> | 730 | 550 |
| Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup> | 565 | 398 |
| Air Lease Corp. 2.875% 1/15/2026 | 10172 | 10070 |
| Air Lease Corp. 2.20% 1/15/2027 | 4341 | 4204 |
| Air Lease Corp. 5.20% 7/15/2031 | 3650 | 3732 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup> | 1200 | 1214 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup> | 3482 | 3570 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup> | 2156 | 2230 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> | 570 | 583 |
| Boeing Co. (The) 2.75% 2/1/2026 | 11211 | 11085 |
| Boeing Co. (The) 2.196% 2/4/2026 | 9781 | 9630 |
| Boeing Co. (The) 2.70% 2/1/2027 | 6473 | 6294 |
| Boeing Co. (The) 5.04% 5/1/2027 | 13539 | 13646 |
| Boeing Co. (The) 6.259% 5/1/2027 | 4214 | 4337 |
| Boeing Co. (The) 3.25% 2/1/2028 | 11810 | 11457 |
| Boeing Co. (The) 3.25% 3/1/2028 | 1925 | 1861 |
| Boeing Co. (The) 6.298% 5/1/2029 | 1507 | 1594 |
| Boeing Co. (The) 5.15% 5/1/2030 | 25342 | 25812 |
| Boeing Co. (The) 3.625% 2/1/2031 | 751 | 708 |
| Boeing Co. (The) 6.388% 5/1/2031 | 5632 | 6055 |
| Boeing Co. (The) 6.528% 5/1/2034 | 1381 | 1501 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1066 | 1029 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 578 | 421 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1801 | 1185 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup> | 1260 | 1270 |
| CSX Corp. 4.10% 11/15/2032 | 1886 | 1830 |
| CSX Corp. 5.20% 11/15/2033 | 1333 | 1379 |
| CSX Corp. 4.50% 11/15/2052 | 4470 | 3773 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup> | 978 | 1003 |
| General Dynamics Corp. 3.75% 5/15/2028 | 479 | 477 |
| General Dynamics Corp. 3.625% 4/1/2030 | 387 | 377 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 1126 | 1157 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup> | 13205 | 13260 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup> | 2690 | 2655 |
| Norfolk Southern Corp. 5.05% 8/1/2030 | 1734 | 1793 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033 | 2909 | 2901 |
| Northrop Grumman Corp. 4.95% 3/15/2053 | 1124 | 1011 |
| Republic Services, Inc. 2.375% 3/15/2033 | 1635 | 1398 |
| Republic Services, Inc. 5.00% 4/1/2034 | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026 | 550 | 560 |
| RTX Corp. 3.125% 5/4/2027 | 4551 | 4464 |
| RTX Corp. 4.125% 11/16/2028 | 4974 | 4956 |
| RTX Corp. 5.75% 1/15/2029 | 410 | 430 |
| RTX Corp. 6.00% 3/15/2031 | 550 | 591 |
| RTX Corp. 2.375% 3/15/2032 | 451 | 393 |
| RTX Corp. 6.10% 3/15/2034 | 401 | 434 |
| RTX Corp. 2.82% 9/1/2051 | 665 | 411 |
| RTX Corp. 3.03% 3/15/2052 | 1190 | 764 |
| RTX Corp. 6.40% 3/15/2054 | 1006 | 1104 |

---

**175**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Industrials (continued) |  |  |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup> | USD2,550 | $2254 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup> | 2482 | 2156 |
| Union Pacific Corp. 2.15% 2/5/2027 | 2213 | 2150 |
| Union Pacific Corp. 2.40% 2/5/2030 | 4454 | 4109 |
| Union Pacific Corp. 2.375% 5/20/2031 | 2298 | 2067 |
| Union Pacific Corp. 2.80% 2/14/2032 | 5244 | 4733 |
| Union Pacific Corp. 5.10% 2/20/2035 | 2104 | 2141 |
| Union Pacific Corp. 2.95% 3/10/2052 | 1405 | 897 |
| Union Pacific Corp. 5.60% 12/1/2054 | 470 | 468 |
| United Rentals (North America), Inc. 5.50% 5/15/2027 | 2500 | 2502 |
| Veralto Corp. 5.50% 9/18/2026 | 350 | 354 |
| Veralto Corp. 5.35% 9/18/2028 | 2450 | 2526 |
| Veralto Corp. 5.45% 9/18/2033 | 1680 | 1734 |
| Waste Management, Inc. 1.50% 3/15/2031 | 419 | 358 |
| Waste Management, Inc. 4.80% 3/15/2032 | 4135 | 4200 |
|  |  | 206108 |
| Communication services 1.64% |  |  |
| AT&T, Inc. 1.70% 3/25/2026 | 17807 | 17453 |
| AT&T, Inc. 1.65% 2/1/2028 | 4700 | 4410 |
| AT&T, Inc. 4.30% 2/15/2030 | 15940 | 15893 |
| AT&T, Inc. 2.55% 12/1/2033 | 12748 | 10673 |
| AT&T, Inc. 5.40% 2/15/2034 | 442 | 455 |
| AT&T, Inc. 4.50% 5/15/2035 | 174 | 166 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> | 4800 | 4788 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup> | 1265 | 1201 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> | 3875 | 3452 |
| Charter Communications Operating, LLC 6.10% 6/1/2029 | 1360 | 1424 |
| Charter Communications Operating, LLC 2.80% 4/1/2031 | 6057 | 5403 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 | 1092 | 1029 |
| Charter Communications Operating, LLC 5.75% 4/1/2048 | 5000 | 4550 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 5134 | 4111 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 2519 | 1679 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 6148 | 4223 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 1065 | 905 |
| Comcast Corp. 3.15% 2/15/2028 | 7200 | 7015 |
| Comcast Corp. 4.55% 1/15/2029 | 1610 | 1628 |
| Comcast Corp. 4.80% 5/15/2033 | 1841 | 1838 |
| Comcast Corp. 2.887% 11/1/2051 | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054 | 3313 | 3222 |
| Comcast Corp. 5.50% 5/15/2064 | 250 | 233 |
| Netflix, Inc. 4.90% 8/15/2034 | 645 | 658 |
| Netflix, Inc. 5.40% 8/15/2054 | 127 | 125 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup> | 1300 | 1273 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup> | 6741 | 6470 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> | 675 | 649 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> | 12000 | 10674 |
| T-Mobile USA, Inc. 2.625% 4/15/2026 | 4416 | 4350 |
| T-Mobile USA, Inc. 3.75% 4/15/2027 | 5000 | 4950 |
| T-Mobile USA, Inc. 4.95% 3/15/2028 | 705 | 717 |
| T-Mobile USA, Inc. 4.80% 7/15/2028 | 175 | 177 |
| T-Mobile USA, Inc. 4.85% 1/15/2029 | 2725 | 2764 |
| T-Mobile USA, Inc. 3.875% 4/15/2030 | 4500 | 4372 |
| T-Mobile USA, Inc. 2.875% 2/15/2031 | 14691 | 13378 |
| T-Mobile USA, Inc. 5.125% 5/15/2032 | 4970 | 5070 |
| T-Mobile USA, Inc. 5.05% 7/15/2033 | 832 | 838 |
| T-Mobile USA, Inc. 5.75% 1/15/2034 | 730 | 765 |
| T-Mobile USA, Inc. 3.00% 2/15/2041 | 2100 | 1538 |

---

American Funds Insurance Series **176**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Communication services (continued) |  |  |
| T-Mobile USA, Inc. 6.00% 6/15/2054 | USD920 | $937 |
| T-Mobile USA, Inc. 5.50% 1/15/2055 | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031 | 9144 | 7882 |
| Verizon Communications, Inc. 2.55% 3/21/2031 | 5047 | 4528 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | 2775 | 2393 |
| Verizon Communications, Inc. 4.78% 2/15/2035 | 1552 | 1513 |
| Verizon Communications, Inc. 3.55% 3/22/2051 | 625 | 447 |
| Verizon Communications, Inc. 3.875% 3/1/2052 | 4006 | 2983 |
| Vodafone Group PLC 4.25% 9/17/2050 | 3050 | 2379 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 1126 | 1051 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 112 | 84 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup> | 490 | 419 |
|  |  | 179531 |
| Consumer staples 1.54% |  |  |
| Altria Group, Inc. 4.40% 2/14/2026 | 4585 | 4582 |
| Altria Group, Inc. 4.875% 2/4/2028 | 1330 | 1349 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 | 4715 | 4683 |
| BAT Capital Corp. 3.557% 8/15/2027 | 9271 | 9125 |
| BAT Capital Corp. 2.259% 3/25/2028 | 2353 | 2227 |
| BAT Capital Corp. 6.343% 8/2/2030 | 2210 | 2383 |
| BAT Capital Corp. 4.742% 3/16/2032 | 2675 | 2661 |
| BAT Capital Corp. 5.35% 8/15/2032 | 18664 | 19102 |
| BAT Capital Corp. 6.421% 8/2/2033 | 4665 | 5069 |
| BAT Capital Corp. 5.625% 8/15/2035 | 12170 | 12389 |
| BAT Capital Corp. 7.079% 8/2/2043 | 1323 | 1458 |
| BAT Capital Corp. 5.65% 3/16/2052 | 120 | 112 |
| BAT International Finance PLC 1.668% 3/25/2026 | 4070 | 3986 |
| BAT International Finance PLC 4.448% 3/16/2028 | 2925 | 2930 |
| Campbell's Co. (The) 5.20% 3/21/2029 | 726 | 744 |
| Constellation Brands, Inc. 3.50% 5/9/2027 | 7500 | 7384 |
| Constellation Brands, Inc. 4.35% 5/9/2027 | 890 | 891 |
| Constellation Brands, Inc. 4.80% 5/1/2030 | 1618 | 1632 |
| Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1289 |
| Constellation Brands, Inc. 4.75% 5/9/2032 | 1978 | 1966 |
| Constellation Brands, Inc. 4.90% 5/1/2033 | 2807 | 2783 |
| H.J. Heinz Co. 4.875% 10/1/2049 | 2725 | 2342 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup> | 12545 | 12546 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031 | 3110 | 2853 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051 | 685 | 554 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> | 4670 | 4733 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> | 3640 | 3690 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> | 15670 | 15866 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup> | 2371 | 2378 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup> | 13235 | 13212 |
| Mondelez International, Inc. 4.75% 8/28/2034 | 5520 | 5459 |
| Philip Morris International, Inc. 4.875% 2/13/2026 | 2508 | 2514 |
| Philip Morris International, Inc. 5.25% 9/7/2028 | 2800 | 2881 |
| Philip Morris International, Inc. 5.125% 2/15/2030 | 982 | 1011 |
| Philip Morris International, Inc. 5.50% 9/7/2030 | 4565 | 4774 |
| Philip Morris International, Inc. 4.75% 11/1/2031 | 830 | 837 |
| Philip Morris International, Inc. 5.375% 2/15/2033 | 1644 | 1699 |
| Walmart, Inc. 4.10% 4/15/2033 | 1206 | 1178 |
| Walmart, Inc. 4.50% 4/15/2053 | 1416 | 1241 |
|  |  | 168513 |

---

**177**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Real estate 0.82% |  |  |
| American Tower Corp. 3.65% 3/15/2027 | USD1,375 | $1359 |
| Boston Properties, LP 2.90% 3/15/2030 | 4630 | 4256 |
| Boston Properties, LP 3.25% 1/30/2031 | 463 | 425 |
| Boston Properties, LP 2.55% 4/1/2032 | 1674 | 1413 |
| Boston Properties, LP 2.45% 10/1/2033 | 1335 | 1067 |
| Boston Properties, LP 6.50% 1/15/2034 | 10849 | 11621 |
| Boston Properties, LP 5.75% 1/15/2035 | 11874 | 11957 |
| COPT Defense Properties, LP 2.00% 1/15/2029 | 1139 | 1038 |
| COPT Defense Properties, LP 2.75% 4/15/2031 | 1547 | 1369 |
| COPT Defense Properties, LP 2.90% 12/1/2033 | 564 | 464 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup> | 395 | 350 |
| Crown Castle, Inc. 5.00% 1/11/2028 | 4874 | 4924 |
| Equinix, Inc. 2.90% 11/18/2026 | 2762 | 2708 |
| Equinix, Inc. 3.20% 11/18/2029 | 887 | 842 |
| Equinix, Inc. 3.90% 4/15/2032 | 1155 | 1094 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup> | 1475 | 1152 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> | 1755 | 1743 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> | 2755 | 2626 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> | 3135 | 2895 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup> | 3020 | 3009 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> | 675 | 666 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(e)</sup> | 4395 | 4522 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 2097 | 2112 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup> | 4683 | 4900 |
| Prologis, LP 4.875% 6/15/2028 | 1040 | 1061 |
| Prologis, LP 4.75% 6/15/2033 | 1409 | 1406 |
| Prologis, LP 5.125% 1/15/2034 | 6175 | 6254 |
| Prologis, LP 5.00% 3/15/2034 | 360 | 361 |
| Prologis, LP 5.25% 6/15/2053 | 117 | 110 |
| Service Properties Trust 3.95% 1/15/2028 | 1710 | 1581 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> | 3040 | 3266 |
| VICI Properties, LP 4.75% 2/15/2028 | 6844 | 6884 |
|  |  | 89435 |
| Information technology 0.77% |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031 | 270 | 236 |
| Analog Devices, Inc. 5.05% 4/1/2034 | 717 | 735 |
| Analog Devices, Inc. 2.80% 10/1/2041 | 521 | 379 |
| Broadcom Corp. 3.875% 1/15/2027 | 5966 | 5927 |
| Broadcom, Inc. 5.05% 7/12/2027 | 2545 | 2582 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> | 609 | 601 |
| Broadcom, Inc. 5.05% 7/12/2029 | 2177 | 2230 |
| Broadcom, Inc. 5.15% 11/15/2031 | 5186 | 5337 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup> | 630 | 607 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup> | 11652 | 10413 |
| Broadcom, Inc. 4.80% 10/15/2034 | 1063 | 1051 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> | 847 | 715 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup> | 2879 | 2796 |
| Cisco Systems, Inc. 4.95% 2/26/2031 | 991 | 1020 |
| Cisco Systems, Inc. 5.05% 2/26/2034 | 843 | 863 |
| Cisco Systems, Inc. 5.10% 2/24/2035 | 2675 | 2739 |
| Cisco Systems, Inc. 5.30% 2/26/2054 | 784 | 761 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> | 1300 | 1315 |
| Microchip Technology, Inc. 5.05% 3/15/2029 | 4350 | 4421 |
| Oracle Corp. 1.65% 3/25/2026 | 4867 | 4768 |
| Oracle Corp. 4.80% 8/3/2028 | 615 | 625 |
| Oracle Corp. 5.25% 2/3/2032 | 1340 | 1375 |
| Oracle Corp. 5.50% 8/3/2035 | 2374 | 2428 |

---

American Funds Insurance Series **178**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Information technology (continued) |  |  |
| ServiceNow, Inc. 1.40% 9/1/2030 | USD726 | $630 |
| Synopsys, Inc. 5.15% 4/1/2035 | 21470 | 21649 |
| Synopsys, Inc. 5.70% 4/1/2055 | 8055 | 8015 |
|  |  | 84218 |
| Materials 0.55% |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040 | 2911 | 2120 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 138 | 141 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup> | 700 | 555 |
| Celanese US Holdings, LLC 6.415% 7/15/2027 | 6297 | 6525 |
| Celanese US Holdings, LLC 6.85% 11/15/2028 | 3575 | 3759 |
| Celanese US Holdings, LLC 6.58% 7/15/2029 | 8862 | 9242 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 4530 | 4771 |
| Celanese US Holdings, LLC 6.629% 7/15/2032 | 800 | 839 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 1031 | 1095 |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup> | 834 | 846 |
| Dow Chemical Co. (The) 5.15% 2/15/2034 | 452 | 452 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 | 199 | 198 |
| Dow Chemical Co. (The) 5.55% 11/30/2048 | 142 | 130 |
| Dow Chemical Co. (The) 6.90% 5/15/2053 | 62 | 67 |
| Dow Chemical Co. (The) 5.60% 2/15/2054 | 504 | 459 |
| Methanex Corp. 5.125% 10/15/2027 | 510 | 509 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup> | 205 | 217 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup> | 425 | 409 |
| OCI NV 6.70% 3/16/2033 <sup>(e)</sup> | 950 | 1052 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup> | 745 | 766 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030 | 25776 | 26281 |
|  |  | 60433 |
| Total corporate bonds, notes & loans |  | 3620419 |
| **U.S. Treasury bonds & notes 19.60%** |  |  |
| **U.S. Treasury bonds & notes 19.60%** |  |  |
| U.S. Treasury 18.98% |  |  |
| U.S. Treasury 3.00% 7/15/2025 | 97643 | 97593 |
| U.S. Treasury 5.00% 9/30/2025 | 1090 | 1092 |
| U.S. Treasury 5.00% 10/31/2025 | 27980 | 28042 |
| U.S. Treasury 2.25% 11/15/2025 | 6785 | 6734 |
| U.S. Treasury 4.25% 12/31/2025 | 4994 | 4995 |
| U.S. Treasury 3.625% 5/15/2026 | 1926 | 1919 |
| 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 | 8551 |
| U.S. Treasury 4.625% 11/15/2026 | 3589 | 3625 |
| U.S. Treasury 4.00% 1/15/2027 | 3741 | 3750 |
| U.S. Treasury 1.875% 2/28/2027 | 4000 | 3877 |
| U.S. Treasury 2.625% 5/31/2027 | 43530 | 42635 |
| U.S. Treasury 3.875% 5/31/2027 | 29928 | 30048 |
| U.S. Treasury 3.75% 6/30/2027 | 233196 | 233351 |
| U.S. Treasury 2.25% 11/15/2027 | 105830 | 102343 |
| U.S. Treasury 6.125% 11/15/2027 | 24000 | 25319 |
| U.S. Treasury 1.125% 2/29/2028 | 9895 | 9253 |
| U.S. Treasury 4.00% 2/29/2028 | 4750 | 4786 |
| U.S. Treasury 3.625% 3/31/2028 | 13 | 13 |
| U.S. Treasury 3.875% 6/15/2028 | 90271 | 90747 |
| U.S. Treasury 1.00% 7/31/2028 | 5630 | 5190 |
| U.S. Treasury 1.125% 8/31/2028 | 13555 | 12516 |
| U.S. Treasury 5.25% 11/15/2028 | 5700 | 5973 |
| U.S. Treasury 2.375% 5/15/2029 | 4070 | 3872 |

---

**179**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 4.00% 7/31/2029 | USD334 | $337 |
| U.S. Treasury 3.875% 12/31/2029 | 44049 | 44235 |
| U.S. Treasury 3.75% 5/31/2030 | 13300 | 13270 |
| U.S. Treasury 4.00% 5/31/2030 | 23286 | 24077 |
| U.S. Treasury 3.875% 6/30/2030 | 207879 | 208683 |
| U.S. Treasury 4.125% 8/31/2030 | 11215 | 11377 |
| U.S. Treasury 4.875% 10/31/2030 | 92133 | 96710 |
| U.S. Treasury 4.125% 10/31/2031 | 1408 | 1423 |
| U.S. Treasury 4.125% 11/30/2031 | 985 | 995 |
| U.S. Treasury 4.00% 6/30/2032 | 39211 | 39233 |
| U.S. Treasury 4.125% 11/15/2032 | 114 | 115 |
| U.S. Treasury 4.375% 5/15/2034 | 100 | 102 |
| U.S. Treasury 3.875% 8/15/2034 | 6145 | 6000 |
| U.S. Treasury 4.25% 5/15/2035 <sup>(i)</sup> | 217126 | 217415 |
| U.S. Treasury 4.25% 5/15/2039 <sup>(i)</sup> | 125497 | 122211 |
| U.S. Treasury 1.375% 11/15/2040 | 24540 | 15629 |
| U.S. Treasury 1.875% 2/15/2041 | 24272 | 16696 |
| U.S. Treasury 4.75% 2/15/2041 | 75066 | 76057 |
| U.S. Treasury 2.00% 11/15/2041 | 57 | 39 |
| U.S. Treasury 2.375% 2/15/2042 | 2701 | 1964 |
| U.S. Treasury 3.25% 5/15/2042 | 10848 | 8972 |
| U.S. Treasury 5.00% 5/15/2045 | 108592 | 111536 |
| U.S. Treasury 3.00% 2/15/2049 | 124633 | 91812 |
| U.S. Treasury 2.875% 5/15/2049 | 19228 | 13799 |
| U.S. Treasury 2.875% 5/15/2052 | 990 | 697 |
| U.S. Treasury 4.00% 11/15/2052 | 7328 | 6412 |
| U.S. Treasury 4.125% 8/15/2053 | 213 | 190 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(i)</sup> | 228046 | 221971 |
| U.S. Treasury 4.75% 5/15/2055 | 2905 | 2888 |
|  |  | 2081540 |
| U.S. Treasury inflation-protected securities 0.62% |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(j)</sup> | 5495 | 5493 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(j)</sup> | 6045 | 5977 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(j)</sup> | 11474 | 11488 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(j)</sup> | 5974 | 6073 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(j)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(j)</sup> | 2337 | 1852 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(j)</sup> | 13940 | 12763 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(j)</sup> | 24528 | 23721 |
|  |  | 67367 |
| Total U.S. Treasury bonds & notes |  | 2148907 |
| **Asset-backed obligations 5.42%** |  |  |
| **Asset-backed obligations 5.42%** |  |  |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(a)(e)</sup> | 4 | 4 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup> | 9848 | 9853 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | 11785 | 11841 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | 3485 | 3502 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(a)(e)</sup> | 200 | 200 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup> | 2787 | 2789 |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup> | 431 | 434 |
| American Credit Acceptance Receivables Trust, Series 2023-4, Class B, 6.63% 2/14/2028 <sup>(a)(e)</sup> | 1843 | 1846 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(a)(e)</sup> | 2622 | 2611 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(a)(e)</sup> | 396 | 394 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup> | 581 | 575 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup> | 2613 | 2562 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup> | 4926 | 4986 |

---

American Funds Insurance Series **180**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup> | USD13,550 | $13516 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026 <sup>(a)(e)</sup> | 2563 | 2557 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup> | 2427 | 2400 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup> | 623 | 617 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup> | 1279 | 1271 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup> | 3445 | 3347 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup> | 531 | 515 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup> | 193 | 187 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup> | 6724 | 6864 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup> | 1348 | 1365 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup> | 5059 | 5263 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup> | 4665 | 4795 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup> | 5541 | 5594 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup> | 208 | 203 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.443% 7/15/2046 <sup>(a)(e)</sup> | 3080 | 2892 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.446% 7/15/2046 <sup>(a)(e)</sup> | 354 | 333 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup> | 1183 | 1185 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup> | 160 | 161 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/2027 <sup>(a)</sup> | 266 | 267 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class A3, 5.53% 1/18/2028 <sup>(a)</sup> | 2571 | 2575 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup> | 1400 | 1413 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup> | 6424 | 6450 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup> | 13328 | 13517 |
| Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/2027 <sup>(a)(e)</sup> | 27 | 27 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup> | 388 | 391 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028 <sup>(a)</sup> | 65 | 63 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup> | 172 | 177 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup> | 13731 | 12661 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup> | 5358 | 4964 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup> | 597 | 561 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup> | 196 | 189 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup> | 18497 | 18303 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup> | 1907 | 1765 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup> | 3362 | 3327 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup> | 364 | 328 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup> | 5994 | 5770 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup> | 1898 | 1785 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup> | 14984 | 15034 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup> | 6572 | 6618 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup> | 622 | 630 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup> | 1556 | 1568 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup> | 799 | 817 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup> | 6872 | 6882 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup> | 1538 | 1432 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup> | 3114 | 2902 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup> | 285 | 261 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup> | 1237 | 1241 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup> | 1076 | 1077 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028 <sup>(a)(e)</sup> | 921 | 920 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> | 1107 | 1108 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027 <sup>(a)(e)</sup> | 166 | 165 |
| DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/2029 <sup>(a)(e)</sup> | 819 | 832 |
| DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/2029 <sup>(a)(e)</sup> | 846 | 881 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup> | 262 | 241 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup> | 2594 | 2605 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup> | 9326 | 9341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup> | 897 | 896 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup> | 260 | 260 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup> | 10564 | 10643 |

---

**181**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup> | USD7,961 | $8088 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup> | 4046 | 4075 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup> | 1218 | 1199 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class B, 6.11% 9/15/2027 <sup>(a)</sup> | 34 | 34 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup> | 3989 | 4012 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup> | 418 | 421 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup> | 271 | 270 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup> | 758 | 774 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup> | 462 | 470 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup> | 1014 | 1105 |
| Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/2028 <sup>(a)(e)</sup> | 561 | 562 |
| Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/2029 <sup>(a)(e)</sup> | 312 | 315 |
| Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/2029 <sup>(a)(e)</sup> | 454 | 463 |
| Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/2029 <sup>(a)(e)</sup> | 307 | 309 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup> | 703 | 707 |
| 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 | 4283 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup> | 5833 | 5860 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup> | 1411 | 1330 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup> | 1071 | 986 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup> | 119 | 109 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup> | 1838 | 1756 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup> | 6720 | 6222 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup> | 1869 | 1743 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup> | 1574 | 1458 |
| GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/2027 <sup>(a)(e)</sup> | 1197 | 1198 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(e)</sup> | 1079 | 1080 |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup> | 1053 | 1056 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup> | 561 | 567 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup> | 507 | 519 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup> | 2399 | 2398 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup> | 1521 | 1536 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(a)</sup> | 457 | 457 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup> | 101 | 101 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup> | 434 | 436 |
| 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 | 4929 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup> | 2703 | 2806 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup> | 3984 | 4173 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup> | 1600 | 1616 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/2030 <sup>(a)(e)</sup> | 948 | 977 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup> | 330 | 334 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup> | 1174 | 1122 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup> | 17770 | 17097 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup> | 1264 | 1209 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup> | 859 | 824 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup> | 3007 | 3057 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup> | 190 | 191 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup> | 188 | 189 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup> | 9124 | 9145 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup> | 139 | 140 |
| 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 A, 5.21% 6/15/2027 <sup>(a)(e)</sup> | 84 | 84 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(a)(e)</sup> | 296 | 297 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup> | 438 | 440 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup> | 993 | 997 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup> | 775 | 776 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup> | 615 | 618 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup> | 848 | 861 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup> | 1361 | 1375 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup> | 3223 | 3300 |

---

American Funds Insurance Series **182**

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup> | USD714 | $732 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup> | 623 | 632 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup> | 483 | 502 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup> | 123 | 126 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup> | 1050 | 1064 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup> | 698 | 704 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup> | 7005 | 7052 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(a)(e)</sup> | 8461 | 8466 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup> | 7140 | 7186 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup> | 1609 | 1449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup> | 940 | 842 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup> | 598 | 541 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup> | 3380 | 3163 |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.404% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2057 <sup>(a)(b)(e)</sup> | 16395 | 16301 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup> | 165 | 154 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup> | 2818 | 2652 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup> | 6417 | 6005 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2062 (a)(b)(e) | 2117 | 2107 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup> | 50765 | 47836 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% |  |  |
| &nbsp;&nbsp;&nbsp;7/25/2030 <sup>(a)(b)(e)</sup> | 121 | 122 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup> | 598 | 603 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup> | 5287 | 5313 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup> | 2314 | 2303 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class B, 5.42% 10/17/2031 <sup>(a)(e)</sup> | 482 | 480 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup> | 2782 | 2783 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup> | 3502 | 3530 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(a)(e)</sup> | 1721 | 1720 |
| PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 5.454% |  |  |
| &nbsp;&nbsp;&nbsp;8/16/2027 <sup>(a)(b)(e)</sup> | 1393 | 1394 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup> | 1710 | 1725 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup> | 4558 | 4589 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/2028 <sup>(a)(e)</sup> | 909 | 923 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup> | 4870 | 4861 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup> | 1652 | 1661 |
| Prestige Auto Receivables Trust, Series 2023-2, Class B, 6.64% 12/15/2027 <sup>(a)(e)</sup> | 5088 | 5119 |
| Prodigy Finance Designated Activity Co., Series 2021-1A, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.364%) 5.684% 7/25/2051 <sup>(a)(b)(e)</sup> | 179 | 179 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027 <sup>(a)</sup> | 215 | 214 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup> | 1700 | 1702 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027 <sup>(a)</sup> | 512 | 510 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup> | 585 | 586 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup> | 630 | 630 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup> | 700 | 709 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup> | 4791 | 4803 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup> | 2182 | 2198 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup> | 558 | 562 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup> | 361 | 368 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup> | 2186 | 2050 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup> | 403 | 375 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup> | 646 | 663 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) |  |  |
| &nbsp;&nbsp;&nbsp;5.854% 11/15/2052 <sup>(a)(b)(e)</sup> | 713 | 721 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup> | 6704 | 6788 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup> | 1899 | 1772 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup> | 1667 | 1612 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup> | 181 | 178 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup> | 462 | 443 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup> | 529 | 506 |

---

**183**American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup> | USD995 | $961 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup> | 1950 | 1838 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup> | 792 | 760 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup> | 1532 | 1433 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup> | 4739 | 4364 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup> | 265 | 244 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup> | 4000 | 3736 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup> | 3293 | 3096 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup> | 99 | 89 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup> | 7680 | 7145 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup> | 2674 | 2445 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup> | 260 | 236 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(a)</sup> | 7985 | 8003 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup> | 5380 | 5466 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026 <sup>(a)(e)</sup> | 206 | 206 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/2027 <sup>(a)(e)</sup> | 2559 | 2565 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup> | 3052 | 3070 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup> | 1175 | 1182 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup> | 2219 | 2251 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup> | 1236 | 1267 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup> | 12088 | 12160 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup> | 9695 | 9747 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup> | 273 | 274 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup> | 232 | 235 |
|  |  | 594080 |
| **Municipals 1.46%** |  |  |
| **Municipals 1.46%** |  |  |
| California 0.02% |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034 | 2100 | 2439 |
| Illinois 1.30% |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% |  |  |
| &nbsp;&nbsp;&nbsp;11/1/2029 | 65 | 64 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2039 | 31050 | 28815 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2040 | 8945 | 8386 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Qualified School Construction Bonds), |  |  |
| &nbsp;&nbsp;&nbsp;Series 2009-G, 1.75% 12/15/2025 | 2500 | 2457 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 102799 | 103195 |
|  |  | 142917 |
| Massachusetts 0.07% |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 7500 | 7714 |
| Texas 0.03% |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, |  |  |
| &nbsp;&nbsp;&nbsp;3.236% 10/1/2052 | 4075 | 2784 |
| Wisconsin 0.04% |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 4510 | 4411 |
| Total municipals |  | 160265 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.06%** |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 1.06%** |  |  |
| Chile (Republic of) 4.00% 1/31/2052 | 580 | 448 |

---

American Funds Insurance Series **184**

![](gppgfw26kxd2srwxi9fdb.jpg)

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |

---

**Bonds & notes of governments & government agencies outside the U.S. (continued)**

---

| | | |
|:---|:---|:---|
| Colombia (Republic of) 7.50% 2/2/2034 | USD2,530 | $2522 |
| Dominican Republic 5.95% 1/25/2027 <sup>(e)</sup> | 8100 | 8190 |
| Dominican Republic 7.05% 2/3/2031 <sup>(e)</sup> | 680 | 714 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | EUR10,830 | 12114 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031 | 9600 | 10071 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033 | 23825 | 30443 |
| Japan 3.10% 3/20/2065 | JPY1,968,100 | 13705 |
| Japan, Series 86, 2.40% 3/20/2055 | 1908300 | 12173 |
| Paraguay (Republic of) 5.00% 4/15/2026 | USD285 | 285 |
| Poland (Republic of) 5.75% 11/16/2032 | 555 | 587 |
| Poland (Republic of) 4.875% 10/4/2033 | 830 | 826 |
| United Mexican States 6.00% 5/13/2030 | 2960 | 3067 |
| United Mexican States 6.00% 5/7/2036 | 14755 | 14599 |
| United Mexican States 6.875% 5/13/2037 | 3200 | 3345 |
| United Mexican States 7.375% 5/13/2055 | 3090 | 3197 |
|  |  | 116286 |
| **Federal agency bonds & notes 0.11%** |  |  |
| **Federal agency bonds & notes 0.11%** |  |  |
| Fannie Mae 2.125% 4/24/2026 | 11910 | 11725 |
| Total bonds, notes & other debt instruments (cost: $10,550,957,000) |  | 10443759 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Common stocks 0.00% |  |  |  | Shares |  |
| 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: $9,000) |  |  |  |  | 14 |
| Short-term securities 6.80% |  |  |  |  |  |
| Short-term securities 6.80% |  |  |  |  |  |
| **Money market investments 6.80%** |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(k)(l)</sup> |  |  |  | 7457964 | 745797 |
| Total short-term securities (cost: $745,710,000) |  |  |  |  | 745797 |
| Total investment securities 102.04% (cost: $11,296,676,000) | Total investment securities 102.04% (cost: $11,296,676,000) |  |  |  | 11189570 |
| Other assets less liabilities (2.04)% |  |  |  |  | (224007) |
| Net assets 100.00% |  |  |  |  | $10965563 |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| 30 Day Federal Funds Futures | Long | 33 | 8/1/2025 | USD13,156 | $(29) |
| 30 Day Federal Funds Futures | Long | 380 | 9/2/2025 | 151569 | (11) |
| 3 Month SOFR Futures | Long | 3768 | 9/17/2025 | 901164 | (132) |
| 3 Month SOFR Futures | Short | 7493 | 3/18/2026 | (1804502) | (2876) |
| 2 Year U.S. Treasury Note Futures | Long | 7288 | 10/3/2025 | 1516075 | 3980 |
| 5 Year U.S. Treasury Note Futures | Long | 14759 | 10/3/2025 | 1608731 | 16573 |
| 10 Year Euro-Bund Futures | Short | 399 | 9/10/2025 | (61171) | 317 |
| 10 Year Japanese Government Bond Futures | Short | 76 | 9/22/2025 | (73369) | (249) |

---

**185**American Funds Insurance Series

![](gewy9ywx6hd253uuki1sb.jpg)

The Bond Fund of America<sup>®</sup> (continued)

**Futures contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  | appreciation |
|  |  |  |  |  |  |  | Notional | (depreciation) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Contracts |  |  | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | date | (000) | (000) |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures |  | Long | 5413 | 9/30/2025 | USD606,933 | $11168 |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | Long | 472 | 9/30/2025 | 53933 | 986 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  | Long | 17 | 9/30/2025 | 1963 | 55 |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | Long | 2688 | 9/30/2025 | 320208 | 11557 |
|  |  |  |  |  |  |  |  | $41339 |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  |  |  | appreciation |
|  | Contract amount |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  |  |  | Settlement | at 6/30/2025 |
|  | (000) |  | (000) |  | Counterparty |  | date | (000) |
| EUR | 15927 | USD | 18685 |  | HSBC Bank |  | 7/1/2025 | $78 |
| USD | 18048 | EUR | 15927 |  | BNP Paribas |  | 7/1/2025 | (715) |
| BRL | 24015 | USD | 4192 |  | Citibank |  | 7/14/2025 | 212 |
| USD | 39177 | EUR | 34264 |  | BNP Paribas |  | 7/15/2025 | (1228) |
| JPY | 7850983 | USD | 54424 |  | Citibank |  | 7/16/2025 | 200 |
| JPY | 1271230 | USD | 8809 |  | Goldman Sachs |  | 7/16/2025 | 36 |
| USD | 7336 | EUR | 6377 |  | Bank of America |  | 7/16/2025 | (185) |
| JPY | 3901364 | EUR | 23501 |  | JPMorgan Chase |  | 7/16/2025 | (571) |
| USD | 84956 | JPY | 12198797 |  | JPMorgan Chase |  | 7/17/2025 | 71 |
| JPY | 1414255 | USD | 9801 |  | Goldman Sachs |  | 7/17/2025 | 40 |
| USD | 8718 | JPY | 1259985 |  | JPMorgan Chase |  | 7/17/2025 | (49) |
| USD | 11977 | JPY | 1738295 |  | UBS AG |  | 7/28/2025 | (135) |
| USD | 18735 | EUR | 15927 |  | HSBC Bank |  | 8/11/2025 | (81) |
|  |  |  |  |  |  |  |  | $(2327) |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
|  | Receive |  | Pay |  |  |  | premium | appreciation |
|  | Receive |  | Pay |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | &nbsp;&nbsp;&nbsp;&nbsp;Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| 4.4555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/6/2025 | USD35,525 | $25 | $— | $25 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;4.186% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/18/2027 | USD30,500 | (287) |  | (287) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.39981% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/31/2027 | USD88,200 | 211 |  | 211 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/30/2027 | USD40,816 | (163) |  | (163) |
| 3.998% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/4/2028 | USD40,040 | 770 |  | 770 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.945% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/31/2029 | USD20,090 | (401) |  | (401) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.3125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD11,993 | 44 |  | 44 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.4445% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD6,052 | (12) |  | (12) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.4805% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD6,052 | (18) |  | (18) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.455% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD12,103 | (23) |  | (23) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.552% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD4,000 | (23) |  | (23) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.543% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD6,052 | (33) |  | (33) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;3.551% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD12,103 | (69) |  | (69) |

---

American Funds Insurance Series **186**

![](gzlxjbgkejd305kysq7gz.jpg)

The Bond Fund of America<sup>®</sup> (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  |  | &nbsp;&nbsp;&nbsp;Pay |  |  |  |  |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  |  | &nbsp;&nbsp;&nbsp;Pay |  |  | Notional | Notional |  | Value at |  |  | paid | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | Notional |  | Value at |  |  | paid | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | Notional |  | Value at |  |  | paid | (depreciation) |
|  | &nbsp;&nbsp;Payment | &nbsp;&nbsp;Payment |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | amount | 6/30/2025 | 6/30/2025 |  | (received) | (received) | at 6/30/2025 |
| Rate | &nbsp;&nbsp;frequency | &nbsp;&nbsp;frequency | &nbsp;&nbsp;&nbsp;&nbsp;Rate | &nbsp;&nbsp;&nbsp;&nbsp;Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date |  | (000) |  | (000) |  |  | (000) | (000) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.965% | &nbsp;&nbsp;&nbsp;&nbsp;3.965% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 11/14/2029 | USD30,465 | USD30,465 |  | $(684) |  |  | $— | $(684) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.9195% | &nbsp;&nbsp;&nbsp;&nbsp;3.9195% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 11/15/2029 | USD8,240 | USD8,240 |  | (170) |  |  |  | (170) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.763% | &nbsp;&nbsp;&nbsp;&nbsp;3.763% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 12/12/2029 | USD11,790 | USD11,790 |  | (170) |  |  |  | (170) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.797% | &nbsp;&nbsp;&nbsp;&nbsp;3.797% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/31/2030 | USD2,774 | USD2,774 |  | (46) |  |  |  | (46) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.794% | &nbsp;&nbsp;&nbsp;&nbsp;3.794% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/31/2030 | USD5,301 | USD5,301 |  | (86) |  |  |  | (86) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.796% | &nbsp;&nbsp;&nbsp;&nbsp;3.796% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/31/2030 | USD5,301 | USD5,301 |  | (87) |  |  |  | (87) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.7815% | &nbsp;&nbsp;&nbsp;&nbsp;3.7815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/31/2030 | USD10,484 | USD10,484 |  | (165) |  |  |  | (165) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.6065% | &nbsp;&nbsp;&nbsp;&nbsp;3.6065% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 5/12/2030 | USD9,910 | USD9,910 |  | (81) |  |  |  | (81) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.762% | &nbsp;&nbsp;&nbsp;&nbsp;3.762% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 4/30/2032 | USD26,088 | USD26,088 |  | (412) |  |  |  | (412) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 1/8/2034 | USD16,295 | USD16,295 |  | 18 |  |  |  | 18 |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.871% | &nbsp;&nbsp;&nbsp;&nbsp;3.871% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/4/2034 | USD25,128 | USD25,128 |  | (459) |  |  |  | (459) |
| SOFR | &nbsp;&nbsp;Annual |  | &nbsp;&nbsp;&nbsp;&nbsp;3.883% | &nbsp;&nbsp;&nbsp;&nbsp;3.883% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 7/28/2045 | USD33,965 | USD33,965 |  | 396 |  |  |  | 396 |
|  |  |  |  |  |  |  |  |  |  |  | $(1925) |  |  | $— | $(1925) |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  | Notional | Value at | Value at | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Notional | Value at | Value at | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Notional | Value at | Value at | Value at | paid | (depreciation) |
|  | Payment |  |  |  | Payment |  |  | Expiration |  | amount | 6/30/2025 | 6/30/2025 |  | (received) | at 6/30/2025 |
| Rate | frequency | frequency | Rate | Rate | frequency | Counterparty | Counterparty | date |  | (000) |  | (000) | (000) | (000) | (000) |
| 14.5956% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL160,970 | BRL160,970 | $1615 | $1615 |  |  | $1615 |
| 14.24% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL88,380 | BRL88,380 |  | 773 |  |  | 773 |
| 14.585% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Bank of America | Bank of America | 1/2/2029 | BRL19,180 | BRL19,180 |  | 191 |  |  | 191 |
| 13.31% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | BNP Paribas | BNP Paribas | 1/2/2029 | BRL76,120 | BRL76,120 |  | 126 |  |  | 126 |
| 13.18% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL56,000 | BRL56,000 |  | 67 |  |  | 67 |
| 13.05% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL77,000 | BRL77,000 |  | 24 |  |  | 24 |
| 13.04% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL41,300 | BRL41,300 |  | 10 |  |  | 10 |
| 12.99% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Bank of America | Bank of America | 1/2/2029 | BRL36,820 | BRL36,820 |  | (5) | (5) |  | (5) |
| 12.99% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL41,300 | BRL41,300 |  | (6) | (6) |  | (6) |
| 12.32% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL25,300 | BRL25,300 |  | (123) | (123) |  | (123) |
| 12.365% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL38,509 | BRL38,509 |  | (174) | (174) |  | (174) |
| 12.36% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL38,753 | BRL38,753 |  | (176) | (176) |  | (176) |
| 12.3075% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL38,500 | BRL38,500 |  | (191) | (191) |  | (191) |
| 12.36% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | BNP Paribas | BNP Paribas | 1/2/2029 | BRL77,020 | BRL77,020 |  | (351) | (351) |  | (351) |
| 12.35% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL76,900 | BRL76,900 |  | (357) | (357) |  | (357) |
| 12.303% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | BNP Paribas | BNP Paribas | 1/2/2029 | BRL75,919 | BRL75,919 |  | (378) | (378) |  | (378) |
|  |  |  |  |  |  |  |  |  |  |  | $1045 | $1045 |  |  | $1045 |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  | premium | premium | premium | appreciation |
|  |  |  |  |  |  |  |  | Notional |  | Value at | Value at |  |  | paid | (depreciation) |
| Reference |  | Financing | Financing | Financing | Payment |  | Expiration | amount |  | 6/30/2025 | 6/30/2025 | (received) | (received) | (received) | at 6/30/2025 |
| index |  | rate paid | rate paid | rate paid | frequency |  | date | (000) |  | (000) | (000) |  |  | (000) | (000) |
| CDX.NA.HY.44 | CDX.NA.HY.44 | 5.00% | 5.00% |  | Quarterly |  | 6/20/2030 | USD94,715 |  | $(7109) | $(7109) |  |  | $(4510) | $(2599) |

---

**187**American Funds Insurance Series

![](g503jbxox1dz8m1btzfyi.jpg)

The Bond Fund of America<sup>®</sup> (continued)

**Swap contracts (continued)**

Credit default swaps (continued)

Centrally cleared credit default swaps on credit indices — sell protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;&nbsp;Financing | Payment | Expiration | amount <sup>(m)</sup> | 6/30/2025 <sup>(n)</sup> | (received) | at 6/30/2025 |
| index | &nbsp;&nbsp;&nbsp;&nbsp;rate received | frequency | date | (000) | (000) | (000) | (000) |
| CDX.NA.IG.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | Quarterly | 6/20/2030 | USD48,163 | $1065 | $604 | $461 |

---

**Investments in affiliates <sup>(l)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 6.80% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 6.80% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(k)</sup> | $730121 | $2295601 | $2279811 | $94 | $(208) | $745797 | $16350 |

---

(a)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(b)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.

(c)Amount less than one thousand.

(d)Represents securities transacted on a TBA basis.

(e)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 $1,833,396,000, which represented 16.72% of the net assets of the fund.

(f)Step bond; coupon rate may change at a later date.

(g)Value determined using significant unobservable inputs.

(h)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $7,595,000, which represented 0.07% of the net assets of the fund.

(i)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $79,661,000, which represented 0.73% of the net assets of the fund.

(j)Index-linked bond whose principal amount moves with a government price index.

(k)Rate represents the seven-day yield at 6/30/2025.

(l)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(m)The maximum potential amount the fund may pay as a protection seller should a credit event occur.

(n)The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

---

| | |
|:---|:---|
| Key to abbreviation(s) |  |
| Assn. = Association | Fncg. = Financing |
| Auth. = Authority | GO = General Obligation |
| BRL = Brazilian reais | ICE = Intercontinental Exchange, Inc. |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate | JPY = Japanese yen |
| CLO = Collateralized Loan Obligations | Ref. = Refunding |
| CME = CME Group | Rev. = Revenue |
| CMO = Collateralized Mortgage Obligations | SOFR = Secured Overnight Financing Rate |
| DAC = Designated Activity Company | TBA = To be announced |
| EUR = Euros | USD = U.S. dollars |
| EURIBOR = Euro Interbank Offered Rate | UST = U.S. Treasury |
| Fin. = Finance |  |
| Refer to the notes to financial statements. |  |

---

American Funds Insurance Series **188**

Capital World Bond Fund<sup>®</sup>

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Bonds, notes & other debt instruments 96.14% | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments 96.14% | (000) | (000) |
| Euros 22.44% |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup> | EUR2,800 | $3053 |
| Albania (Republic of) 4.75% 2/14/2035 | 2290 | 2700 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup> | 500 | 653 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup> | 100 | 126 |
| Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026) <sup>(a)</sup> | 680 | 813 |
| Altria Group, Inc. 3.125% 6/15/2031 | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027 | 2525 | 2887 |
| American Tower Corp. 0.875% 5/21/2029 | 1470 | 1605 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027 | 2000 | 2301 |
| AT&T, Inc. 1.60% 5/19/2028 | 2350 | 2699 |
| Banco de Credito Social Cooperativo, SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on |  |  |
| &nbsp;&nbsp;&nbsp;9/3/2029) <sup>(a)</sup> | 1000 | 1218 |
| Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup> | 900 | 1126 |
| 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 | 892 |
| 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 | 6058 |
| 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 | 3353 |
| Belgium (Kingdom of), Series 100, 2.85% 10/22/2034 | 880 | 1019 |
| Belgium (Kingdom of), Series 88, 1.70% 6/22/2050 | 2730 | 2104 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054 | 880 | 923 |
| BPCE SA 4.50% 1/13/2033 | 1400 | 1742 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup> | 900 | 1115 |
| British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + |  |  |
| &nbsp;&nbsp;&nbsp;3.372% on 12/27/2026) <sup>(a)</sup> | 4980 | 5840 |
| Coca-Cola Co. 3.375% 8/15/2037 | 155 | 179 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup> | 1900 | 2365 |
| Croatia (Republic of) 3.25% 2/11/2037 | 1005 | 1160 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup> | 4000 | 4422 |
| Deutsche Telekom AG 3.25% 6/4/2035 | 1990 | 2316 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033 | 200 | 302 |
| Egypt (Arab Republic of) 5.625% 4/16/2030 | 300 | 327 |
| Electricite de France SA 4.25% 1/25/2032 | 1300 | 1605 |
| Electricite de France SA 4.00% 5/7/2037 | 500 | 587 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on |  |  |
| &nbsp;&nbsp;&nbsp;6/1/2028) <sup>(a)</sup> | 1400 | 1607 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on |  |  |
| &nbsp;&nbsp;&nbsp;12/6/2028) <sup>(a)</sup> | 1200 | 1558 |
| Enel Finance International NV 4.00% 2/20/2031 | 465 | 572 |
| Engie SA 3.875% 1/6/2031 | 1000 | 1226 |
| Equinix Europe 2 Financing Corp., LLC 3.25% 3/15/2031 | 1375 | 1605 |
| Equinor ASA 1.375% 5/22/2032 | 3650 | 3850 |
| Eurobank Ergasias Services and Holdings SA 10.00% 12/6/2032 (5-year EUR Mid-Swap + |  |  |
| &nbsp;&nbsp;&nbsp;7.588% on 12/6/2027) <sup>(a)</sup> | 1540 | 2084 |
| Eurobank Ergasias Services and Holdings SA 6.25% 4/25/2034 (5-year EUR Mid-Swap + 3.707% on |  |  |
| &nbsp;&nbsp;&nbsp;4/25/2029) <sup>(a)</sup> | 475 | 602 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup> | 240 | 308 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup> | 2030 | 2543 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup> | 1375 | 1592 |
| European Investment Bank 0.25% 1/20/2032 | 2075 | 2100 |
| European Investment Bank 1.50% 6/15/2032 | 1000 | 1093 |
| European Investment Bank 2.875% 1/12/2033 | 4500 | 5359 |
| European Investment Bank 2.875% 1/15/2035 | 395 | 465 |
| European Union 0.25% 10/22/2026 | 610 | 703 |
| European Union 2.875% 12/6/2027 | 1060 | 1272 |
| European Union 2.875% 10/5/2029 | 170 | 204 |
| European Union 3.125% 12/4/2030 | 190 | 231 |
| European Union 0% 7/4/2031 | 705 | 712 |
| European Union 3.25% 7/4/2034 | 380 | 458 |
| European Union 0% 7/4/2035 | 220 | 192 |
| European Union 3.75% 10/12/2045 | 425 | 502 |
| European Union 0.70% 7/6/2051 | 3000 | 1785 |

---

**189**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Euros (continued) |  |  |
| European Union 3.375% 10/5/2054 | EUR540 | $580 |
| Finland (Republic of) 3.00% 9/15/2033 | 2370 | 2827 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028 | 960 | 1132 |
| French Republic O.A.T. 0.75% 2/25/2028 | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029 | 1790 | 2139 |
| French Republic O.A.T. 0% 11/25/2030 | 19550 | 20032 |
| French Republic O.A.T. 0% 5/25/2032 | 2120 | 2055 |
| French Republic O.A.T. 2.00% 11/25/2032 | 3170 | 3506 |
| French Republic O.A.T. 3.00% 5/25/2033 | 1920 | 2260 |
| French Republic O.A.T. 3.00% 11/25/2034 | 4430 | 5134 |
| French Republic O.A.T. 0.50% 5/25/2040 | 600 | 454 |
| French Republic O.A.T. 0.75% 5/25/2052 | 360 | 202 |
| French Republic O.A.T. 3.75% 5/25/2056 | 810 | 902 |
| Germany (Federal Republic of) 0% 10/9/2026 | 2305 | 2654 |
| Germany (Federal Republic of) 0% 11/15/2027 | 1400 | 1579 |
| Germany (Federal Republic of) 0% 2/15/2030 | 16885 | 18062 |
| Germany (Federal Republic of) 2.50% 2/15/2035 | 13725 | 16037 |
| Germany (Federal Republic of) 1.00% 5/15/2038 | 1300 | 1232 |
| Germany (Federal Republic of) 0% 8/15/2050 | 1200 | 669 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028 | 615 | 758 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | 690 | 772 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 | 1915 | 2094 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033 | 3200 | 3995 |
| Greece (Hellenic Republic of) 3.375% 6/15/2034 | 5870 | 7030 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035 | 4385 | 5309 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054 | 640 | 752 |
| Grifols SA 7.50% 5/1/2030 | 100 | 124 |
| Hungary (Republic of), Series Y, 4.50% 6/16/2034 | 380 | 452 |
| Hungary (Republic of), Series Y, 4.875% 3/22/2040 | 305 | 352 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup> | 1200 | 1578 |
| Ireland (Republic of) 2.60% 10/18/2034 | 1820 | 2091 |
| Ireland (Republic of) 3.00% 10/18/2043 | 1130 | 1268 |
| Ireland (Republic of) 3.15% 10/18/2055 | 755 | 828 |
| Italy (Republic of) 1.85% 7/1/2025 | 17700 | 20850 |
| Italy (Republic of) 3.10% 8/28/2026 | 3425 | 4085 |
| Italy (Republic of) 1.10% 4/1/2027 | 2565 | 2976 |
| Italy (Republic of) 1.35% 4/1/2030 | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030 | 1365 | 1606 |
| Italy (Republic of) 4.20% 3/1/2034 | 1430 | 1806 |
| Italy (Republic of) 3.65% 8/1/2035 | 4595 | 5512 |
| Italy (Republic of) 3.85% 10/1/2040 | 2530 | 2969 |
| Italy (Republic of) 4.30% 10/1/2054 | 4245 | 5016 |
| Johnson & Johnson 3.35% 2/26/2037 | 360 | 421 |
| Lithuania (Republic of) 3.50% 7/3/2031 | 1170 | 1425 |
| Lithuania (Republic of) 3.50% 2/13/2034 | 1620 | 1941 |
| 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 | 121 |
| Magyar Export-Import Bank 6.00% 5/16/2029 | 1430 | 1820 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup> | 2000 | 2280 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | 590 | 705 |
| MPT Finance Corp. 7.00% 2/15/2032 | 100 | 121 |
| National Bank of Greece SA 8.00% 1/3/2034 (5-year EUR-ICE Swap EURIBOR + 4.646% on 1/3/2029) <sup>(a)</sup> | 660 | 877 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup> | 2725 | 2977 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup> | 185 | 210 |
| PepsiCo, Inc. 0.75% 10/14/2033 | 2000 | 1939 |
| Philip Morris International, Inc. 2.75% 6/6/2029 | 770 | 901 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup> | 320 | 419 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup> | 730 | 912 |
| Portugal (Republic of) 0.475% 10/18/2030 | 350 | 374 |
| Portugal (Republic of) 2.875% 10/20/2034 | 1960 | 2295 |
| Portugal (Republic of) 3.00% 6/15/2035 | 2870 | 3370 |
| Portugal (Republic of) 3.50% 6/18/2038 | 3140 | 3771 |

---

American Funds Insurance Series **190**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Euros (continued) |  |  |
| Portugal (Republic of) 3.375% 6/15/2040 | EUR715 | $832 |
| Province of Ontario 3.25% 7/3/2035 | 1120 | 1318 |
| Prysmian SpA 3.875% 11/28/2031 | 435 | 523 |
| Quebec (Province of) 0.25% 5/5/2031 | 920 | 940 |
| Quebec (Province of) 0.50% 1/25/2032 | 1155 | 1170 |
| Quebec (Province of) 3.35% 7/23/2039 | 2525 | 2911 |
| Queensland Treasury Corp. 3.25% 5/21/2035 | 360 | 424 |
| Romania 2.125% 3/7/2028 | 1440 | 1642 |
| Romania 3.75% 2/7/2034 | 530 | 534 |
| Romania 6.00% 9/24/2044 | 745 | 808 |
| Senegal (Republic of) 5.375% 6/8/2037 | 2250 | 1641 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034 | 475 | 572 |
| Shell International Finance BV 1.50% 4/7/2028 | 2000 | 2308 |
| Slovak Republic, Series 250, 3.75% 3/6/2034 | 640 | 780 |
| Spain (Kingdom of) 0% 1/31/2028 | 900 | 1006 |
| Spain (Kingdom of) 1.40% 7/30/2028 | 7510 | 8648 |
| Spain (Kingdom of) 1.45% 4/30/2029 | 1890 | 2158 |
| Spain (Kingdom of) 1.25% 10/31/2030 | 1295 | 1427 |
| Spain (Kingdom of) 0.50% 10/31/2031 | 1247 | 1283 |
| Spain (Kingdom of) 3.15% 4/30/2033 | 3647 | 4367 |
| Spain (Kingdom of) 3.55% 10/31/2033 | 5005 | 6138 |
| Spain (Kingdom of) 3.25% 4/30/2034 | 1980 | 2367 |
| Spain (Kingdom of) 3.45% 10/31/2034 | 500 | 605 |
| Spain (Kingdom of) 3.20% 10/31/2035 | 1795 | 2109 |
| Spain (Kingdom of) 1.90% 10/31/2052 | 1010 | 788 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030 | 200 | 230 |
| Stryker Corp. 1.00% 12/3/2031 | 450 | 465 |
| T-Mobile USA, Inc. 3.15% 2/11/2032 | 1705 | 1991 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027 | 1850 | 2073 |
| Verallia SAS 3.875% 11/4/2032 | 4500 | 5287 |
| Verizon Communications, Inc. 3.50% 6/28/2032 | 1620 | 1941 |
|  |  | 330337 |
| Japanese yen 8.79% |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026 | JPY100,000 | 691 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027 | 400000 | 2759 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029 | 300000 | 2060 |
| Japan, Series 352, 0.10% 9/20/2028 | 314350 | 2134 |
| Japan, Series 356, 0.10% 9/20/2029 | 1029800 | 6907 |
| Japan, Series 116, 2.20% 3/20/2030 | 576100 | 4226 |
| Japan, Series 362, 0.10% 3/20/2031 | 514000 | 3386 |
| Japan, Series 374, 0.80% 3/20/2034 | 68200 | 454 |
| Japan, Series 152, 1.20% 3/20/2035 | 1239550 | 8430 |
| Japan, Series 21, 2.30% 12/20/2035 | 720000 | 5379 |
| Japan, Series 162, 0.60% 9/20/2037 | 1966150 | 11972 |
| Japan, Series 173, 0.40% 6/20/2040 | 270900 | 1491 |
| Japan, Series 179, 0.50% 12/20/2041 | 196950 | 1056 |
| Japan, Series 182, 1.10% 9/20/2042 | 619850 | 3629 |
| Japan, Series 186, 1.50% 9/20/2043 | 1341900 | 8257 |
| Japan, Series 188, 1.60% 3/20/2044 | 69000 | 429 |
| Japan, Series 192, 2.40% 3/20/2045 | 6359250 | 44483 |
| Japan, Series 53, 0.60% 12/20/2046 | 781600 | 3774 |
| Japan, Series 37, 0.60% 6/20/2050 | 694500 | 3043 |
| Japan, Series 73, 0.70% 12/20/2051 | 1568700 | 6765 |
| Japan, Series 74, 1.00% 3/20/2052 | 246100 | 1150 |
| Japan, Series 76, 1.40% 9/20/2052 | 5800 | 30 |
| Japan, Series 77, 1.60% 12/20/2052 | 53250 | 288 |

---

**191**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Japanese yen (continued) |  |  |
| Japan, Series 79, 1.20% 6/20/2053 | JPY612,200 | $2959 |
| Japan, Series 81, 1.60% 12/20/2053 | 168700 | 898 |
| Japan, Series 84, 2.10% 9/20/2054 | 455100 | 2714 |
|  |  | 129364 |
| British pounds 4.59% |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup> | GBP800 | 1115 |
| Electricite de France SA 5.50% 3/27/2037 | 900 | 1176 |
| KfW 1.125% 7/4/2025 | 1165 | 1599 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup> | 900 | 1075 |
| Quebec (Province of) 2.25% 9/15/2026 | 1870 | 2511 |
| United Kingdom 0.125% 1/30/2026 | 425 | 573 |
| United Kingdom 4.25% 12/7/2027 | 3785 | 5269 |
| United Kingdom 1.625% 10/22/2028 | 3690 | 4746 |
| United Kingdom 4.125% 7/22/2029 | 2015 | 2792 |
| United Kingdom 4.75% 12/7/2030 | 4770 | 6821 |
| United Kingdom 0.25% 7/31/2031 | 12845 | 14143 |
| United Kingdom 1.00% 1/31/2032 | 7120 | 8046 |
| United Kingdom 4.25% 6/7/2032 | 1310 | 1814 |
| United Kingdom 3.25% 1/31/2033 | 1090 | 1400 |
| United Kingdom 0.625% 7/31/2035 | 210 | 199 |
| United Kingdom 0.875% 1/31/2046 | 4917 | 3113 |
| United Kingdom 3.75% 10/22/2053 | 1870 | 1993 |
| United Kingdom 4.375% 7/31/2054 | 5570 | 6625 |
| United Kingdom 2.50% 7/22/2065 | 3313 | 2523 |
|  |  | 67533 |
| Brazilian reais 2.64% |  |  |
| Brazil (Federative Republic of) 10.00% 1/1/2029 | BRL33,688 | 5692 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 113384 | 18323 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 58289 | 8856 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup> | 2126 | 355 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup> | 26763 | 4382 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup> | 7920 | 1278 |
|  |  | 38886 |
| Canadian dollars 2.06% |  |  |
| Canada (Government) 3.50% 3/1/2028 | CAD25,228 | 18927 |
| Canada (Government) 1.50% 12/1/2031 | 5690 | 3811 |
| Canada (Government) 3.25% 12/1/2033 | 7330 | 5412 |
| Canada (Government) 2.75% 12/1/2048 | 3500 | 2246 |
|  |  | 30396 |
| Australian dollars 2.06% |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD3,640 | 2123 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 5789 | 3226 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 4415 | 2841 |
| New South Wales Treasury Corp. 4.75% 2/20/2035 | 12509 | 8219 |
| New South Wales Treasury Corp. 4.75% 9/20/2035 | 3115 | 2037 |
| New South Wales Treasury Corp. 4.25% 2/20/2036 | 14861 | 9231 |
| New South Wales Treasury Corp. 5.25% 2/24/2038 | 3956 | 2621 |
|  |  | 30298 |
| South Korean won 1.71% |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027 | KRW4,513,500 | 3394 |

---

American Funds Insurance Series **192**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| South Korean won (continued) |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW5,158,930 | $3816 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028 | 3998100 | 3021 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 18379880 | 14987 |
|  |  | 25218 |
| Chinese yuan renminbi 1.63% |  |  |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029 | CNY6,340 | 912 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032 | 1160 | 173 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032 | 33900 | 4715 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 22230 | 3381 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 54910 | 8033 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051 | 800 | 148 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 4740 | 826 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053 | 4720 | 835 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 5150 | 894 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 28690 | 4011 |
|  |  | 23928 |
| Malaysian ringgits 1.55% |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR26,902 | 6544 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 6143 | 1517 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 10588 | 2523 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 2484 | 636 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 9030 | 2283 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 35614 | 8920 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 1277 | 344 |
|  |  | 22767 |
| Mexican pesos 1.12% |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,920 | 765 |
| America Movil, SAB de CV, 9.50% 1/27/2031 | 29290 | 1566 |
| United Mexican States, Series M30, 8.50% 11/18/2038 | 21100 | 1034 |
| United Mexican States, Series M, 7.75% 11/13/2042 | 83507 | 3691 |
| United Mexican States, Series M, 8.00% 11/7/2047 | 7830 | 347 |
| United Mexican States, Series M, 8.00% 7/31/2053 | 198770 | 8719 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup> | 7738 | 357 |
|  |  | 16479 |
| Indian rupees 1.07% |  |  |
| Asian Development Bank 6.72% 2/8/2028 | INR144,700 | 1705 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 | 81400 | 932 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 | 34000 | 396 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 | 650500 | 7668 |
| European Investment Bank 6.95% 3/1/2029 | 46200 | 546 |
| European Investment Bank 7.40% 10/23/2033 | 155800 | 1915 |
| Inter-American Development Bank 7.00% 1/25/2029 | 18000 | 213 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027 | 126400 | 1484 |
| Korea Development Bank 6.75% 7/1/2030 | 73000 | 844 |
|  |  | 15703 |
| Indonesian rupiah 0.66% |  |  |
| Indonesia (Republic of), Series 84, 7.25% 2/15/2026 | IDR22,733,000 | 1410 |
| Indonesia (Republic of), Series 64, 6.125% 5/15/2028 | 1556000 | 96 |
| Indonesia (Republic of), Series 95, 6.375% 8/15/2028 | 63512000 | 3932 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029 | 26010000 | 1748 |

---

**193**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Indonesian rupiah (continued) |  |  |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | IDR2,930,000 | $186 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29412000 | 1810 |
| Indonesia (Republic of), Series 68, 8.375% 3/15/2034 | 6937000 | 475 |
|  |  | 9657 |
| Norwegian kroner 0.45% |  |  |
| Norway (Kingdom of) 1.75% 9/6/2029 | NOK2,080 | 192 |
| Norway (Kingdom of) 2.125% 5/18/2032 | 6615 | 593 |
| Norway (Kingdom of) 3.75% 6/12/2035 | 59865 | 5913 |
|  |  | 6698 |
| South African rand 0.45% |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR8,400 | 467 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 114250 | 6170 |
|  |  | 6637 |
| Danish kroner 0.44% |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup> | DKK48,108 | 6238 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup> | 2503 | 308 |
|  |  | 6546 |
| Polish zloty 0.27% |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN4,900 | 1255 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033 | 9280 | 2685 |
|  |  | 3940 |
| Chilean pesos 0.19% |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup> | CLP903,263 | 971 |
| Chile (Republic of) 5.00% 10/1/2028 | 955000 | 1025 |
| Chile (Republic of) 6.00% 4/1/2033 | 675000 | 743 |
|  |  | 2739 |
| Turkish lira 0.13% |  |  |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025 | TRY73,785 | 1738 |
| Turkey (Republic of) 17.80% 7/13/2033 | 12175 | 204 |
|  |  | 1942 |
| Colombian pesos 0.07% |  |  |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 | COP7,150,600 | 1052 |
| Czech korunas 0.06% |  |  |
| Czech Republic 6.00% 2/26/2026 | CZK17,550 | 851 |
| U.S. dollars 43.76% |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup> | USD200 | 202 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup> | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034 | 2790 | 2842 |
| AbbVie, Inc. 5.35% 3/15/2044 | 75 | 74 |
| AbbVie, Inc. 5.40% 3/15/2054 | 1265 | 1231 |
| AbbVie, Inc. 5.50% 3/15/2064 | 150 | 146 |
| Abu Dhabi Crude Oil Pipeline, LLC 4.60% 11/2/2047 | 775 | 694 |

---

American Funds Insurance Series **194**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup> | USD102 | $102 |
| Adnoc Murban Rsc, Ltd. 4.50% 9/11/2034 <sup>(e)</sup> | 1345 | 1315 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028 | 45 | 46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 | 2102 | 2049 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) |  |  |
| &nbsp;&nbsp;&nbsp;7.61% 11/17/2029 <sup>(e)(f)(g)(h)</sup> | 528 | 524 |
| Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup> | 660 | 465 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup> | 165 | 165 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(e)</sup> | 68 | 70 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup> | 1147 | 1214 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup> | 2985 | 3080 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup> | 140 | 133 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup> | 200 | 205 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 <sup>(e)</sup> | 75 | 72 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% |  |  |
| &nbsp;&nbsp;&nbsp;5/15/2033 <sup>(g)(h)</sup> | 65 | 66 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.399% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2032 <sup>(d)(e)(h)</sup> | 553 | 553 |
| 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> | 290 | 290 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup> | 120 | 118 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup> | 180 | 186 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup> | 65 | 66 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup> | 70 | 72 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup> | 300 | 292 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup> | 200 | 209 |
| Amazon.com, Inc. 1.50% 6/3/2030 | 2040 | 1805 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup> | 98 | 101 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup> | 35 | 36 |
| American Electric Power Co., Inc. 1.00% 11/1/2025 | 250 | 247 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup> | 1030 | 1071 |
| Amgen, Inc. 2.20% 2/21/2027 | 445 | 431 |
| Amgen, Inc. 5.25% 3/2/2030 | 981 | 1011 |
| Amgen, Inc. 5.25% 3/2/2033 | 2687 | 2752 |
| Amgen, Inc. 5.65% 3/2/2053 | 1284 | 1255 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(e)</sup> | 135 | 131 |
| Angola (Republic of) 9.50% 11/12/2025 | 4225 | 4245 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup> | 110 | 97 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup> | 115 | 94 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.941% 9/1/2027 <sup>(g)(h)</sup> | 95 | 86 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup> | 994 | 1006 |
| Apollo Aviation Securitization Equity Trust, Series 25-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup> | 559 | 570 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.827% 9/23/2031 <sup>(g)(h)</sup> | 145 | 145 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(e)</sup> | 110 | 110 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup> | 245 | 248 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup> | 50 | 55 |
| Artera Services, LLC 8.50% 2/15/2031 <sup>(e)</sup> | 45 | 38 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(e)</sup> | 55 | 52 |
| 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 | 25 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> | 15 | 15 |
| AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(e)</sup> | 190 | 190 |
| AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(g)(h)</sup> | 30 | 30 |
| AT&T, Inc. 3.50% 9/15/2053 | 2070 | 1402 |
| ATI, Inc. 7.25% 8/15/2030 | 60 | 63 |
| Atkore, Inc. 4.25% 6/1/2031 <sup>(e)</sup> | 25 | 23 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup> | 122 | 116 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup> | 25 | 25 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup> | 1817 | 1831 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup> | 996 | 1036 |
| B&G Foods, Inc. 5.25% 9/15/2027 | 210 | 191 |

---

**195**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup> | USD25 | $24 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> | 865 | 885 |
| 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 | 235 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup> | 950 | 979 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup> | 425 | 423 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup> | 4040 | 3522 |
| Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(a)</sup> | 1535 | 1579 |
| Bank of East Asia, Ltd. 5.825% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 5.527% on 10/21/2025) <sup>(a)</sup> | 640 | 639 |
| BAT Capital Corp. 3.215% 9/6/2026 | 955 | 942 |
| BAT Capital Corp. 5.625% 8/15/2035 | 5501 | 5600 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup> | 120 | 124 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 75 | 78 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(e)</sup> | 80 | 80 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(e)</sup> | 85 | 81 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on |  |  |
| &nbsp;&nbsp;&nbsp;6/29/2033) <sup>(a)</sup> | 1360 | 1439 |
| Becton, Dickinson and Co. 4.298% 8/22/2032 | 320 | 311 |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(e)</sup> | 2595 | 2467 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup> | 400 | 395 |
| Block, Inc. 6.50% 5/15/2032 | 240 | 248 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup> | 1070 | 1112 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup> | 900 | 885 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup> | 700 | 649 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup> | 1275 | 1143 |
| Boeing Co. (The) 6.259% 5/1/2027 | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030 | 2451 | 2496 |
| Boeing Co. (The) 3.625% 2/1/2031 | 718 | 677 |
| Boeing Co. (The) 6.388% 5/1/2031 | 723 | 777 |
| Boeing Co. (The) 6.528% 5/1/2034 | 457 | 497 |
| Boeing Co. (The) 5.805% 5/1/2050 | 50 | 48 |
| Boeing Co. (The) 6.858% 5/1/2054 | 526 | 576 |
| Bombardier, Inc. 7.125% 6/15/2026 <sup>(e)</sup> | 16 | 16 |
| 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> | 289 | 264 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup> | 45 | 43 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup> | 107 | 104 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(a)(e)</sup> | 3520 | 3698 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030 | 1756 | 1362 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 | 2129 | 1863 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup> | 525 | 459 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on |  |  |
| &nbsp;&nbsp;&nbsp;5/1/2027) <sup>(a)(d)(e)</sup> | 1599 | 1609 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 1925 | 1972 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 2200 | 2148 |
| British Columbia (Province of) 4.20% 7/6/2033 | 70 | 68 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> | 250 | 247 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup> | 746 | 667 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> | 185 | 156 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup> | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032 | 28 | 29 |
| Brown & Brown, Inc. 6.25% 6/23/2055 | 48 | 50 |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(e)</sup> | 1341 | 1383 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055 | 232 | 230 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup> | 175 | 169 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(e)(h)</sup> | 1269 | 1266 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup> | 1724 | 1772 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(e)</sup> | 15 | 14 |
| 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 |

---

American Funds Insurance Series **196**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup> | USD1,633 | $1689 |
| CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(a)(e)</sup> | 200 | 220 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(a)(e)</sup> | 200 | 209 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(e)</sup> | 50 | 50 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 349 | 254 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1085 | 714 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup> | 90 | 84 |
| Carnival Corp. 6.00% 5/1/2029 <sup>(e)</sup> | 100 | 101 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 |  |  |
| &nbsp;&nbsp;&nbsp;(9.405% on 11/25/2027) <sup>(a)(d)(e)</sup> | 163 | 164 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> | 614 | 596 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> | 111 | 110 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup> | 834 | 847 |
| 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 | 131 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup> | 240 | 229 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup> | 155 | 145 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup> | 147 | 134 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> | 55 | 49 |
| Centene Corp. 2.45% 7/15/2028 | 40 | 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 | 70 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup> | 110 | 102 |
| Charter Communications Operating, LLC 3.75% 2/15/2028 | 2650 | 2601 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 384 | 307 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 188 | 125 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 458 | 315 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 17 | 14 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 | 26 | 23 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026 | 1130 | 1110 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 195 | 194 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 425 | 368 |
| Cisco Systems, Inc. 5.10% 2/24/2035 | 990 | 1014 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup> | 805 | 843 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup> | 1240 | 1282 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup> | 421 | 436 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> | 90 | 91 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup> | 15 | 15 |
| Clarios Global, LP 8.50% 5/15/2027 <sup>(e)</sup> | 90 | 91 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup> | 45 | 43 |
| 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 | 99 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup> | 75 | 64 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup> | 235 | 237 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup> | 175 | 182 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% |  |  |
| &nbsp;&nbsp;&nbsp;3/29/2029 <sup>(g)(h)</sup> | 252 | 252 |
| CMS Energy Corp. 3.00% 5/15/2026 | 1200 | 1185 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup> | 110 | 114 |
| Coca-Cola Co. 4.65% 8/14/2034 | 336 | 338 |
| 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 | 343 |
| Colombia (Republic of) 3.125% 4/15/2031 | 3000 | 2471 |
| Colombia (Republic of) 8.00% 11/14/2035 | 445 | 448 |
| Comcast Corp. 4.80% 5/15/2033 | 4100 | 4093 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup> | 192 | 173 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup> | 65 | 55 |
| 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 | 201 |

---

**197**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) |  |  |
| &nbsp;&nbsp;&nbsp;6.605% 5/25/2043 <sup>(d)(e)(h)</sup> | USD1,208 | $1234 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) |  |  |
| &nbsp;&nbsp;&nbsp;7.855% 5/25/2043 <sup>(d)(e)(h)</sup> | 804 | 850 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;6.205% 6/25/2043 <sup>(d)(e)(h)</sup> | 658 | 665 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) |  |  |
| &nbsp;&nbsp;&nbsp;7.405% 6/25/2043 <sup>(d)(e)(h)</sup> | 305 | 319 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;6.005% 7/25/2043 <sup>(d)(e)(h)</sup> | 461 | 464 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;6.105% 1/25/2044 <sup>(d)(e)(h)</sup> | 206 | 208 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) |  |  |
| &nbsp;&nbsp;&nbsp;5.955% 5/25/2044 <sup>(d)(e)(h)</sup> | 1148 | 1156 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;5.305% 2/25/2045 <sup>(d)(e)(h)</sup> | 259 | 259 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;5.455% 2/25/2045 <sup>(d)(e)(h)</sup> | 671 | 671 |
| ConocoPhillips Co. 5.50% 1/15/2055 | 3050 | 2897 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup> | 200 | 204 |
| Constellium SE 3.75% 4/15/2029 <sup>(e)</sup> | 125 | 118 |
| COPT Defense Properties, LP 2.75% 4/15/2031 | 1212 | 1073 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 748 | 703 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup> | 384 | 367 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(g)(h)</sup> | 65 | 63 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(e)</sup> | 50 | 51 |
| Coronado Finance Pty, Ltd. 9.25% 10/1/2029 <sup>(e)</sup> | 125 | 93 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(e)</sup> | 36 | 36 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup> | 65 | 64 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(e)</sup> | 95 | 97 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup> | 65 | 69 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup> | 178 | 186 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup> | 165 | 161 |
| Crown Castle, Inc. 2.50% 7/15/2031 | 767 | 670 |
| CSX Corp. 3.80% 4/15/2050 | 75 | 57 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(e)</sup> | 65 | 65 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup> | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup> | 40 | 41 |
| Deluxe Corp. 8.00% 6/1/2029 <sup>(e)</sup> | 20 | 19 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(a)</sup> | 850 | 841 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup> | 1160 | 1126 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | 930 | 1161 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup> | 8 | 7 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup> | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup> | 50 | 50 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(g)(h)</sup> | 13 | 13 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup> | 296 | 305 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup> | 23 | 24 |
| EchoStar Corp. 10.75% 11/30/2029 | 30 | 31 |
| Edison International 5.25% 11/15/2028 | 1862 | 1844 |
| Edison International 5.45% 6/15/2029 | 75 | 74 |
| Edison International 6.95% 11/15/2029 | 350 | 364 |
| Edison International 6.25% 3/15/2030 | 1510 | 1534 |
| Edison International 5.25% 3/15/2032 | 705 | 669 |
| Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 3.901% on 3/15/2027) <sup>(a)</sup> | 100 | 87 |
| Egypt (Arab Republic of) 6.588% 2/21/2028 | 1550 | 1553 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup> | 460 | 466 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> | 800 | 830 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup> | 300 | 339 |

---

American Funds Insurance Series **198**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup> | USD105 | $102 |
| 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%) 9.077% 11/22/2032 <sup>(g)(h)</sup> | 25 | 26 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(e)</sup> | 30 | 33 |
| 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 + 4.00%) 8.327% 4/23/2031 <sup>(g)(h)</sup> | 84 | 84 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup> | 1248 | 1212 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup> | 1227 | 1146 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 | 3329 | 2983 |
| Entergy Corp. 0.90% 9/15/2025 | 750 | 744 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 168 | 167 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup> | 145 | 143 |
| EQT Corp. 6.375% 4/1/2029 <sup>(e)</sup> | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030 <sup>(e)</sup> | 45 | 49 |
| Equinix, Inc. 1.80% 7/15/2027 | 1145 | 1092 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(e)</sup> | 871 | 885 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup> | 1348 | 1358 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup> | 90 | 95 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup> | 15 | 16 |
| ESAB Corp. 6.25% 4/15/2029 <sup>(e)</sup> | 75 | 77 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup> | 148 | 149 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup> | 62 | 62 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup> | 46 | 46 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup> | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030 | 55 | 55 |
| Expand Energy Corp. 4.75% 2/1/2032 | 15 | 15 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(j)</sup> | 915 | 4 |
| Export-Import Bank of Thailand 5.354% 5/16/2029 | 1420 | 1461 |
| 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 | 126 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup> | 75 | 80 |
| 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> | 127 | 124 |
| Fannie Mae Pool #CB0046 3.00% 4/1/2051 <sup>(d)</sup> | 1635 | 1417 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup> | 248 | 206 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup> | 1414 | 1124 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup> | 1380 | 1097 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup> | 3437 | 2727 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup> | 3987 | 3824 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup> | 51 | 50 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup> | 1692 | 1623 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup> | 93 | 93 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup> | 203 | 205 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup> | 882 | 903 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup> | 20 | 19 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(d)</sup> | 4375 | 4302 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup> | 532 | 532 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup> | 16 | 16 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup> | 58 | 58 |
| 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> | 420 | 413 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup> | 218 | 219 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup> | 1535 | 1539 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup> | 839 | 840 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup> | 1839 | 1872 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup> | 435 | 435 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup> | 2183 | 2223 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup> | 636 | 637 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup> | 220 | 220 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup> | 457 | 457 |

---

**199**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup> | USD277 | $282 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup> | 320 | 321 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup> | 578 | 588 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup> | 1639 | 1647 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup> | 1581 | 1618 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup> | 944 | 961 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup> | 646 | 661 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup> | 219 | 223 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup> | 196 | 202 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup> | 4031 | 4038 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(d)</sup> | 3341 | 3344 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup> | 1039 | 1040 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup> | 1514 | 1540 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup> | 1306 | 1329 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup> | 838 | 853 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup> | 586 | 596 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup> | 570 | 582 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup> | 420 | 431 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup> | 318 | 326 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup> | 177 | 181 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup> | 17 | 17 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(d)</sup> | 43 | 46 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup> | 393 | 395 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup> | 823 | 838 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup> | 496 | 508 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup> | 340 | 346 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup> | 246 | 251 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup> | 202 | 207 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup> | 195 | 199 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup> | 189 | 192 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup> | 163 | 166 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup> | 94 | 96 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup> | 74 | 76 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(d)</sup> | 68 | 69 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup> | 66 | 68 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup> | 38 | 39 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup> | 2116 | 2118 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup> | 462 | 472 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup> | 1812 | 1777 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup> | 124 | 124 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup> | 48 | 47 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(d)</sup> | 3825 | 3828 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(d)</sup> | 707 | 731 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup> | 612 | 585 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(d)</sup> | 4644 | 4647 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup> | 104 | 105 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup> | 644 | 616 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(d)</sup> | 461 | 469 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup> | 350 | 343 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup> | 202 | 206 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup> | 1624 | 1593 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup> | 324 | 325 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(d)</sup> | 1 | 2 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup> | 371 | 364 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.595% 8/1/2054 <sup>(d)(e)(h)</sup> | 330 | 294 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup> | 25 | 23 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup> | 150 | 159 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup> | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(g)(h)</sup> | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup> | 95 | 96 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup> | 2 | 2 |

---

American Funds Insurance Series **200**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup> | USD45 | $42 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027 | 1763 | 1744 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 12/15/2029 <sup>(d)(e)(h)</sup> | 483 | 484 |
| Ford Motor Co. 6.10% 8/19/2032 | 30 | 30 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 2175 | 2192 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 300 | 298 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 200 | 193 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 200 | 208 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028 | 200 | 188 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3000 | 3007 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 125 | 114 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup> | 255 | 256 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup> | 1680 | 1617 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup> | 2088 | 1797 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup> | 195 | 190 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup> | 605 | 480 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup> | 911 | 898 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup> | 372 | 357 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup> | 3297 | 3249 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup> | 2788 | 2674 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(d)</sup> | 5529 | 5434 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup> | 259 | 260 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup> | 22 | 22 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup> | 695 | 697 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup> | 173 | 177 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup> | 58 | 59 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup> | 34 | 32 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(d)</sup> | 2668 | 2672 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup> | 1592 | 1620 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup> | 29450 | 28942 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(d)</sup> | 11000 | 11029 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup> | 126 | 131 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup> | 194 | 194 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup> | 1786 | 1818 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup> | 927 | 863 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup> | 1449 | 1450 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup> | 103 | 105 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup> | 126 | 129 |
| Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(d)</sup> | 25 | 26 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup> | 271 | 266 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup> | 14756 | 14781 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup> | 822 | 826 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup> | 977 | 995 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup> | 1054 | 1055 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup> | 522 | 523 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup> | 1540 | 1567 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup> | 1259 | 1294 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup> | 869 | 886 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup> | 538 | 551 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup> | 346 | 352 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup> | 228 | 232 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup> | 185 | 189 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(d)</sup> | 6026 | 6045 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(d)</sup> | 3860 | 3874 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup> | 3455 | 3462 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup> | 633 | 637 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup> | 310 | 317 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup> | 29 | 29 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(d)</sup> | 543 | 565 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup> | 2317 | 2319 |

---

**201**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup> | USD666 | $668 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup> | 1084 | 1104 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup> | 592 | 606 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup> | 560 | 574 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup> | 514 | 528 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup> | 331 | 337 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup> | 443 | 444 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup> | 426 | 408 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup> | 1156 | 1157 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup> | 523 | 513 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup> | 340 | 340 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup> | 13 | 13 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup> | 58 | 59 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup> | 152 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup> | 627 | 637 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup> | 322 | 315 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup> | 166 | 169 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup> | 449 | 441 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(d)</sup> | 746 | 746 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.90%) 7.205% 4/25/2042 <sup>(d)(e)(h)</sup> | 441 | 455 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(e)(h)</sup> | 282 | 282 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup> | 25 | 25 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(e)</sup> | 2 | 2 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup> | 103 | 104 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(e)</sup> | 27 | 29 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(e)</sup> | 497 | 438 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup> | 65 | 67 |
| 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> | 1150 | 1160 |
| 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 | 62 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup> | 400 | 389 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 | 1342 | 1389 |
| Gilead Sciences, Inc. 5.55% 10/15/2053 | 1155 | 1141 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(g)(h)</sup> | 55 | 54 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(e)</sup> | 200 | 196 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup> | 1080 | 1043 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(a)</sup> | 732 | 751 |
| Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(d)</sup> | 3561 | 2987 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(d)</sup> | 1756 | 1634 |
| Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(d)</sup> | 185 | 172 |
| Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(d)</sup> | 225 | 209 |
| Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(d)</sup> | 10 | 9 |
| Government National Mortgage Assn. 6.50% 7/1/2055 <sup>(d)(k)</sup> | 1708 | 1754 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup> | 754 | 551 |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, |  |  |
| &nbsp;&nbsp;&nbsp;3.236% 10/1/2052 | 965 | 659 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup> | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026 | 1514 | 1488 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> | 1645 | 1665 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup> | 115 | 111 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup> | 660 | 650 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(e)</sup> | 15 | 15 |
| HAH Group Holding Co., LLC 9.75% 10/1/2031 <sup>(e)</sup> | 115 | 114 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(g)(h)</sup> | 56 | 57 |
| 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 |

---

American Funds Insurance Series **202**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(e)(h)</sup> | USD1,066 | $1068 |
| HCA, Inc. 5.625% 9/1/2028 | 120 | 124 |
| HealthEquity, Inc. 4.50% 10/1/2029 <sup>(e)</sup> | 80 | 78 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(e)</sup> | 200 | 206 |
| 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 | 31 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup> | 249 | 253 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup> | 1188 | 1194 |
| 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. 4.875% 1/15/2030 | 25 | 25 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup> | 115 | 108 |
| Honduras (Republic of) 6.25% 1/19/2027 | 653 | 654 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(e)(h)</sup> | 1949 | 2004 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> | 175 | 174 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> | 195 | 186 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> | 120 | 111 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup> | 200 | 209 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(a)</sup> | 4172 | 4168 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup> | 1700 | 1707 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup> | 2000 | 2238 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup> | 1200 | 1289 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(e)(h)</sup> | 396 | 400 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup> | 130 | 136 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(g)(h)</sup> | 3 | 3 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(e)(h)</sup> | 2712 | 2799 |
| Hungary (Republic of) 6.00% 9/26/2035 <sup>(e)</sup> | 325 | 327 |
| Hungary (Republic of) 5.50% 3/26/2036 <sup>(e)</sup> | 290 | 280 |
| Husky Injection Molding Systems, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.50%) |  |  |
| &nbsp;&nbsp;&nbsp;8.796% 2/15/2029 <sup>(g)(h)</sup> | 54 | 55 |
| Hyatt Hotels Corp. 5.75% 3/30/2032 | 16 | 16 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> | 2375 | 2306 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> | 269 | 260 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup> | 600 | 555 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup> | 132 | 139 |
| Icahn Enterprises, LP 9.75% 1/15/2029 | 65 | 63 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup> | 500 | 509 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup> | 130 | 121 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(e)</sup> | 7 | 7 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(e)</sup> | 130 | 133 |
| Intesa Sanpaolo SpA 7.00% 11/21/2025 <sup>(e)</sup> | 225 | 227 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(e)(h)</sup> | 3679 | 3668 |
| 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 | 206 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup> | 80 | 82 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup> | 80 | 83 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(e)</sup> | 5 | 5 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(e)</sup> | 5 | 5 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup> | 1243 | 1218 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup> | 536 | 556 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup> | 730 | 732 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(g)(h)</sup> | 75 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(g)(h)</sup> | 50 | 50 |
| KB Home 6.875% 6/15/2027 | 50 | 52 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 20 | 19 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 245 | 225 |

---

**203**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(e)</sup> | USD15 | $16 |
| 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 | 1304 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup> | 2250 | 2277 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup> | 225 | 231 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) |  |  |
| &nbsp;&nbsp;&nbsp;5.854% 12/15/2039 <sup>(d)(e)(h)</sup> | 1243 | 1243 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(d)(e)</sup> | 273 | 274 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup> | 194 | 199 |
| 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 | 111 |
| 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 | 107 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup> | 40 | 43 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(e)</sup> | 530 | 532 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup> | 115 | 105 |
| LGI Homes, Inc. 8.75% 12/15/2028 <sup>(e)</sup> | 155 | 161 |
| Light and Wonder International, Inc. 7.00% 5/15/2028 <sup>(e)</sup> | 20 | 20 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(e)</sup> | 5 | 5 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup> | 130 | 129 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;0.85% on 5/11/2026) <sup>(a)</sup> | 7000 | 6827 |
| Lockheed Martin Corp. 5.20% 2/15/2064 | 309 | 286 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup> | 135 | 129 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup> | 90 | 89 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.506% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2036 (d)(e)(h) | 563 | 564 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% |  |  |
| &nbsp;&nbsp;&nbsp;1/20/2033 <sup>(d)(e)(h)</sup> | 2788 | 2776 |
| 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 | 2965 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> | 1450 | 1470 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> | 1475 | 1493 |
| Marsh & McLennan Companies, Inc. 5.70% 9/15/2053 | 282 | 284 |
| Mastercard, Inc. 2.00% 11/18/2031 | 600 | 523 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup> | 50 | 50 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup> | 45 | 45 |
| McDonald's Corp. 4.95% 3/3/2035 | 476 | 476 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(e)</sup> | 40 | 40 |
| Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(g)(h)</sup> | 49 | 49 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup> | 30 | 30 |
| Meituan 2.125% 10/28/2025 | 1730 | 1716 |
| Melco Resorts Finance, Ltd. 5.25% 4/26/2026 <sup>(e)</sup> | 1528 | 1527 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup> | 873 | 872 |
| 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> | 1352 | 1361 |
| MGM Resorts International 5.50% 4/15/2027 | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030 | 709 | 720 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(e)</sup> | 30 | 30 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup> | 155 | 156 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup> | 85 | 87 |
| Minerva Luxembourg SA 8.875% 9/13/2033 | 1086 | 1174 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup> | 1094 | 1104 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup> | 539 | 543 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(e)</sup> | 1136 | 1137 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup> | 80 | 78 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup> | 75 | 70 |

---

American Funds Insurance Series **204**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup> | USD115 | $117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup> | 120 | 117 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup> | 3700 | 3708 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup> | 1433 | 1226 |
| 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 | 194 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/2056 <sup>(d)(h)</sup> | 336 | 360 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;7.055% 7/25/2054 <sup>(d)(e)(h)</sup> | 493 | 498 |
| Murphy Oil Corp. 6.00% 10/1/2032 | 25 | 24 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 | 48 | 47 |
| MV24 Capital BV 6.748% 6/1/2034 | 1025 | 995 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(e)</sup> | 55 | 54 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup> | 160 | 153 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup> | 1250 | 1294 |
| Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030 <sup>(e)</sup> | 135 | 137 |
| 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 | 57 |
| NCR Atleos Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.030% 4/16/2029 <sup>(g)(h)</sup> | 21 | 21 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(e)</sup> | 38 | 37 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup> | 2725 | 2332 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup> | 1500 | 1511 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup> | 547 | 506 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup> | 30 | 32 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup> | 165 | 161 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)</sup> | 709 | 323 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup> | 55 | 56 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup> | 70 | 70 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup> | 662 | 663 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 496 | 474 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(e)</sup> | 150 | 151 |
| 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 | 97 |
| Novelis Corp. 4.75% 1/30/2030 <sup>(e)</sup> | 80 | 77 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(e)</sup> | 20 | 18 |
| NuStar Logistics, LP 5.625% 4/28/2027 | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 | 54 | 56 |
| OCP SA 3.75% 6/23/2031 | 500 | 449 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup> | 269 | 272 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup> | 120 | 122 |
| OneMain Finance Corp. 7.125% 9/15/2032 | 25 | 26 |
| ONEOK, Inc. 5.80% 11/1/2030 | 69 | 72 |
| ONEOK, Inc. 6.05% 9/1/2033 | 514 | 540 |
| ONEOK, Inc. 6.625% 9/1/2053 | 290 | 302 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup> | 35 | 36 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup> | 770 | 776 |
| 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> | 1494 | 1510 |
| 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> | 2573 | 2589 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(a)(d)(e)</sup> | 2624 | 2635 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup> | 25 | 24 |
| Option Care Health, Inc. 4.375% 10/31/2029 <sup>(e)</sup> | 25 | 24 |
| Oracle Corp. 2.65% 7/15/2026 | 2327 | 2286 |
| Oracle Corp. 3.25% 11/15/2027 | 1880 | 1838 |
| Oracle Corp. 3.95% 3/25/2051 | 22 | 16 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup> | 2434 | 2958 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(e)</sup> | 256 | 257 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup> | 40 | 38 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 | 3000 | 2972 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 542 | 539 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 1500 | 1569 |

---

**205**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | USD4,525 | $3241 |
| PacifiCorp 3.30% 3/15/2051 | 150 | 98 |
| PacifiCorp 2.90% 6/15/2052 | 280 | 166 |
| PacifiCorp 5.35% 12/1/2053 | 525 | 472 |
| PacifiCorp 5.50% 5/15/2054 | 980 | 902 |
| PacifiCorp 5.80% 1/15/2055 | 500 | 479 |
| Panama (Republic of) 3.75% 4/17/2026 | 465 | 459 |
| Panama (Republic of) 7.50% 3/1/2031 | 415 | 443 |
| Panama (Republic of) 6.40% 2/14/2035 | 850 | 830 |
| Panama (Republic of) 8.00% 3/1/2038 | 755 | 811 |
| Panama (Republic of) 7.875% 3/1/2057 | 2015 | 2055 |
| 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 | 63 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup> | 55 | 57 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(e)(f)(i)(j)</sup> | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(l) |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup> | 1059 | 1063 |
| 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 | 107 |
| Petroleos Mexicanos 6.875% 10/16/2025 | 946 | 946 |
| Petroleos Mexicanos 6.875% 8/4/2026 | 638 | 639 |
| Petroleos Mexicanos 6.49% 1/23/2027 | 5999 | 5972 |
| Petroleos Mexicanos 6.50% 3/13/2027 | 6200 | 6161 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 8494 | 8211 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 65 | 59 |
| Petroleos Mexicanos 6.70% 2/16/2032 | 779 | 724 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 55 | 40 |
| Petrorio Luxembourg Holding SARL 6.125% 6/9/2026 | 910 | 912 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 2128 | 2122 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028 | 235 | 229 |
| PG&E Corp. 5.25% 7/1/2030 | 175 | 167 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 3.883% on 3/15/2030) <sup>(a)</sup> | 145 | 138 |
| Philip Morris International, Inc. 5.125% 11/17/2027 | 315 | 321 |
| Philip Morris International, Inc. 2.10% 5/1/2030 | 634 | 571 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 1554 | 1644 |
| Philip Morris International, Inc. 5.375% 2/15/2033 | 1382 | 1428 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup> | 375 | 390 |
| POSCO Holdings, Inc. 4.875% 1/23/2027 <sup>(e)</sup> | 510 | 512 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(e)</sup> | 80 | 80 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup> | 444 | 427 |
| 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 | 111 |
| Procter & Gamble Co. 3.00% 3/25/2030 | 338 | 323 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(e)</sup> | 902 | 850 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup> | 833 | 798 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield |  |  |
| &nbsp;&nbsp;&nbsp;Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup> | 2755 | 2633 |
| PT Freeport Indonesia 5.315% 4/14/2032 | 449 | 450 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup> | 40 | 41 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup> | 10 | 10 |
| Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(g)(h)</sup> | 15 | 15 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup> | 282 | 277 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% |  |  |
| &nbsp;&nbsp;&nbsp;Cash 1/31/2029 <sup>(g)(h)(i)</sup> | 9 | 9 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup> | 910 | 911 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup> | 145 | 141 |
| 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 |

---

American Funds Insurance Series **206**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup> | USD90 | $88 |
| 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 | 1446 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup> | 25 | 23 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(e)</sup> | 20 | 19 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup> | 1700 | 1736 |
| 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 | 92 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(e)</sup> | 45 | 44 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(e)</sup> | 20 | 20 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup> | 25 | 26 |
| Sally Holdings, LLC 6.75% 3/1/2032 | 107 | 110 |
| Sands China, Ltd. 5.40% 8/8/2028 | 2710 | 2732 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026 | 3750 | 3693 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup> | 1330 | 1318 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029 | 350 | 356 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup> | 66 | 66 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup> | 1040 | 977 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup> | 110 | 109 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup> | 2846 | 2907 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup> | 46 | 44 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup> | 115 | 112 |
| 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> | 158 | 160 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.98% 12/29/2032 <sup>(d)(e)</sup> | 826 | 829 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup> | 740 | 766 |
| Service Corp. International 5.75% 10/15/2032 | 35 | 35 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> | 60 | 64 |
| ServiceNow, Inc. 1.40% 9/1/2030 | 756 | 655 |
| Simmons Foods, Inc. 4.625% 3/1/2029 <sup>(e)</sup> | 80 | 76 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup> | 50 | 49 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> | 195 | 187 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup> | 39 | 36 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> | 111 | 99 |
| SK hynix, Inc. 1.50% 1/19/2026 | 563 | 554 |
| SLM Corp. 6.50% 1/31/2030 | 85 | 89 |
| SM Energy Co. 6.50% 7/15/2028 | 45 | 45 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) |  |  |
| &nbsp;&nbsp;&nbsp;5.854% 11/15/2052 <sup>(d)(e)(h)</sup> | 547 | 553 |
| SMRC Automotive Holdings Netherlands BV 5.625% 7/11/2029 <sup>(e)</sup> | 595 | 605 |
| 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 | 185 |
| Southern California Edison Co. 3.65% 2/1/2050 | 1700 | 1125 |
| Southern California Edison Co. 5.90% 3/1/2055 | 1100 | 1007 |
| Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(g)(h)</sup> | 5 | 5 |
| Sprint, LLC 7.625% 3/1/2026 | 130 | 131 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(e)</sup> | 115 | 110 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.762% 2/17/2042 <sup>(d)(e)(h)</sup> | 216 | 216 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup> | 1450 | 1467 |
| 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%) 5.256% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2032 (d)(e)(h) | 1832 | 1832 |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup> | 2090 | 2043 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup> | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029 | 290 | 282 |
| Sunoco, LP 4.50% 4/30/2030 | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup> | 45 | 46 |

---

**207**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.755% 3/15/2042 <sup>(d)(e)(h)</sup> | USD6,917 | $6877 |
| Synopsys, Inc. 5.15% 4/1/2035 | 1410 | 1422 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup> | 69 | 74 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(g)(h)</sup> | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup> | 15 | 15 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup> | 55 | 56 |
| Tenet Healthcare Corp. 6.125% 10/1/2028 | 25 | 25 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 455 | 458 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 200 | 204 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup> | 200 | 207 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup> | 10 | 10 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040 | 863 | 816 |
| T-Mobile USA, Inc. 2.40% 3/15/2029 | 1079 | 1005 |
| T-Mobile USA, Inc. 5.65% 1/15/2053 | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029 | 424 | 429 |
| TotalEnergies Capital SA 5.488% 4/5/2054 | 1500 | 1445 |
| TransDigm, Inc. 4.875% 5/1/2029 | 80 | 79 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup> | 85 | 88 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup> | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup> | 75 | 75 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(e)</sup> | 39 | 39 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup> | 92 | 94 |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(e)</sup> | 32 | 33 |
| Transocean, Inc. 6.80% 3/15/2038 | 35 | 25 |
| 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 |
| Triumph Group, Inc. 9.00% 3/15/2028 <sup>(e)</sup> | 57 | 60 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(g)(h)</sup> | 124 | 125 |
| Turkey (Republic of) 7.125% 7/17/2032 | 1360 | 1363 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup> | 752 | 753 |
| U.S. Treasury 3.875% 5/31/2027 | 662 | 664 |
| U.S. Treasury 3.50% 9/30/2029 | 399 | 395 |
| U.S. Treasury 4.125% 10/31/2029 | 328 | 333 |
| U.S. Treasury 4.00% 5/31/2030 | 2995 | 3024 |
| U.S. Treasury 4.125% 11/30/2031 | 704 | 711 |
| U.S. Treasury 3.875% 8/15/2034 | 540 | 527 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(m)</sup> | 1681 | 1734 |
| U.S. Treasury 1.75% 8/15/2041 <sup>(m)</sup> | 4650 | 3087 |
| U.S. Treasury 4.75% 11/15/2043 | 2650 | 2648 |
| U.S. Treasury 4.625% 5/15/2044 | 1210 | 1187 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup> | 5045 | 3730 |
| U.S. Treasury 1.25% 5/15/2050 | 1625 | 781 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup> | 4809 | 4763 |
| U.S. Treasury 4.25% 2/15/2054 | 681 | 621 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup> | 5926 | 5755 |
| U.S. Treasury 4.50% 11/15/2054 | 143 | 136 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup> | 837 | 830 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)(m)</sup> | 10569 | 10964 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup> | 3487 | 1900 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup> | 183 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup> | 5916 | 5416 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup> | 77 | 80 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(d)(k)</sup> | 3098 | 2789 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(d)(k)</sup> | 4068 | 3892 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(d)(k)</sup> | 171 | 168 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(d)(k)</sup> | 5160 | 5244 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(d)(k)</sup> | 183 | 193 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(d)(k)</sup> | 6 | 6 |
| United Mexican States 6.00% 5/7/2036 | 970 | 960 |

---

American Funds Insurance Series **208**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| United Mexican States 6.338% 5/4/2053 | USD425 | $391 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup> | 85 | 84 |
| United Rentals (North America), Inc. 3.875% 2/15/2031 | 130 | 122 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup> | 110 | 112 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup> | 250 | 228 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup> | 35 | 34 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup> | 35 | 35 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup> | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup> | 85 | 77 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash |  |  |
| &nbsp;&nbsp;&nbsp;1/16/2026 (f)(g)(h)(i) | 32 | 18 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash |  |  |
| &nbsp;&nbsp;&nbsp;7/16/2026 (f)(g)(h)(i) | 33 | 18 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(f)(g)(h)(i)</sup> | 54 | 30 |
| 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 | 32 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup> | 110 | 102 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup> | 80 | 83 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup> | 82 | 89 |
| 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 | 115 |
| 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 | 85 |
| Veralto Corp. 5.35% 9/18/2028 | 2900 | 2990 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup> | 631 | 638 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup> | 838 | 840 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup> | 150 | 156 |
| VZ Secured Financing BV 5.00% 1/15/2032 <sup>(e)</sup> | 200 | 178 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup> | 71 | 73 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(e)</sup> | 200 | 199 |
| Waste Management, Inc. 3.875% 1/15/2029 | 50 | 49 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(e)</sup> | 20 | 21 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup> | 93 | 96 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup> | 4698 | 4633 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(a)</sup> | 1600 | 1365 |
| 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 | 156 |
| Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/2028 <sup>(d)(e)</sup> | 50 | 50 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup> | 146 | 146 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup> | 110 | 103 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(e)</sup> | 135 | 126 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup> | 80 | 73 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(a)(b)(i)</sup> | 106 | 107 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup> | 43 | 46 |
| Ziggo BV 4.875% 1/15/2030 <sup>(e)</sup> | 300 | 281 |
|  |  | 644142 |
| Total bonds, notes & other debt instruments (cost: $1,425,802,000) |  | 1415113 |
| Preferred securities 0.01% | Shares |  |
| Preferred securities 0.01% | Shares |  |
| U.S. dollars 0.01% |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup> | 48 | 68 |
| Total preferred securities (cost: $49,000) |  | 68 |
| Common stocks 0.12% |  |  |
| Common stocks 0.12% |  |  |
| Norwegian kroner 0.12% |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(n)</sup> | 3958470 | 1767 |

---

**209**American Funds Insurance Series

![](gcin4a2ziv2tbkt6zhd8d.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) |  | Shares | (000) |
| U.S. dollars 0.00% |  |  |  |
| Altera Infrastructure, LP <sup>(f)</sup> |  | 1441 | $45 |
| New Fortress Energy, Inc., Class A <sup>(n)</sup> |  | 4095 | 14 |
| DSG TopCo, Inc. <sup>(n)</sup> |  | 420 | 6 |
| Bighorn Permian Resources, LLC <sup>(f)</sup> |  | 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(l) |
| Party City Holdco, Inc. <sup>(f)(n)</sup> |  | 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(l) |
| Party City Holdco, Inc. <sup>(e)(f)(n)</sup> |  | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(l) |
| Venator Materials PLC <sup>(f)(n)</sup> |  | 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(l) |
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup> |  | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(l) |
|  |  |  | 65 |
| Total common stocks (cost: $2,070,000) |  |  | 1832 |
| Investment funds 1.50% |  |  |  |
| Investment funds 1.50% |  |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup> |  | 2612163 | 22047 |
| Total investment funds (cost: $20,457,000) |  |  | 22047 |
| Short-term securities 2.54% |  |  |  |
| Short-term securities 2.54% |  |  |  |
| **Money market investments 2.34%** |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup> |  | 345182 | 34518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted |  |  |
|  | average yield | Principal amount |  |
|  | at acquisition | (000) |  |
| **Bills & notes of governments & government agencies outside the U.S. 0.20%** |  |  |  |
| Egypt (Arab Republic of) 9/9/2025 | 21.356% | EGP150,475 | 2878 |
| Total short-term securities (cost: $37,370,000) |  |  | 37396 |

---

Options purchased (equity style) 0.00%

Options purchased (equity style) \*

Total options purchased (equity style) (cost: $21,000)

Total investment securities 100.31% (cost: $1,485,769,000)

Total options written (equity style) <sup>†</sup> 0.00 % (premium received: $121,000) Other assets less liabilities (0.31)%

Net assets 100.00%

1,476,491

(12) (4,525)

$1,471,954

**<sup>\*</sup>Options purchased (equity style)**

Options on foreign currencies

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Notional | Value at |
|  |  | Expiration | Exercise | amount | 6/30/2025 |
| Description | Counterparty | date | price | (000) | (000) |
| Call |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | 12/15/2025 | USD1.43 | GBP3,625 | $35 |

---

American Funds Insurance Series **210**

![](grnd6dud395tb9ynncy98.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

**<sup>†</sup>Options written (equity style)**

Options on foreign currencies

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Notional | Value at |
|  |  | Expiration | Exercise | amount | 6/30/2025 |
| Description | Counterparty | date | price | (000) | (000) |
| Call |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | 12/15/2025 | USD1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP(3625) | $(12) |
| **Options purchased (futures style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 6/30/2025 |
| Description | contracts | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | 817 | 7/25/2025 | EUR129.00 | EUR81,700 | $64 |
| **Options written (futures style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 6/30/2025 |
| Description | contracts | date | price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | (000) |
| Put |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817) | 7/25/2025 | EUR128.00 | EUR(81700) | $(39) |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| 3 Month SONIA Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 141 | 3/18/2026 | USD46,637 | $158 |
| 2 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 239 | 9/10/2025 | 30390 | (13) |
| 2 Year Euro-Schatz Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 300 | 9/10/2025 | (37900) | 47 |
| 2 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 394 | 9/29/2025 | 30572 | 23 |
| 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 260 | 10/3/2025 | 54086 | 92 |
| 3 Year Australian Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 1 | 9/16/2025 | (71) | —(l) |
| 5 Year Euro-Bobl Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 403 | 9/10/2025 | 55864 | (127) |
| 5 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 268 | 9/29/2025 | 22458 | 101 |
| 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 760 | 10/3/2025 | 82840 | 884 |
| 10 Year French Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 46 | 9/10/2025 | 6710 | (24) |
| 10 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 12 | 9/10/2025 | (1710) | (5) |
| 10 Year Euro-Bund Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 683 | 9/10/2025 | (104711) | 587 |

---

**211**American Funds Insurance Series

![](gy61yjontvbbl7kqo4hqf.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

**Futures contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  | appreciation |
|  |  |  |  |  |  |  | Notional | (depreciation) |
|  |  |  |  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Contracts |  |  | Type | contracts | date | (000) | (000) |
| 10 Year Australian Treasury Bond Futures | 10 Year Australian Treasury Bond Futures | 10 Year Australian Treasury Bond Futures | 10 Year Australian Treasury Bond Futures | Short | 118 | 9/15/2025 | USD(8901) | $(99) |
| 10 Year Japanese Government Bond Futures | 10 Year Japanese Government Bond Futures | 10 Year Japanese Government Bond Futures | 10 Year Japanese Government Bond Futures | Short | 106 | 9/22/2025 | (102331) | (348) |
| 10 Year Canadian Government Bond Futures | 10 Year Canadian Government Bond Futures | 10 Year Canadian Government Bond Futures | 10 Year Canadian Government Bond Futures | Long | 21 | 9/29/2025 | 1881 | 1 |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures |  | Long | 275 | 9/30/2025 | 31423 | 678 |
| 10 Year UK Gilt Futures | 10 Year UK Gilt Futures |  |  | Long | 220 | 9/30/2025 | 28094 | 375 |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures |  | Long | 217 | 9/30/2025 | 24331 | 469 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  | Long | 115 | 9/30/2025 | 13279 | 467 |
| 30 Year Euro-Buxl Futures | 30 Year Euro-Buxl Futures |  |  | Short | 46 | 9/10/2025 | (6434) | 68 |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | Long | 2 | 9/30/2025 | 238 | 5 |
|  |  |  |  |  |  |  |  | $3339 |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Unrealized |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  |  |  | appreciation |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  |  |  | Settlement | at 6/30/2025 |
|  | (000) |  | (000) |  | Counterparty |  | date | (000) |
| GBP | 3740 | USD | 5131 |  | Morgan Stanley |  | 7/1/2025 | $3 |
| USD | 5044 | GBP | 3740 |  | Morgan Stanley |  | 7/1/2025 | (90) |
| JPY | 772730 | USD | 5329 |  | Goldman Sachs |  | 7/7/2025 | 41 |
| USD | 1689 | JPY | 245540 |  | BNP Paribas |  | 7/7/2025 | (17) |
| EUR | 14600 | USD | 16776 |  | Citibank |  | 7/8/2025 | 431 |
| USD | 1028 | EUR | 890 |  | UBS AG |  | 7/8/2025 | (20) |
| USD | 1739 | EUR | 1510 |  | Morgan Stanley |  | 7/8/2025 | (40) |
| USD | 9018 | EUR | 8155 |  | BNP Paribas |  | 7/8/2025 | (594) |
| EUR | 18217 | USD | 20946 |  | HSBC Bank |  | 7/10/2025 | 527 |
| USD | 583 | EUR | 505 |  | JPMorgan Chase |  | 7/10/2025 | (13) |
| USD | 487 | EUR | 427 |  | HSBC Bank |  | 7/10/2025 | (16) |
| USD | 2802 | ZAR | 50000 |  | UBS AG |  | 7/10/2025 | (20) |
| CNH | 269622 | USD | 37612 |  | Citibank |  | 7/14/2025 | 98 |
| EUR | 2692 | USD | 3085 |  | Standard Chartered Bank |  | 7/14/2025 | 89 |
| GBP | 800 | USD | 1082 |  | Morgan Stanley |  | 7/14/2025 | 17 |
| AUD | 2600 | USD | 1696 |  | Standard Chartered Bank |  | 7/14/2025 | 15 |
| TRY | 7670 | USD | 189 |  | Citibank |  | 7/14/2025 | 1 |
| INR | 25000 | USD | 291 |  | Standard Chartered Bank |  | 7/14/2025 | —(l) |
| USD | 858 | NOK | 8645 |  | Citibank |  | 7/14/2025 | —(l) |
| SEK | 11225 | USD | 1191 |  | BNP Paribas |  | 7/14/2025 | (4) |
| USD | 1731 | CLP | 1623750 |  | Morgan Stanley |  | 7/14/2025 | (12) |
| USD | 1483 | BRL | 8200 |  | UBS AG |  | 7/14/2025 | (21) |
| USD | 3273 | IDR | 53437025 |  | HSBC Bank |  | 7/14/2025 | (22) |
| USD | 14248 | AUD | 21747 |  | Citibank |  | 7/14/2025 | (69) |
| USD | 2353 | BRL | 13480 |  | Citibank |  | 7/14/2025 | (119) |
| EUR | 5075 | USD | 5803 |  | BNP Paribas |  | 7/15/2025 | 182 |
| CAD | 5525 | USD | 4039 |  | Bank of New York Mellon |  | 7/15/2025 | 21 |
| USD | 863 | EUR | 745 |  | Barclays Bank PLC |  | 7/15/2025 | (16) |
| EUR | 34176 | USD | 39311 |  | Bank of America |  | 7/16/2025 | 992 |
| USD | 3474 | NOK | 34365 |  | BNP Paribas |  | 7/16/2025 | 64 |
| EUR | 4922 | GBP | 4185 |  | BNP Paribas |  | 7/16/2025 | 60 |
| CNH | 368432 | USD | 51481 |  | HSBC Bank |  | 7/16/2025 | 56 |
| JPY | 1690218 | USD | 11717 |  | Citibank |  | 7/16/2025 | 43 |
| CNH | 68468 | USD | 9559 |  | Citibank |  | 7/16/2025 | 19 |
| NZD | 2799 | USD | 1704 |  | UBS AG |  | 7/16/2025 | 3 |
| NOK | 34365 | USD | 3412 |  | UBS AG |  | 7/16/2025 | (2) |

---

American Funds Insurance Series **212**

![](gpv9q9i2m5imj4zfllfmp.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Unrealized |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  | appreciation |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 6/30/2025 |
|  | (000) |  | (000) | Counterparty | date | (000) |
| USD | 2711 | EUR | 2330 | Citibank | 7/16/2025 | $(37) |
| USD | 16932 | EUR | 14600 | UBS AG | 7/16/2025 | (285) |
| CAD | 16013 | USD | 11740 | Bank of New York Mellon | 7/17/2025 | 31 |
| JPY | 2279574 | USD | 15876 | JPMorgan Chase | 7/17/2025 | (13) |
| USD | 15723 | JPY | 2244750 | HSBC Bank | 7/18/2025 | 101 |
| JPY | 1135410 | USD | 7835 | Bank of New York Mellon | 7/18/2025 | 67 |
| COP | 2800000 | USD | 663 | Morgan Stanley | 7/18/2025 | 20 |
| GBP | 1535 | USD | 2090 | Standard Chartered Bank | 7/18/2025 | 17 |
| IDR | 14450980 | USD | 887 | Citibank | 7/18/2025 | 4 |
| USD | 10414 | KRW 14,246,054 | KRW 14,246,054 | Citibank | 7/18/2025 | (127) |
| USD | 10075 | GBP | 7445 | UBS AG | 7/18/2025 | (145) |
| USD | 13205 | BRL | 73862 | Citibank | 7/18/2025 | (327) |
| MYR | 20815 | USD | 4902 | Standard Chartered Bank | 7/21/2025 | 41 |
| THB | 190470 | USD | 5839 | Citibank | 7/21/2025 | 40 |
| SEK | 32900 | USD | 3466 | Morgan Stanley | 7/21/2025 | 17 |
| MYR | 3215 | USD | 758 | JPMorgan Chase | 7/21/2025 | 5 |
| PLN | 6680 | EUR | 1567 | HSBC Bank | 7/21/2025 | 4 |
| USD | 273 | PLN | 1000 | Citibank | 7/21/2025 | (4) |
| USD | 2280 | CAD | 3109 | HSBC Bank | 7/21/2025 | (6) |
| USD | 899 | MYR | 3934 | HSBC Bank | 7/21/2025 | (36) |
| USD | 1343 | MYR | 5889 | BNP Paribas | 7/21/2025 | (55) |
| USD | 1304 | MYR | 5740 | Standard Chartered Bank | 7/21/2025 | (58) |
| USD | 1618 | MYR | 7113 | Standard Chartered Bank | 7/21/2025 | (71) |
| USD | 2922 | MYR | 12851 | Standard Chartered Bank | 7/21/2025 | (130) |
| USD | 3562 | MYR | 15578 | HSBC Bank | 7/21/2025 | (137) |
| USD | 3587 | MYR | 15720 | Standard Chartered Bank | 7/21/2025 | (145) |
| JPY | 388645 | USD | 2751 | Standard Chartered Bank | 7/22/2025 | (45) |
| USD | 5272 | EUR | 4580 | HSBC Bank | 7/24/2025 | (132) |
| GBP | 3981 | EUR | 4620 | BNP Paribas | 7/25/2025 | 13 |
| USD | 5494 | EUR | 4805 | UBS AG | 7/25/2025 | (177) |
| CHF | 3497 | USD | 4361 | Barclays Bank PLC | 7/28/2025 | 63 |
| MXN | 35424 | USD | 1859 | Morgan Stanley | 7/28/2025 | 23 |
| DKK | 46980 | EUR | 6299 | Bank of America | 7/28/2025 | —(l) |
| USD | 5237 | NOK | 52916 | Bank of America | 7/28/2025 | (14) |
| USD | 11415 | DKK | 73090 | Bank of America | 7/28/2025 | (151) |
| CZK | 18000 | USD | 852 | Citibank | 8/6/2025 | 6 |
| SGD | 1400 | USD | 1102 | Bank of America | 8/6/2025 | 3 |
| CZK | 47290 | EUR | 1908 | Citibank | 8/6/2025 | 2 |
| HUF | 1284310 | EUR | 3202 | Goldman Sachs | 8/6/2025 | (4) |
| USD | 1812 | HUF | 619035 | HSBC Bank | 8/6/2025 | (9) |
| USD | 3156 | EUR | 2710 | UBS AG | 8/6/2025 | (45) |
| EUR | 5100 | CAD | 8144 | Citibank | 8/7/2025 | 31 |
| USD | 5132 | GBP | 3740 | Morgan Stanley | 8/11/2025 | (3) |
| EUR | 4535 | USD | 5211 | HSBC Bank | 9/12/2025 | 157 |
| EUR | 1760 | USD | 2053 | UBS AG | 9/17/2025 | 31 |
| USD | 1567 | EUR | 1362 | UBS AG | 9/17/2025 | (46) |
|  |  |  |  |  |  | $61 |

---

**213**American Funds Insurance Series

![](g7j7xt83o7yjv7tj2wao1.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  |  |  | Pay |  |  |  |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  |  |  | Pay |  |  |  | Notional |  | Value at | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Notional |  | Value at | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Notional |  | Value at | Value at | paid | (depreciation) |
|  |  | Payment |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | Expiration | Expiration | amount | 6/30/2025 | 6/30/2025 |  | (received) | at 6/30/2025 |
| Rate |  | frequency | frequency | Rate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency |  |  | date | (000) | (000) | (000) |  | (000) | (000) |
| 5.298% |  | Annual |  | 6-month PLN-WIBOR | 6-month PLN-WIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 2/14/2026 | 2/14/2026 | PLN14,940 | $ | $3 |  | $— | $3 |
| 6-month CZK-PRIBOR | 6-month CZK-PRIBOR | Semi-annual | Semi-annual | 3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 2/14/2026 | 2/14/2026 | CZK83,740 |  | (8) | (8) |  | (8) |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.2032% | 2.2032% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 2/10/2027 | 2/10/2027 | EUR9,730 | (33) | (33) | (33) |  | (33) |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.2007% | 2.2007% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 2/10/2027 | 2/10/2027 | EUR9,720 | (33) | (33) | (33) |  | (33) |
| 4.254% |  | Annual |  | SONIA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 5/9/2027 | 5/9/2027 | GBP4,083 |  | 62 |  |  | 62 |
| 2.5225% |  | Semi-annual | Semi-annual | Bank of Canada Overnight Repo Semi-annual | Bank of Canada Overnight Repo Semi-annual | Bank of Canada Overnight Repo Semi-annual | Bank of Canada Overnight Repo Semi-annual | 5/22/2027 | 5/22/2027 | CAD25,620 |  | 21 |  |  | 21 |
| 3.5175% |  | Annual |  | SOFR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 8/15/2027 | 8/15/2027 | USD24,180 |  | 25 |  |  | 25 |
| 3.968% |  | Annual |  | SONIA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 2/16/2029 | 2/16/2029 | GBP13,830 | 226 | 226 |  |  | 226 |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.8272% | 2.8272% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 6/18/2029 | 6/18/2029 | EUR5,930 | (172) | (172) | (172) |  | (172) |
| 3.4928% |  | Annual |  | SONIA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 8/6/2029 | 8/6/2029 | GBP5,260 | (35) | (35) | (35) |  | (35) |
| SOFR |  | Annual |  | 3.4705% | 3.4705% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 2/10/2030 | 2/10/2030 | USD16,910 | (39) | (39) | (39) |  | (39) |
| 3.925% |  | Annual |  | 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 3/5/2030 | 3/5/2030 | NOK32,270 |  | 26 |  |  | 26 |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.2577% | 2.2577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/5/2030 | 3/5/2030 | EUR2,690 |  | (1) | (1) |  | (1) |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.2562% | 2.2562% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/5/2030 | 3/5/2030 | EUR2,690 |  | (1) | (1) |  | (1) |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.2592% | 2.2592% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/5/2030 | 3/5/2030 | EUR2,690 |  | (2) | (2) |  | (2) |
| 6-month EURIBOR | 6-month EURIBOR | Semi-annual | Semi-annual | 2.1912% | 2.1912% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 3/6/2030 | 3/6/2030 | EUR2,500 |  | 7 |  |  | 7 |
| 4.165% |  | Annual |  | 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK26,280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK26,280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK26,280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK26,280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK26,280 |  | 47 |  |  | 47 |
| 4.1703% |  | Annual |  | 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,900 |  | 31 |  |  | 31 |
| 4.162% |  | Annual |  | 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/24/2030 NOK16,890 |  | 30 |  |  | 30 |
| 4.165% |  | Annual |  | 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/25/2030 NOK62,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/25/2030 NOK62,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/25/2030 NOK62,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/25/2030 NOK62,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual 3/25/2030 NOK62,070 | 112 | 112 |  |  | 112 |
| 2.2053% |  | Annual |  | 6-month EURIBOR | 6-month EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 4/22/2030 | 4/22/2030 | EUR6,330 | (17) | (17) | (17) |  | (17) |
| 2.2033% |  | Annual |  | 6-month EURIBOR | 6-month EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 4/22/2030 | 4/22/2030 | EUR6,350 | (18) | (18) | (18) |  | (18) |
| 3-month SEK-STIBOR | 3-month SEK-STIBOR | Quarterly | Quarterly | 2.3527% | 2.3527% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 4/22/2030 | 4/22/2030 | SEK67,510 | (67) | (67) | (67) |  | (67) |
| 3-month SEK-STIBOR | 3-month SEK-STIBOR | Quarterly | Quarterly | 2.3532% | 2.3532% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 4/22/2030 | 4/22/2030 | SEK67,510 | (68) | (68) | (68) |  | (68) |
| SONIA |  | Annual |  | 3.9322% | 3.9322% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 2/16/2054 | 2/16/2054 | GBP3,550 | 412 | 412 |  |  | 412 |
|  |  |  |  |  |  |  |  |  |  |  | $508 | $508 |  | $— | $508 |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  | Notional | Value at |  |  | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Notional | Value at |  |  | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Notional | Value at |  |  | paid | (depreciation) |
|  | Payment | Payment |  |  | Payment | Expiration | Expiration | Expiration |  | amount 6/30/2025 | amount 6/30/2025 |  | (received) | (received) | at 6/30/2025 |
| Rate | frequency | frequency | Rate |  | frequency | Counterparty |  | date |  | (000) | (000) |  |  | (000) | (000) |
| 12.215% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Bank of America | 1/4/2027 | 1/4/2027 | BRL44,390 | BRL44,390 | $(255) | $(255) |  | $— | $(255) |
| 11.22441676% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | 1/4/2027 | BRL30,865 | BRL30,865 | (321) | (321) |  |  | (321) |
| 11.91% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | 1/4/2027 | BRL79,860 | BRL79,860 | (542) | (542) |  |  | (542) |
| 11.405% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | 1/4/2027 | BRL100,270 | BRL100,270 | (870) | (870) |  |  | (870) |
| 13.995% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | 1/2/2029 | BRL52,510 | BRL52,510 | 316 |  |  |  | 316 |
| 14.115% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | 1/2/2029 | BRL14,440 | BRL14,440 | 98 |  |  |  | 98 |
| 14.05% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | 1/2/2029 | BRL10,600 | BRL10,600 | 67 |  |  |  | 67 |
| 14.05% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | 1/2/2029 |  | BRL6,440 | 41 |  |  |  | 41 |
| 11.495% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Bank of America | 1/2/2029 | 1/2/2029 | BRL35,980 | BRL35,980 | (389) | (389) |  |  | (389) |
| 10.045% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | 1/2/2029 | BRL55,145 | BRL55,145 | (1313) | (1313) |  |  | (1313) |
|  |  |  |  |  |  |  |  |  |  |  | $(3168) | $(3168) |  | $— | $(3168) |

---

American Funds Insurance Series **214**

![](gl0ocosg7543ou185ocw1.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts (continued)**

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront |  | Unrealized |
|  |  |  |  |  |  |  | premium | appreciation | appreciation |
|  |  |  |  | Notional |  | Value at | paid | (depreciation) | (depreciation) |
| Reference | Financing | Payment | Expiration | amount | 6/30/2025 | 6/30/2025 | (received) | at 6/30/2025 | at 6/30/2025 |
| index | rate paid | frequency | date | (000) |  | (000) | (000) |  | (000) |
| CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD2,037 |  | $(45) | $(41) |  | $(4) |
| CDX.EM.43 | 1.00% | Quarterly | 6/20/2030 | 9890 |  | 246 | 350 |  | (104) |
| CDX.NA.HY.44 | 5.00% | Quarterly | 6/20/2030 | 11405 |  | (856) | (735) |  | (121) |
| ITRAXX.EUR.43 | 1.00% | Quarterly | 6/20/2030 | EUR15,490 |  | (389) | (194) |  | (195) |
|  |  |  |  |  |  | $(1044) | $(620) |  | $(424) |
| Credit default swaps |  |  |  |  |  |  |  |  |  |
| Credit default swaps |  |  |  |  |  |  |  |  |  |
| Credit default swaps |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Upfront |  | Unrealized |
|  |  |  |  |  |  |  | premium | appreciation | appreciation |
|  |  |  |  | Notional |  | Value at | paid | (depreciation) | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;&nbsp;Financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount <sup>(q)</sup> |  | 6/30/2025 <sup>(r)</sup> | (received) | at 6/30/2025 | at 6/30/2025 |
| index | &nbsp;&nbsp;&nbsp;&nbsp;rate received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) |  | (000) | (000) |  | (000) |
| ITRAXX.EUR.XO.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | 6/20/2030 | EUR3,520 |  | $386 | $371 |  | $15 |
| **Investments in affiliates <sup>(o)</sup>** | **Investments in affiliates <sup>(o)</sup>** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Net | Net |  |  |
|  |  |  | Value at |  |  | Net | unrealized |  | Dividend |
|  |  |  | Value at |  |  | realized | appreciation | Value at | or interest |
|  |  |  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  |  |  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Investment funds 1.50% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $21147 | $513 | $— | $— | $387 | $22047 | $513 |
| Short-term securities 2.34% | Short-term securities 2.34% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.34% | &nbsp;&nbsp;&nbsp;Money market investments 2.34% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(p)</sup> | 23214 | 269520 | 258213 | (1) | (2) | 34518 | 858 |
| &nbsp;&nbsp;&nbsp;Total 3.84% |  |  |  |  |  | $(1) | $385 | $56565 | $1371 |

---

**215**American Funds Insurance Series

![](geef7zrbbgdpbql36vv81.jpg)

Capital World Bond Fund<sup>®</sup> (continued)

**Restricted securities <sup>(b)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. 3.648% 3/31/2029 (3-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> | 5/19/2020 | $5770 | $6058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 0.55% 6/16/2027 | 12/11/2023 | 2040 | 2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;Stillwater Mining Co. 4.00% 11/16/2026 | 1/26/2024-2/20/2024 | 1971 | 2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;Sasol Financing USA, LLC 8.75% 5/3/2029 | 7/18/2023-2/16/2024 | 1338 | 1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.875% on 6/22/2026) <sup>(a)(i)</sup> | 6/23/2023-3/24/2025 | 104 | 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> | 9/13/2023 | 94 | 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> | 9/13/2023-6/13/2025 | 2 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $11319 | $11904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |

---

(a)Step bond; coupon rate may change at a later date.

(b)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $11,904,000, which represented 0.81% of the net assets of the fund.

(c)Index-linked bond whose principal amount moves with a government price index.

(d)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(e)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 $155,722,000, which represented 10.58% of the net assets of the fund.

(f)Value determined using significant unobservable inputs.

(g)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,037,000, which represented 0.14% of the net assets of the fund.

(h)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.

(i)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.

(j)Scheduled interest and/or principal payment was not received.

(k)Represents securities transacted on a TBA basis.

(l)Amount less than one thousand.

(m)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,222,000, which represented 0.90% of the net assets of the fund.

(n)Security did not produce income during the last 12 months.

(o)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(p)Rate represents the seven-day yield at 6/30/2025.

(q)The maximum potential amount the fund may pay as a protection seller should a credit event occur.

(r)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.

(s)Amount less than 0.01%.

American Funds Insurance Series **216**

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Key to abbreviation(s) |  |  |
| Assn. = Association | EUR = Euros | PRIBOR = Prague Interbank Offered Rate |
| AUD = Australian dollars | EURIBOR = Euro Interbank Offered Rate | Ref. = Refunding |
| BRL = Brazilian reais | GBP = British pounds | REIT = Real Estate Investment Trust |
| BZDIOVER = Overnight Brazilian Interbank Deposit | HUF = Hungarian forints | Rev. = Revenue |
| Rate | ICE = Intercontinental Exchange, Inc. | RSC = Restricted Scope Company |
| CAD = Canadian dollars | IDR = Indonesian rupiah | SEK = Swedish kronor |
| CHF = Swiss francs | INR = Indian rupees | SGD = Singapore dollars |
| CLO = Collateralized Loan Obligations | JPY = Japanese yen | SOFR = Secured Overnight Financing Rate |
| CLP = Chilean pesos | KRW = South Korean won | SONIA = Sterling Overnight Interbank Average Rate |
| CME = CME Group | MXN = Mexican pesos | STIBOR = Stockholm Interbank Offered Rate |
| CNH = Chinese yuan renminbi | MYR = Malaysian ringgits | TBA = To be announced |
| CNY = Chinese yuan renminbi | NDR = Norwegian Depositary Receipts | THB = Thai baht |
| COP = Colombian pesos | NIBOR = Norwegian Interbank Offered Rate | TRY = Turkish lira |
| CZK = Czech korunas | NOK = Norwegian kroner | USD = U.S. dollars |
| DAC = Designated Activity Company | NZD = New Zealand dollars | UST = U.S. Treasury |
| DKK = Danish kroner | PIK = Payment In Kind | WIBOR = Warsaw Interbank Offered Rate |
| EGP = Egyptian pounds | PLN = Polish zloty | ZAR = South African rand |
| Refer to the notes to financial statements. |  |  |

---

**217**American Funds Insurance Series

American High-Income Trust

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Bonds, notes & other debt instruments 88.27% | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments 88.27% | (000) | (000) |
| **Corporate bonds, notes & loans 88.17%** |  |  |
| Communication services 13.96% |  |  |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup> | USD102 | $102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup> | 586 | 581 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup> | 525 | 523 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup> | 445 | 454 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup> | 3281 | 3181 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup> | 2484 | 2370 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup> | 3164 | 2958 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup> | 70 | 73 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup> | 2708 | 2570 |
| CCO Holdings, LLC 4.50% 5/1/2032 | 2419 | 2254 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup> | 2232 | 2042 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup> | 4646 | 4139 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 437 | 350 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 473 | 315 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 950 | 653 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 577 | 491 |
| Charter Communications Operating, LLC 3.85% 4/1/2061 | 175 | 112 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup> | 870 | 823 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup> | 460 | 426 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup> | 6630 | 6672 |
| Consolidated Communications, Inc. 5.00% 10/1/2028 <sup>(a)</sup> | 225 | 228 |
| Consolidated Communications, Inc. 6.50% 10/1/2028 <sup>(a)</sup> | 80 | 82 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup> | 430 | 411 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(b)(c)</sup> | 329 | 321 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(b)(c)</sup> | 1698 | 1676 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup> | 285 | 81 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(d)</sup> | 40 | 36 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup> | 4210 | 4199 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(b)(c)</sup> | 209 | 210 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup> | 12368 | 12759 |
| EchoStar Corp. 10.75% 11/30/2029 | 4187 | 4316 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(d)</sup> | 3157 | 2883 |
| Embarq, LLC 7.995% 6/1/2036 | 4729 | 2171 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup> | 445 | 445 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup> | 35 | 35 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup> | 3755 | 3807 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 2625 | 2653 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup> | 3261 | 3306 |
| 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 | 239 |
| Gray Media, Inc. 7.00% 5/15/2027 <sup>(a)</sup> | 325 | 325 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup> | 4250 | 4569 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup> | 791 | 599 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup> | 2538 | 1905 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.00%) 7.439% 12/1/2028 <sup>(b)(c)</sup> | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(b)(c)</sup> | 1124 | 1124 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(a)</sup> | 6565 | 6711 |
| Lamar Media Corp. 4.00% 2/15/2030 | 260 | 249 |
| Lamar Media Corp. 3.625% 1/15/2031 | 160 | 148 |
| Level 3 Financing, Inc. 3.75% 7/15/2029 <sup>(a)</sup> | 550 | 465 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(d)(e)</sup> | 3213 | 1108 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(d)(f)</sup> | 688 | 688 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup> | 710 | 680 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup> | 1254 | 1252 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup> | 3780 | 3685 |
| Paramount Global 7.875% 7/30/2030 | 130 | 144 |
| Paramount Global 6.875% 4/30/2036 | 490 | 502 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup> | 1240 | 1254 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup> | 1760 | 1728 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup> | 700 | 695 |

---

American Funds Insurance Series **218**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Communication services (continued) |  |  |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup> | USD3,489 | $3353 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup> | 590 | 587 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup> | 3100 | 2860 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup> | 5756 | 5120 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup> | 1540 | 1581 |
| Sprint Capital Corp. 6.875% 11/15/2028 | 316 | 339 |
| Sprint Capital Corp. 8.75% 3/15/2032 | 716 | 869 |
| Sprint, LLC 7.625% 3/1/2026 | 480 | 485 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup> | 1285 | 1230 |
| TEGNA, Inc. 5.00% 9/15/2029 | 861 | 823 |
| T-Mobile USA, Inc. 3.375% 4/15/2029 | 860 | 828 |
| Univision Communications, Inc. 6.625% 6/1/2027 <sup>(a)</sup> | 3170 | 3164 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup> | 2455 | 2493 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup> | 5170 | 4706 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup> | 2397 | 2357 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup> | 1235 | 1237 |
| Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.546% |  |  |
| &nbsp;&nbsp;&nbsp;6/24/2029 <sup>(b)(c)</sup> | 68 | 68 |
| VMED O2 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup> | 1300 | 1192 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 1027 | 956 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 490 | 412 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 405 | 273 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup> | 1498 | 1405 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup> | 957 | 895 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup> | 225 | 204 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(b)</sup> | 370 | 360 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(b)(c)</sup> | 1464 | 1432 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup> | 865 | 809 |
|  |  | 138870 |
| Energy 12.69% |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup> | 675 | 683 |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(a)</sup> | 620 | 616 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(a)</sup> | 40 | 41 |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(a)</sup> | 130 | 131 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup> | 255 | 256 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup> | 420 | 428 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup> | 650 | 651 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup> | 500 | 509 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup> | 475 | 482 |
| Baytex Energy Corp. 8.50% 4/30/2030 <sup>(a)</sup> | 645 | 646 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(a)</sup> | 330 | 315 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup> | 1210 | 1196 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup> | 125 | 131 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup> | 2275 | 2079 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup> | 1034 | 915 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(a)</sup> | 195 | 196 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup> | 520 | 534 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup> | 1315 | 1344 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup> | 1220 | 1272 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup> | 585 | 578 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup> | 740 | 759 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup> | 730 | 742 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup> | 2547 | 2578 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup> | 290 | 298 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup> | 280 | 265 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup> | 1504 | 1511 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup> | 861 | 899 |

---

**219**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup> | USD1,300 | $1347 |
| 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 | 865 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup> | 2150 | 2190 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup> | 1258 | 1312 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup> | 1790 | 1749 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup> | 1490 | 1426 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup> | 495 | 496 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup> | 420 | 438 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup> | 1408 | 1361 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup> | 307 | 294 |
| Encino Acquisition Partners Holdings, LLC 8.50% 5/1/2028 <sup>(a)</sup> | 610 | 627 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(a)</sup> | 1360 | 1503 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup> | 730 | 697 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup> | 765 | 707 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup> | 55 | 56 |
| EQT Corp. 5.00% 1/15/2029 | 170 | 171 |
| EQT Corp. 6.375% 4/1/2029 <sup>(a)</sup> | 185 | 191 |
| EQT Corp. 4.75% 1/15/2031 <sup>(a)</sup> | 1350 | 1330 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup> | 290 | 269 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup> | 635 | 643 |
| Expand Energy Corp. 5.375% 3/15/2030 | 1290 | 1295 |
| Expand Energy Corp. 4.75% 2/1/2032 | 290 | 282 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(e)</sup> | 4300 | 17 |
| Genesis Energy, LP 7.75% 2/1/2028 | 72 | 73 |
| Genesis Energy, LP 8.25% 1/15/2029 | 1545 | 1617 |
| Genesis Energy, LP 8.875% 4/15/2030 | 1225 | 1302 |
| Genesis Energy, LP 7.875% 5/15/2032 | 2540 | 2643 |
| Global Partners, LP 6.875% 1/15/2029 | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup> | 460 | 484 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup> | 265 | 269 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup> | 1065 | 1054 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup> | 1392 | 1417 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup> | 820 | 867 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup> | 845 | 858 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup> | 361 | 359 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup> | 455 | 468 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup> | 1430 | 1376 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup> | 490 | 492 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup> | 805 | 795 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup> | 837 | 814 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup> | 783 | 758 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup> | 970 | 927 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup> | 1258 | 1306 |
| Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(a)</sup> | 250 | 259 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup> | 350 | 362 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup> | 425 | 434 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup> | 720 | 721 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup> | 800 | 796 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup> | 1430 | 1429 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(e)</sup> | 739 | 15 |
| Murphy Oil Corp. 6.375% 7/15/2028 | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032 | 410 | 391 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 820 | 757 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(a)</sup> | 755 | 746 |
| Nabors Industries, Inc. 7.50% 1/15/2028 <sup>(a)</sup> | 75 | 67 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup> | 990 | 949 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup> | 525 | 390 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup> | 935 | 520 |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.807% 10/30/2028 <sup>(b)(c)</sup> | 267 | 147 |

---

American Funds Insurance Series **220**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)</sup> | USD17,123 | $7788 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup> | 105 | 106 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup> | 1110 | 1114 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup> | 1695 | 1727 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(a)</sup> | 1900 | 1918 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup> | 360 | 371 |
| NuStar Logistics, LP 6.00% 6/1/2026 | 286 | 287 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 | 692 | 683 |
| Occidental Petroleum Corp. 6.05% 10/1/2054 | 1200 | 1101 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(a)</sup> | 605 | 606 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(a)</sup> | 440 | 422 |
| Parkland Corp. 6.625% 8/15/2032 <sup>(a)</sup> | 70 | 72 |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup> | 58 | 59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup> | 955 | 991 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup> | 1490 | 1505 |
| Petroleos Mexicanos 6.875% 10/16/2025 | 350 | 350 |
| Petroleos Mexicanos 4.50% 1/23/2026 | 695 | 686 |
| Petroleos Mexicanos 6.875% 8/4/2026 | 155 | 155 |
| Petroleos Mexicanos 6.49% 1/23/2027 | 160 | 159 |
| Petroleos Mexicanos 5.35% 2/12/2028 | 125 | 120 |
| Petroleos Mexicanos 6.50% 1/23/2029 | 140 | 137 |
| Petroleos Mexicanos 8.75% 6/2/2029 | 777 | 805 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 510 | 493 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 715 | 647 |
| Petroleos Mexicanos 6.50% 6/2/2041 | 10 | 7 |
| Petroleos Mexicanos 6.75% 9/21/2047 | 31 | 22 |
| Petroleos Mexicanos 6.35% 2/12/2048 | 10 | 7 |
| Petroleos Mexicanos 7.69% 1/23/2050 | 185 | 146 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 460 | 331 |
| Range Resources Corp. 8.25% 1/15/2029 | 500 | 515 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup> | 285 | 277 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup> | 268 | 267 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup> | 200 | 204 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup> | 335 | 317 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup> | 1745 | 1787 |
| Sunoco, LP 6.00% 4/15/2027 | 547 | 547 |
| Sunoco, LP 5.875% 3/15/2028 | 290 | 291 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup> | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029 | 1970 | 1914 |
| Sunoco, LP 4.50% 4/30/2030 | 1880 | 1809 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup> | 1335 | 1403 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup> | 810 | 824 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup> | 985 | 1009 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup> | 1265 | 1293 |
| Targa Resources Partners, LP 6.50% 7/15/2027 | 133 | 133 |
| Targa Resources Partners, LP 5.50% 3/1/2030 | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031 | 695 | 690 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup> | 710 | 736 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup> | 290 | 299 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup> | 436 | 441 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(a)</sup> | 369 | 369 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup> | 1074 | 1092 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(a)</sup> | 140 | 138 |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(a)</sup> | 399 | 411 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup> | 665 | 594 |
| Transocean, Inc. 6.80% 3/15/2038 | 425 | 299 |
| USA Compression Partners, LP 6.875% 9/1/2027 | 332 | 333 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup> | 430 | 441 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup> | 1190 | 1123 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup> | 195 | 201 |

---

**221**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Energy (continued) |  |  |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup> | USD1,600 | $1482 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup> | 1260 | 1103 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup> | 915 | 946 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup> | 405 | 441 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup> | 750 | 759 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup> | 1300 | 1351 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup> | 492 | 532 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(g)</sup> | 413 | 402 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup> | 1140 | 1222 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup> | 1425 | 1425 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup> | 970 | 1051 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup> | 1470 | 1470 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup> | 700 | 599 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup> | 3309 | 3413 |
| Western Midstream Operating, LP 4.50% 3/1/2028 | 239 | 238 |
| Western Midstream Operating, LP 5.25% 2/1/2050 | 300 | 253 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup> | 395 | 393 |
|  |  | 126268 |
| Financials 9.18% |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup> | 1286 | 1287 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(a)</sup> | 392 | 406 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.574% |  |  |
| &nbsp;&nbsp;&nbsp;5/15/2032 <sup>(b)(c)</sup> | 285 | 286 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% |  |  |
| &nbsp;&nbsp;&nbsp;5/15/2033 <sup>(b)(c)</sup> | 1265 | 1292 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup> | 555 | 545 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup> | 1460 | 1440 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup> | 660 | 683 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup> | 845 | 862 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup> | 3420 | 3530 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup> | 1650 | 1605 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup> | 1095 | 1146 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup> | 1815 | 1911 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup> | 3193 | 3235 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup> | 755 | 831 |
| AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(a)</sup> | 365 | 364 |
| AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(b)(c)</sup> | 496 | 498 |
| Blackstone Private Credit Fund 6.00% 11/22/2034 | 795 | 778 |
| Block, Inc. 2.75% 6/1/2026 | 1640 | 1607 |
| Block, Inc. 3.50% 6/1/2031 | 1820 | 1671 |
| Block, Inc. 6.50% 5/15/2032 | 920 | 950 |
| Blue Owl Capital Corp. 3.40% 7/15/2026 | 290 | 285 |
| Blue Owl Capital Corp. 3.125% 4/13/2027 | 600 | 580 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 965 | 959 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 380 | 391 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(a)</sup> | 1660 | 1763 |
| Brown & Brown, Inc. 5.25% 6/23/2032 | 92 | 94 |
| Brown & Brown, Inc. 5.55% 6/23/2035 | 266 | 271 |
| Brown & Brown, Inc. 6.25% 6/23/2055 | 331 | 342 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup> | 3416 | 3205 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup> | 2554 | 2276 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup> | 3661 | 3289 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup> | 710 | 601 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup> | 1280 | 1277 |
| 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 | 1140 |

---

American Funds Insurance Series **222**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Financials (continued) |  |  |
| HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup> | USD165 | $165 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup> | 767 | 802 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup> | 870 | 911 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(b)(c)</sup> | 146 | 146 |
| Intercontinental Exchange, Inc. 3.625% 9/1/2028 | 410 | 402 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup> | 1335 | 1282 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup> | 1075 | 1106 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup> | 830 | 861 |
| JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030) <sup>(g)</sup> | 160 | 148 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup> | 715 | 684 |
| MPT Finance Corp. 7.00% 2/15/2032 | EUR705 | 852 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup> | USD630 | 595 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup> | 341 | 314 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(a)</sup> | 584 | 512 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(a)</sup> | 380 | 395 |
| Navient Corp. 6.75% 6/15/2026 | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027 | 2253 | 2245 |
| Navient Corp. 4.875% 3/15/2028 | 550 | 543 |
| Navient Corp. 5.50% 3/15/2029 | 3815 | 3739 |
| Navient Corp. 9.375% 7/25/2030 | 1547 | 1708 |
| Navient Corp. 11.50% 3/15/2031 | 880 | 998 |
| Navient Corp. 7.875% 6/15/2032 | 1455 | 1515 |
| Navient Corp. 5.625% 8/1/2033 | 2463 | 2267 |
| OneMain Finance Corp. 3.875% 9/15/2028 | 165 | 158 |
| OneMain Finance Corp. 9.00% 1/15/2029 | 105 | 110 |
| OneMain Finance Corp. 6.625% 5/15/2029 | 1055 | 1085 |
| OneMain Finance Corp. 5.375% 11/15/2029 | 950 | 935 |
| OneMain Finance Corp. 7.875% 3/15/2030 | 915 | 973 |
| OneMain Finance Corp. 4.00% 9/15/2030 | 245 | 226 |
| OneMain Finance Corp. 7.50% 5/15/2031 | 125 | 131 |
| OneMain Finance Corp. 7.125% 11/15/2031 | 1335 | 1390 |
| OneMain Finance Corp. 7.125% 9/15/2032 | 1975 | 2047 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(a)</sup> | 4101 | 4113 |
| Osaic Holdings, Inc., Term Loan B4, (3-month USD CME Term SOFR + 3.50%) 7.827% 8/17/2028 <sup>(b)(c)</sup> | 475 | 476 |
| Owl Rock Capital Corp. 3.75% 7/22/2025 | 145 | 145 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup> | 1488 | 1497 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup> | 675 | 702 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup> | 440 | 450 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup> | 520 | 534 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup> | 230 | 230 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup> | 520 | 508 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup> | 720 | 697 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup> | 805 | 812 |
| SLM Corp. 6.50% 1/31/2030 | 680 | 714 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup> | 655 | 649 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup> | 600 | 632 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup> | 535 | 553 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup> | 385 | 398 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(b)(c)</sup> | 2891 | 2932 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup> | 3240 | 3373 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup> | 550 | 555 |
|  |  | 91340 |
| Consumer discretionary 9.11% |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028 | 853 | 873 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030 | 1470 | 1379 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 | 1629 | 1428 |

---

**223**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% |  |  |
| &nbsp;&nbsp;&nbsp;3/11/2030 (b)(c)(f) | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and |  |  |
| &nbsp;&nbsp;&nbsp;5.947% Cash 3/11/2030 <sup>(b)(c)(d)(f)</sup> | 509 | 509 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup> | 555 | 539 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup> | 2545 | 2478 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup> | 1375 | 1395 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup> | 305 | 319 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup> | 1849 | 1931 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup> | 1275 | 1232 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup> | 600 | 571 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 1581 | 1642 |
| Bath & Body Works, Inc. 6.75% 7/1/2036 | 910 | 926 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.049% 10/16/2031 <sup>(b)(c)</sup> | 591 | 594 |
| Boyd Gaming Corp. 4.75% 12/1/2027 | 441 | 439 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup> | 575 | 552 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup> | 650 | 631 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup> | 1794 | 1714 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup> | 2345 | 2430 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup> | 1570 | 1612 |
| Carnival Corp. 5.75% 3/1/2027 <sup>(a)</sup> | 505 | 510 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup> | 1450 | 1420 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup> | 135 | 142 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup> | 3765 | 3855 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup> | 150 | 160 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup> | 1800 | 1725 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup> | 2155 | 1990 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup> | 1295 | 1218 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup> | 334 | 334 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup> | 102 | 102 |
| Ford Motor Co. 3.25% 2/12/2032 | 500 | 422 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 495 | 488 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 115 | 111 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 200 | 202 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 225 | 226 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 370 | 390 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 550 | 502 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032 | 470 | 478 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup> | 170 | 158 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup> | 108 | 97 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 530 | 533 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup> | 1240 | 1287 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(a)</sup> | 585 | 573 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup> | 1790 | 1753 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(a)</sup> | 2266 | 2401 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(b)(c)</sup> | 1123 | 1127 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030 | 408 | 406 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup> | 1045 | 983 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup> | 591 | 569 |
| Hyatt Hotels Corp. 5.75% 3/30/2032 | 269 | 276 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup> | 70 | 68 |
| International Game Technology PLC 4.125% 4/15/2026 <sup>(a)</sup> | 465 | 465 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup> | 1065 | 1056 |
| KB Home 6.875% 6/15/2027 | 330 | 340 |
| KB Home 7.25% 7/15/2030 | 330 | 342 |
| Kohl's Corp. 5.125% 5/1/2031 <sup>(g)</sup> | 90 | 65 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup> | 370 | 348 |
| Las Vegas Sands Corp. 6.20% 8/15/2034 | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup> | 3405 | 3314 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup> | 1365 | 1452 |

---

American Funds Insurance Series **224**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup> | USD1,175 | $1076 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup> | 470 | 485 |
| Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup> | 305 | 319 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(a)</sup> | 205 | 206 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup> | 1090 | 1040 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup> | 700 | 666 |
| M.D.C. Holdings, Inc. 6.00% 1/15/2043 | 803 | 727 |
| Macy's Retail Holdings, LLC 5.875% 4/1/2029 <sup>(a)</sup> | 75 | 74 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup> | 555 | 533 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(a)</sup> | 325 | 318 |
| Mercury Aggregator, LP, Term Loan 2, 3.50% 4/3/2026 <sup>(b)(f)</sup> | 95 | 36 |
| Mercury Aggregator, LP, Term Loan, 13.50% 4/3/2026 (16.00% on 8/3/2025) <sup>(b)(f)(g)</sup> | 166 | 63 |
| MGM Resorts International 5.50% 4/15/2027 | 200 | 201 |
| NCL Corp., Ltd. 5.875% 2/15/2027 <sup>(a)</sup> | 375 | 377 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup> | 580 | 611 |
| Newell Brands, Inc. 6.625% 9/15/2029 | 435 | 431 |
| Newell Brands, Inc. 6.375% 5/15/2030 | 785 | 766 |
| Newell Brands, Inc. 6.625% 5/15/2032 | 435 | 416 |
| Newell Brands, Inc. 6.875% 4/1/2036 | 355 | 341 |
| Newell Brands, Inc. 7.00% 4/1/2046 | 165 | 141 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(a)</sup> | 350 | 334 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(h)</sup> | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(a)(d)(e)(f)</sup> | 2510 | 251 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup> | 15 | 14 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% |  |  |
| &nbsp;&nbsp;&nbsp;3/3/2028 <sup>(b)(c)</sup> | 965 | 893 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup> | 492 | 510 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup> | 660 | 646 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup> | 745 | 767 |
| Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026 <sup>(a)</sup> | 70 | 70 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup> | 1105 | 1120 |
| Royal Caribbean Cruises, Ltd. 6.25% 3/15/2032 <sup>(a)</sup> | 705 | 725 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(a)</sup> | 625 | 637 |
| Sally Holdings, LLC 6.75% 3/1/2032 | 2887 | 2966 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup> | 190 | 183 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 7.285% 4/4/2029 <sup>(b)(c)</sup> | 1298 | 1298 |
| Service Corp. International 4.625% 12/15/2027 | 405 | 403 |
| Service Corp. International 5.125% 6/1/2029 | 75 | 75 |
| Service Corp. International 3.375% 8/15/2030 | 190 | 175 |
| Service Corp. International 4.00% 5/15/2031 | 515 | 482 |
| Service Corp. International 5.75% 10/15/2032 | 350 | 354 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup> | 95 | 91 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup> | 2181 | 2118 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup> | 2669 | 2539 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup> | 320 | 327 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup> | 995 | 962 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup> | 200 | 192 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup> | 2495 | 2440 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup> | 315 | 316 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup> | 550 | 569 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup> | 630 | 571 |
| Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(b)(c)</sup> | 400 | 396 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup> | 10 | 11 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(a)</sup> | 615 | 613 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup> | 555 | 543 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup> | 482 | 479 |

---

**225**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup> | USD487 | $520 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup> | 1300 | 1309 |
| ZF North America Capital, Inc. 7.125% 4/14/2030 <sup>(a)</sup> | 250 | 245 |
|  |  | 90635 |
| Health care 8.35% |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup> | 2015 | 2034 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup> | 435 | 436 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup> | 1105 | 1042 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup> | 1505 | 1431 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup> | 590 | 581 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup> | 2040 | 2005 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup> | 620 | 588 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup> | 70 | 73 |
| Bausch + Lomb Corp., Term Loan B, (USD-SOFR + 4.25%) 8.564% 12/18/2030 <sup>(b)(c)</sup> | 447 | 448 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(a)</sup> | 939 | 937 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup> | 1156 | 1102 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup> | 442 | 364 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup> | 1335 | 1127 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup> | 530 | 525 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup> | 20 | 14 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup> | 1262 | 800 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup> | 1277 | 755 |
| Biocon Biologics Global PLC 6.67% 10/9/2029 | 200 | 190 |
| Centene Corp. 4.625% 12/15/2029 | 945 | 920 |
| Centene Corp. 3.375% 2/15/2030 | 52 | 48 |
| Centene Corp. 3.00% 10/15/2030 | 295 | 264 |
| Centene Corp. 2.50% 3/1/2031 | 1125 | 969 |
| Centene Corp. 2.625% 8/1/2031 | 615 | 527 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup> | 186 | 181 |
| Charles River Laboratories International, Inc. 3.75% 3/15/2029 <sup>(a)</sup> | 550 | 517 |
| CHS / Community Health Systems, Inc. 5.625% 3/15/2027 <sup>(a)</sup> | 1395 | 1375 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup> | 805 | 775 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup> | 1990 | 1767 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup> | 1020 | 873 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup> | 180 | 191 |
| CVS Health Corp., junior subordinated, 6.75% 12/10/2054 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 2.516% on 12/10/2034) <sup>(g)</sup> | 200 | 201 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup> | 1085 | 1040 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 875 | 796 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup> | 2255 | 2338 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup> | 2035 | 2103 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup> | 2565 | 2718 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(b)(c)</sup> | 1757 | 1758 |
| Grifols SA 3.875% 10/15/2028 | EUR340 | 384 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup> | USD2,000 | 1924 |
| Grifols SA 7.50% 5/1/2030 | EUR1,320 | 1631 |
| HCA, Inc. 3.50% 9/1/2030 | USD180 | 170 |
| HCA, Inc. 4.625% 3/15/2052 | 233 | 187 |
| HCA, Inc. 7.50% 11/15/2095 | 250 | 272 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup> | 372 | 388 |
| IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup> | 603 | 603 |
| IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup> | 660 | 681 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup> | 1205 | 1238 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup> | 506 | 489 |
| Mallinckrodt International Finance SA 14.75% 11/14/2028 <sup>(a)</sup> | 174 | 180 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup> | 1380 | 1325 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup> | 914 | 940 |

---

American Funds Insurance Series **226**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Health care (continued) |  |  |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup> | USD1,985 | $1971 |
| Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(b)(c)</sup> | 552 | 552 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup> | 995 | 973 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup> | 1514 | 1409 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup> | 2750 | 2505 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup> | 1495 | 1523 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup> | 1328 | 1192 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup> | 5290 | 4974 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032 | 400 | 404 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(d)</sup> | 2347 | 2309 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup> | 2830 | 2840 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% |  |  |
| &nbsp;&nbsp;&nbsp;Cash 1/31/2029 <sup>(b)(c)(d)</sup> | 1770 | 1766 |
| Sterigenics-Nordion Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup> | 505 | 526 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup> | 665 | 679 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.53% 3/2/2027 <sup>(b)(c)</sup> | 36 | 36 |
| Tenet Healthcare Corp. 6.25% 2/1/2027 | 320 | 320 |
| Tenet Healthcare Corp. 5.125% 11/1/2027 | 375 | 375 |
| Tenet Healthcare Corp. 4.25% 6/1/2029 | 1620 | 1572 |
| Tenet Healthcare Corp. 4.375% 1/15/2030 | 895 | 867 |
| Tenet Healthcare Corp. 6.125% 6/15/2030 | 25 | 26 |
| Tenet Healthcare Corp. 6.75% 5/15/2031 | 860 | 890 |
| Tenet Healthcare Corp. 6.875% 11/15/2031 | 100 | 108 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 | 452 | 452 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 6790 | 6834 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 400 | 437 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 959 | 1087 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 940 | 961 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 942 | 679 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030 | 610 | 621 |
|  |  | 83113 |
| Materials 8.13% |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup> | 975 | 1037 |
| ArcelorMittal SA 7.00% 10/15/2039 | 488 | 541 |
| ArcelorMittal SA 6.75% 3/1/2041 | 825 | 870 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup> | 690 | 630 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup> | 225 | 227 |
| 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 | 457 |
| Ball Corp. 6.875% 3/15/2028 | 465 | 476 |
| Ball Corp. 6.00% 6/15/2029 | 350 | 359 |
| Ball Corp. 2.875% 8/15/2030 | 160 | 144 |
| Ball Corp. 3.125% 9/15/2031 | 1530 | 1374 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup> | 1875 | 1758 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup> | 245 | 251 |
| Celanese US Holdings, LLC 6.415% 7/15/2027 | 45 | 47 |
| Celanese US Holdings, LLC 6.50% 4/15/2030 | 520 | 533 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 265 | 279 |
| Celanese US Holdings, LLC 6.75% 4/15/2033 | 1290 | 1304 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 70 | 74 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 1363 | 1363 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup> | 2346 | 2157 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup> | 2354 | 2320 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup> | 920 | 891 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup> | 2025 | 1734 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup> | 1930 | 1863 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup> | 2035 | 1921 |

---

**227**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Materials (continued) |  |  |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup> | USD210 | $197 |
| Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup> | 150 | 146 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup> | 655 | 565 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup> | 3465 | 3403 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup> | 685 | 687 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(a)</sup> | 2207 | 2212 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup> | 4240 | 4505 |
| First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(a)</sup> | 675 | 693 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 437 | 428 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 411 | 389 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup> | 9297 | 8192 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup> | 6051 | 5357 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(b)(c)</sup> | 612 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup> | 500 | 497 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup> | 285 | 286 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup> | 510 | 515 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup> | 805 | 819 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028 <sup>(a)</sup> | 638 | 625 |
| LABL, Inc. 10.50% 7/15/2027 <sup>(a)</sup> | 160 | 153 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup> | 155 | 154 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup> | 815 | 721 |
| Magnera Corp. 7.25% 11/15/2031 <sup>(a)</sup> | 530 | 500 |
| Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026 <sup>(a)</sup> | 382 | 383 |
| Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027 <sup>(a)</sup> | 555 | 551 |
| Methanex Corp. 5.125% 10/15/2027 | 2415 | 2408 |
| Methanex Corp. 5.25% 12/15/2029 | 712 | 704 |
| Methanex Corp. 5.65% 12/1/2044 | 465 | 370 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup> | 860 | 858 |
| Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(a)</sup> | 200 | 204 |
| Mineral Resources, Ltd. 8.125% 5/1/2027 <sup>(a)</sup> | 393 | 393 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup> | 1919 | 1929 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup> | 1820 | 1865 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup> | 750 | 747 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup> | 245 | 259 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup> | 1365 | 1314 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup> | 2100 | 2271 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup> | 665 | 697 |
| Novelis Corp. 3.25% 11/15/2026 <sup>(a)</sup> | 485 | 478 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup> | 497 | 447 |
| Olin Corp. 5.625% 8/1/2029 | 200 | 199 |
| Olin Corp. 5.00% 2/1/2030 | 180 | 174 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup> | 80 | 79 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup> | 835 | 859 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup> | 995 | 1027 |
| Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(b)(c)</sup> | 170 | 170 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(a)(d)(g)</sup> | 1280 | 1259 |
| Samarco Mineracao SA 9.00% 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(d)(g)</sup> | 460 | 452 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup> | 660 | 643 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup> | 470 | 499 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup> | 585 | 619 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup> | 1015 | 1089 |
| Tronox, Inc. 4.625% 3/15/2029 <sup>(a)</sup> | 740 | 639 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash |  |  |
| &nbsp;&nbsp;&nbsp;1/16/2026 (b)(c)(d)(f) | 540 | 297 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash |  |  |
| &nbsp;&nbsp;&nbsp;7/16/2026 (b)(c)(d)(f) | 543 | 299 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(c)(d)(f)</sup> | 894 | 492 |

---

American Funds Insurance Series **228**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Materials (continued) |  |  |
| Verde Purchaser, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.296% 11/30/2030 <sup>(b)(c)</sup> | USD194 | $195 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup> | 780 | 845 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup> | 598 | 611 |
|  |  | 80834 |
| Information technology 7.36% |  |  |
| Acuris Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup> | 1350 | 1385 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup> | 1175 | 1255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup> | 60 | 58 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup> | 1735 | 1752 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup> | 5185 | 5379 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup> | 1625 | 1731 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% |  |  |
| &nbsp;&nbsp;&nbsp;3/29/2029 <sup>(b)(c)</sup> | 1407 | 1410 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup> | 2190 | 2135 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup> | 1404 | 1400 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup> | 1107 | 1089 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup> | 103 | 101 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup> | 525 | 550 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(b)(c)</sup> | 645 | 654 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(a)</sup> | 425 | 435 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup> | 5860 | 6231 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup> | 275 | 282 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(b)(c)</sup> | 300 | 307 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup> | 2340 | 2279 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup> | 3120 | 3156 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup> | 3610 | 3638 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup> | 75 | 76 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup> | 440 | 461 |
| Gartner, Inc. 4.50% 7/1/2028 <sup>(a)</sup> | 703 | 696 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(a)</sup> | 126 | 118 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup> | 725 | 746 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(a)</sup> | 3675 | 3783 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 3595 | 3203 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 3415 | 2435 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup> | 300 | 290 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(a)</sup> | 2420 | 2497 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(b)(c)</sup> | 623 | 627 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(b)(c)</sup> | 875 | 878 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup> | 275 | 260 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup> | 1785 | 1957 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup> | 343 | 338 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(a)</sup> | 645 | 626 |
| Open Text Corp. 3.875% 12/1/2029 <sup>(a)</sup> | 250 | 236 |
| Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(a)</sup> | 985 | 1024 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup> | 375 | 356 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup> | 1325 | 1376 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup> | 1875 | 1933 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup> | 5540 | 5522 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup> | 1505 | 1424 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup> | 2394 | 2076 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup> | 230 | 215 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(d)(g)(j)</sup> | 3138 | 3174 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(d)(g)(j)</sup> | 547 | 553 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(a)</sup> | 1135 | 869 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(a)</sup> | 269 | 203 |
|  |  | 73179 |

---

**229**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Real estate 7.03% |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup> | USD2,063 | $1812 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup> | 1322 | 1085 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup> | 465 | 435 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup> | 829 | 827 |
| Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(b)(c)</sup> | 265 | 265 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup> | 405 | 423 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup> | 92 | 91 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup> | 1900 | 1916 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup> | 1392 | 1383 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup> | 2688 | 2562 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup> | 3643 | 3364 |
| Iron Mountain, Inc. 4.875% 9/15/2027 <sup>(a)</sup> | 1006 | 1001 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup> | 367 | 364 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup> | 210 | 217 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup> | 3060 | 3020 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup> | 1660 | 1583 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup> | 220 | 218 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup> | 395 | 406 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 1840 | 1726 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 2645 | 2425 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 2560 | 2310 |
| Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025 <sup>(a)</sup> | 440 | 440 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup> | 315 | 307 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 38 | 38 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup> | 615 | 643 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 | 10058 | 9299 |
| MPT Operating Partnership, LP 4.625% 8/1/2029 | 170 | 134 |
| MPT Operating Partnership, LP 3.50% 3/15/2031 | 1524 | 1079 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup> | 4269 | 4471 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup> | 170 | 170 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup> | 820 | 795 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup> | 740 | 761 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup> | 655 | 659 |
| 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 | 430 |
| SBA Communications Corp. 3.125% 2/1/2029 | 131 | 124 |
| Service Properties Trust 5.25% 2/15/2026 | 117 | 116 |
| Service Properties Trust 4.75% 10/1/2026 | 1515 | 1495 |
| Service Properties Trust 4.95% 2/15/2027 | 2131 | 2105 |
| Service Properties Trust 5.50% 12/15/2027 | 750 | 744 |
| Service Properties Trust 3.95% 1/15/2028 | 3031 | 2802 |
| Service Properties Trust 8.375% 6/15/2029 | 2460 | 2560 |
| Service Properties Trust 4.95% 10/1/2029 | 3518 | 3073 |
| Service Properties Trust 4.375% 2/15/2030 | 3180 | 2677 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup> | 4850 | 5210 |
| Service Properties Trust 8.875% 6/15/2032 | 1230 | 1266 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup> | 1130 | 1094 |
|  |  | 69970 |
| Industrials 6.87% |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(a)</sup> | 108 | 108 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup> | 261 | 271 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup> | 200 | 193 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup> | 1120 | 1146 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup> | 1045 | 959 |
| Ambipar Lux SARL 9.875% 2/6/2031 <sup>(a)</sup> | 226 | 214 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup> | 200 | 190 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup> | 1145 | 1179 |

---

American Funds Insurance Series **230**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Industrials (continued) |  |  |
| American Airlines, Inc. 8.50% 5/15/2029 <sup>(a)</sup> | USD415 | $435 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup> | 760 | 758 |
| ATI, Inc. 4.875% 10/1/2029 | 690 | 676 |
| ATI, Inc. 7.25% 8/15/2030 | 375 | 393 |
| ATI, Inc. 5.125% 10/1/2031 | 775 | 758 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup> | 767 | 761 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup> | 55 | 53 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup> | 925 | 892 |
| Avis Budget Car Rental, LLC 8.25% 1/15/2030 <sup>(a)</sup> | 35 | 37 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup> | 445 | 461 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup> | 61 | 61 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027 <sup>(a)</sup> | 2098 | 1995 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup> | 935 | 964 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup> | 1320 | 1362 |
| Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(d)</sup> | 605 | 629 |
| Boeing Co. (The) 3.60% 5/1/2034 | 190 | 168 |
| Boeing Co. (The) 5.805% 5/1/2050 | 34 | 33 |
| Boeing Co. (The) 6.858% 5/1/2054 | 352 | 386 |
| Boeing Co. (The) 7.008% 5/1/2064 | 120 | 132 |
| Bombardier, Inc. 7.45% 5/1/2034 <sup>(a)</sup> | 115 | 125 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(a)</sup> | 170 | 175 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(a)</sup> | 170 | 177 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup> | 165 | 161 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup> | 335 | 323 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(a)</sup> | 523 | 548 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup> | 915 | 878 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup> | 890 | 839 |
| Clean Harbors, Inc. 4.875% 7/15/2027 <sup>(a)</sup> | 766 | 763 |
| Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup> | 116 | 119 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup> | 3004 | 2868 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(b)(c)</sup> | 660 | 642 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(a)</sup> | 980 | 1005 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup> | 1295 | 1279 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup> | 2870 | 3036 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup> | 490 | 521 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(a)</sup> | 700 | 697 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup> | 45 | 48 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup> | 1735 | 1784 |
| Herc Holdings, Inc. 5.50% 7/15/2027 <sup>(a)</sup> | 280 | 280 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup> | 455 | 467 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup> | 890 | 930 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup> | 1110 | 1164 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup> | 645 | 579 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup> | 71 | 59 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup> | 15 | 13 |
| Icahn Enterprises, LP 6.25% 5/15/2026 | 818 | 813 |
| Icahn Enterprises, LP 5.25% 5/15/2027 | 3754 | 3641 |
| Icahn Enterprises, LP 9.75% 1/15/2029 | 1090 | 1060 |
| Icahn Enterprises, LP 4.375% 2/1/2029 | 855 | 719 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup> | 90 | 89 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(a)</sup> | 810 | 815 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(a)</sup> | 854 | 856 |
| 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 | 387 |
| Mueller Water Products, Inc. 4.00% 6/15/2029 <sup>(a)</sup> | 275 | 264 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup> | 1105 | 1077 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup> | 360 | 375 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.177% 2/1/2028 <sup>(b)(c)</sup> | 1035 | 915 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup> | 600 | 606 |
| PM General Purchaser, LLC 9.50% 10/1/2028 <sup>(a)</sup> | 215 | 149 |

---

**231**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Industrials (continued) |  |  |
| Prime Security Services Borrower, LLC 3.375% 8/31/2027 <sup>(a)</sup> | USD475 | $461 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup> | 1745 | 1802 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.00%) 7.296% 4/30/2032 <sup>(b)(c)</sup> | 185 | 187 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup> | 1155 | 1100 |
| Reworld Holding Corp. 5.00% 9/1/2030 | 1455 | 1378 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(a)</sup> | 110 | 107 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup> | 2610 | 2733 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 795 | 725 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup> | 440 | 441 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 798 | 785 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029 <sup>(a)</sup> | 34 | 36 |
| Spirit AeroSystems, Inc. 9.75% 11/15/2030 <sup>(a)</sup> | 195 | 215 |
| Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(b)(c)</sup> | 1081 | 1083 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup> | 435 | 446 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(f)</sup> | 100 | 100 |
| Titan International, Inc. 7.00% 4/30/2028 | 750 | 754 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup> | 75 | 77 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup> | 355 | 369 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup> | 1540 | 1596 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup> | 405 | 408 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup> | 400 | 401 |
| Uber Technologies, Inc. 7.50% 9/15/2027 <sup>(a)</sup> | 395 | 399 |
| Uber Technologies, Inc. 6.25% 1/15/2028 <sup>(a)</sup> | 755 | 759 |
| Uber Technologies, Inc. 4.50% 8/15/2029 <sup>(a)</sup> | 310 | 308 |
| 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 | 701 |
| United Rentals (North America), Inc. 3.75% 1/15/2032 | 570 | 524 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup> | 310 | 320 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup> | 225 | 234 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup> | 1600 | 1665 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup> | 320 | 331 |
| XPO, Inc. 6.25% 6/1/2028 <sup>(a)</sup> | 70 | 71 |
| XPO, Inc. 7.125% 6/1/2031 <sup>(a)</sup> | 533 | 559 |
| XPO, Inc. 7.125% 2/1/2032 <sup>(a)</sup> | 390 | 409 |
|  |  | 68379 |
| Consumer staples 3.50% |  |  |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup> | 1198 | 1136 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup> | 465 | 458 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup> | 130 | 135 |
| B&G Foods, Inc. 5.25% 9/15/2027 | 1758 | 1603 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup> | 1375 | 1326 |
| Central Garden & Pet Co. 4.125% 10/15/2030 | 915 | 865 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup> | 1740 | 1617 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(a)</sup> | 280 | 281 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup> | 1070 | 1047 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup> | 380 | 389 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup> | 1350 | 1369 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup> | 915 | 972 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup> | 775 | 820 |
| Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(b)(c)</sup> | 158 | 159 |
| H.J. Heinz Co. 3.875% 5/15/2027 | 275 | 273 |
| H.J. Heinz Co. 4.375% 6/1/2046 | 26 | 21 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup> | 370 | 346 |
| KeHE Distributors, LLC 9.00% 2/15/2029 <sup>(a)</sup> | 485 | 503 |
| 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> | 1920 | 1833 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup> | 480 | 451 |

---

American Funds Insurance Series **232**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Consumer staples (continued) |  |  |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup> | USD150 | $151 |
| 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> | 660 | 674 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(a)</sup> | 705 | 704 |
| Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup> | 573 | 553 |
| Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup> | 725 | 742 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(a)</sup> | 451 | 449 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup> | 1815 | 1746 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup> | 1145 | 1064 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup> | 2570 | 2644 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup> | 415 | 420 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup> | 138 | 137 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup> | 1275 | 1176 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028 | 2130 | 1944 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup> | 963 | 951 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 9.077% 5/1/2031 <sup>(b)(c)</sup> | 2738 | 2773 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup> | 510 | 497 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup> | 470 | 471 |
| Walgreens Boots Alliance, Inc. 3.45% 6/1/2026 | 2030 | 1987 |
|  |  | 34853 |
| Utilities 1.94% |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027 | 302 | 300 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup> | 150 | 149 |
| Calpine Corp. 3.75% 3/1/2031 <sup>(a)</sup> | 500 | 475 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.961% on 6/1/2035) <sup>(g)</sup> | 470 | 472 |
| Edison International 6.25% 3/15/2030 | 50 | 51 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026) <sup>(g)(k)</sup> | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 1.975% on 3/15/2035) <sup>(g)</sup> | 350 | 356 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 980 | 871 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup> | 355 | 366 |
| Lightning Power, LLC 7.25% 8/15/2032 <sup>(a)</sup> | 650 | 685 |
| Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(a)</sup> | 2755 | 2864 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(b)(c)</sup> | 848 | 839 |
| MI Windows and Doors, LLC, Term Loan B2, (3-month USD CME Term SOFR + 3.00%) 7.327% |  |  |
| &nbsp;&nbsp;&nbsp;3/28/2031 <sup>(b)(c)</sup> | 277 | 278 |
| NRG Energy, Inc. 3.625% 2/15/2031 <sup>(a)</sup> | 110 | 101 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 280 | 201 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 745 | 601 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 2020 | 1297 |
| PacifiCorp, junior subordinated, 7.375% 9/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 3.319% on 9/15/2030) <sup>(g)</sup> | 75 | 78 |
| PG&E Corp. 5.00% 7/1/2028 | 390 | 380 |
| PG&E Corp. 5.25% 7/1/2030 | 2800 | 2669 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 3.883% on 3/15/2030) <sup>(g)</sup> | 2050 | 1947 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup> | 620 | 648 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup> | 1227 | 1316 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(b)(c)</sup> | 279 | 280 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(a)</sup> | 440 | 456 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup> | 395 | 422 |
|  |  | 19267 |

---

**233**American Funds Insurance Series

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| Municipals 0.05% |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup> | USD546 | $529 |
| Total corporate bonds, notes & loans |  | 877237 |
| **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)(f)</sup> | 603 | 603 |
| **Municipals 0.04%** |  |  |
| Puerto Rico 0.04% |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(c)</sup> | 327 | 202 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 361 | 228 |
| Total municipals |  | 430 |
| Total bonds, notes & other debt instruments (cost: $880,995,000) |  | 878270 |
| Convertible bonds & notes 0.05% |  |  |
| Convertible bonds & notes 0.05% |  |  |
| Communication services 0.05% |  |  |
| EchoStar Corp., convertible notes, 3.875% PIK 11/30/2030 <sup>(d)</sup> | 379 | 447 |
| Total convertible bonds & notes (cost: $403,000) |  | 447 |
| Common stocks 5.94% | Shares |  |
| Common stocks 5.94% | Shares |  |
| Health care 1.78% |  |  |
| Rotech Healthcare, Inc. <sup>(f)(h)(j)</sup> | 201793 | 15193 |
| Endo, Inc. <sup>(h)</sup> | 98388 | 2065 |
| Endo GUC Trust, Class A1 <sup>(a)(h)</sup> | 192719 | 107 |
| Endo, Inc., 1L 7.50% Escrow <sup>(f)(h)</sup> | 5505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| Endo, Inc., 1L 6.875% Escrow <sup>(f)(h)</sup> | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(h)</sup> | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| Mallinckrodt PLC <sup>(h)</sup> | 3631 | 308 |
|  |  | 17673 |
| Information technology 1.57% |  |  |
| Diebold Nixdorf, Inc. <sup>(h)</sup> | 281243 | 15581 |
| Utilities 1.13% |  |  |
| Talen Energy Corp. <sup>(h)</sup> | 37868 | 11011 |
| PG&E Corp. | 18786 | 262 |
|  |  | 11273 |
| Energy 1.04% |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(h)</sup> | 11240370 | 5018 |
| Ascent Resources, LLC, Class A <sup>(f)(j)</sup> | 62978 | 3113 |
| Expand Energy Corp. | 6708 | 784 |
| Weatherford International | 10059 | 506 |
| New Fortress Energy, Inc., Class A <sup>(h)</sup> | 109371 | 363 |
| Altera Infrastructure, LP <sup>(f)</sup> | 9127 | 282 |
| Mesquite Energy, Inc. <sup>(f)(h)</sup> | 3558 | 202 |
| Exxon Mobil Corp. | 739 | 80 |
| Bighorn Permian Resources, LLC <sup>(f)</sup> | 2894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
|  |  | 10348 |

---

American Funds Insurance Series **234**

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary 0.35% |  |  |
| Aimbridge Topco, LLC <sup>(f)(h)</sup> | 46955 | $3535 |
| Party City Holdco, Inc. <sup>(f)(h)</sup> | 126254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| Party City Holdco, Inc. <sup>(a)(f)(h)</sup> | 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| NMG Parent, LLC <sup>(f)(h)</sup> | 8350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
|  |  | 3535 |
| Communication services 0.04% |  |  |
| Intelsat SA | 8182 | 355 |
| iHeartMedia, Inc., Class A <sup>(h)</sup> | 22639 | 40 |
| DSG TopCo, Inc. <sup>(h)</sup> | 2108 | 32 |
|  |  | 427 |
| Financials 0.03% |  |  |
| Navient Corp. | 20000 | 282 |
| Materials 0.00% |  |  |
| Venator Materials PLC <sup>(f)(h)</sup> | 3232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(i) |
| Total common stocks (cost: $41,230,000) |  | 59119 |
| Preferred securities 0.40% |  |  |
| Preferred securities 0.40% |  |  |
| Consumer discretionary 0.25% |  |  |
| MYT Holdings, LLC, Series A, 10.00% preferred shares <sup>(h)</sup> | 1915904 | 2515 |
| Industrials 0.15% |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(h)</sup> | 1022 | 1468 |
| Total preferred securities (cost: $2,772,000) |  | 3983 |
| Rights & warrants 0.01% |  |  |
| Rights & warrants 0.01% |  |  |
| Energy 0.01% |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(h)</sup> | 457 | 47 |
| Total rights & warrants (cost: $275,000) |  | 47 |
| Short-term securities 4.54% |  |  |
| Short-term securities 4.54% |  |  |
| **Money market investments 4.54%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup> | 451694 | 45170 |
| Total short-term securities (cost: $45,164,000) |  | 45170 |
| Total investment securities 99.21% (cost: $970,839,000) |  | 987036 |
| Other assets less liabilities 0.79% |  | 7903 |
| Net assets 100.00% |  | $994939 |

---

**235**American Funds Insurance Series

![](grwi2vu15ldekdnm7lgdx.jpg)

American High-Income Trust (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| 2 Year U.S. Treasury Note Futures | Long | 89 | 10/3/2025 | USD18,514 | $73 |
| 5 Year U.S. Treasury Note Futures | Long | 101 | 10/3/2025 | 11009 | 124 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 8 | 9/30/2025 | (914) | (23) |
| 10 Year U.S. Treasury Note Futures | Short | 13 | 9/30/2025 | (1458) | (31) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 9/30/2025 | (119) | (5) |
|  |  |  |  |  | $138 |

---

**Swap contracts**

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;&nbsp;Financing | Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| index | &nbsp;&nbsp;&nbsp;&nbsp;rate paid | frequency | date | (000) | (000) | (000) | (000) |
| CDX.NA.HY.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.00% | Quarterly | 6/20/2030 | USD26,570 | $(1994) | $(1513) | $(482) |

---

**Swap contracts**

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;&nbsp;Financing | Payment | Expiration | amount <sup>(n)</sup> | 6/30/2025 <sup>(o)</sup> | (received) | at 6/30/2025 |
| index | &nbsp;&nbsp;&nbsp;&nbsp;rate received | frequency | date | (000) | (000) | (000) | (000) |
| CDX.NA.IG.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | Quarterly | 6/20/2030 | USD37 | $1 | $1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—(i) |

---

**Investments in affiliates <sup>(m)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 4.54% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 4.54% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.35% <sup>(l)</sup> | $45641 | $122689 | $123157 | $(6) | $2 | $45169 | $863 |

---

American Funds Insurance Series **236**

![](gh5rsfrx8y1as3v9ivcc5.jpg)

American High-Income Trust (continued)

**Restricted securities <sup>(j)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Rotech Healthcare, Inc. <sup>(f)(h)</sup> | 9/26/2013 | $4331 | $15193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.875% on 6/22/2026) <sup>(d)(g)</sup> | 6/23/2023-3/24/2025 | 3077 | 3174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.875% on 6/23/2026) <sup>(d)(g)</sup> | 10/22/2024-3/24/2025 | 523 | 553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> | 9/13/2023 | 3554 | 3638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> | 9/13/2023-6/13/2025 | 75 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Ascent Resources, LLC, Class A <sup>(f)</sup> | 11/15/2016 | 302 | 3113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;Total |  | $11862 | $25747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% |

---

(a)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 $639,255,000, which represented 64.25% of the net assets of the fund.

(b)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,300,000, which represented 3.95% of the net assets of the fund.

(c)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.

(d)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.

(e)Scheduled interest and/or principal payment was not received.

(f)Value determined using significant unobservable inputs.

(g)Step bond; coupon rate may change at a later date.

(h)Security did not produce income during the last 12 months.

(i)Amount less than one thousand.

(j)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $25,747,000, which represented 2.59% of the net assets of the fund.

(k)Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(l)Rate represents the seven-day yield at 6/30/2025.

(m)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

(n)The maximum potential amount the fund may pay as a protection seller should a credit event occur.

(o)The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

Key to abbreviation(s)

CAB = Capital Appreciation Bonds

CME = CME Group

CMS = Constant Maturity Swap

DAC = Designated Activity Company

EUR = Euros

GO = General Obligation

LIBOR = London Interbank Offered Rate

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.

**237**American Funds Insurance Series

American Funds Mortgage Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;unaudited |
| Bonds, notes & other debt instruments 94.97% | Principal amount | Value |
| Bonds, notes & other debt instruments 94.97% | (000) | (000) |
| **Mortgage-backed obligations 89.32%** |  |  |
| Federal agency mortgage-backed obligations 88.12% |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> | USD—<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| 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)(c)</sup> | 28 | 28 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 97 | 91 |
| 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 | 5 |
| 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> | 126 | 109 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup> | 221 | 183 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup> | 278 | 230 |
| 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> | 71 | 63 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup> | 150 | 133 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup> | 82 | 73 |
| 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> | 170 | 151 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup> | 213 | 190 |
| 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> | 37 | 39 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup> | 26 | 21 |
| 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> | 26 | 25 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> | 15 | 15 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> | 22 | 21 |
| 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 #CA6409 2.50% 7/1/2050 <sup>(a)</sup> | 91 | 76 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup> | 17 | 14 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup> | 100 | 80 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> | 63 | 53 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup> | 35 | 28 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup> | 129 | 104 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 11 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup> | 23 | 22 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> | 1394 | 1165 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)(c)</sup> | 1485 | 1195 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup> | 343 | 275 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> | 166 | 132 |
| 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> | 174 | 155 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 22 | 19 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup> | 31 | 27 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 371 | 311 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 23 | 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> | 386 | 326 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup> | 181 | 153 |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup> | 32 | 28 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup> | 199 | 168 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> | 79 | 70 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> | 232 | 203 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> | 383 | 319 |

---

American Funds Insurance Series **238**

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup> | USD41 | $36 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> | 916 | 795 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(a)</sup> | 284 | 265 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup> | 951 | 887 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> | 163 | 147 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> | 978 | 967 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 690 | 547 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> | 98 | 96 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 35 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 32 | 32 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup> | 149 | 143 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> | 427 | 410 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> | 97 | 95 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> | 1113 | 1036 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup> | 9 | 8 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> | 64 | 64 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> | 94 | 97 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 77 | 79 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup> | 26 | 25 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> | 1935 | 1903 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup> | 216 | 226 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> | 60 | 63 |
| Fannie Mae Pool #MA5008 4.50% 5/1/2053 <sup>(a)</sup> | 42 | 40 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup> | 1710 | 1682 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> | 49 | 48 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 49 | 49 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 256 | 261 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(a)</sup> | 259 | 255 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> | 736 | 737 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> | 344 | 350 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 138 | 132 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 200 | 200 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> | 415 | 423 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup> | 88 | 85 |
| Fannie Mae Pool #MA5136 4.50% 9/1/2053 <sup>(a)</sup> | 254 | 244 |
| Fannie Mae Pool #MA5138 5.50% 9/1/2053 <sup>(a)</sup> | 279 | 280 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> | 841 | 842 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> | 41 | 42 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> | 13 | 13 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup> | 298 | 311 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> | 78 | 78 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 447 | 463 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> | 214 | 222 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup> | 206 | 197 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> | 1472 | 1473 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 149 | 149 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 139 | 139 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> | 38 | 40 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 129 | 132 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> | 17 | 18 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> | 271 | 275 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> | 239 | 245 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup> | 44 | 45 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup> | 37 | 38 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 21 | 22 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 279 | 290 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | 554 | 565 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 169 | 172 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> | 131 | 134 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 115 | 117 |

---

**239**American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> | USD60 | $61 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup> | 39 | 40 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> | 8 | 8 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup> | 696 | 725 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 435 | 453 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(a)</sup> | 304 | 315 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 131 | 136 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup> | 127 | 133 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 78 | 82 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup> | 479 | 506 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | 226 | 230 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup> | 192 | 196 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup> | 140 | 142 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 75 | 76 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 55 | 56 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 29 | 29 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 29 | 29 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 25 | 26 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup> | 19 | 19 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup> | 19 | 19 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup> | 9 | 10 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> | 160 | 167 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> | 507 | 509 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> | 274 | 276 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> | 214 | 214 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup> | 462 | 472 |
| Fannie Mae Pool #DC3477 6.50% 9/1/2054 <sup>(a)</sup> | 236 | 244 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup> | 109 | 109 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> | 409 | 416 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> | 26 | 26 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup> | 326 | 319 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 58 | 58 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> | 50 | 50 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> | 43 | 43 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> | 186 | 179 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 431 | 423 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup> | 552 | 561 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup> | 43 | 43 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup> | 144 | 134 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> | 231 | 235 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup> | 40 | 40 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 580 | 580 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> | 442 | 450 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup> | 99 | 102 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 89 | 91 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup> | 485 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 285 | 290 |
| Fannie Mae Pool #FA1163 6.50% 4/1/2055 <sup>(a)</sup> | 2075 | 2145 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> | 298 | 292 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 409 | 416 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup> | 153 | 150 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup> | 183 | 183 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 27 | 28 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup> | 115 | 103 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup> | 124 | 111 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 43 | 37 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 42 | 40 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> | 719 | 637 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(d)(e)</sup> | 184 | 179 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)(c)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |

---

American Funds Insurance Series **240**

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup> | USD1 | $1 |
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)</sup> | 459 | 461 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> | 143 | 133 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup> | 41 | 38 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup> | 1460 | 1210 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup> | 275 | 246 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> | 77 | 66 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> | 1 | 1 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(e)</sup> | 248 | 247 |
| 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> | 22 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> | 15 | 14 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> | 12 | 11 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup> | 7 | 7 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> | 23 | 22 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> | 41 | 40 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> | 19 | 19 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> | 14 | 13 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup> | 36 | 35 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> | 14 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup> | 129 | 114 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 4 | 4 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> | 681 | 540 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup> | 170 | 136 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> | 179 | 150 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup> | 299 | 240 |
| 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> | 278 | 224 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup> | 206 | 180 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> | 67 | 54 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 56 | 47 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup> | 143 | 130 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)(c)</sup> | 940 | 862 |
| 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> | 687 | 545 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 1360 | 1180 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup> | 42 | 37 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> | 665 | 576 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 1254 | 1088 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> | 124 | 98 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup> | 111 | 96 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup> | 870 | 787 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup> | 1057 | 1014 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> | 569 | 560 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup> | 216 | 216 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup> | 226 | 223 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> | 97 | 98 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> | 320 | 313 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> | 695 | 723 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | 30 | 26 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 57 | 54 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> | 39 | 39 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> | 111 | 110 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> | 77 | 76 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> | 86 | 86 |
| Freddie Mac Pool #SD8322 4.50% 5/1/2053 <sup>(a)</sup> | 124 | 119 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> | 1080 | 1061 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> | 50 | 51 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 275 | 276 |

---

**241**American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> | USD57 | $59 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> | 50 | 51 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> | 35 | 36 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> | 28 | 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> | 802 | 804 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 50 | 50 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup> | 34 | 35 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(c)</sup> | 2560 | 2607 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> | 926 | 943 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> | 112 | 115 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> | 422 | 429 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> | 316 | 322 |
| Freddie Mac Pool #SD8371 5.00% 11/1/2053 <sup>(a)</sup> | 1009 | 991 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup> | 242 | 238 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> | 70 | 73 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> | 431 | 432 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup> | 1626 | 1659 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup> | 1283 | 1309 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> | 51 | 53 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> | 10 | 11 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> | 50 | 51 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 64 | 64 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 13 | 13 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 101 | 103 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup> | 19 | 19 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> | 55 | 58 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> | 62 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup> | 25 | 26 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 8 | 8 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> | 436 | 454 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> | 64 | 67 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup> | 664 | 692 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> | 216 | 225 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> | 49 | 51 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> | 16 | 17 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> | 230 | 234 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> | 200 | 204 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> | 180 | 185 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> | 72 | 74 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 64 | 65 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup> | 32 | 33 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> | 198 | 205 |
| Freddie Mac Pool #QI9547 6.50% 7/1/2054 <sup>(a)</sup> | 96 | 99 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup> | 72 | 75 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> | 290 | 292 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 253 | 258 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 172 | 175 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 141 | 144 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 38 | 38 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup> | 1610 | 1668 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 245 | 255 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> | 114 | 119 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | 99 | 103 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> | 61 | 63 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> | 43 | 44 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> | 28 | 29 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> | 212 | 212 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 124 | 126 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 66 | 67 |

---

American Funds Insurance Series **242**

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | USD64 | $66 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 57 | 59 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 36 | 36 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup> | 17 | 17 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> | 36 | 37 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> | 20 | 21 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 9 | 9 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup> | 164 | 169 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 469 | 469 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(a)</sup> | 572 | 561 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> | 521 | 511 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup> | 377 | 377 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 8 | 8 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> | 27 | 27 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(a)</sup> | 509 | 473 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> | 274 | 262 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 134 | 136 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> | 64 | 65 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 16 | 16 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup> | 129 | 126 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup> | 77 | 79 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 46 | 46 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> | 274 | 269 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup> | 15 | 15 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup> | 15 | 15 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 1199 | 1176 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup> | 423 | 423 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 941 | 957 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> | 300 | 303 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(e)</sup> | 79 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> | 79 | 70 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> | 152 | 142 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(e)</sup> | 106 | 100 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> | 21 | 18 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup> | 81 | 78 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup> | 26 | 23 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> | 15 | 14 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup> | 630 | 546 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup> | 188 | 183 |
| 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 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup> | 289 | 260 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup> | 293 | 268 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup> | 251 | 225 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 252 | 243 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/2060 <sup>(a)</sup> | 301 | 272 |
| Government National Mortgage Assn. 4.00% 7/1/2055 <sup>(a)(f)</sup> | 355 | 330 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(f)</sup> | 80 | 79 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(f)</sup> | 273 | 273 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup> | 557 | 544 |
| Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038 <sup>(a)</sup> | 232 | 218 |
| Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039 <sup>(a)</sup> | 47 | 45 |
| Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039 <sup>(a)</sup> | 473 | 446 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> | 63 | 66 |
| Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040 <sup>(a)</sup> | 73 | 69 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup> | 154 | 154 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup> | 11 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup> | 77 | 78 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup> | 77 | 69 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup> | 180 | 166 |

---

**243**American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup> | USD38 | $35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)(c)</sup> | 775 | 735 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 83 | 68 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup> | 34 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 74 | 60 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 317 | 265 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 76 | 63 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> | 495 | 416 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> | 311 | 263 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> | 67 | 57 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> | 162 | 137 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> | 133 | 112 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup> | 42 | 36 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 50 | 44 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> | 218 | 185 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 59 | 52 |
| 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> | 153 | 144 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 239 | 230 |
| 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> | 79 | 73 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 108 | 104 |
| Government National Mortgage Assn. Pool #AN1825 4.517% 6/20/2065 <sup>(a)</sup> | 21 | 21 |
| Government National Mortgage Assn. Pool #AO0461 4.559% 8/20/2065 <sup>(a)</sup> | 6 | 6 |
| Government National Mortgage Assn. Pool #AO0409 4.572% 12/20/2065 <sup>(a)</sup> | 23 | 23 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup> | 93 | 92 |
| 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> | 204 | 149 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(f)</sup> | 125 | 122 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(f)</sup> | 5044 | 4183 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(f)</sup> | 2635 | 2372 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(f)</sup> | 326 | 303 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(f)</sup> | 25 | 24 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(f)</sup> | 4621 | 4700 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(f)</sup> | 371 | 391 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(f)</sup> | 1180 | 935 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(f)</sup> | 1495 | 1293 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(f)</sup> | 690 | 641 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(f)</sup> | 2892 | 2982 |
|  |  | 104103 |
| Commercial mortgage-backed securities 0.74% |  |  |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) x.xx% 7/15/2042 <sup>(a)(d)(e)</sup> | 200 | 201 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(d)(e)</sup> | 100 | 101 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(d)(e)</sup> | 96 | 96 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(d)(e)</sup> | 379 | 391 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2038 <sup>(a)(d)(e)</sup> | 86 | 86 |
|  |  | 875 |
| Collateralized mortgage-backed obligations (privately originated) 0.46% |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(d)(e)</sup> | 136 | 130 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(d)(e)</sup> | 56 | 50 |

---

American Funds Insurance Series **244**

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.196% 8/1/2054 <sup>(a)(d)(e)</sup> | USD86 | $87 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(d)(e)</sup> | 184 | 187 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(d)(e)</sup> | 94 | 95 |
|  |  | 549 |
| Total mortgage-backed obligations |  | 105527 |
| **U.S. Treasury bonds & notes 4.29%** |  |  |
| **U.S. Treasury bonds & notes 4.29%** |  |  |
| U.S. Treasury 4.29% |  |  |
| U.S. Treasury 4.375% 7/31/2026 | 535 | 537 |
| U.S. Treasury 3.50% 9/30/2026 | 465 | 463 |
| U.S. Treasury 3.75% 6/30/2027 | 295 | 295 |
| U.S. Treasury 4.25% 2/15/2028 | 460 | 466 |
| U.S. Treasury 3.875% 3/15/2028 | 550 | 553 |
| U.S. Treasury 4.125% 7/31/2028 | 450 | 455 |
| U.S. Treasury 4.50% 5/31/2029 | 1025 | 1053 |
| U.S. Treasury 4.00% 2/28/2030 | 330 | 333 |
| U.S. Treasury 4.00% 3/31/2030 | 100 | 101 |
| U.S. Treasury 1.875% 2/15/2041 <sup>(c)</sup> | 240 | 165 |
| U.S. Treasury 3.25% 5/15/2042 | 106 | 88 |
| 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 | 336 |
| Total U.S. Treasury bonds & notes |  | 5070 |
| **Asset-backed obligations 1.36%** |  |  |
| **Asset-backed obligations 1.36%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(a)(d)</sup> | 12 | 12 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(d)</sup> | 5 | 5 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup> | 6 | 6 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(d)</sup> | 90 | 89 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(d)</sup> | 54 | 54 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> | 13 | 13 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup> | 21 | 21 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class A2, 5.60% 5/17/2027 <sup>(a)</sup> | 3 | 3 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(d)</sup> | 257 | 265 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(d)</sup> | 17 | 17 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(d)</sup> | 12 | 12 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(d)</sup> | 45 | 45 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(d)</sup> | 66 | 60 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(d)</sup> | 85 | 77 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(d)</sup> | 101 | 96 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2062 <sup>(a)(d)(e)</sup> | 84 | 83 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(d)</sup> | 100 | 94 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup> | 27 | 27 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88% 9/15/2027 <sup>(a)</sup> | 13 | 13 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.42% 11/15/2027 <sup>(a)</sup> | 5 | 5 |
| Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/2028 <sup>(a)</sup> | 2 | 2 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup> | 3 | 3 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup> | 12 | 12 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(d)</sup> | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(d)</sup> | 484 | 487 |
|  |  | 1603 |
| Total bonds, notes & other debt instruments (cost: $112,487,000) |  | 112200 |

---

**245**American Funds Insurance Series

![](gq5q3y4x3yvleiakm4qn3.jpg)

American Funds Mortgage Fund (continued)

Short-term securities 17.02%

---

| | | |
|:---|:---|:---|
| Weighted |  |  |
| average yield | Principal amount | Value |
| at acquisition | (000) | (000) |

---

**Commercial paper 11.82%**

---

| | | | |
|:---|:---|:---|:---|
| ADP Tax Services, Inc. 7/1/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.330% | USD1,400 | $1400 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.340 | 1500 | 1500 |
| Apple, Inc. 8/13/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300 | 2400 | 2387 |
| CAFCO, LLC 8/19/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350 | 1200 | 1193 |
| Chevron Corp. 7/22/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.310 | 1000 | 997 |
| Chevron Corp. 9/12/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.320 | 1500 | 1487 |
| Johnson & Johnson 7/3/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.260 | 1000 | 1000 |
| Novartis Finance Corp. 7/7/2025 <sup>(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.320 | 500 | 500 |
| Paccar Financial Corp. 7/10/2025 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.360 | 1500 | 1498 |
| Prudential Funding, LLC 7/2/2025 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.340 | 2000 | 1999 |
|  |  |  | 13961 |

---

**Federal agency bills & notes 5.20%**

---

| | | | |
|:---|:---|:---|:---|
| Federal Farm Credit Banks 8/21/2025 | 4.220 | 1600 | 1590 |
| Federal Farm Credit Banks 11/14/2025 | 4.140 | 900 | 886 |
| Federal Home Loan Bank 9/3/2025 | 4.230 | 2200 | 2184 |
| Federal Home Loan Bank 9/17/2025 | 4.230 | 1500 | 1486 |
| Total short-term securities (cost: $20,108,000) |  |  | 20107 |

---

Options purchased (equity style) 0.00%

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Options purchased (equity style)\* |  |  |  |  | 5 |
| Total options purchased (equity style) (cost: $19,000) | Total options purchased (equity style) (cost: $19,000) |  |  |  | 5 |
| Total investment securities 111.99% (cost: $132,614,000) | Total investment securities 111.99% (cost: $132,614,000) |  |  |  | 132312 |
| Other assets less liabilities (11.99)% |  |  |  |  | (14171) |
| Net assets 100.00% |  |  |  |  | $118141 |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |  |  |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |  |  |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  | Notional | Value at |
|  | Number of | Expiration | Exercise | amount | 6/30/2025 |
| Description | contracts | date | price | (000) | (000) |
| Call |  |  |  |  |  |
| 3 Month SOFR Futures Options | 18 | 9/12/2025 | USD97.00 | USD4,500 | $1 |
| 3 Month SOFR Futures Options | 47 | 9/12/2025 | 98.00 | 11750 | 1 |
|  |  |  |  |  | $2 |
| Put |  |  |  |  |  |
| Put |  |  |  |  |  |
| 3 Month SOFR Futures Options | 120 | 12/12/2025 | USD95.69 | 30000 | $3 |
|  |  |  |  |  | $5 |

---

American Funds Insurance Series **246**

![](gws7j2lgid4c9477ceota.jpg)

American Funds Mortgage Fund (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| 3 Month SOFR Futures | Long | 62 | 9/17/2025 | USD14,828 | $(2) |
| 2 Year U.S. Treasury Note Futures | Long | 212 | 10/3/2025 | 44101 | 169 |
| 5 Year U.S. Treasury Note Futures | Long | 191 | 10/3/2025 | 20819 | 229 |
| 10 Year U.S. Treasury Note Futures | Long | 45 | 9/30/2025 | 5046 | 98 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 17 | 9/30/2025 | 1943 | 44 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | 1732 | 63 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 5 | 9/30/2025 | (596) | (22) |
|  |  |  |  |  | $579 |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
|  | Receive |  | Pay |  |  |  | premium | appreciation |
|  | Receive |  | Pay |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/8/2034 | USD495 | $—(b) | $— | $—(b) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.8215% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/23/2035 | USD100 | (1) |  | (1) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 7/28/2045 | USD1,300 | 101 |  | 101 |
|  |  |  |  |  |  | $100 | $— | $100 |

---

(a)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(b)Amount less than one thousand.

(c)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $841,000, which represented 0.71% of the net assets of the fund.

(d)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 $13,564,000, which represented 11.48% of the net assets of the fund.

(e)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.

(f)Represents securities transacted on a TBA basis.

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.

**247**American Funds Insurance Series

Ultra-Short Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unaudited |
|  | Weighted |  |  |
| Short-term securities 101.39% | average yield | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Short-term securities 101.39% | at acquisition | (000) | (000) |
| **Commercial paper 72.15%** |  |  |  |
| ADP Tax Services, Inc. 7/02/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.027% | USD3,000 | $2999 |
| Alphabet,Inc. 9/23/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.924 | 12000 | 11878 |
| Apple, Inc. 8/04/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.495 | 5000 | 4979 |
| Apple, Inc. 9/15/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.963 | 7000 | 6936 |
| Chariot Funding, LLC 9/04/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.969 | 5000 | 4960 |
| Chariot Funding, LLC 9/15/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.964 | 3500 | 3467 |
| Chevron Corp. 7/22/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.025 | 3300 | 3291 |
| Cisco Systems, Inc. 7/10/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.213 | 7000 | 6992 |
| Cisco Systems, Inc. 8/01/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.001 | 5000 | 4981 |
| DBS Bank, Ltd. 8/18/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.583 | 12000 | 11929 |
| Honeywell International, Inc. 7/01/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.976 | 10000 | 9999 |
| Johnson & Johnson 7/03/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850 | 7000 | 6997 |
| Johnson & Johnson 8/13/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.964 | 5000 | 4974 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.802 | 1600 | 1586 |
| Linde, Inc. 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.576 | 5500 | 5499 |
| Linde, Inc. 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.678 | 7000 | 6952 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/01/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.961 | 8900 | 8800 |
| Nestle Finance International, Ltd. 7/30/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.671 | 11600 | 11558 |
| Novartis Finance Corp. 7/21/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.297 | 10000 | 9975 |
| Novartis Finance Corp. 7/22/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.423 | 1400 | 1396 |
| NRW.Bank 8/15/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.141 | 12000 | 11934 |
| OMERS Finance Trust 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.031 | 7000 | 6981 |
| Procter & Gamble Co. 9/22/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050 | 2200 | 2178 |
| Procter & Gamble Co. 9/24/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.064 | 10000 | 9898 |
| Prudential Funding, LLC 7/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.385 | 12000 | 11997 |
| Roche Holdings, Inc. 9/03/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.756 | 10000 | 9922 |
| Sanofi 8/28/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.983 | 6000 | 5957 |
| Sanofi 9/17/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.924 | 5000 | 4953 |
| Siemens Capital Co., LLC 7/01/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.399 | 10000 | 9999 |
| Sumitomo Mitsui Trust Bank, Ltd. 7/18/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101 | 7000 | 6985 |
| Victory Receivables Corp. 7/11/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.041 | 10000 | 9987 |
| Wal-Mart Stores, Inc. 7/07/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.566 | 7000 | 6994 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.303 | 6000 | 5990 |
|  |  |  | 233923 |
| **Bonds & notes of governments & government agencies outside the U.S. 20.81%** |  |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 20.81%** |  |  |  |
| Alberta (Province of) 7/02/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.319 | 4800 | 4799 |
| Alberta (Province of) 7/21/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.455 | 3400 | 3391 |
| Alberta (Province of) 8/20/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620 | 3400 | 3379 |
| European Investment Bank 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.816 | 11500 | 11477 |
| KfW 9/03/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.724 | 7000 | 6946 |
| KfW 9/17/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.871 | 6000 | 5944 |
| Ontario (Province of) 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.269 | 4100 | 4091 |
| Ontario (Province of) 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.616 | 2500 | 2494 |
| Ontario (Province of) 9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.906 | 5000 | 4953 |
| Quebec (Province of) 7/09/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.341 | 6000 | 5993 |
| Quebec (Province of) 7/31/2025 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.499 | 4100 | 4085 |
| Swedish Export Credit Corp. 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.943 | 10000 | 9913 |
|  |  |  | 67465 |
| **Federal agency bills & notes 8.43%** |  |  |  |
| **Federal agency bills & notes 8.43%** |  |  |  |
| Federal Farm Credit Banks 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.563 | 3400 | 3384 |
| Federal Farm Credit Banks 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.662 | 2400 | 2386 |
| Federal Home Loan Bank 7/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.801 | 4600 | 4596 |
| Federal Home Loan Bank 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.512 | 1800 | 1791 |

---

American Funds Insurance Series **248**

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Weighted |  |  |
| Short-term securities (continued) | average yield | Principal amount | Value |
| Short-term securities (continued) | at acquisition | (000) | (000) |
| **Federal agency bills & notes (continued)** |  |  |  |
| Federal Home Loan Bank 8/22/2025 | &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;1.426% | USD6,400 | $6361 |
| Federal Home Loan Bank 8/27/2025 | &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;0.913 | 3900 | 3874 |
| Federal Home Loan Bank 9/17/2025 | &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;0.852 | 5000 | 4954 |
|  |  |  | 27346 |
| Total short-term securities (cost: $328,764,000) |  |  | 328734 |
| Total investment securities 101.39% (cost: $328,764,000) |  |  | 328734 |
| Other assets less liabilities (1.39)% |  |  | (4504) |
| Net assets 100.00% |  |  | $324230 |

---

(a)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 $237,031,000, which represented 73.11% of the net assets of the fund.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**249**American Funds Insurance Series

U.S. Government Securities Fund

---

| | | |
|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Bonds, notes & other debt instruments 87.01% | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments 87.01% | (000) | (000) |
| **Mortgage-backed obligations 46.44%** |  |  |
| Federal agency mortgage-backed obligations 46.44% |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup> | USD4 | $4 |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup> | 8 | 8 |
| 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> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> | 3 | 3 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup> | 459 | 455 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup> | 1022 | 1011 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 775 | 724 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> | 324 | 303 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup> | 2 | 3 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup> | 10 | 10 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup> | 12 | 12 |
| 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> | 18 | 18 |
| 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> | 24153 | 20849 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> | 257 | 261 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> | 135 | 137 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> | 28 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> | 121 | 123 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> | 19 | 19 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> | 68 | 69 |
| 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> | 7 | 8 |
| 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> | 29 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup> | 1070 | 1107 |
| 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> | 52 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> | 3526 | 3276 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup> | 45 | 41 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup> | 12 | 11 |
| 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> | 6 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup> | 2 | 1 |
| 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> | 105 | 100 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup> | 2531 | 2334 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup> | 33 | 30 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> | 62 | 58 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> | 87 | 83 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> | 24 | 23 |
| 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> | 909 | 846 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup> | 337 | 312 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup> | 89 | 82 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup> | 458 | 424 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup> | 248 | 229 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup> | 2904 | 2577 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup> | 744 | 628 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 25 | 22 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> | 468 | 391 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> | 159 | 134 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup> | 1592 | 1339 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 194 | 155 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup> | 1362 | 1080 |

---

American Funds Insurance Series **250**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | USD68 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup> | 911 | 736 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup> | 580 | 460 |
| 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> | 351 | 294 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> | 6 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup> | 1374 | 1089 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup> | 4462 | 3942 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup> | 1325 | 1108 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 156 | 132 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup> | 502 | 416 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup> | 1259 | 1045 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 579 | 485 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 375 | 311 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 41 | 33 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup> | 1041 | 875 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> | 666 | 589 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup> | 481 | 381 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> | 1951 | 1709 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup> | 1000 | 866 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | 399 | 316 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup> | 381 | 317 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup> | 168 | 141 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> | 3076 | 2710 |
| Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(a)</sup> | 5245 | 4157 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup> | 414 | 386 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup> | 3271 | 2599 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> | 7164 | 5947 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> | 173 | 150 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup> | 573 | 534 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup> | 101 | 80 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup> | 2587 | 2412 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup> | 53 | 53 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup> | 47 | 47 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup> | 211 | 167 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> | 2265 | 2045 |
| Fannie Mae Pool #BW7327 4.50% 8/1/2052 <sup>(a)</sup> | 2765 | 2652 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> | 311 | 308 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup> | 48 | 47 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052 <sup>(a)</sup> | 1239 | 1155 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> | 649 | 622 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup> | 8362 | 8240 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 3297 | 2616 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup> | 922 | 886 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> | 839 | 806 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup> | 8256 | 8137 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup> | 4769 | 4693 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 596 | 598 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 542 | 544 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup> | 83 | 83 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> | 209 | 218 |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup> | 51 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup> | 8 | 8 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup> | 52 | 49 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> | 2569 | 2464 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup> | 1867 | 1914 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> | 1383 | 1287 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> | 9 | 9 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> | 710 | 732 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup> | 797 | 812 |

---

**251**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | USD588 | $602 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup> | 225 | 210 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup> | 2105 | 2110 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> | 354 | 369 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup> | 939 | 875 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 313 | 314 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 1798 | 1834 |
| Fannie Mae Pool #BW9778 4.00% 6/1/2053 <sup>(a)</sup> | 1304 | 1215 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup> | 72 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> | 2867 | 2872 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> | 2855 | 2905 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup> | 1904 | 1940 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> | 1771 | 1810 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> | 1406 | 1433 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> | 1338 | 1370 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup> | 800 | 745 |
| Fannie Mae Pool #BW9646 4.00% 7/1/2053 <sup>(a)</sup> | 46 | 43 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 1114 | 1068 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup> | 358 | 343 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 9764 | 9782 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup> | 1681 | 1713 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> | 279 | 284 |
| Fannie Mae Pool #MA5127 4.00% 8/1/2053 <sup>(a)</sup> | 62 | 57 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup> | 441 | 423 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> | 201 | 201 |
| Fannie Mae Pool #CB7216 4.00% 9/1/2053 <sup>(a)</sup> | 27 | 25 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup> | 2630 | 2450 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> | 21627 | 21663 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup> | 512 | 521 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> | 689 | 716 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> | 223 | 230 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup> | 978 | 910 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup> | 24 | 22 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> | 518 | 519 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> | 145 | 146 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup> | 12089 | 12533 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 3439 | 3556 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(a)</sup> | 1954 | 1819 |
| Fannie Mae Pool #MA5283 4.00% 2/1/2054 <sup>(a)</sup> | 907 | 845 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 479 | 479 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 955 | 956 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup> | 401 | 401 |
| Fannie Mae Pool #MA5341 4.00% 4/1/2054 <sup>(a)</sup> | 2758 | 2567 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> | 1253 | 1262 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 634 | 650 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> | 1272 | 1328 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup> | 5594 | 5598 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup> | 1910 | 1990 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 3074 | 3145 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> | 817 | 831 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 4370 | 4541 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | 7511 | 7653 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> | 3833 | 3934 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 1011 | 1029 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 177 | 180 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 6817 | 7099 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 2007 | 2087 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 1133 | 1180 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup> | 271 | 286 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 233 | 239 |

---

American Funds Insurance Series **252**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | USD215 | $219 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 124 | 126 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 115 | 117 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 108 | 110 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 96 | 98 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> | 1989 | 2004 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> | 1464 | 1492 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup> | 133 | 124 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> | 209 | 209 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 24 | 24 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> | 398 | 406 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 815 | 800 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> | 37 | 38 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> | 1850 | 1882 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> | 1073 | 1094 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 28 | 28 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup> | 4000 | 4134 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> | 7938 | 7942 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 145 | 147 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 2158 | 2194 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 3226 | 3280 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 1149 | 991 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 349 | 334 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> | 441 | 391 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup> | 51 | 51 |
| Fannie Mae Pool #MA5528 4.00% 11/1/2054 <sup>(a)</sup> | 947 | 881 |
| Fannie Mae Pool #MB0299 4.00% 2/1/2055 <sup>(a)</sup> | 899 | 836 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(c)(d)</sup> | 990 | 963 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup> | 1 | 1 |
| Freddie Mac Pool #1H1354 7.081% 11/1/2036 <sup>(a)(d)</sup> | 30 | 31 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup> | 1130 | 1056 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup> | 234 | 237 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup> | 482 | 489 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> | 630 | 542 |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup> | 9080 | 8052 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> | 3 | 3 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup> | 22 | 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> | 112 | 108 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup> | 165 | 155 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(d)</sup> | 210 | 209 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> | 42 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> | 59 | 54 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> | 5793 | 5472 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup> | 43 | 40 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup> | 41 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup> | 34 | 31 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup> | 28 | 25 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup> | 20 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup> | 19 | 17 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup> | 12 | 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> | 1083 | 1028 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> | 59 | 55 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> | 47 | 45 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup> | 23 | 21 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup> | 13 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> | 91 | 86 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> | 5429 | 5141 |

---

**253**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> | USD165 | $161 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> | 78 | 76 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> | 56 | 54 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup> | 17 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup> | 128 | 118 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> | 38 | 35 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup> | 310 | 286 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup> | 159 | 147 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 26 | 22 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> | 1374 | 1089 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup> | 1177 | 939 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> | 1791 | 1500 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 32 | 25 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 53 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 2041 | 1641 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> | 922 | 730 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> | 134 | 119 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup> | 8362 | 7024 |
| Freddie Mac Pool #QD0910 2.00% 11/1/2051 <sup>(a)</sup> | 536 | 425 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> | 413 | 329 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 440 | 370 |
| Freddie Mac Pool #QD5035 2.00% 1/1/2052 <sup>(a)</sup> | 1340 | 1062 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup> | 272 | 229 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> | 128 | 113 |
| Freddie Mac Pool #QD7087 2.00% 2/1/2052 <sup>(a)</sup> | 1286 | 1019 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup> | 298 | 236 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup> | 10995 | 10081 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 149 | 135 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup> | 338 | 268 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup> | 348 | 324 |
| Freddie Mac Pool #8D0226 2.547% 5/1/2052 <sup>(a)(d)</sup> | 424 | 389 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 7787 | 6755 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 3221 | 2793 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup> | 139 | 129 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> | 182 | 174 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup> | 787 | 776 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup> | 46 | 46 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup> | 39 | 38 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> | 834 | 800 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> | 210 | 201 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> | 122 | 117 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> | 9439 | 9298 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052 <sup>(a)</sup> | 1376 | 1283 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup> | 3197 | 3066 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052 <sup>(a)</sup> | 3089 | 2962 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> | 82 | 78 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> | 999 | 976 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup> | 957 | 920 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> | 1908 | 1915 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup> | 4227 | 4396 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 14 | 13 |
| Freddie Mac Pool #QF8523 4.00% 2/1/2053 <sup>(a)</sup> | 760 | 708 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup> | 764 | 711 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> | 861 | 863 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup> | 804 | 819 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup> | 434 | 443 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> | 83 | 80 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> | 768 | 769 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> | 502 | 503 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup> | 3733 | 3803 |

---

American Funds Insurance Series **254**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup> | USD1,731 | $1765 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup> | 257 | 268 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 1455 | 1458 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup> | 14538 | 14809 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup> | 3775 | 3843 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> | 1904 | 1938 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup> | 803 | 818 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> | 403 | 413 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> | 348 | 356 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> | 247 | 253 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> | 194 | 200 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> | 1992 | 2073 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> | 1727 | 1797 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> | 1668 | 1743 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> | 1623 | 1695 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> | 1143 | 1196 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> | 874 | 912 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> | 550 | 570 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> | 482 | 510 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> | 16933 | 16977 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 617 | 618 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup> | 18216 | 18553 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup> | 19987 | 20355 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup> | 725 | 726 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup> | 39176 | 39944 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> | 2110 | 2150 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> | 87 | 90 |
| Freddie Mac Pool #SD8366 5.00% 10/1/2053 <sup>(a)</sup> | 3281 | 3228 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> | 4713 | 4800 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup> | 711 | 681 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup> | 3169 | 3177 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> | 10396 | 10814 |
| Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(a)</sup> | 576 | 608 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> | 1962 | 1964 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> | 381 | 395 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup> | 159 | 148 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> | 944 | 945 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup> | 4108 | 4205 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup> | 209 | 213 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> | 502 | 503 |
| Freddie Mac Pool #SD8425 4.00% 4/1/2054 <sup>(a)</sup> | 515 | 480 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 576 | 580 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 100 | 101 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 494 | 506 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> | 481 | 482 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 77 | 79 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> | 2443 | 2544 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup> | 1230 | 1282 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup> | 11851 | 12146 |
| 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> | 2802 | 2926 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> | 1068 | 1112 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> | 651 | 680 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> | 8348 | 8505 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> | 3103 | 3161 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 246 | 252 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> | 6989 | 7236 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> | 4177 | 4207 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> | 1001 | 1002 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 3261 | 3323 |

---

**255**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | USD1,501 | $1530 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 150 | 154 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 91 | 92 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 3944 | 4108 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup> | 679 | 679 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 504 | 513 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 272 | 279 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 257 | 264 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 238 | 244 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 152 | 155 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup> | 5032 | 5240 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 1840 | 1902 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 4 | 4 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup> | 46 | 48 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 408 | 408 |
| 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> | 3846 | 3917 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> | 1569 | 1610 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> | 1098 | 1124 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 484 | 492 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup> | 6 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 82 | 83 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 12305 | 12716 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 450 | 458 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 118 | 120 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 667 | 654 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> | 3875 | 3916 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(d)</sup> | 3500 | 3289 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup> | 721 | 618 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> | 291 | 257 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> | 3587 | 3351 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup> | 3203 | 3004 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> | 786 | 672 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup> | 1102 | 994 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup> | 347 | 334 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup> | 3476 | 3118 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup> | 416 | 400 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup> | 1558 | 1490 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup> | 612 | 546 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> | 328 | 294 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup> | 1346 | 1248 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> | 13783 | 13404 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup> | 3488 | 3313 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup> | 997 | 918 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup> | 435 | 383 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 3393 | 3264 |
| Government National Mortgage Assn. 3.50% 7/1/2055 <sup>(a)(e)</sup> | 30 | 27 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(e)</sup> | 5 | 5 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(e)</sup> | 1905 | 1908 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup> | 59 | 62 |
| 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> | 121 | 128 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup> | 26 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup> | 133 | 135 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> | 63 | 67 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup> | 1745 | 1792 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup> | 625 | 629 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup> | 427 | 415 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup> | 15 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 768 | 626 |

---

American Funds Insurance Series **256**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | USD673 | $548 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 4506 | 3773 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup> | 1955 | 1663 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 622 | 520 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> | 3517 | 2957 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup> | 82 | 69 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> | 3014 | 2549 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> | 1549 | 1312 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> | 943 | 797 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> | 739 | 619 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 236 | 209 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> | 871 | 741 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 185 | 164 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> | 2113 | 1929 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> | 655 | 598 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 3991 | 3641 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 307 | 288 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup> | 419 | 392 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup> | 208 | 194 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup> | 53 | 52 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 4289 | 4126 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> | 2759 | 2651 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> | 1153 | 1108 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 4418 | 4114 |
| Government National Mortgage Assn. Pool #MB0023 4.00% 11/20/2054 <sup>(a)</sup> | 5868 | 5460 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 1402 | 1343 |
| Government National Mortgage Assn. Pool #MB0089 4.00% 12/20/2054 <sup>(a)</sup> | 4240 | 3946 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup> | 436 | 405 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 424 | 310 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(e)</sup> | 1115 | 1019 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(e)</sup> | 920 | 900 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2040 <sup>(a)(e)</sup> | 780 | 786 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(e)</sup> | 8642 | 7167 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(e)</sup> | 25486 | 22949 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(e)</sup> | 1272 | 1183 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(a)(e)</sup> | 432 | 413 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(e)</sup> | 437 | 429 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(e)</sup> | 3295 | 3349 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(e)</sup> | 12685 | 13356 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(e)</sup> | 6583 | 5215 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(e)</sup> | 10488 | 9074 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(e)</sup> | 2690 | 2501 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(e)</sup> | 50461 | 52030 |
| Total mortgage-backed obligations |  | 844043 |
| **U.S. Treasury bonds & notes 37.75%** |  |  |
| **U.S. Treasury bonds & notes 37.75%** |  |  |
| U.S. Treasury 33.19% |  |  |
| U.S. Treasury 3.125% 8/15/2025 | 390 | 389 |
| U.S. Treasury 3.00% 10/31/2025 | 1395 | 1390 |
| U.S. Treasury 4.25% 12/31/2025 | 17685 | 17687 |
| U.S. Treasury 4.25% 1/31/2026 | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026 | 9375 | 9402 |
| U.S. Treasury 4.625% 3/15/2026 | 11050 | 11090 |
| U.S. Treasury 4.50% 3/31/2026 | 1435 | 1439 |
| U.S. Treasury 4.875% 4/30/2026 | 35525 | 35754 |
| U.S. Treasury 0.875% 6/30/2026 | 2065 | 2002 |
| U.S. Treasury 4.50% 7/15/2026 | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026 | 25795 | 25902 |
| U.S. Treasury 4.625% 9/15/2026 | 10209 | 10293 |

---

**257**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 3.50% 9/30/2026 | USD11,100 | $11044 |
| U.S. Treasury 3.875% 3/31/2027 | 23000 | 23039 |
| U.S. Treasury 4.50% 4/15/2027 | 30000 | 30375 |
| U.S. Treasury 0.50% 4/30/2027 | 1250 | 1179 |
| U.S. Treasury 2.625% 5/31/2027 | 2290 | 2243 |
| U.S. Treasury 3.75% 6/30/2027 | 33220 | 33242 |
| U.S. Treasury 3.75% 8/15/2027 | 5043 | 5046 |
| U.S. Treasury 4.25% 2/15/2028 | 48655 | 49313 |
| U.S. Treasury 3.625% 5/31/2028 | 14850 | 14819 |
| U.S. Treasury 1.25% 6/30/2028 | 3325 | 3096 |
| U.S. Treasury 4.00% 6/30/2028 | 6907 | 6966 |
| U.S. Treasury 1.00% 7/31/2028 | 970 | 894 |
| U.S. Treasury 4.125% 7/31/2028 | 17685 | 17898 |
| U.S. Treasury 2.625% 2/15/2029 | 3270 | 3149 |
| U.S. Treasury 4.50% 5/31/2029 | 825 | 848 |
| U.S. Treasury 2.625% 7/31/2029 | 9309 | 8917 |
| U.S. Treasury 4.00% 7/31/2029 | 15070 | 15212 |
| U.S. Treasury 4.125% 10/31/2029 | 4800 | 4869 |
| U.S. Treasury 4.125% 11/30/2029 | 10200 | 10350 |
| U.S. Treasury 4.375% 12/31/2029 | 23475 | 24057 |
| U.S. Treasury 4.00% 2/28/2030 | 11270 | 11380 |
| U.S. Treasury 4.00% 3/31/2030 | 15000 | 15140 |
| U.S. Treasury 3.75% 6/30/2030 | 17030 | 16986 |
| U.S. Treasury 4.625% 9/30/2030 | 1290 | 1338 |
| U.S. Treasury 4.875% 10/31/2030 | 625 | 656 |
| U.S. Treasury 4.25% 6/30/2031 | 9625 | 9801 |
| U.S. Treasury 4.125% 11/30/2031 | 3240 | 3272 |
| U.S. Treasury 4.125% 2/29/2032 | 9305 | 9390 |
| U.S. Treasury 4.125% 3/31/2032 | 3000 | 3026 |
| U.S. Treasury 2.75% 8/15/2032 | 8095 | 7467 |
| U.S. Treasury 3.875% 8/15/2033 | 3180 | 3133 |
| U.S. Treasury 4.375% 5/15/2034 | 1687 | 1714 |
| U.S. Treasury 3.875% 8/15/2034 | 1970 | 1924 |
| U.S. Treasury 4.25% 11/15/2034 | 1790 | 1796 |
| U.S. Treasury 4.625% 2/15/2035 | 5000 | 5159 |
| U.S. Treasury 4.50% 8/15/2039 <sup>(f)</sup> | 13655 | 13601 |
| U.S. Treasury 4.625% 2/15/2040 | 90 | 90 |
| U.S. Treasury 1.375% 11/15/2040 | 1945 | 1239 |
| U.S. Treasury 3.875% 5/15/2043 | 820 | 732 |
| U.S. Treasury 4.375% 8/15/2043 | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044 | 3780 | 3654 |
| U.S. Treasury 4.125% 8/15/2044 <sup>(f)</sup> | 11760 | 10773 |
| U.S. Treasury 2.50% 2/15/2045 | 4850 | 3415 |
| U.S. Treasury 5.00% 5/15/2045 | 7855 | 8068 |
| U.S. Treasury 2.50% 2/15/2046 | 3900 | 2703 |
| U.S. Treasury 2.50% 5/15/2046 | 1585 | 1095 |
| U.S. Treasury 2.875% 11/15/2046 | 2700 | 1988 |
| U.S. Treasury 3.00% 8/15/2048 | 750 | 554 |
| U.S. Treasury 2.375% 11/15/2049 | 1435 | 923 |
| U.S. Treasury 1.25% 5/15/2050 | 14825 | 7122 |
| U.S. Treasury 1.375% 8/15/2050 | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050 <sup>(f)</sup> | 26165 | 13785 |
| U.S. Treasury 1.875% 2/15/2051 | 5892 | 3310 |
| U.S. Treasury 2.375% 5/15/2051 | 6280 | 3985 |
| U.S. Treasury 2.00% 8/15/2051 | 5226 | 3012 |
| U.S. Treasury 1.875% 11/15/2051 | 3164 | 1760 |
| U.S. Treasury 3.00% 8/15/2052 | 895 | 646 |
| U.S. Treasury 4.00% 11/15/2052 | 1849 | 1618 |
| U.S. Treasury 4.75% 11/15/2053 | 205 | 203 |
| U.S. Treasury 4.25% 2/15/2054 <sup>(f)</sup> | 11130 | 10157 |

---

American Funds Insurance Series **258**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 4.625% 5/15/2054 | USD5,610 | $5448 |
| U.S. Treasury 4.25% 8/15/2054 | 3825 | 3493 |
| U.S. Treasury 4.625% 2/15/2055 | 7370 | 7174 |
| U.S. Treasury, interest only, 0% 11/15/2040 <sup>(f)</sup> | 1110 | 526 |
|  |  | 603291 |
| U.S. Treasury inflation-protected securities 4.56% |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(g)</sup> | 2398 | 2398 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup> | 9477 | 9371 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup> | 2916 | 2856 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup> | 36770 | 37226 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup> | 1077 | 991 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup> | 3349 | 3036 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup> | 7268 | 7277 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup> | 139 | 136 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(f)(g)</sup> | 1483 | 1152 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup> | 1730 | 1286 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup> | 319 | 231 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup> | 363 | 211 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup> | 142 | 77 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(g)</sup> | 802 | 636 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup> | 3736 | 3421 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup> | 12921 | 12496 |
|  |  | 82801 |
| Total U.S. Treasury bonds & notes |  | 686092 |
| **Federal agency bonds & notes 2.82%** |  |  |
| **Federal agency bonds & notes 2.82%** |  |  |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 | 91 | 90 |
| Fannie Mae 7.125% 1/15/2030 | 2000 | 2273 |
| Federal Home Loan Bank 3.25% 11/16/2028 | 6500 | 6416 |
| Federal Home Loan Bank 5.50% 7/15/2036 | 300 | 327 |
| Private Export Funding Corp. 1.40% 7/15/2028 | 3000 | 2794 |
| Tennessee Valley Authority 2.875% 2/1/2027 | 5000 | 4930 |
| Tennessee Valley Authority 4.875% 5/15/2035 | 2445 | 2502 |
| Tennessee Valley Authority 4.65% 6/15/2035 | 1780 | 1809 |
| Tennessee Valley Authority 5.88% 4/1/2036 | 875 | 969 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060 | 250 | 218 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033 | 695 | 666 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 | 897 | 911 |
| U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025 | 2220 | 2217 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 | 2226 | 2198 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 | 10250 | 10060 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 | 3064 | 3006 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 | 2020 | 1971 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 | 1793 | 1733 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 | 2194 | 2097 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 | 2327 | 2187 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 | 1639 | 1528 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 | 330 | 304 |
|  |  | 51206 |
| Total bonds, notes & other debt instruments (cost: $1,613,297,000) |  | 1581341 |

---

**259**American Funds Insurance Series

![](guu93gvasbmd5o88yx60d.jpg)

U.S. Government Securities Fund (continued)

Short-term securities 16.90%

---

| | | |
|:---|:---|:---|
| Weighted |  |  |
| average yield | Principal amount | Value |
| at acquisition | (000) | (000) |

---

**Commercial paper 13.73%**

---

| | | | |
|:---|:---|:---|:---|
| ADP Tax Services, Inc. 7/1/2025 <sup>(c)</sup> | &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;4.330% | USD1,757 | $1757 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(c)</sup> | &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;4.340 | 5500 | 5499 |
| Alphabet,Inc. 9/23/2025 <sup>(c)</sup> | &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;4.340 | 20000 | 19796 |
| Apple, Inc. 8/4/2025 <sup>(c)</sup> | &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;4.300 | 11900 | 11850 |
| Apple, Inc. 8/13/2025 <sup>(c)</sup> | &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;4.300 | 22500 | 22382 |
| CAFCO, LLC 8/19/2025 <sup>(c)</sup> | &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;4.350 | 15300 | 15207 |
| Chariot Funding, LLC 8/25/2025 <sup>(c)</sup> | &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;4.370 | 10000 | 9931 |
| Chariot Funding, LLC 9/4/2025 <sup>(c)</sup> | &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;4.370 | 7000 | 6943 |
| Chariot Funding, LLC 9/15/2025 <sup>(c)</sup> | &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;4.370 | 500 | 495 |
| Cisco Systems, Inc. 8/1/2025 <sup>(c)</sup> | &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;4.270 | 10000 | 9962 |
| Cisco Systems, Inc. 8/5/2025 <sup>(c)</sup> | &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;4.270 | 10000 | 9957 |
| Coca-Cola Co. 7/17/2025 <sup>(c)</sup> | &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;4.310 | 5000 | 4990 |
| Eli Lilly and Co. 7/25/2025 <sup>(c)</sup> | &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;4.330 | 8700 | 8674 |
| Johnson & Johnson 7/3/2025 <sup>(c)</sup> | &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;4.260 | 22000 | 21992 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(c)</sup> | &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;4.330 | 17400 | 17247 |
| Linde, Inc. 8/27/2025 | &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;4.300 | 5000 | 4966 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/1/2025 <sup>(c)</sup> | &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;4.310 | 5000 | 4944 |
| Novartis Finance Corp. 7/7/2025 <sup>(c)</sup> | &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;4.320 | 3600 | 3597 |
| Paccar Financial Corp. 7/10/2025 | &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;4.360 | 8400 | 8390 |
| Paccar Financial Corp. 7/24/2025 | &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;4.340 | 8150 | 8126 |
| Prudential Funding, LLC 7/2/2025 | &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;4.340 | 16000 | 15996 |
| Wal-Mart Stores, Inc. 7/7/2025 <sup>(c)</sup> | &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;4.323 | 16800 | 16786 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(c)</sup> | &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;4.310 | 10000 | 9983 |
| Wal-Mart Stores, Inc. 7/21/2025 <sup>(c)</sup> | &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;4.310 | 10000 | 9975 |
|  |  |  | 249445 |

---

**Bonds & notes of governments & government agencies outside the U.S. 0.27%**

Ontario (Province of) 7/18/2025 4.360 5,000 4,989 <br>  

**U.S. Treasury bills 0.15%**

U.S. Treasury 7/1/2025 4.100 2,700 2,700 <br>  

**Federal agency bills & notes 2.75%**

---

| | | | |
|:---|:---|:---|:---|
| Federal Farm Credit Banks 8/7/2025 | 4.230 | 7100 | 7069 |
| Federal Farm Credit Banks 8/27/2025 | 4.220 | 5000 | 4967 |
| Federal Home Loan Bank 7/9/2025 | 4.210 | 8900 | 8892 |
| Federal Home Loan Bank 7/11/2025 | 4.218 | 6000 | 5993 |
| Federal Home Loan Bank 7/25/2025 | 4.204 | 7500 | 7480 |
| Federal Home Loan Bank 8/27/2025 | 4.225 | 10600 | 10529 |
| Federal Home Loan Bank 9/17/2025 | 4.230 | 5000 | 4955 |
| Total short-term securities (cost: $307,049,000) |  |  | 307019 |

---

American Funds Insurance Series **260**

U.S. Government Securities Fund (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Options purchased (equity style) 0.01% | Options purchased (equity style) 0.01% |  |  |  |  | Value |
| Options purchased (equity style) 0.01% | Options purchased (equity style) 0.01% |  |  |  | (000) | (000) |
| Options purchased (equity style)\* |  |  |  |  | $ | 206 |
| Total options purchased (equity style) (cost: $626,000) | Total options purchased (equity style) (cost: $626,000) |  |  |  |  | 206 |
| Total investment securities 103.92% (cost: $1,920,972,000) | Total investment securities 103.92% (cost: $1,920,972,000) |  |  |  | 1888566 | 1888566 |
| Other assets less liabilities (3.92)% |  |  |  |  | (71188) | (71188) |
| Net assets 100.00% |  |  |  |  | $1817378 | $1817378 |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |  |  |  |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |  |  |  |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |  |  |  |
| Options on futures |  |  |  |  |  |  |
|  |  |  |  | Notional |  | Value at |
|  | Number of | Expiration | Exercise | amount | 6/30/2025 | 6/30/2025 |
| Description | contracts | date | price | (000) | (000) | (000) |
| Call |  |  |  |  |  |  |
| 3 Month SOFR Futures Options | 607 | 9/12/2025 | USD97.00 | USD151,750 | $23 | $23 |
| 3 Month SOFR Futures Options | 1551 | 9/12/2025 | 98.00 | 387750 |  | 29 |
| 3 Month SOFR Futures Options | 106 | 12/12/2025 | 96.50 | 26500 |  | 42 |
| 3 Month SOFR Futures Options | 106 | 12/12/2025 | 97.00 | 26500 |  | 19 |
| 3 Month SOFR Futures Options | 105 | 12/12/2025 | 97.50 | 26250 |  | 11 |
| 3 Month SOFR Futures Options | 20 | 12/12/2025 | 98.00 | 5000 |  | 1 |
|  |  |  |  |  | $125 | $125 |
| Put |  |  |  |  |  |  |
| Put |  |  |  |  |  |  |
| 10 Year U.S. Treasury Note Futures Options | 70 | 7/3/2025 | USD111.25 | 7000 | $ | $3 |
| 3 Month SOFR Futures Options | 3128 | 12/12/2025 | 95.69 | 782000 |  | 78 |
|  |  |  |  |  | $81 | $81 |
|  |  |  |  |  | $206 | $206 |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
|  |  |  |  |  |  | Value and |
|  |  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation | appreciation |
|  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 | at 6/30/2025 |
| Contracts | &nbsp;&nbsp;Type | contracts | date | (000) | (000) | (000) |
| 30 Day Federal Funds Futures | &nbsp;&nbsp;Long | 111 | 9/2/2025 | USD44,274 | $ | (2) |
| 3 Month SOFR Futures | &nbsp;&nbsp;Long | 2584 | 9/17/2025 | 617996 | (302) | (302) |
| 3 Month SOFR Futures | &nbsp;&nbsp;Long | 139 | 3/18/2026 | 33475 |  | 56 |
| 3 Month SOFR Futures | &nbsp;&nbsp;Long | 3 | 6/17/2026 | 724 |  | (3) |
| 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;Long | 3136 | 10/3/2025 | 652362 | 2220 | 2220 |
| 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;Long | 4330 | 10/3/2025 | 471970 | 5219 | 5219 |
| 10 Year U.S. Treasury Note Futures | &nbsp;&nbsp;Long | 866 | 9/30/2025 | 97100 | 1787 | 1787 |
| 10 Year Ultra U.S. Treasury Note Futures | &nbsp;&nbsp;Short | 99 | 9/30/2025 | (11312) |  | (97) |
| 20 Year U.S. Treasury Bond Futures | &nbsp;&nbsp;Long | 146 | 9/30/2025 | 16858 |  | 591 |
| 30 Year Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;Long | 10 | 9/30/2025 | 1191 |  | 10 |
|  |  |  |  |  | $9479 | $9479 |

---

**261**American Funds Insurance Series

![](goequjcaa388gxc82i426.jpg)

U.S. Government Securities Fund (continued)

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | Pay |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | Pay |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| SOFR | Annual | 3.916% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 7/11/2025 | USD46,800 | $7 | $— | $7 |
| 4.225% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/30/2025 | USD27,550 | (11) |  | (11) |
| SOFR | Annual | 4.63358% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/31/2025 | USD1,381 | (1) |  | (1) |
| 4.2035% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/10/2026 | USD11,197 | —(b) |  | —(b) |
| 4.2045% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/10/2026 | USD1,020 | —(b) |  | —(b) |
| 4.184% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/10/2026 | USD11,198 | (2) |  | (2) |
| 4.27% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/16/2026 | USD9,621 | 8 |  | 8 |
| 4.265% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/16/2026 | USD4,777 | 4 |  | 4 |
| 4.3035% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,874 | 3 |  | 3 |
| 4.2515% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,847 | 2 |  | 2 |
| 4.2675% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,771 | 2 |  | 2 |
| 4.3005% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD1,989 | 2 |  | 2 |
| 4.288% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,021 | 2 |  | 2 |
| 4.568% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/1/2026 | USD27,000 | 82 |  | 82 |
| 4.56% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/1/2026 | USD27,400 | 82 |  | 82 |
| 4.6275% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/20/2026 | USD49,370 | 195 |  | 195 |
| 4.9005% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/17/2026 | USD14,100 | 97 |  | 97 |
| 4.815% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/6/2026 | USD31,500 | 220 |  | 220 |
| 4.723% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/7/2026 | USD30,490 | 191 |  | 191 |
| 4.659% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/17/2026 | USD45,400 | 278 |  | 278 |
| SOFR | Annual | 4.528% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/18/2026 | USD2,700 | (16) |  | (16) |
| 3.53% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/23/2027 | USD7,300 | (9) |  | (9) |
| 3.5405% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/23/2027 | USD12,100 | (13) |  | (13) |
| 3.535% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/23/2027 | USD13,000 | (15) |  | (15) |
| SOFR | Annual | 4.186% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/18/2027 | USD54,150 | (509) |  | (509) |
| 3.7645% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2027 | USD23,600 | 67 |  | 67 |
| 3.761% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2027 | USD11,800 | 33 |  | 33 |
| 4.5895% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/6/2027 | USD22,710 | 429 |  | 429 |
| SOFR | Annual | 3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/30/2027 | USD7,849 | (31) |  | (31) |
| 3.45% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/1/2028 | USD12,500 | 8 |  | 8 |
| 3.47% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/2/2028 | USD11,600 | 13 |  | 13 |
| 3.6475% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/27/2028 | USD19,700 | 172 |  | 172 |
| SOFR | Annual | 3.528% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/29/2030 | USD4,000 | (19) |  | (19) |
| SOFR | Annual | 3.529% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/29/2030 | USD4,800 | (23) |  | (23) |
| SOFR | Annual | 3.5485% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/29/2030 | USD5,200 | (29) |  | (29) |
| U.S. EFFR | Annual | 0.5385% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/26/2030 | USD49,000 | 6039 |  | 6039 |
| 3.18% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/17/2030 | USD2,600 | (28) |  | (28) |
| 3.275% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/18/2030 | USD2,600 | (17) |  | (17) |
| 3.353% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2030 | USD2,600 | (8) |  | (8) |
| 3.342% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2030 | USD2,600 | (9) |  | (9) |
| 3.344% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/20/2030 | USD2,600 | (9) |  | (9) |
| 3.128% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/28/2030 | USD2,600 | (34) |  | (34) |
| 3.285% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/1/2030 | USD2,500 | (15) |  | (15) |
| 3.259% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/1/2030 | USD2,600 | (19) |  | (19) |
| 3.186% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/9/2030 | USD2,600 | (28) |  | (28) |
| 3.215% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/10/2030 | USD2,500 | (23) |  | (23) |
| 3.29% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/19/2030 | USD3,100 | (19) |  | (19) |
| 3.31% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/9/2030 | USD26,800 | (141) |  | (141) |
| U.S. EFFR | Annual | 0.666% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/19/2030 | USD15,500 | 2074 |  | 2074 |
| SOFR | Annual | 4.1615% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/15/2033 | USD330 | (13) |  | (13) |
| SOFR | Annual | 4.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/15/2033 | USD880 | (34) |  | (34) |
| 4.0135% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/21/2033 | USD1,185 | 35 |  | 35 |

---

American Funds Insurance Series **262**

![](gao7qq7kvz8e7ofmf3fj4.jpg)

U.S. Government Securities Fund (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Upfront | Unrealized |
|  | Receive |  | Pay |  |  |  |  | premium | appreciation |
|  | Receive |  | Pay |  | Notional |  | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional |  | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional |  | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 6/30/2025 | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) |  | (000) | (000) | (000) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/8/2034 | USD4,655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $5 | $— | $5 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.175% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/1/2038 | USD16,000 |  | 925 |  | 925 |
| 3.065% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/7/2040 | USD12,300 |  | (1141) |  | (1141) |
| 3.616% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/5/2044 | USD5,600 |  | (261) |  | (261) |
| 3.561% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/9/2044 | USD4,800 |  | (260) |  | (260) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.9815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/6/2044 | USD10,330 |  | (25) |  | (25) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.045% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 7/27/2050 | USD3,600 |  | 524 |  | 524 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2.85282% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/6/2052 | USD540 |  | 98 |  | 98 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2.93542% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/6/2052 | USD550 |  | 93 |  | 93 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.01413% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/12/2053 | USD1,402 |  | 218 |  | 218 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/12/2053 | USD1,400 |  | 216 |  | 216 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2.974% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/17/2053 | USD800 |  | 130 |  | 130 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.044% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/18/2053 | USD800 |  | 121 |  | 121 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.0875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2053 | USD800 |  | 115 |  | 115 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.1035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2053 | USD800 |  | 112 |  | 112 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.0895% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/20/2053 | USD800 |  | 114 |  | 114 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2.9405% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/28/2053 | USD800 |  | 135 |  | 135 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.0535% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/1/2053 | USD1,600 |  | 239 |  | 239 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.085% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/9/2053 | USD900 |  | 129 |  | 129 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.1135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/10/2053 | USD800 |  | 111 |  | 111 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.1605% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/19/2053 | USD1,000 |  | 131 |  | 131 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.6765% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2054 | USD2,019 |  | 87 |  | 87 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.6815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2054 | USD1,510 |  | 64 |  | 64 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.7205% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/21/2054 | USD520 |  | 18 |  | 18 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.47875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/5/2054 | USD4,200 |  | 323 |  | 323 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.415% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/9/2054 | USD3,700 |  | 325 |  | 325 |
|  |  |  |  |  |  | $11516 | $11516 | $— | $11516 |

---

(a)Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(b)Amount less than one thousand.

(c)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 $212,930,000, which represented 11.72% of the net assets of the fund.

(d)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.

(e)Represents securities transacted on a TBA basis.

(f)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,617,000, which represented 0.80% of the net assets of the fund.

(g)Index-linked bond whose principal amount moves with a government price index.

Key to abbreviation(s)

Assn. = Association

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.

**263**American Funds Insurance Series

Managed Risk Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment portfolio June 30, 2025** | **Investment portfolio June 30, 2025** |  |  |  | unaudited |
| Growth funds 84.99% |  |  |  |  | Value |
| Growth funds 84.99% |  |  |  | Shares | (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | American Funds Insurance Series – Growth Fund, Class 1 |  |  | 3422976 | $441872 |
| Total growth funds (cost: $324,437,000) | Total growth funds (cost: $324,437,000) |  |  |  | 441872 |
| Fixed income funds 10.00% | Fixed income funds 10.00% |  |  |  |  |
| Fixed income funds 10.00% | Fixed income funds 10.00% |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 |  | 5428526 | 52005 |
| Total fixed income funds (cost: $51,791,000) | Total fixed income funds (cost: $51,791,000) |  |  |  | 52005 |
| Short-term securities 4.58% | Short-term securities 4.58% |  |  |  |  |
| Short-term securities 4.58% | Short-term securities 4.58% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 23813652 | 23814 |
| Total short-term securities (cost: $23,814,000) | Total short-term securities (cost: $23,814,000) |  |  |  | 23814 |
| Options purchased (equity style) 0.63% | Options purchased (equity style) 0.63% |  |  |  |  |
| Options purchased (equity style) 0.63% | Options purchased (equity style) 0.63% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 3271 |
| Total options purchased (cost: $3,943,000) | Total options purchased (cost: $3,943,000) |  |  |  | 3271 |
| Total investment securities 100.20% (cost: $403,985,000) | Total investment securities 100.20% (cost: $403,985,000) | Total investment securities 100.20% (cost: $403,985,000) |  |  | 520962 |
| Other assets less liabilities (0.20)% | Other assets less liabilities (0.20)% |  |  |  | (1017) |
| Net assets 100.00% |  |  |  |  | $519945 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 6/30/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 10 | USD6,205 | USD4,225.00 | 12/19/2025 | $21 |
| S&P 500 Index | 450 | 279223 | 4250.00 | 12/19/2025 | 958 |
| S&P 500 Index | 30 | 18615 | 4300.00 | 12/19/2025 | 67 |
| S&P 500 Index | 45 | 27922 | 4325.00 | 12/19/2025 | 103 |
| S&P 500 Index | 50 | 31025 | 4350.00 | 12/19/2025 | 117 |
| S&P 500 Index | 20 | 12410 | 4375.00 | 12/19/2025 | 48 |
| S&P 500 Index | 90 | 55844 | 4250.00 | 3/20/2026 | 334 |
| S&P 500 Index | 415 | 257505 | 4275.00 | 3/20/2026 | 1623 |
|  |  |  |  |  | $3271 |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| British Pound Currency Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 1 | 9/15/2025 | USD(86) | $(2) |
| Euro Currency Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 1 | 9/15/2025 | (148) | (4) |
| S&P 500 E-mini Index Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 92 | 9/19/2025 | 28767 | 66 |
|  |  |  |  |  | $60 |

---

American Funds Insurance Series **264**

![](gl0o2ex8cz6gt4t3z7z3c.jpg)

Managed Risk Growth Fund (continued)

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth funds 84.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Fund, Class 1 | $445562 | $110570 | $123574 | $45855 | $(36541) | $441872 | $852 | $34295 |
| Fixed income funds 10.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America, Class 1 | 52786 | 30401 | 32858 | 4 | 1672 | 52005 | 457 |  |
| &nbsp;&nbsp;&nbsp;Total 94.99% |  |  |  | $45859 | $(34869) | $493877 | $1309 | $34295 |

---

(a)Rate represents the seven-day yield at 6/30/2025.

(b)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**265**American Funds Insurance Series

Managed Risk International Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment portfolio June 30, 2025** |  |  |  |  |  | unaudited |
| Growth funds 84.91% |  |  |  |  |  | Value |
| Growth funds 84.91% |  |  |  |  | Shares | (000) |
| American Funds Insurance Series – International Fund, Class 1 | American Funds Insurance Series – International Fund, Class 1 | American Funds Insurance Series – International Fund, Class 1 |  |  | 4843208 | $96864 |
| Total growth funds (cost: $76,504,000) | Total growth funds (cost: $76,504,000) |  |  |  |  | 96864 |
| Fixed income funds 9.99% |  |  |  |  |  |  |
| Fixed income funds 9.99% |  |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 |  | 1190005 | 11400 |
| Total fixed income funds (cost: $11,262,000) | Total fixed income funds (cost: $11,262,000) | Total fixed income funds (cost: $11,262,000) |  |  |  | 11400 |
| Short-term securities 4.13% |  |  |  |  |  |  |
| Short-term securities 4.13% |  |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> |  | 4707948 | 4708 |
| Total short-term securities (cost: $4,708,000) | Total short-term securities (cost: $4,708,000) | Total short-term securities (cost: $4,708,000) |  |  |  | 4708 |
| Options purchased (equity style) 0.42% | Options purchased (equity style) 0.42% | Options purchased (equity style) 0.42% |  |  |  |  |
| Options purchased (equity style) 0.42% | Options purchased (equity style) 0.42% | Options purchased (equity style) 0.42% |  |  |  |  |
| Options purchased (equity style)\* |  |  |  |  |  | 481 |
| Total options purchased (cost: $718,000) | Total options purchased (cost: $718,000) |  |  |  |  | 481 |
| Total investment securities 99.45% (cost: $93,192,000) | Total investment securities 99.45% (cost: $93,192,000) | Total investment securities 99.45% (cost: $93,192,000) |  |  |  | 113453 |
| Other assets less liabilities 0.55% |  |  |  |  |  | 628 |
| Net assets 100.00% |  |  |  |  |  | $114081 |
| **\*Options purchased (equity style)** |  |  |  |  |  |  |
| **\*Options purchased (equity style)** |  |  |  |  |  |  |
| **\*Options purchased (equity style)** |  |  |  |  |  |  |
| Equity index options |  |  |  |  |  |  |
|  |  |  | Notional |  |  | Value at |
|  | Number of | Number of | amount | Exercise | Expiration | 6/30/2025 |
| Description | contracts | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |  |
| iShares MSCI EAFE ETF |  | 3900 | USD34,862 | USD64.00 | 9/19/2025 | $45 |
| iShares MSCI EAFE ETF |  | 120 | 1073 | 65.00 | 9/19/2025 | 3 |
| iShares MSCI EAFE ETF |  | 150 | 1341 | 69.00 | 9/19/2025 | 6 |
| iShares MSCI EAFE ETF |  | 1500 | 13408 | 65.00 | 12/19/2025 | 46 |
| iShares MSCI EAFE ETF |  | 750 | 6704 | 75.00 | 12/19/2025 | 62 |
| iShares MSCI EAFE ETF |  | 350 | 3128 | 76.00 | 12/19/2025 | 35 |
| iShares MSCI EAFE ETF |  | 250 | 2235 | 65.00 | 3/20/2026 | 13 |
| iShares MSCI EAFE ETF |  | 3300 | 29499 | 70.00 | 3/20/2026 | 271 |
|  |  |  |  |  |  | $481 |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
|  |  |  |  |  |  | Value and |
|  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  | appreciation |
|  |  |  |  |  | Notional | (depreciation) |
|  |  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| MSCI EAFE Index Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 8 | 9/19/2025 | USD(1073) | $(24) |
| S&P 500 E-mini Index Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 5 | 9/19/2025 | (1563) | (55) |
| Mini MSCI Emerging Market Index Futures | Mini MSCI Emerging Market Index Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 45 | 9/19/2025 | (2775) | (47) |
|  |  |  |  |  |  | $(126) |

---

American Funds Insurance Series **266**

![](grebuu0shqty2kyl9z4bt.jpg)

Managed Risk International Fund (continued)

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth funds 84.91% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Fund, Class 1 | $96701 | $9227 | $20142 | $2798 | $8280 | $96864 | $62 | $— |
| Fixed income funds 9.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America, Class 1 | 11472 | 3743 | 4220 | (30) | 435 | 11400 | 101 |  |
| &nbsp;&nbsp;&nbsp;Total 94.90% |  |  |  | $2768 | $8715 | $108264 | $163 | $— |

---

(a)Rate represents the seven-day yield at 6/30/2025.

(b)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**267**American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment portfolio June 30, 2025** | **Investment portfolio June 30, 2025** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| Growth-and-income funds 85.02% | Growth-and-income funds 85.02% |  |  |  | Value |
| Growth-and-income funds 85.02% | Growth-and-income funds 85.02% |  |  | Shares | (000) |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 |  | 15813911 | $270418 |
| Total growth-and-income funds (cost: $211,011,000) | Total growth-and-income funds (cost: $211,011,000) |  |  |  | 270418 |
| Fixed income funds 9.98% | Fixed income funds 9.98% |  |  |  |  |
| Fixed income funds 9.98% | Fixed income funds 9.98% |  |  |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | American Funds Insurance Series – U.S. Government Securities Fund, Class 1 |  | 3179864 | 31735 |
| Total fixed income funds (cost: $31,329,000) | Total fixed income funds (cost: $31,329,000) |  |  |  | 31735 |
| Short-term securities 4.61% | Short-term securities 4.61% |  |  |  |  |
| Short-term securities 4.61% | Short-term securities 4.61% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 14661495 | 14661 |
| Total short-term securities (cost: $14,661,000) | Total short-term securities (cost: $14,661,000) |  |  |  | 14661 |
| Options purchased (equity style) 0.38% | Options purchased (equity style) 0.38% |  |  |  |  |
| Options purchased (equity style) 0.38% | Options purchased (equity style) 0.38% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 1203 |
| Total options purchased (cost: $1,977,000) | Total options purchased (cost: $1,977,000) |  |  |  | 1203 |
| Total investment securities 99.99% (cost: $258,978,000) | Total investment securities 99.99% (cost: $258,978,000) |  |  |  | 318017 |
| Other assets less liabilities 0.01% | Other assets less liabilities 0.01% |  |  |  | 47 |
| Net assets 100.00% |  |  |  |  | $318064 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 6/30/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 250 | USD155,124 | USD4,500.00 | 9/19/2025 | $215 |
| S&P 500 Index | 25 | 15512 | 4225.00 | 12/19/2025 | 52 |
| S&P 500 Index | 50 | 31025 | 4250.00 | 12/19/2025 | 107 |
| S&P 500 Index | 40 | 24820 | 4300.00 | 12/19/2025 | 89 |
| S&P 500 Index | 40 | 24820 | 4325.00 | 12/19/2025 | 91 |
| S&P 500 Index | 10 | 6205 | 4350.00 | 12/19/2025 | 23 |
| S&P 500 Index | 35 | 21717 | 4375.00 | 12/19/2025 | 84 |
| S&P 500 Index | 15 | 9307 | 4175.00 | 3/20/2026 | 53 |
| S&P 500 Index | 125 | 77562 | 4275.00 | 3/20/2026 | 489 |
|  |  |  |  |  | $1203 |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 38 | 9/19/2025 | USD11,882 | $298 |

---

American Funds Insurance Series **268**

![](gz8wssk3ucm74c7c7pt8e.jpg)

Managed Risk Washington Mutual Investors Fund (continued)

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth-and-income funds 85.02% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund, Class 1 | $273106 | $42783 | $50322 | $10456 | $(5605) | $270418 | $933 | $17905 |
| Fixed income funds 9.98% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities Fund, Class 1 | 32524 | 9695 | 11805 | (345) | 1666 | 31735 | 257 |  |
| &nbsp;&nbsp;&nbsp;Total 95.00% |  |  |  | $10111 | $(3939) | $302153 | $1190 | $17905 |

---

(a)Rate represents the seven-day yield at 6/30/2025.

(b)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**269**American Funds Insurance Series

Managed Risk Growth-Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment portfolio June 30, 2025** | **Investment portfolio June 30, 2025** |  |  |  | unaudited | unaudited |
| Growth-and-income funds 79.76% | Growth-and-income funds 79.76% |  |  |  |  | Value |
| Growth-and-income funds 79.76% | Growth-and-income funds 79.76% |  |  | Shares |  | (000) |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | American Funds Insurance Series – Growth-Income Fund, Class 1 | American Funds Insurance Series – Growth-Income Fund, Class 1 |  | 27136375 | $1693310 | $1693310 |
| Total growth-and-income funds (cost: $1,467,670,000) | Total growth-and-income funds (cost: $1,467,670,000) |  |  |  | 1693310 | 1693310 |
| Fixed income funds 14.96% | Fixed income funds 14.96% |  |  |  |  |  |
| Fixed income funds 14.96% | Fixed income funds 14.96% |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 |  | 33142813 | 317508 | 317508 |
| Total fixed income funds (cost: $314,557,000) | Total fixed income funds (cost: $314,557,000) |  |  |  | 317508 | 317508 |
| Short-term securities 4.69% | Short-term securities 4.69% |  |  |  |  |  |
| Short-term securities 4.69% | Short-term securities 4.69% |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 99642239 |  | 99642 |
| Total short-term securities (cost: $99,642,000) | Total short-term securities (cost: $99,642,000) |  |  |  |  | 99642 |
| Options purchased (equity style) 0.69% | Options purchased (equity style) 0.69% |  |  |  |  |  |
| Options purchased (equity style) 0.69% | Options purchased (equity style) 0.69% |  |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  |  | 14515 |
| Total options purchased (cost: $22,680,000) | Total options purchased (cost: $22,680,000) |  |  |  |  | 14515 |
| Total investment securities 100.10% (cost: $1,904,549,000) | Total investment securities 100.10% (cost: $1,904,549,000) | Total investment securities 100.10% (cost: $1,904,549,000) |  |  | 2124975 | 2124975 |
| Other assets less liabilities (0.10)% | Other assets less liabilities (0.10)% |  |  |  |  | (2020) |
| Net assets 100.00% |  |  |  |  | $2122955 | $2122955 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |  |
| Equity index options |  |  |  |  |  |  |
|  |  | Notional |  |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 6/30/2025 | 6/30/2025 |
| Description | contracts | (000) | price | date |  | (000) |
| Put |  |  |  |  |  |  |
| S&P 500 Index | 40 | USD24,820 | USD4,225.00 | 9/19/2025 | $ | $26 |
| S&P 500 Index | 80 | 49640 | 4300.00 | 9/19/2025 |  | 56 |
| S&P 500 Index | 70 | 43435 | 4450.00 | 9/19/2025 |  | 58 |
| S&P 500 Index | 2200 | 1365089 | 4500.00 | 9/19/2025 |  | 1888 |
| S&P 500 Index | 120 | 74459 | 4125.00 | 12/19/2025 |  | 226 |
| S&P 500 Index | 150 | 93074 | 4225.00 | 12/19/2025 |  | 311 |
| S&P 500 Index | 1285 | 797336 | 4250.00 | 12/19/2025 |  | 2737 |
| S&P 500 Index | 500 | 310247 | 4300.00 | 12/19/2025 |  | 1118 |
| S&P 500 Index | 120 | 74459 | 4325.00 | 12/19/2025 |  | 274 |
| S&P 500 Index | 160 | 99279 | 4375.00 | 12/19/2025 |  | 386 |
| S&P 500 Index | 80 | 49640 | 4175.00 | 3/20/2026 |  | 280 |
| S&P 500 Index | 1830 | 1135506 | 4275.00 | 3/20/2026 |  | 7155 |
|  |  |  |  |  | $14515 | $14515 |

---

American Funds Insurance Series **270**

![](g5ql67d958t03n9djhi29.jpg)

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | Long | 460 | 9/19/2025 | USD143,836 | $3205 |

---

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth-and-income funds 79.76% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth-Income Fund, Class 1 | $1736906 | $409049 | $302039 | $54771 | $(205377) | $1693310 | $4029 | $278792 |
| Fixed income funds 14.96% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America, Class 1 | 325683 | 82741 | 102164 | (557) | 11805 | 317508 | 2800 |  |
| &nbsp;&nbsp;&nbsp;Total 94.72% |  |  |  | $54214 | $(193572) | $2010818 | $6829 | $278792 |

---

(a)Rate represents the seven-day yield at 6/30/2025.

(b)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**271**American Funds Insurance Series

Managed Risk Asset Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment portfolio June 30, 2025** | **Investment portfolio June 30, 2025** |  |  |  | unaudited |
| Asset allocation funds 95.10% | Asset allocation funds 95.10% |  |  |  | Value |
| Asset allocation funds 95.10% | Asset allocation funds 95.10% |  |  | Shares | (000) |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | American Funds Insurance Series – Asset Allocation Fund, Class 1 | American Funds Insurance Series – Asset Allocation Fund, Class 1 |  | 71278050 | $1858219 |
| Total asset allocation funds (cost: $1,681,795,000) | Total asset allocation funds (cost: $1,681,795,000) |  |  |  | 1858219 |
| Short-term securities 4.82% | Short-term securities 4.82% |  |  |  |  |
| Short-term securities 4.82% | Short-term securities 4.82% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 94150915 | 94151 |
| Total short-term securities (cost: $94,151,000) | Total short-term securities (cost: $94,151,000) |  |  |  | 94151 |
| Options purchased (equity style) 0.15% | Options purchased (equity style) 0.15% |  |  |  |  |
| Options purchased (equity style) 0.15% | Options purchased (equity style) 0.15% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 2833 |
| Total options purchased (cost: $3,627,000) | Total options purchased (cost: $3,627,000) |  |  |  | 2833 |
| Total investment securities 100.07% (cost: $1,779,573,000) | Total investment securities 100.07% (cost: $1,779,573,000) | Total investment securities 100.07% (cost: $1,779,573,000) |  |  | 1955203 |
| Other assets less liabilities (0.07)% | Other assets less liabilities (0.07)% |  |  |  | (1334) |
| Net assets 100.00% |  |  |  |  | $1953869 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 6/30/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 20 | USD12,410 | USD4,300.00 | 9/19/2025 | $14 |
| S&P 500 Index | 20 | 12410 | 4500.00 | 9/19/2025 | 17 |
| S&P 500 Index | 30 | 18615 | 4125.00 | 12/19/2025 | 57 |
| S&P 500 Index | 35 | 21717 | 4225.00 | 12/19/2025 | 72 |
| S&P 500 Index | 405 | 251300 | 4250.00 | 12/19/2025 | 863 |
| S&P 500 Index | 105 | 65152 | 4300.00 | 12/19/2025 | 235 |
| S&P 500 Index | 30 | 18615 | 4350.00 | 12/19/2025 | 70 |
| S&P 500 Index | 385 | 238891 | 4275.00 | 3/20/2026 | 1505 |
|  |  |  |  |  | $2833 |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 6/30/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 81 | 9/19/2025 | USD25,328 | $638 |

---

American Funds Insurance Series **272**

![](gwx43ltqdldk5vxo8mqkf.jpg)

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 6/30/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Asset allocation funds 95.10% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation Fund, Class 1 | $1923478 | $243681 | $317008 | $(5123) | $13191 | $1858219 | $8184 | $127660 |

---

(a)Rate represents the seven-day yield at 6/30/2025.

(b)Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**273**American Funds Insurance Series

![](gbxmjl4g2utq6rzi8mikd.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements |  |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025** |  |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  | Global |  |  |  |
|  | Global | Small |  |  | New |
|  | Growth | Capitalization | Growth | International | World |
|  | Fund | Fund | Fund | Fund | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $8417403 | $2956588 | $50144089 | $6929119 | $3605243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 237566 | 156122 | 1443384 | 330868 | 147681 |
| Cash | 177 | 303 | 335 | 608 | 293 |
| Cash collateral received for securities on loan |  | 2182 | 14037 |  | 478 |
| Cash collateral pledged for futures contracts |  |  |  |  | 150 |
| Cash collateral pledged for swap contracts | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash denominated in currencies other than U.S. dollars | 510 | 608 | 1254 | 5444 | 1308 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 90 |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments |  | 2449 |  | 23471 | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 4270 | 814 | 35214 | 2867 | 4264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 11835 | 4669 | 17251 | 16811 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 3 | 33 | 36 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 424 | 197 | 97 | 810 | 300 |
|  | 8672188 | 3123965 | 51655697 | 7310003 | 3774387 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan |  | 21824 | 140364 |  | 4784 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 168 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 31663 | 5973 | 14198 | 47280 | 10534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 38493 | 10483 | 187437 | 20823 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 2580 | 1465 | 12329 | 2765 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 619 | 196 | 3597 | 296 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 1145 | 504 | 6608 | 959 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 124 | 68 | 683 | 195 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | 6022 | 16925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 28851 | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 90 | 50 | 713 | 130 | 174 |
|  | 80736 | 57488 | 365929 | 101299 | 46727 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at June 30, 2025 | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4832286 | $2197996 | $19661442 | $5060920 | $2275998 |
| Total distributable earnings (accumulated loss) | 3759166 | 868481 | 31628326 | 2147784 | 1451662 |
| Net assets at June 30, 2025 | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
| Investment securities on loan, at value | $11 | $21033 | $137026 | $— | $7151 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 4879530 | 2155395 | 20971807 | 5063863 | 2264412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 237553 | 156110 | 1443194 | 330857 | 147673 |
| Cash denominated in currencies other than U.S. dollars, at cost | 510 | 608 | 1254 | 5444 | 1307 |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **274**

![](gnwjv8v7ql5wrxmyyalhg.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** |  |  |  | (dollars in thousands) | (dollars in thousands) |
|  | Washington | U.S. Small and | Capital |  | International |
|  | Mutual | Mid | World Growth | Growth- | Growth |
|  | Investors | Cap Equity | and Income | Income | and Income |
|  | Fund | Fund | Fund | Fund | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $11287736 | $15216 | $1931702 | $40992508 | $380489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 366782 | 510 | 76286 | 1643318 | 15675 |
| Cash | 336 | 50 | 121 | 201 | 36 |
| Cash collateral received for securities on loan | 1 |  | 899 |  | 94 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 627 | 2042 | 256 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 19690 |  | 3968 |  | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 6995 | 16 | 2215 | 6034 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 14672 | 12 | 4292 | 42203 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 11 | —<sup>†</sup> | 1 | 10 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 |  | 272 | 440 | 56 |
|  | 11696228 | 15804 | 2020383 | 42686756 | 399298 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan | 5 | 7 | 8988 |  | 937 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 9997 | 36 | 5744 | 25347 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 9657 | —† | 5926 | 82681 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 2096 | 6 | 601 | 8480 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 1177 | —<sup>†</sup> | 182 | 1699 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 1296 |  | 324 | 4431 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 153 | —† | 33 | 704 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 863 | 1045 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4 | —<sup>†</sup> | 18 | 52 | 51 |
|  | 24539 | 49 | 22679 | 124439 | 3233 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at June 30, 2025 | $11671689 | $15755 | $1997704 | $42562317 | $396065 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6758521 | $15085 | $1120609 | $22041672 | $309180 |
| Total distributable earnings (accumulated loss) | 4913168 | 670 | 877095 | 20520645 | 86885 |
| Net assets at June 30, 2025 | $11671689 | $15755 | $1997704 | $42562317 | $396065 |
| Investment securities on loan, at value | $4 | $7 | $8902 | $— | $891 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 6918368 | 14602 | 1157926 | 22366500 | 275220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 366732 | 510 | 76280 | 1557595 | 15673 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 627 | 2042 | 256 |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**275**American Funds Insurance Series

![](gdnismddwfgm457reeraq.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** |  |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  |  | American |  |  |
|  |  |  | Funds |  |  |
|  | &nbsp;&nbsp;Capital | Asset | Global | The Bond | Capital |
|  | Income | Allocation | Balanced | Fund | World Bond |
|  | &nbsp;&nbsp;Builder | Fund | Fund | of America | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1415891 | $26082288 | $394091 | $10443773 | $1419926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 147304 | 2096328 | 25703 | 745797 | 56565 |
| Cash | 837 | 733 | 46 | 144 | 88 |
| Cash collateral received for securities on loan | 1754 | 235 | 154 |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 207 | 404 | 342 | 242 | 1005 |
| Unrealized appreciation on open forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 280 | 637 | 3338 |
| Bilateral swaps, at value |  |  | 60 | 2806 | 522 |
| Unrealized appreciation on unfunded commitments\* |  | 2 |  |  | —† |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 32413 | 1054925 | 3625 | 580724 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 18606 | 6351 | 436 | 39402 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 5662 | 81500 | 2051 | 84545 | 14704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 248 | 3148 | 102 | 8173 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 6 |  | 23 | 223 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  | 9 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 3 | 22 | —<sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 179 | 719 | 61 | 61 | 465 |
|  | 1623110 | 29326655 | 426983 | 11906527 | 1501195 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan | 17540 | 2353 | 1545 |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 601 | 2964 | 3277 |
| Bilateral swaps, at value |  |  | 284 | 1761 | 3690 |
| Options written, at value |  |  |  |  | 12 |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 36269 | 1593478 | 4947 | 924089 | 18908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 1300 | 39578 | 418 | 6595 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 284 | 5882 | 143 | 1795 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 431 | 4051 | 99 | 913 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 184 | 2924 | 73 | 1074 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 15 | 431 | 6 | 178 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 17 | 1321 | 33 | 463 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 18 | 234 | 14 | 1126 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  | 7 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | 717 | 800 | 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 12 | 22 | 42 | 6 | 103 |
|  | 56787 | 1651074 | 8394 | 940964 | 29241 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at June 30, 2025 | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1157379 | $18236532 | $331978 | $12407733 | $1667643 |
| Total distributable earnings (accumulated loss) | 408944 | 9439049 | 86611 | (1442170) | (195689) |
| Net assets at June 30, 2025 | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| Investment securities on loan, at value | $16714 | $2306 | $1472 | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1052673 | 18416741 | 317156 | 10550966 | 1430793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 150264 | 2120361 | 25449 | 745710 | 54976 |
| Cash denominated in currencies other than U.S. dollars, at cost | 210 | 427 | 341 | 238 | 1005 |
| Premiums received on options written |  |  | 13 |  | 121 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **276**

![](gxpgowy940jx0030zdr8v.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | American |  | U.S. | Managed |
|  | American | Funds |  | Government | Risk |
|  | High-Income | Mortgage | Ultra-Short | Securities | Growth |
|  | Trust | Fund | Bond Fund | Fund | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $941867 | $132312 | $328734 | $1888566 | $27085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 45169 |  |  |  | 493877 |
| Cash | 493 | 148 | 106 | 2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 257 |  |  |  | 967 |
| Cash collateral pledged for swap contracts | 1348 | &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;&nbsp;&nbsp;— |
| Cash denominated in currencies other than U.S. dollars | 2 |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 2 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 897 | 19309 |  | 198469 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 1131 | 536 | 71 | 8809 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 14530 | 455 |  | 10099 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 18 | 74 |  | 1211 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  | 1 |  | 546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5 | 1 |  |  |  |
|  | 1005719 | 152836 | 328911 | 2109939 | 524121 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 8748 | 34514 |  | 287995 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 1378 | 80 | 4484 | 2734 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 229 | 21 | 70 | 315 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 117 | 36 | 46 | 320 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 175 | 22 | 69 | 302 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 33 | 4 | 12 | 48 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 9 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 104 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 91 | 10 |  | 742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  | 1 |  |
|  | 10780 | 34695 | 4681 | 292561 | 4176 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at June 30, 2025 | $994939 | $118141 | $324230 | $1817378 | $519945 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1276070 | $128755 | $317685 | $2060022 | $436834 |
| Total distributable earnings (accumulated loss) | (281131) | (10614) | 6545 | (242644) | 83111 |
| Net assets at June 30, 2025 | $994939 | $118141 | $324230 | $1817378 | $519945 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 925675 | 132614 | 328764 | 1920972 | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 45164 |  |  |  | 376228 |
| Cash denominated in currencies other than U.S. dollars, at cost | 2 |  |  |  |  |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**277**American Funds Insurance Series

![](giab5islqvjkibrjn7tvo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  | Managed Risk | Managed | Managed |
|  | Managed | Washington | Risk | Risk |
|  | Risk | Mutual | Growth- | Asset |
|  | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund |
| Assets: |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $5189 | $15864 | $114157 | $96984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 108264 | 302153 | 2010818 | 1858219 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 673 | 722 | 6046 | 1606 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts | &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;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 593 | 585 | 13194 | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 7 | 6 | 22 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 18 | 53 | 357 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | —<sup>†</sup> | 112 | 1112 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |
|  | 114744 | 319495 | 2145706 | 1960227 |
| Liabilities: |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 502 | 800 | 13902 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 60 | 292 | 6786 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 9 | 26 | 171 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 68 | 190 | 1257 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 22 | 62 | 53 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 2 | 5 | 26 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 56 | 556 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | &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;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |
|  | 663 | 1431 | 22751 | 6358 |
| Commitments and contingencies\* |  |  |  |  |
| Net assets at June 30, 2025 | $114081 | $318064 | $2122955 | $1953869 |
| Net assets consist of: |  |  |  |  |
| Capital paid in on shares of beneficial interest | $139237 | $288277 | $1694131 | $1732385 |
| Total distributable earnings (accumulated loss) | (25156) | 29787 | 428824 | 221484 |
| Net assets at June 30, 2025 | $114081 | $318064 | $2122955 | $1953869 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 5426 | 16638 | 122322 | 97778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 87766 | 242340 | 1782227 | 1681795 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **278**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) | Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** | **Statements of assets and liabilities at June 30, 2025 (continued)** | **Statements of assets and liabilities at June 30, 2025 (continued)** | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) |
|  |  |  | Global |  |  |  |
|  |  | Global | Small |  |  | New |
|  |  | Growth | Capitalization | Growth | International | World |
|  |  | Fund | Fund | Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $3826307 | $885004 | $23219776 | $3273585 | $1963422 |
|  | Shares outstanding | 106790 | 46087 | 179874 | 163697 | 66495 |
|  | Net asset value per share | $35.83 | $19.20 | $129.09 | $20.00 | $29.53 |
| Class 1A: | Net assets | $23541 | $6080 | $394214 | $14290 | $12395 |
|  | Shares outstanding | 662 | 322 | 3092 | 719 | 423 |
|  | Net asset value per share | $35.56 | $18.89 | $127.48 | $19.87 | $29.34 |
| Class 2: | Net assets | $3658494 | $1785308 | $21211228 | $3398928 | $851450 |
|  | Shares outstanding | 103962 | 99231 | 166854 | 170971 | 29249 |
|  | Net asset value per share | $35.19 | $17.99 | $127.12 | $19.88 | $29.11 |
| Class 3: | Net assets |  |  | $286572 | $15420 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2195 | 769 | Not applicable |
|  | Net asset value per share |  |  | $130.57 | $20.06 |  |
| Class 4: | Net assets | $1083110 | $390085 | $6177978 | $506481 | $900393 |
|  | Shares outstanding | 31244 | 21761 | 50128 | 25929 | 31253 |
|  | Net asset value per share | $34.67 | $17.93 | $123.24 | $19.53 | $28.81 |
|  |  | Washington | U.S. Small and | Capital |  | International |
|  |  | Mutual | Mid | World Growth | Growth- | Growth |
|  |  | Investors | Cap Equity | and Income | Income | and Income |
|  |  | Fund | Fund | Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $6487868 | $10 | $611606 | $25261729 | $31530 |
|  | Shares outstanding | 379415 | 1 | 36247 | 404854 | 2559 |
|  | Net asset value per share | $17.10 | $10.45 | $16.87 | $62.40 | $12.32 |
| Class 1A: | Net assets | $34514 | $10 | $10701 | $47962 | $7639 |
|  | Shares outstanding | 2030 | 1 | 639 | 776 | 639 |
|  | Net asset value per share | $17.00 | $10.45 | $16.75 | $61.80 | $11.96 |
| Class 2: | Net assets | $3097649 | $11 | $1060266 | $14111614 | $164143 |
|  | Shares outstanding | 185220 | 1 | 63087 | 231203 | 13720 |
|  | Net asset value per share | $16.72 | $10.45 | $16.81 | $61.04 | $11.96 |
| Class 3: | Net assets |  |  |  | $154690 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2474 | Not applicable |
|  | Net asset value per share |  |  |  | $62.54 |  |
| Class 4: | Net assets | $2051658 | $15724 | $315131 | $2986322 | $192753 |
|  | Shares outstanding | 124370 | 1505 | 19301 | 50082 | 16407 |
|  | Net asset value per share | $16.50 | $10.45 | $16.33 | $59.63 | $11.75 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**279**American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) | Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** | **Statements of assets and liabilities at June 30, 2025 (continued)** | **Statements of assets and liabilities at June 30, 2025 (continued)** | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) |
|  |  |  |  | American |  |  |
|  |  |  |  | Funds |  |  |
|  |  | Capital | Asset | Global | The Bond | Capital |
|  |  | Income | Allocation | Balanced | Fund | World Bond |
|  |  | Builder | Fund | Fund | of America | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $793538 | $16240337 | $96777 | $6713270 | $619493 |
|  | Shares outstanding | 57708 | 622968 | 7093 | 700832 | 59346 |
|  | Net asset value per share | $13.75 | $26.07 | $13.64 | $9.58 | $10.44 |
| Class 1A: | Net assets | $13755 | $44955 | $4073 | $259363 | $26030 |
|  | Shares outstanding | 1002 | 1737 | 301 | 27296 | 2519 |
|  | Net asset value per share | $13.73 | $25.87 | $13.54 | $9.50 | $10.33 |
| Class 2: | Net assets | $20266 | $4400629 | $149204 | $2710252 | $754851 |
|  | Shares outstanding | 1475 | 171759 | 11005 | 287705 | 73192 |
|  | Net asset value per share | $13.74 | $25.62 | $13.56 | $9.42 | $10.31 |
| Class 3: | Net assets |  | $33494 |  |  |  |
|  | Shares outstanding | Not applicable | 1284 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $26.09 |  |  |  |
| Class 4: | Net assets | $738764 | $6956166 | $168535 | $1282678 | $71580 |
|  | Shares outstanding | 53861 | 274415 | 12672 | 137094 | 7060 |
|  | Net asset value per share | $13.72 | $25.35 | $13.30 | $9.36 | $10.14 |
|  |  |  | American |  | U.S. | Managed |
|  |  | American | Funds |  | Government | Risk |
|  |  | High-Income | Mortgage | Ultra-Short | Securities | Growth |
|  |  | Trust | Fund | Bond Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $248752 | $17791 | $34289 | $269845 |  |
|  | Shares outstanding | 26289 | 1879 | 2993 | 27050 | Not applicable |
|  | Net asset value per share | $9.46 | $9.47 | $11.46 | $9.98 |  |
| Class 1A: | Net assets | $3290 | $3037 | $127 | $276893 |  |
|  | Shares outstanding | 350 | 325 | 11 | 27940 | Not applicable |
|  | Net asset value per share | $9.41 | $9.33 | $11.44 | $9.91 |  |
| Class 2: | Net assets | $534801 | $41346 | $227700 | $1029394 |  |
|  | Shares outstanding | 58049 | 4418 | 20602 | 104700 | Not applicable |
|  | Net asset value per share | $9.21 | $9.36 | $11.05 | $9.83 |  |
| Class 3: | Net assets | $8031 |  | $3782 | $5264 |  |
|  | Shares outstanding | 844 | Not applicable | 338 | 526 | Not applicable |
|  | Net asset value per share | $9.51 |  | $11.21 | $10.00 |  |
| Class 4: | Net assets | $200065 | $55967 | $58332 | $235982 |  |
|  | Shares outstanding | 19314 | 6068 | 5249 | 24059 | Not applicable |
|  | Net asset value per share | $10.36 | $9.22 | $11.11 | $9.81 |  |
| Class P1: | Net assets |  |  |  |  | $13806 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1031 |
|  | Net asset value per share |  |  |  |  | $13.39 |
| Class P2: | Net assets |  |  |  |  | $506139 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 38220 |
|  | Net asset value per share |  |  |  |  | $13.24 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **280**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) | Financial statements (continued) |  |  |  | unaudited |
| **Statements of assets and liabilities at June 30, 2025 (continued)** | **Statements of assets and liabilities at June 30, 2025 (continued)** | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) | (dollars and shares in thousands, except per-share amounts) |
|  |  |  | Managed Risk | Managed | Managed |
|  |  | Managed | Washington | Risk | Risk |
|  |  | Risk | Mutual | Growth- | Asset |
|  |  | International | Investors | Income | Allocation |
|  |  | Fund | Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |
| Class P1: | Net assets | $1954 | $2740 | $1855636 | $12050 |
|  | Shares outstanding | 233 | 226 | 131460 | 946 |
|  | Net asset value per share | $8.40 | $12.11 | $14.12 | $12.74 |
| Class P2: | Net assets | $112127 | $315324 | $267319 | $1941819 |
|  | Shares outstanding | 13401 | 26237 | 19091 | 157980 |
|  | Net asset value per share | $8.37 | $12.02 | $14.00 | $12.29 |

---

\*Refer to Note 5 for further information on unfunded commitments and refer to Note 7 for further information on expense recoupment.

†Amount less than one thousand.

Refer to the notes to financial statements.

**281**American Funds Insurance Series

![](g48wvil326s1mjf8meb63.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of operations** for the six months ended June 30, 2025 |  |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  | Global |  |  |  |
|  | Global | Small |  |  | New |
|  | Growth | Capitalization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth | International | World |
|  | Fund | Fund | Fund | Fund | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $78930 | $22148 | $127325 | $103236 | $40021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  | 2399 | 28944 | 6773 | 2879 |
|  | 78930 | 24547 | 156269 | 110009 | 42900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 322 | 544 | 47 | 326 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 24 | 170 | 101 | 30 | 33 |
|  | 79276 | 25261 | 156417 | 110365 | 48464 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 18949 | 9266 | 71060 | 16287 | 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 5501 | 2468 | 31424 | 4641 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 1233 | 392 | 7157 | 592 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | 1 | —<sup>†</sup> | 5 | 1 | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 1197 | 430 | 7012 | 1022 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 32 | 15 | 216 | 27 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 10 | 4 | 74 | 11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 14 | 5 | 81 | 12 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 18 | 38 | 45 | 23 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 340 | 210 | 358 | 480 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5 | 22 | 24 | 4 | 25 |
| Total fees and expenses before waivers and/or reimbursements | 27300 | 12850 | 117456 | 23100 | 14136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 4251 | 622 |  |  | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 4251 | 622 |  |  | 1204 |
| Total fees and expenses after waivers and/or reimbursements | 23049 | 12228 | 117456 | 23100 | 12932 |
| Net investment income | 56227 | 13033 | 38961 | 87265 | 35532 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 212755 | 98985 | 2508111 | 442791 | 117197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (41) | 2156 | (73) | (59) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | (1087) | 51 | 454 | 2634 | (175) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 211627 | 101192 | 2508492 | 445366 | 116716 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 616756 | 126975 | 2234698 | 259557 | 355998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (39) | (12779) | (7) | (34) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 501 | 219 | 142 | 1164 | 458 |
|  | 617218 | 114415 | 2234833 | 260687 | 356444 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 828845 | 215607 | 4743325 | 706053 | 473160 |
| Net increase (decrease) in net assets resulting from operations | $885072 | $228640 | $4782286 | $793318 | $508692 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **282**

![](gci9hyep9jdsjvkq9egmx.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of operations** for the six months ended June 30, 2025 (continued) | **Statements of operations** for the six months ended June 30, 2025 (continued) |  |  | (dollars in thousands) | (dollars in thousands) |
|  | Washington | U.S. Small | Capital |  | International |
|  | Mutual | and Mid | World Growth | Growth- | Growth |
|  | Investors | Cap Equity | and Income | Income | and Income |
|  | Fund | Fund | Fund | Fund | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $105376 | $85 | $22810 | $272732 | $7423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 7099 | 7 | 1606 | 37275 | 272 |
|  | 112475 | 92 | 24416 | 310007 | 7695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 14 | 1 | 80 | 83 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 66 | 1 | 8 | 29 | 5 |
|  | 112555 | 94 | 24504 | 310119 | 7702 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 20532 | 33 | 4458 | 49976 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 5985 | —† | 1600 | 20214 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 2337 | —<sup>†</sup> | 361 | 3435 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | 1 |  | —<sup>†</sup> | 5 | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 1647 | 2 | 282 | 6001 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 11 | 2 | 5 | 186 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 6 | 2 | 1 | 64 | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 19 | —<sup>†</sup> | 4 | 69 | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 24 | 21 | 15 | 41 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 111 | —<sup>†</sup> | 69 | 150 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 | —<sup>†</sup> | 1 | 22 | —<sup>†</sup> |
| Total fees and expenses before waivers and/or reimbursements | 30679 | 60 | 6796 | 80163 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 7873 |  | 939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  | 21 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 7873 | 21 | 939 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 22806 | 39 | 5857 | 80163 | 1569 |
| Net investment income | 89749 | 55 | 18647 | 229956 | 6133 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 466620 | 1 | 94134 | 1545351 | 3484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (31) | —<sup>†</sup> | (8) | 6213 | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;&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;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | (10) | &nbsp;&nbsp;&nbsp;&nbsp;— | 146 | (671) | 26 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 466579 | 1 | 94272 | 1550893 | 3491 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 422904 | 1052 | 120534 | 1519959 | 58509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (37) | —† | (2) | (101573) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;&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;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 8 | &nbsp;&nbsp;&nbsp;&nbsp;— | 261 | 696 | 100 |
|  | 422875 | 1052 | 120793 | 1419082 | 58598 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 889454 | 1053 | 215065 | 2969975 | 62089 |
| Net increase (decrease) in net assets resulting from operations | $979203 | $1108 | $233712 | $3199931 | $68222 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

**283**American Funds Insurance Series

![](gpjj2hyzvjx9vnrblyfw3.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of operations** for the six months ended June 30, 2025 (continued) | **Statements of operations** for the six months ended June 30, 2025 (continued) |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  |  | American |  |  |
|  |  |  | Funds |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital | Asset | Global | The Bond | Capital |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Income | Allocation | Balanced | Fund | World Bond |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builder | Fund | Fund | of America | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $22301 | $115625 | $3666 | $— | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 2604 | 57784 | 637 | 16350 | 1371 |
|  | 24905 | 173409 | 4303 | 16350 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 4788 | 173336 | 2702 | 250561 | 32199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 19 | 67 | 1 |  |  |
|  | 29712 | 346812 | 7006 | 266911 | 33657 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 2550 | 35056 | 884 | 19253 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 854 | 13524 | 374 | 4906 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 847 | 8266 | 196 | 1815 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—† | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 214 | 3972 | 60 | 1641 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 6 | 58 | 5 | 48 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 7 | 35 | 1 | 42 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 3 | 45 | 1 | 18 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 29 | 39 | 20 | 8 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 50 | 102 | 51 | 79 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | 17 | —† | 6 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 4561 | 61117 | 1592 | 27817 | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 929 |  | 27 | 8204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 929 |  | 27 | 8204 |  |
| Total fees and expenses after waivers and/or reimbursements | 3632 | 61117 | 1565 | 19613 | 4608 |
| Net investment income | 26080 | 285695 | 5441 | 247298 | 29049 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 32418 | 1657001 | 10337 | (28295) | (17007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  | (136762) | (3) | 94 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;— | (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  | 27 |  | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (329) | 5194 | (227) | (29364) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | &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;— | (4788) | (8500) | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 60 | (455) | 6 | 5186 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | 4 | (536) | (66) | 22 | (406) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 32153 | 1524442 | 5242 | (60857) | (16425) |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 106144 | 112140 | 25483 | 205102 | 97958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 561 | 148001 | 70 | (208) | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;— | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  | (5) |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 2387 | 21662 | 519 | 71589 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | (140) | (4153) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (216) | (884) | 204 | 3548 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 179 | 646 | 96 | 133 | 753 |
|  | 109055 | 281565 | 26234 | 276011 | 107601 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 141208 | 1806007 | 31476 | 215154 | 91176 |
| Net increase (decrease) in net assets resulting from operations | $167288 | $2091702 | $36917 | $462452 | $120225 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **284**

![](gwuit0iqzoy8yp9etz7z0.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  |  | unaudited |
| **Statements of operations** for the six months ended June 30, 2025 (continued) | **Statements of operations** for the six months ended June 30, 2025 (continued) |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  | American |  | U.S. | Managed |
|  | American | Funds |  | Government | Risk |
|  | High-Income | Mortgage | Ultra-Short | Securities | Growth |
|  | Trust | Fund | Bond Fund | Fund | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $789 | $— | $— | $— | $421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 863 |  |  |  | 1309 |
|  | 1652 |  |  |  | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 33248 | 3012 | 7558 | 42463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |  |
|  | 34900 | 3012 | 7558 | 42463 | 1730 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 1918 | 168 | 439 | 2661 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 888 | 117 | 382 | 1571 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 225 | 69 | 88 | 638 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 143 | 17 | 51 | 271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 7 | 5 | 6 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 2 | 1 | 1 | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 1 | —† | —<sup>†</sup> | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 9 | —† | —† | 1 | —† |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 12 | 8 | —† | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 10 | —<sup>†</sup> | —<sup>†</sup> | 1 | —<sup>†</sup> |
| Total fees and expenses before waivers and/or reimbursements | 3215 | 385 | 967 | 5174 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 570 | 44 |  | 661 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 570 | 44 |  | 661 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 2645 | 341 | 967 | 4513 | 1523 |
| Net investment income | 32255 | 2671 | 6591 | 37950 | 207 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 730 | (49) |  | 454 | (2283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (6) |  |  |  | 45859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 160 | 243 |  | 6752 | (15006) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (1) | 9 |  | 2638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | 9 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 123 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | 892 | 203 |  | 9844 | 62988 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 5595 | 1749 | (53) | 23033 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 2 |  |  |  | (34869) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &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;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 214 | 920 |  | 16396 | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (525) | (41) |  | (2276) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | 5289 | 2628 | (53) | 37153 | (35257) |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 6181 | 2831 | (53) | 46997 | 27731 |
| Net increase (decrease) in net assets resulting from operations | $38436 | $5502 | $6538 | $84947 | $27938 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

**285**American Funds Insurance Series

![](gftqm4wv384azji0u1q1z.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Financial statements (continued) |  |  |  | unaudited |
| **Statements of operations** for the six months ended June 30, 2025 (continued) |  |  | (dollars in thousands) | (dollars in thousands) |
|  |  | Managed Risk | Managed | Managed |
|  | Managed | Washington | Risk | Risk |
|  | Risk | Mutual | Growth- | Asset |
|  | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund |
| Investment income: |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $100 | $280 | $1932 | $1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 163 | 1190 | 6829 | 8184 |
|  | 263 | 1470 | 8761 | 10029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |
|  | 263 | 1470 | 8761 | 10029 |
| Fees and expenses\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 75 | 208 | 1390 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 138 | 388 | 327 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 141 | 391 | 2602 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | —† | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services | 26 | 28 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 5 | 5 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | —<sup>†</sup> | 1 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | —<sup>†</sup> | —<sup>†</sup> | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 4 | 3 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | —<sup>†</sup> | —<sup>†</sup> | 1 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 389 | 1024 | 4378 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 19 | 52 | 349 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement | —<sup>†</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 19 | 52 | 349 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 370 | 972 | 4029 | 5842 |
| Net investment income | (107) | 498 | 4732 | 4187 |
| Net realized gain (loss) and unrealized appreciation (depreciation): |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (561) | (1416) | (14007) | (1782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 2768 | 10111 | 54214 | (5123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (6387) | (9931) | (54893) | (49874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | 33 | 47 | 205 | 177 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (4147) | 16716 | 264311 | 71058 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (152) | (135) | (1473) | (299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 8715 | (3939) | (193572) | 13191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (227) | 372 | 4222 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |
|  | 8336 | (3702) | (190823) | 14253 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)

Net increase (decrease) in net assets resulting from operations

---

| | | | |
|:---|:---|:---|:---|
| 4189 | 13014 | 73488 | 85311 |
| $4082 | $13512 | $78220 | $89498 |

---

\*Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

†Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series **286**

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  |  | Global Small | Global Small |  |  |
|  | Global Growth Fund | Global Growth Fund | Capitalization Fund | Capitalization Fund | Growth Fund | Growth Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $56227 | $83934 | $13033 | $14439 | $38961 | $123765 |
| Net realized gain (loss) | 211627 | 1058571 | 101192 | 67213 | 2508492 | 3989653 |
| Net unrealized appreciation (depreciation) | 617218 | (106961) | 114415 | (6037) | 2234833 | 7880200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 885072 | 1035544 | 228640 | 75615 | 4782286 | 11993618 |
| Distributions paid to shareholders | (1069091) | (362247) | (65735) | (145595) | (4035332) | (1183768) |
| Net capital share transactions | 717148 | (305156) | (86887) | (124117) | 2839871 | (2405717) |
| Total increase (decrease) in net assets | 533129 | 368141 | 76018 | (194097) | 3586825 | 8404133 |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of period | $8591452 | $8058323 | $3066477 | $2990459 | $51289768 | $47702943 |
|  |  |  |  |  | Washington Mutual | Washington Mutual |
|  | International Fund | International Fund | New World Fund | New World Fund | Investors Fund | Investors Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $87265 | $80016 | $35532 | $49823 | $89749 | $178541 |
| Net realized gain (loss) | 445366 | 335500 | 116716 | 148263 | 466579 | 784826 |
| Net unrealized appreciation (depreciation) | 260687 | (158907) | 356444 | 26354 | 422875 | 937617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 793318 | 256609 | 508692 | 224440 | 979203 | 1900984 |
| Distributions paid to shareholders | (2865) | (91320) | (152884) | (66666) | (812730) | (270276) |
| Net capital share transactions | (368267) | (557783) | (39747) | (124462) | 439202 | (851035) |
| Total increase (decrease) in net assets | 422186 | (392494) | 316061 | 33312 | 605675 | 779673 |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of period | $7208704 | $6786518 | $3727660 | $3411599 | $11671689 | $11066014 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

**287**American Funds Insurance Series

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets (continued)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |  |
|  | U.S. Small and Mid | U.S. Small and Mid | World Growth | World Growth |  |  |
|  | Cap Equity Fund | Cap Equity Fund | and Income Fund | and Income Fund | &nbsp;&nbsp;Growth-Income Fund | &nbsp;&nbsp;Growth-Income Fund |
|  | Six months | Period | Six months |  | Six months |  |
|  | ended | ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024<sup>2</sup> | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $55 | $13 | $18647 | $29625 | $229956 | $464425 |
| Net realized gain (loss) | 1 | 4 | 94272 | 142599 | 1550893 | 6999624 |
| Net unrealized appreciation (depreciation) | 1052 | (438) | 120793 | 78887 | 1419082 | 1206283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 1108 | (421) | 233712 | 251111 | 3199931 | 8670332 |
| Distributions paid to shareholders | (5) | (13) | (75167) | (32476) | (7076713) | (2264497) |
| Net capital share transactions | 73 | 15013 | (49160) | (191651) | 5184105 | (2602817) |
| Total increase (decrease) in net assets | 1176 | 14579 | 109385 | 26984 | 1307323 | 3803018 |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of period | $15755 | $14579 | $1997704 | $1888319 | $42562317 | $41254994 |
|  | International Growth | International Growth |  |  |  |  |
|  | and Income Fund | and Income Fund | Capital Income Builder | Capital Income Builder | &nbsp;&nbsp;Asset Allocation Fund | &nbsp;&nbsp;Asset Allocation Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $6133 | $7648 | $26080 | $42544 | $285695 | $590761 |
| Net realized gain (loss) | 3491 | (1592) | 32153 | 24024 | 1524442 | 1925378 |
| Net unrealized appreciation (depreciation) | 58598 | 5162 | 109055 | 61325 | 281565 | 1576776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 68222 | 11218 | 167288 | 127893 | 2091702 | 4092915 |
| Distributions paid to shareholders | (1423) | (8098) | (16131) | (45676) | (2025651) | (1743267) |
| Net capital share transactions | 6613 | (9047) | 46498 | 35182 | 523850 | (949298) |
| Total increase (decrease) in net assets | 73412 | (5927) | 197655 | 117399 | 589901 | 1400350 |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of period | $396065 | $322653 | $1566323 | $1368668 | $27675581 | $27085680 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **288**

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets (continued)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  | American Funds | American Funds | The Bond Fund | The Bond Fund |  |  |
|  | Global Balanced Fund | Global Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;of America |  | Capital World Bond Fund | Capital World Bond Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $5441 | $9318 | $247298 | $501464 | $29049 | $61225 |
| Net realized gain (loss) | 5242 | 16800 | (60857) | (134500) | (16425) | (22949) |
| Net unrealized appreciation (depreciation) | 26234 | (1065) | 276011 | (207188) | 107601 | (80072) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 36917 | 25053 | 462452 | 159776 | 120225 | (41796) |
| Distributions paid to shareholders | (16555) | (7048) | (96658) | (475626) | (3588) | (33915) |
| Net capital share transactions | 5945 | (14487) | (567129) | 474834 | (92920) | (16393) |
| Total increase (decrease) in net assets | 26307 | 3518 | (201335) | 158984 | 23717 | (92104) |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of period | $418589 | $392282 | $10965563 | $11166898 | $1471954 | $1448237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American |  | American Funds | American Funds |  |  |
|  | High-Income Trust | High-Income Trust | Mortgage Fund | Mortgage Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $32255 | $60672 | $2671 | $5237 | $6591 | $16889 |
| Net realized gain (loss) | 892 | 3094 | 203 | (1054) |  | —<sup>3</sup> |
| Net unrealized appreciation (depreciation) | 5289 | 19028 | 2628 | (3372) | (53) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 38436 | 82794 | 5502 | 811 | 6538 | 17019 |
| Distributions paid to shareholders | (10773) | (59402) | (896) | (5001) | (2557) | (17633) |
| Net capital share transactions | 35313 | 34726 | 2704 | 7230 | (18429) | (33462) |
| Total increase (decrease) in net assets | 62976 | 58118 | 7310 | 3040 | (14448) | (34076) |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of period | $994939 | $931963 | $118141 | $110831 | $324230 | $338678 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

**289**American Funds Insurance Series

![](g707kpa6edimrfwo34vp3.jpg)

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets (continued)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  | U.S. Government | U.S. Government | Managed Risk | Managed Risk | Managed Risk | Managed Risk |
|  | Securities Fund | Securities Fund | Growth Fund | Growth Fund | International Fund | International Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $37950 | $72049 | $207 | $2764 | $(107) | $1470 |
| Net realized gain (loss) | 9844 | (1294) | 62988 | 37612 | (4147) | (2539) |
| Net unrealized appreciation (depreciation) | 37153 | (55237) | (35257) | 69526 | 8336 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 84947 | 15518 | 27938 | 109902 | 4082 | 86 |
| Distributions paid to shareholders | (14197) | (73267) | (24752) | (2419) | (1480) | (1561) |
| Net capital share transactions | (73399) | 353747 | (9503) | (88856) | (2829) | (8399) |
| Total increase (decrease) in net assets | (2649) | 295998 | (6317) | 18627 | (227) | (9874) |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of period | $1817378 | $1820027 | $519945 | $526262 | $114081 | $114308 |
|  | Managed Risk | Managed Risk |  |  |  |  |
|  | Washington Mutual | Washington Mutual | Managed Risk | Managed Risk | Managed Risk | Managed Risk |
|  | Investors Fund | Investors Fund | Growth-Income Fund | Growth-Income Fund | Asset Allocation Fund | Asset Allocation Fund |
|  | Six months |  | Six months |  | Six months |  |
|  | ended | Year ended | ended | Year ended | ended | Year ended |
|  | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, |
|  | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 | 2025<sup>1</sup> | 2024 |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $498 | $4979 | $4732 | $33950 | $4187 | $37923 |
| Net realized gain (loss) | 16716 | (4225) | 264311 | 73326 | 71058 | 123915 |
| Net unrealized appreciation (depreciation) | (3702) | 42170 | (190823) | 261435 | 14253 | 124394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 13512 | 42924 | 78220 | 368711 | 89498 | 286232 |
| Distributions paid to shareholders | (4680) | (5475) | (109558) | (65908) | (156085) | (69126) |
| Net capital share transactions | (12974) | (39434) | (22573) | (313193) | (5394) | (294452) |
| Total increase (decrease) in net assets | (4142) | (1985) | (53911) | (10390) | (71981) | (77346) |
| Net assets: |  |  |  |  |  |  |
| Beginning of period | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of period | $318064 | $322206 | $2122955 | $2176866 | $1953869 | $2025850 |

---

1Unaudited.

2For the period November 15, 2024, commencement of operations, to December 31, 2024.

3Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series **290**

![](gmmqjo8e68jr95ztel5xt.jpg)

Notes to financial statements

unaudited

1. Organization

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end 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 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.

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

**291**American Funds Insurance Series

![](gqgqqijjnuwq60yckanvg.jpg)

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 and to provide an opportunity for growth of principal consistent with sound common stock investing 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.

American Funds Insurance Series **292**

![](gwz5tqclg3ahyxwc5wz05.jpg)

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 and capital gain distributions are recorded on each fund's ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

New accounting pronouncements — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

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.

**293**American Funds Insurance Series

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fixed-income class | Examples of standard inputs |
| &nbsp;&nbsp;&nbsp;All | Benchmark yields, transactions, bids, offers, quotations from dealers and |
|  | trading systems, new issues, spreads and other relationships observed in |
|  | the markets among comparable securities; and proprietary pricing |
|  | models such as yield measures calculated using factors such as cash |
|  | flows, financial or collateral performance and other reference data |
|  | (collectively referred to as "standard inputs") |
| &nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| &nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| &nbsp;&nbsp;&nbsp;Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, |
|  | delinquency and loss assumptions, collateral characteristics, credit |
|  | enhancements and specific deal information |
| &nbsp;&nbsp;&nbsp;Municipal securities | Standard inputs and, for certain distressed securities, cash flows or |
|  | liquidation values using a net present value calculation based on inputs |
|  | that include, but are not limited to, financial statements and debt |
|  | contracts |

---

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.

American Funds Insurance Series **294**

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 June 30, 2025, were as follows (dollars in thousands):

Global Growth Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

Global Small Capitalization Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $689754 | $— | $— | $689754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 473223 |  |  | 473223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 403781 |  | 428 | 404209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 382656 |  |  | 382656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 353674 |  |  | 353674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 181377 |  |  | 181377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 134493 |  |  | 134493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 79192 |  |  | 79192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 76756 |  |  | 76756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 76013 |  |  | 76013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 58664 |  |  | 58664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 9138 |  | 14522 | 23660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 13046 |  |  | 13046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible bonds & notes |  | 4039 |  | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 161954 |  |  | 161954 |
| &nbsp;&nbsp;&nbsp;Total | $3093721 | $4039 | $14950 | $3112710 |

---

**295**American Funds Insurance Series

Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $13898317 | $— | $5985 | $13904302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 10248832 |  |  | 10248832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 7058073 |  |  | 7058073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 5661824 |  | 9825 | 5671649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5401182 |  | 2633 | 5403815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 4094384 |  |  | 4094384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1049326 |  | 2671 | 1051997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1016036 |  |  | 1016036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 726868 |  |  | 726868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 358047 |  |  | 358047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 309468 |  |  | 309468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  | 146802 | 146802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  |  | 22672 | 22672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 4131 |  | 686 | 4817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 1569711 |  |  | 1569711 |
| &nbsp;&nbsp;&nbsp;Total | $51396199 | $— | $191274 | $51587473 |

---

International Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $1316771 | $— | $— | $1316771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 1183785 |  |  | 1183785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 951942 |  | 6168 | 958110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 655458 |  |  | 655458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 650213 |  |  | 650213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 621389 |  |  | 621389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 567220 |  |  | 567220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 430268 |  |  | 430268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 396129 |  |  | 396129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 116308 |  |  | 116308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 32903 |  | 565 | 33468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  |  | —\* | —\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 330868 |  |  | 330868 |
| &nbsp;&nbsp;&nbsp;Total | $7253254 | $— | $6733 | $7259987 |

---

\*Amount less than one thousand.

American Funds Insurance Series **296**

New World Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities |  |  |
|  | Level 1 | Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $704693 | $2554 | $—\* | $707247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 676770 |  | 493 | 677263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 450359 |  |  | 450359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 412982 |  |  | 412982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 363276 |  |  | 363276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 228078 |  |  | 228078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 224042 |  |  | 224042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 183568 |  | —\* | 183568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 83019 |  | —\* | 83019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 63806 |  |  | 63806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 51736 |  |  | 51736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 18723 |  | 8801 | 27524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 183 |  |  | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 127378 |  | 127378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 151987 | 450 |  | 152437 |
| &nbsp;&nbsp;&nbsp;Total | $3613222 | $130408 | $9294 | $3752924 |
|  |  | Other investments<sup>†</sup> | Other investments<sup>†</sup> |  |
|  | Level 1 | Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $65 | $— | $— | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 90 |  | 90 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (4) |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (168) |  | (168) |
| &nbsp;&nbsp;&nbsp;Total | $61 | $(78) | $— | $(17) |

---

\*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 June 30, 2025, all of the fund's investment securities were classified as Level 1.

U.S. Small and Mid Cap Equity Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

**297**American Funds Insurance Series

Capital World Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $427048 | $— | $— | $427048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 316727 |  | —\* | 316727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 302352 |  |  | 302352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 181256 |  |  | 181256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 168013 |  |  | 168013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 165844 |  |  | 165844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 120918 |  |  | 120918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 104031 | 1918 |  | 105949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 79674 |  |  | 79674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 32792 | 976 |  | 33768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 15467 |  |  | 15467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 5091 |  |  | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 1506 |  | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 84375 |  |  | 84375 |
| &nbsp;&nbsp;&nbsp;Total | $2003588 | $4400 | $—\* | $2007988 |
| &nbsp;&nbsp;\*Amount less than one thousand. |  |  |  |  |

---

Growth-Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $11838678 | $— | $— | $11838678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6589703 |  |  | 6589703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 5204392 |  |  | 5204392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4605290 |  |  | 4605290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 3953251 |  |  | 3953251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 3823894 |  |  | 3823894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1335169 |  |  | 1335169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1274412 |  |  | 1274412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1159101 |  |  | 1159101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 838420 |  |  | 838420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 751153 |  |  | 751153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 988 |  | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 1261375 |  |  | 1261375 |
| &nbsp;&nbsp;&nbsp;Total | $42634838 | $988 | $— | $42635826 |

---

American Funds Insurance Series **298**

International Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $95865 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* | $95865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 63371 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 63371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 44238 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 44238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 34875 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 34875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 32588 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 32588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 28978 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 28978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 25844 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 20585 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 20585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 18005 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 18005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 10944 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 4179 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 174 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 16518 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16518 |
| &nbsp;&nbsp;&nbsp;Total | $396164 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* | $396164 |
| &nbsp;&nbsp;\*Amount less than one thousand. |  |  |  |  |

---

Capital Income Builder

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Investment securities |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $233645 | $— | $—\* | $233645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 152382 |  |  | 152382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 135755 |  |  | 135755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 134741 |  |  | 134741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 126930 |  |  | 126930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 82013 | 866 |  | 82879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 76037 |  |  | 76037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 72713 |  |  | 72713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 55015 |  |  | 55015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 53644 |  |  | 53644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 50592 |  |  | 50592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 6728 |  |  | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 87131 | 100 | 87231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 77098 |  | 77098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 38408 | 262 | 38670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 14904 |  | 14904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 805 |  | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 336 |  | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 32235 |  |  | 32235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 130855 |  |  | 130855 |
| &nbsp;&nbsp;&nbsp;Total | $1343285 | $219548 | $362 | $1563195 |

---

Refer to the next page for footnote(s).

**299**American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Other investments<sup>†</sup> | Other investments<sup>†</sup> |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1481 | $— | $— | $1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 243 |  | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (72) |  |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | —\* |  | —\* |
| &nbsp;&nbsp;&nbsp;Total | $1409 | $255 | $— | $1664 |
| &nbsp;&nbsp;\*Amount less than one thousand. |  |  |  |  |
| &nbsp;&nbsp;<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | &nbsp;&nbsp;<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | &nbsp;&nbsp;<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 |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $4662762 | $— | $— | $4662762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 3370748 |  | —\* | 3370748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2515815 |  |  | 2515815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 1937291 |  | 807 | 1938098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1864589 |  | 13914 | 1878503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1333988 |  | —\* | 1333988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1196955 |  |  | 1196955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1045984 |  |  | 1045984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 355595 |  | 498 | 356093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 147440 |  |  | 147440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 133008 |  |  | 133008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  | 647 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants | 54 |  | —\* | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 38180 |  |  | 38180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 2908850 |  | 2908850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 2009713 | 9271 | 2018984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 1906954 |  | 1906954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 567592 |  | 567592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 37148 |  | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 22367 |  | 22367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 772826 |  |  | 772826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 1325620 |  |  | 1325620 |
| &nbsp;&nbsp;&nbsp;Total | $20700855 | $7452624 | $25137 | $28178616 |
|  |  | Other investments<sup>†</sup> | Other investments<sup>†</sup> |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $24259 | $— | $— | $24259 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (5521) |  |  | (5521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (860) |  | (860) |
| &nbsp;&nbsp;&nbsp;Total | $18738 | $(860) | $— | $17878 |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio.

American Funds Insurance Series **300**

American Funds Global Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $44529 | $— | $— | $44529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 42226 |  |  | 42226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 35996 |  |  | 35996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 34097 |  |  | 34097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 21542 |  |  | 21542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 19611 |  |  | 19611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 18188 |  |  | 18188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 17133 | 371 |  | 17504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 13084 |  |  | 13084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 9643 |  |  | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 2881 |  |  | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 2596 |  |  | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 58518 |  | 58518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 25698 |  | 25698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 23721 |  | 23721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 19996 |  | 19996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 2436 |  | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 127 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 116 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 4121 |  |  | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 22973 | 191 |  | 23164 |
| &nbsp;&nbsp;&nbsp;Total | $288620 | $131174 | $— | $419794 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on options purchased (futures style) | $7 | $— | $— | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 338 |  |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 280 |  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 126 |  | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 60 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on options written (futures style) | (5) |  |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (57) |  |  | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (601) |  | (601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (284) |  | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (32) |  | (32) |
| &nbsp;&nbsp;&nbsp;Total | $283 | $(448) | $— | $(165) |

---

\*Options purchased (futures style), options written, future contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**301**American Funds Insurance Series

The Bond Fund of America

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $3790654 | $1423 | $3792077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 3612824 | 7595 | 3620419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2148907 |  | 2148907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 594080 |  | 594080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 160265 |  | 160265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 116286 |  | 116286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 11725 |  | 11725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 745797 |  |  | 745797 |
| &nbsp;&nbsp;&nbsp;Total | $745797 | $10434755 | $9018 | $11189570 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $44636 | $— | $— | $44636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 637 |  | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 1464 |  | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 2806 |  | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 461 |  | 461 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (3297) |  |  | (3297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (2964) |  | (2964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (3389) |  | (3389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (1761) |  | (1761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (2599) |  | (2599) |
| &nbsp;&nbsp;&nbsp;Total | $41339 | $(5345) | $— | $35994 |

---

\*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

American Funds Insurance Series **302**

Capital World Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Investment securities | Investment securities |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euros | $ | $— | $330337 | $— | $330337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese yen |  |  | 129364 |  | 129364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British pounds |  |  | 67533 |  | 67533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian reais |  |  | 38886 |  | 38886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian dollars |  |  | 30396 |  | 30396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian dollars |  |  | 30298 |  | 30298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korean won |  |  | 25218 |  | 25218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese yuan renminbi |  |  | 23928 |  | 23928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian ringgits |  |  | 22767 |  | 22767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos |  |  | 16479 |  | 16479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian rupees |  |  | 15703 |  | 15703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesian rupiah |  |  | 9657 |  | 9657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian kroner |  |  | 6698 |  | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African rand |  |  | 6637 |  | 6637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danish kroner |  |  | 6546 |  | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish zloty |  |  | 3940 |  | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos |  |  | 2739 |  | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkish lira |  |  | 1942 |  | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian pesos |  |  | 1052 |  | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech korunas |  |  | 851 |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. dollars |  |  | 643452 | 690 | 644142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  |  | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 1781 | 6 | 45 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 22047 | 22047 |  |  | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 34518 | 34518 | 2878 |  | 37396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased on foreign currencies (equity style) |  |  | 35 |  | 35 |
| &nbsp;&nbsp;&nbsp;Total | $58346 | $58346 | $1417342 | $803 | $1476491 |
|  |  |  | Other investments\* | Other investments\* |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on options purchased (futures style) | &nbsp;&nbsp;$ | $64 | $— | $— | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts |  | 3955 |  |  | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  |  | 3338 |  | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  |  | 1002 |  | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  |  | 522 |  | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of options written (equity style) |  |  | (12) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on options written (futures style) |  | (39) |  |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts |  | (616) |  |  | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  |  | (3277) |  | (3277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  |  | (494) |  | (494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  |  | (3690) |  | (3690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  |  | (424) |  | (424) |
| &nbsp;&nbsp;&nbsp;Total | $3364 | $3364 | $(3020) | $— | $344 |

---

\*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.

**303**American Funds Insurance Series

American High-Income Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Investment securities | Investment securities |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans | $ | $— | $873946 | $3291 | $877237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 430 | 603 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible bonds & notes |  |  | 447 |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 35992 | 802 | 22325 | 59119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  | 2515 | 1468 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  | 47 |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities |  | 45170 |  |  | 45170 |
| &nbsp;&nbsp;&nbsp;Total | $81209 | $81209 | $878140 | $27687 | $987036 |
|  |  |  | Other investments<sup>1</sup> | Other investments<sup>1</sup> |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts |  | $197 | $— | $— | $197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  |  | —<sup>2</sup> |  | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts |  | (59) |  |  | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  |  | (482) |  | (482) |
| &nbsp;&nbsp;&nbsp;Total |  | $138 | $(482) | $— | $(344) |

---

<sup>1</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio. <sup>2</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 June 30, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>value at<br>1/1/2025 | Transfers<br>into<br>Level 3<sup>3</sup> | <br>Purchases | <br>Sales | Net<br>realized<br>gain (loss)<sup>4</sup> | Unrealized<br>appreciation<br>(depreciation)<sup>4</sup> | Transfers<br>out of<br>Level 3<sup>3</sup> | Ending<br>value at<br>6/30/2025 |
| &nbsp;&nbsp;&nbsp;Investment securities | $36440 | $1869 | $6147 | $(4347) | $390 | $(9061) | $(3751) | $27687 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 |  | $(6171) |

---

<sup>3</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>4</sup>Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations.

American Funds Insurance Series **304**

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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Value at<br>6/30/2025 | <br>&nbsp;&nbsp;Valuation<br>&nbsp;&nbsp;techniques | <br>&nbsp;&nbsp;Unobservable<br>&nbsp;&nbsp;inputs | <br>Range<br>(if applicable) | <br>&nbsp;&nbsp;Weighted<br>&nbsp;&nbsp;average\* | Impact to<br>valuation from<br>an increase in<br>input<sup>†</sup> |
|  |  | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;Expected proceeds | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other |  | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other | $3894 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other | $3894 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;debt instruments | $3894 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;debt instruments |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;Indicative market | &nbsp;&nbsp;Broker quote | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  | &nbsp;&nbsp;quotation | &nbsp;&nbsp;Broker quote | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  | &nbsp;&nbsp;quotation |  |  |  |  |
|  |  | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;Expected proceeds | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  | &nbsp;&nbsp;Estimated |  |  |  |  |
|  |  | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;Discount for uncertainty | 20% | &nbsp;&nbsp;20% | Decrease |
|  |  | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;Discount for uncertainty | 20% | &nbsp;&nbsp;20% | Decrease |
|  |  | &nbsp;&nbsp;recovery value |  |  |  |  |
|  |  | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  |  | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  |  | &nbsp;&nbsp;EV/EBITDA multiple | 5.9x - 10.0x | &nbsp;&nbsp;8.1x | Increase |
| &nbsp;&nbsp;&nbsp;Common stocks | $22325 |  | &nbsp;&nbsp;EV/EBITDA-CAPEX multiple | 9.9x | &nbsp;&nbsp;9.9x | Increase |
| &nbsp;&nbsp;&nbsp;Common stocks | $22325 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks | $22325 | &nbsp;&nbsp;Market | &nbsp;&nbsp;Premium to EV/EBITDA-CAPEX | 5% | &nbsp;&nbsp;5% | Increase |
|  |  | &nbsp;&nbsp;Market | &nbsp;&nbsp;Premium to EV/EBITDA-CAPEX | 5% | &nbsp;&nbsp;5% | Increase |
|  |  | &nbsp;&nbsp;Market | &nbsp;&nbsp;multiple | 5% | &nbsp;&nbsp;5% | Increase |
|  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;multiple |  |  |  |
|  |  | &nbsp;&nbsp;comparables |  |  |  |  |
|  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;P/BV multiple | 0.7x | &nbsp;&nbsp;0.7x | Increase |
|  |  |  | &nbsp;&nbsp;P/BV multiple | 0.7x | &nbsp;&nbsp;0.7x | Increase |
|  |  |  | &nbsp;&nbsp;Premium to P/BV multiple | 40% | &nbsp;&nbsp;40% | Increase |
|  |  |  | &nbsp;&nbsp;DLOM | 9% - 15% | &nbsp;&nbsp;9% | Decrease |
| &nbsp;&nbsp;&nbsp;Preferred securities | $1468 | &nbsp;&nbsp;Market | &nbsp;&nbsp;EV/EBITDA multiple | 4.4x | &nbsp;&nbsp;4.4x | Increase |
| &nbsp;&nbsp;&nbsp;Preferred securities | $1468 | &nbsp;&nbsp;comparables | &nbsp;&nbsp;DLOM | 15% | &nbsp;&nbsp;15% | Decrease |
|  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;DLOM | 15% | &nbsp;&nbsp;15% | Decrease |
|  | $27687 |  |  |  |  |  |

---

\*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

P/BV = Price to book value

American Funds Mortgage Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $105527 | $— | $105527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 5070 |  | 5070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 1603 |  | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities |  | 20107 |  | 20107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased on futures (equity style) | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Total | $5 | $132307 | $— | $132312 |

---

**305**American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $603 | $— | $— | $603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 101 |  | 101 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (24) |  |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;Total | $579 | $100 | $— | $679 |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Ultra-Short Bond Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 2.

U.S. Government Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $844043 | $— | $844043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 686092 |  | 686092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 51206 |  | 51206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities |  | 307019 |  | 307019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased on futures (equity style) | 206 |  |  | 206 |
| &nbsp;&nbsp;&nbsp;Total | $206 | $1888360 | $— | $1888566 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $9883 | $— | $— | $9883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 14278 |  | 14278 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (404) |  |  | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (2762) |  | (2762) |
| &nbsp;&nbsp;&nbsp;Total | $9479 | $11516 | $— | $20995 |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Managed Risk Growth Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk International Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Washington Mutual Investors Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Growth-Income Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

American Funds Insurance Series **306**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](gprcctk87m83yahxqaxz6.jpg)

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.

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 the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

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

**307**American Funds Insurance Series

interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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.

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

American Funds Insurance Series **308**

higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

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.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates

—i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

**309**American Funds Insurance Series

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government — 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.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

Nondiversification — The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

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.

American Funds Insurance Series **310**

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 funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**311**American Funds Insurance Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](gx3kjer84l6obmqr4ntz5.jpg)

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Collateral received | Collateral received |  |
|  | Value of |  |  | Value of |
|  | Value of |  |  | Value of |
|  | investment |  |  | investment |
|  | securities |  | U.S. government | securities |
| &nbsp;&nbsp;&nbsp;Funds | on loan | Cash | securities | purchased |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $11 | $— | $12 | $— |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 21033 | 21824 | 154 | 19642 |
| &nbsp;&nbsp;&nbsp;Growth Fund | 137026 | 140364 |  | 126327 |
| &nbsp;&nbsp;&nbsp;New World Fund | 7151 | 4784 | 2898 | 4306 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 4 | 5 |  | 4 |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund | 7 | 7 |  | 7 |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | 8902 | 8988 | 484 | 8089 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 891 | 937 | 2 | 843 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | 16714 | 17540 |  | 15786 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | 2306 | 2353 |  | 2118 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | 1472 | 1545 |  | 1391 |

---

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.

American Funds Insurance Series **312**

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 — Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2025, the maximum exposure from these unfunded commitments for Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $490,000, $3,151,000, $8,000 and $1,158,000, respectively, which would represents 0.02% for Global Small Capitalization Fund, 0.01% for Asset Allocation Fund, less than 0.01% for Capital World Bond Fund and 0.05% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was less than $1,000 for Capital World Bond Fund, $2,000 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.

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

**313**American Funds Insurance Series

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.

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 — Some of the funds have 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 — One of the funds 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.

American Funds Insurance Series **314**

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.

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.

**315**American Funds Insurance Series

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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Options | Options |  | Forward | Interest | Credit |
|  | on | on | Futures | currency | rate | default |
|  | futures | foreign currencies | contracts | contracts | swaps | swaps |
| &nbsp;&nbsp;&nbsp;New World Fund | Not applicable | Not applicable | $15751 | $19587 | $1,702\* | Not applicable |
| &nbsp;&nbsp;&nbsp;International Growth and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund | Not applicable | Not applicable | Not applicable | 645\* | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | Not applicable | Not applicable | 165704 | Not applicable | 7379 | 5160 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | Not applicable | Not applicable | 2375438 | Not applicable | 585,466\* | 58451 |
| &nbsp;&nbsp;&nbsp;Global Balanced Fund | $13706 | Not applicable | 49536 | 67771 | 17473 | 7108 |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America | Not applicable | Not applicable | 5974302 | 234959 | 627191 | 145756 |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund | 72254 | $20561 | 669768 | 490321 | 255025 | 92993 |
| &nbsp;&nbsp;&nbsp;American High-Income Trust | Not applicable | Not applicable | 40053 | Not applicable | Not applicable | 14703 |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund | 25546 | Not applicable | 101434 | Not applicable | 1820 | Not applicable |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | 900592 | Not applicable | 2057761 | Not applicable | 1084428 | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund | 429063 | Not applicable | 1746 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | 84769 | Not applicable | 573 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Washington |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Investors Fund | 265317 | Not applicable | 3801 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | 2964611 | Not applicable | 59458 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation | 353919 | Not applicable | 35924 | 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.

American Funds Insurance Series **316**

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended, June 30, 2025 (dollars in thousands):

New World Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $ | $65 | Unrealized depreciation<sup>1</sup> | $ | $4 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open |  | 90 | Unrealized depreciation on open |  | 168 |
|  |  | forward currency contracts |  |  | forward currency contracts |  |  |
|  |  |  | $155 | $155 |  | $172 | $172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations |  | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $50 | Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $50 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (253) | (253) | Net unrealized appreciation | (158) | (158) |
|  |  | currency contracts |  |  | (depreciation) on forward currency |  |  |
|  |  |  |  |  | contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap |  | (88) | Net unrealized appreciation |  | 104 |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
|  |  |  | $(291) | $(291) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $(4) |
| Capital Income Builder |  |  |  |  |  |  |  |
| Capital Income Builder |  |  |  |  |  |  |  |
| Capital Income Builder |  |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $1481 | $1481 | Unrealized depreciation<sup>1</sup> |  | $72 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> |  | 243 | Unrealized depreciation<sup>1</sup> |  | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | 12 | Unrealized depreciation<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
|  |  |  | $1736 | $1736 |  |  | $72 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations |  | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $(329) | $(329) | Net unrealized appreciation | $2387 | $2387 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap |  | 51 | Net unrealized appreciation | (228) | (228) |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap |  | 9 | Net unrealized appreciation |  | 12 |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
|  |  |  | $(269) | $(269) |  | $2171 | $2171 |

---

Refer to the end of the table(s) for footnote(s).

**317**American Funds Insurance Series

Asset Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $24259 | Unrealized depreciation<sup>1</sup> | $5521 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 860 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $24259 |  | $6381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $5194 | Net unrealized appreciation | $21662 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | (439) | Net unrealized appreciation | 119 |
|  |  | contracts |  | (depreciation) on swap contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (16) | Net unrealized appreciation | (1003) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $4739 |  | $20778 |
| 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 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Unrealized appreciation<sup>1</sup> | $7 | Unrealized depreciation<sup>1</sup> | $— |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 5 |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | 338 | Unrealized depreciation<sup>1</sup> | 57 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open | 280 | Unrealized depreciation on open | 601 |
|  |  | forward currency contracts |  | forward currency contracts |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 126 | Unrealized depreciation<sup>1</sup> | 5 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (bilateral) | Interest | Bilateral swaps, at value | 60 | Bilateral swaps, at value | 284 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> | 8 | Unrealized depreciation<sup>1</sup> | 32 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $819 |  | $984 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **318**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on options | $(44) | Net unrealized appreciation | $7 |
| &nbsp;&nbsp;&nbsp;(futures style) |  | purchased (futures style) |  | (depreciation) on options |  |
|  |  |  |  | purchased (futures style) |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Net realized gain (loss) on options | 27 | Net unrealized appreciation | (5) |
| &nbsp;&nbsp;&nbsp;(futures style) |  | written |  | (depreciation) on options written |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | (227) | Net unrealized appreciation | 519 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (4788) | Net unrealized appreciation | (140) |
|  |  | currency contracts |  | (depreciation) on forward currency |  |
|  |  |  |  | contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 24 | Net unrealized appreciation | 223 |
|  |  | contracts |  | (depreciation) on swap contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (18) | Net unrealized appreciation | (19) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $(5026) |  | $585 |

---

The Bond Fund of America

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $44636 | Unrealized depreciation<sup>1</sup> | $3297 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open | 637 | Unrealized depreciation on open | 2964 |
|  |  | forward currency contracts |  | forward currency contracts |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 1464 | Unrealized depreciation<sup>1</sup> | 3389 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (bilateral) | Interest | Bilateral swaps, at value | 2806 | Bilateral swaps, at value | 1761 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> | 461 | Unrealized depreciation<sup>1</sup> | 2599 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $50004 |  | $14010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $(29364) | Net unrealized appreciation | $71589 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (8500) | Net unrealized appreciation | (4153) |
|  |  | currency contracts |  | (depreciation) on forward currency |  |
|  |  |  |  | contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 4209 | Net unrealized appreciation | 5700 |
|  |  | contracts |  | (depreciation) on swap contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | 977 | Net unrealized appreciation | (2152) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $(32678) |  | $70984 |

---

Refer to the end of the table(s) for footnote(s).

**319**American Funds Insurance Series

Capital World Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Currency | Investment securities | $35 | Investment securities | $ | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Currency | Options written, at value |  | Options written, at value |  | 12 |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Unrealized appreciation<sup>1</sup> | 64 | Unrealized depreciation<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> |  | 39 |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | 3955 | Unrealized depreciation<sup>1</sup> |  | 616 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open | 3338 | Unrealized depreciation on open |  | 3277 |
|  |  | forward currency contracts |  | forward currency contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 1002 | Unrealized depreciation<sup>1</sup> |  | 494 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (bilateral) | Interest | Bilateral swaps, at value | 522 | Bilateral swaps, at value |  | 3690 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> | 15 | Unrealized depreciation<sup>1</sup> |  | 424 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |
|  |  |  | $8931 |  | $8552 | $8552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on | $(2) | Net unrealized appreciation | $ | $18 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Currency | Net realized gain (loss) on | 180 | Net unrealized appreciation |  | 31 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Currency | Net realized gain (loss) on options | 52 | Net unrealized appreciation |  | 54 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | written |  | (depreciation) on options written |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on options | (399) | Net unrealized appreciation |  | 64 |
| &nbsp;&nbsp;&nbsp;(futures style) |  | purchased (futures style) |  | (depreciation) on options |  |  |
|  |  |  |  | purchased (futures style) |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Net realized gain (loss) on options | 245 | Net unrealized appreciation |  | (39) |
| &nbsp;&nbsp;&nbsp;(futures style) |  | written |  | (depreciation) on options written |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | (425) | Net unrealized appreciation |  | 5267 |
|  |  | contracts |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | 1112 | Net unrealized appreciation |  | 118 |
|  |  | currency contracts |  | (depreciation) on forward currency |  |  |
|  |  |  |  | contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | (205) | Net unrealized appreciation |  | 3337 |
|  |  | contracts |  | (depreciation) on swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | 609 | Net unrealized appreciation |  | (296) |
|  |  | contracts |  | (depreciation) on swap contracts |  |  |
|  |  |  | $1167 |  | $8554 | $8554 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **320**

American High-Income Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $197 | Unrealized depreciation<sup>1</sup> | $59 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 482 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $197 |  | $541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $160 | Net unrealized appreciation | $214 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (1) | Net unrealized appreciation | (525) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $159 |  | $(311) |
| American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |  |
| American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |  |
| American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Investment securities | $5 | Investment securities | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | 603 | Unrealized depreciation<sup>1</sup> | 24 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 101 | Unrealized depreciation<sup>1</sup> | 1 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $709 |  | $25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on | $(10) | Net unrealized appreciation | $(7) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  | (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 243 | Net unrealized appreciation | 920 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 9 | Net unrealized appreciation | (41) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $242 |  | $872 |

---

Refer to the end of the table(s) for footnote(s).

**321**American Funds Insurance Series

U.S. Government Securities Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Investment securities | $206 | Investment securities | $— |  |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | 9883 | Unrealized depreciation<sup>1</sup> | 404 | 404 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 14278 | Unrealized depreciation<sup>1</sup> | 2762 | 2762 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |
|  |  |  | $24367 |  | $3166 | $3166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on | $(336) | Net unrealized appreciation | (296) | (296) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 6752 | Net unrealized appreciation | 16396 | 16396 |
|  |  | contracts |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 2638 | Net unrealized appreciation | (2276) | (2276) |
|  |  | contracts |  | (depreciation) on swap contracts |  |  |
|  |  |  | $9054 |  | $13824 | $13824 |
| Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |  |  |
| Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |  |  |
| Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $3271 | Investment securities from |  | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 6 | 6 |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 66 | Unrealized depreciation<sup>1</sup> |  |  |
|  |  |  | $3337 |  | $6 | $6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(2283) | Net unrealized appreciation | $15 | 15 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |  |
|  |  |  |  | unaffiliated issuers |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (350) | Net unrealized appreciation | (10) | (10) |
|  |  | contracts |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (14664) | Net unrealized appreciation | (397) | (397) |
|  |  | contracts |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 8 | Net unrealized appreciation | 4 | 4 |
|  |  | contracts |  | (depreciation) on futures contracts |  |  |
|  |  |  | $(17289) |  | $(388) | $(388) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **322**

Managed Risk International Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $481 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 126 |
|  |  |  | $481 |  | $126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(561) | Net unrealized appreciation | $(152) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures |  | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (6393) | Net unrealized appreciation | (230) |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 6 | Net unrealized appreciation | 3 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(6948) |  | $(379) |
| 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 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $1203 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 298 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $1501 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(1416) | Net unrealized appreciation | $(135) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (183) | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (9762) | Net unrealized appreciation | 364 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 14 | Net unrealized appreciation | 8 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(11347) |  | $237 |

---

Refer to the end of the table(s) for footnote(s).

**323**American Funds Insurance Series

Managed Risk Growth-Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $14515 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 3205 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $17720 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(14007) | Net unrealized appreciation | $(1473) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (1347) | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (53591) | Net unrealized appreciation | 4197 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 45 | Net unrealized appreciation | 25 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(68900) |  | $2749 |
| 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 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of assets |  | Location on statement of assets |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk Type | and liabilities | Value | and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $2833 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 638 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $3471 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(1782) | Net unrealized appreciation | $(299) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (513) | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (50070) | Net unrealized appreciation | 1047 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 709 | Net unrealized appreciation | 314 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(51656) |  | $1062 |

---

<sup>1</sup>Includes cumulative appreciation/depreciation on futures 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.

American Funds Insurance Series **324**

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 pledged cash collateral 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 June 30, 2025, if close-out netting was exercised (dollars in thousands):

New World Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Gross amounts not offset in the | &nbsp;&nbsp;&nbsp;&nbsp;Gross amounts not offset in the |  |  |
|  | Gross amounts | statement of assets and liabilities and | statement of assets and liabilities and | statement of assets and liabilities and |  |
|  | Gross amounts | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | $18 | $(2) | $— | $— | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 62 | (26) |  |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 8 |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 2 | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | —<sup>†</sup> | —† |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $90 | $(30) | $— | $— | $60 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $61 | $— | $— | $— | $61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 2 | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 26 | (26) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 18 |  |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 9 |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 23 | (2) |  |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 28 | —† |  |  | 28 |
| &nbsp;&nbsp;&nbsp;Total | $168 | $(30) | $— | $— | $138 |

---

Refer to the end of the table(s) for footnote(s).

**325**American Funds Insurance Series

American Funds Global Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Gross amounts not offset in the |  |  |
|  | Gross amounts | statement of assets and liabilities and | statement of assets and liabilities and | statement of assets and liabilities and |  |
|  | Gross amounts | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $15 | $(15) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 44 | (28) |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 64 | (64) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 10 | (10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 116 | (116) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 46 | (46) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 11 | (11) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 7 | (7) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $340 | $(324) | $— | $— | $16 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $45 | $(15) | $(30) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon | 5 |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 28 | (28) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 70 | (64) |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 78 | (10) |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 223 | (116) | (107) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 48 | (46) |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 20 | (11) | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 207 | (7) |  |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 48 | (19) |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 113 | (8) |  |  | 105 |
| &nbsp;&nbsp;&nbsp;Total | $885 | $(324) | $(146) | $— | $415 |

---

The Bond Fund of America

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Gross amounts not offset in the |  |  |
|  | Gross amounts | statement of assets and liabilities and | statement of assets and liabilities and | statement of assets and liabilities and |  |
|  | Gross amounts | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $191 | $(190) | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 864 | (533) |  |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 126 | (126) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 412 |  |  |  | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1701 | (494) |  |  | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 78 | (78) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 71 | (71) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $3443 | $(1492) | $— | $— | $1951 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $190 | $(190) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 533 | (533) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 2672 | (126) | (2475) |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 494 | (494) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 81 | (78) |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 620 | (71) |  |  | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 135 |  |  |  | 135 |
| &nbsp;&nbsp;&nbsp;Total | $4725 | $(1492) | $(2475) | $— | $758 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **326**

Capital World Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Gross amounts not offset in the |  |  |
|  | Gross amounts | &nbsp;&nbsp;statement of assets and liabilities and | &nbsp;&nbsp;statement of assets and liabilities and |  |  |
|  | Gross amounts | &nbsp;&nbsp;subject to a master netting agreement | &nbsp;&nbsp;subject to a master netting agreement |  |  |
|  | recognized in the | &nbsp;&nbsp;subject to a master netting agreement | &nbsp;&nbsp;subject to a master netting agreement |  |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $995 | $(809) | $— | $— | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon | 119 |  |  |  | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 446 | (446) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 319 | (319) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 675 | (675) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 215 | (215) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 845 | (358) |  | (310) | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 5 | (5) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 80 | (80) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 162 | (162) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 34 | (34) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $3895 | $(3103) | $— | $(310) | $482 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $809 | $(809) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 558 | (446) | (112) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 670 | (319) | (288) |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 683 | (675) |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 2520 | (215) | (2298) |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 358 | (358) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 26 | (5) | (15) |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 145 | (80) |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 449 | (162) | (287) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 761 | (34) | (340) |  | 387 |
| &nbsp;&nbsp;&nbsp;Total | $6979 | $(3103) | $(3340) | $— | $536 |

---

\*Collateral is shown on a settlement basis.

<sup>†</sup>Amount less than one thousand.

**327**American Funds Insurance Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g3etu6jogzmvyzu8l7sx1.jpg)

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 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 period, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds 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 six months ended June 30, 2025, some of the funds recognized

EU 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):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund | Reclaims | Fees | Interest |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $587 | $51 | $285 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 45 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;International Fund | 2072 | 111 | 309 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 196 | 5 |  |

---

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.

American Funds Insurance Series **328**

![](gc4lgjscjqs2hxu2iapdv.jpg)

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Global |  |  |  | Washington |
|  | Global | Small |  |  | New | Mutual |
|  | Growth | Capitalization | Growth | International | World | Investors |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;As of December 31, 2024: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed ordinary income | $36695 | $— | $592960 | $2838 | $15572 | $91745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Late year ordinary loss deferral<sup>2</sup> |  | (5889) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed long-term capital gains | 1032377 | 65722 | 3442300 |  | 137294 | 720853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> |  |  |  | (206867) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward utilized |  |  |  | 333805 |  |  |
| &nbsp;&nbsp;&nbsp;As of June 30, 2025: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 3672153 | 874249 | 29669987 | 1970140 | 1386903 | 4493198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (175826) | (96526) | (588478) | (120463) | (66083) | (136080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 3496327 | 777723 | 29081509 | 1849677 | 1320820 | 4357118 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 5158642 | 2334987 | 22505964 | 5410310 | 2432087 | 7297400 |
|  |  |  |  | International |  |  |
|  | U.S. Small | Capital World | Growth- | Growth | Capital | Asset |
|  | and Mid Cap | Growth and | Income | and Income | Income | Allocation |
|  | Equity Fund | Income Fund | Fund | Fund | Builder | Fund |
| &nbsp;&nbsp;&nbsp;As of December 31, 2024: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed ordinary income | $5 | $4026 | $485763 | $1421 | $14631 | $274951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed long-term capital gains |  | 71132 | 6590885 |  |  | 1750583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> |  |  |  | (25671) | (6862) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward utilized |  | 69742 |  |  | 18956 |  |
| &nbsp;&nbsp;&nbsp;As of June 30, 2025: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 1508 | 812185 | 18907142 | 114299 | 385128 | 8199326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (894) | (47504) | (167029) | (11155) | (26553) | (567859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 614 | 764681 | 18740113 | 103144 | 358575 | 7631467 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 15112 | 1243307 | 23895713 | 293020 | 1206185 | 20569509 |
|  | American |  |  |  |  |  |
|  | Funds |  | Capital |  | American |  |
|  | Global | The Bond | World | American | Funds | Ultra-Short |
|  | Balanced | Fund of | Bond | High-Income | Mortgage | Bond |
|  | Fund | America | Fund | Trust | Fund | Fund |
| &nbsp;&nbsp;&nbsp;As of December 31, 2024: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed ordinary income | $919 | $96579 | $3576 | $10769 | $895 | $2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed long-term capital gains | 15632 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> |  | (1584772) | (199982) | (329227) | (14210) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward utilized | 3502 |  |  | 2670 |  |  |
| &nbsp;&nbsp;&nbsp;As of June 30, 2025: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 86169 | 200273 | 58927 | 54453 | 2127 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (9941) | (244004) | (64856) | (38953) | (1403) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | 76228 | (43731) | (5929) | 15500 | 724 | (30) |
| &nbsp;&nbsp;&nbsp;Cost of investments | 343260 | 11273203 | 1483160 | 972704 | 132267 | 328764 |

---

Refer to the end of the table(s) for footnote(s).

**329**American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Managed |  |  |
|  |  |  |  | Risk | Managed | Managed |
|  | U.S. | Managed | Managed | Washington | Risk | Risk |
|  | Government | Risk | Risk | Mutual | Growth- | Asset |
|  | Securities | Growth | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;As of December 31, 2024: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed ordinary income | $14192 | $3030 | $1479 | $4678 | $29096 | $34222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed long-term capital gains |  | 21721 |  |  | 80444 | 121846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> | (285585) |  | (17954) | (22352) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward utilized |  | 12281 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As of June 30, 2025: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 45694 | 117719 | 20510 | 60113 | 231817 | 177065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (50484) | (64383) | (22277) | (25719) | (76928) | (47264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | (4790) | 53336 | (1767) | 34394 | 154889 | 129801 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 1914351 | 467686 | 115094 | 283921 | 1973291 | 1826040 |

---

<sup>1</sup>Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

<sup>2</sup>This deferral is considered incurred in the subsequent year.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $17222 | $455982 | $473204 | $65173 | $99126 | $164299 |
| &nbsp;&nbsp;&nbsp;Class 1A | 96 | 2766 | 2862 | 319 | 536 | 855 |
| &nbsp;&nbsp;&nbsp;Class 2 | 15237 | 443236 | 458473 | 57169 | 103301 | 160470 |
| &nbsp;&nbsp;&nbsp;Class 4 | 4149 | 130403 | 134552 | 12745 | 23878 | 36623 |
| &nbsp;&nbsp;&nbsp;Total | $36704 | $1032387 | $1069091 | $135406 | $226841 | $362247 |

---

Global Small Capitalization Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Year ended December 31, 2024 | Year ended December 31, 2024 |  |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $— | $19199 | $19199 | $24044 | $21820 | $45864 |
| &nbsp;&nbsp;&nbsp;Class 1A |  | 126 | 126 | 120 | 119 | 239 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 39094 | 39094 | 42943 | 43051 | 85994 |
| &nbsp;&nbsp;&nbsp;Class 4 |  | 7316 | 7316 | 6428 | 7070 | 13498 |
| &nbsp;&nbsp;&nbsp;Total | $— | $65735 | $65735 | $73535 | $72060 | $145595 |

---

American Funds Insurance Series **330**

![](g3s4zbpbri5wvvytzscbd.jpg)

Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $271740 | $1543000 | $1814740 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4439 | 26100 | 30539 |
| &nbsp;&nbsp;&nbsp;Class 2 | 243730 | 1433339 | 1677069 |
| &nbsp;&nbsp;&nbsp;Class 3 | 3240 | 18878 | 22118 |
| &nbsp;&nbsp;&nbsp;Class 4 | 69855 | 421011 | 490866 |
| &nbsp;&nbsp;&nbsp;Total | $593004 | $3442328 | $4035332 |

---

International Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $2080 | $— | $2080 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;Class 2 | 776 |  | 776 |
| &nbsp;&nbsp;&nbsp;Class 3 | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $2865 | $— | $2865 |

---

New World Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $8656 | $71532 | $80188 |
| &nbsp;&nbsp;&nbsp;Class 1A | 49 | 453 | 502 |
| &nbsp;&nbsp;&nbsp;Class 2 | 3487 | 31619 | 35106 |
| &nbsp;&nbsp;&nbsp;Class 4 | 3394 | 33694 | 37088 |
| &nbsp;&nbsp;&nbsp;Total | $15586 | $137298 | $152884 |

---

Washington Mutual Investors Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $52115 | $397175 | $449290 |
| &nbsp;&nbsp;&nbsp;Class 1A | 264 | 2103 | 2367 |
| &nbsp;&nbsp;&nbsp;Class 2 | 24149 | 193815 | 217964 |
| &nbsp;&nbsp;&nbsp;Class 4 | 15307 | 127802 | 143109 |
| &nbsp;&nbsp;&nbsp;Total | $91835 | $720895 | $812730 |

---

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $121696 | $433019 | $554715 |
| 1328 | 7268 | 8596 |
| 72492 | 433759 | 506251 |
| 1123 | 5725 | 6848 |
| 9370 | 97988 | 107358 |
| $206009 | $977759 | $1183768 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $46267 | $— | $46267 |
| 157 |  | 157 |
| 40220 |  | 40220 |
| 191 |  | 191 |
| 4485 |  | 4485 |
| $91320 | $— | $91320 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $29713 | $8227 | $37940 |
| 167 | 49 | 216 |
| 11293 | 3828 | 15121 |
| 9604 | 3785 | 13389 |
| $50777 | $15889 | $66666 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $111395 | $50394 | $161789 |
| 426 | 202 | 628 |
| 46990 | 24567 | 71557 |
| 23694 | 12608 | 36302 |
| $182505 | $87771 | $270276 |

---

**331**American Funds Insurance Series

![](g74p6jd15spbif2yj0m4t.jpg)

U.S. Small and Mid Cap Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | For the period November 15, 2024<sup>3</sup> to | For the period November 15, 2024<sup>3</sup> to | For the period November 15, 2024<sup>3</sup> to |
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  | December 31, 2024 |  |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $—<sup>4</sup> | $—<sup>4</sup> | $—<sup>4</sup> | $—<sup>4</sup> | $— | $—<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Class 1A | —<sup>4</sup> | —<sup>4</sup> | —<sup>4</sup> | —<sup>4</sup> |  | —<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Class 2 | —<sup>4</sup> | —<sup>4</sup> | —<sup>4</sup> | —<sup>4</sup> |  | —<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Class 4 | 5 | —<sup>4</sup> | 5 | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;Total | $5 | $—<sup>4</sup> | $5 | $13 | $— | $13 |

---

Capital World Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $1434 | $21740 | $23174 |
| &nbsp;&nbsp;&nbsp;Class 1A | 21 | 363 | 384 |
| &nbsp;&nbsp;&nbsp;Class 2 | 2061 | 37773 | 39834 |
| &nbsp;&nbsp;&nbsp;Class 4 | 519 | 11256 | 11775 |
| &nbsp;&nbsp;&nbsp;Total | $4035 | $71132 | $75167 |

---

Growth-Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $290697 | $3878399 | $4169096 |
| &nbsp;&nbsp;&nbsp;Class 1A | 526 | 7252 | 7778 |
| &nbsp;&nbsp;&nbsp;Class 2 | 159838 | 2211126 | 2370964 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1732 | 23742 | 25474 |
| &nbsp;&nbsp;&nbsp;Class 4 | 33021 | 470380 | 503401 |
| &nbsp;&nbsp;&nbsp;Total | $485814 | $6590899 | $7076713 |

---

International Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $112 | $— | $112 |
| &nbsp;&nbsp;&nbsp;Class 1A | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;Class 2 | 614 |  | 614 |
| &nbsp;&nbsp;&nbsp;Class 4 | 669 |  | 669 |
| &nbsp;&nbsp;&nbsp;Total | $1423 | $— | $1423 |

---

Refer to the end of the table(s) for footnote(s).

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $11350 | $— | $11350 |
| 144 |  | 144 |
| 17039 |  | 17039 |
| 3943 |  | 3943 |
| $32476 | $— | $32476 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $338365 | $1023186 | $1361551 |
| 495 | 1702 | 2197 |
| 163135 | 597677 | 760812 |
| 1879 | 6513 | 8392 |
| 26050 | 105495 | 131545 |
| $529924 | $1734573 | $2264497 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $461 | $— | $461 |
| 156 |  | 156 |
| 3897 |  | 3897 |
| 3584 |  | 3584 |
| $8098 | $— | $8098 |

---

American Funds Insurance Series **332**

![](ghk1lv7lz03qxdzoy2ygx.jpg)

Capital Income Builder

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $9077 | $— | $9077 |
| &nbsp;&nbsp;&nbsp;Class 1A | 143 |  | 143 |
| &nbsp;&nbsp;&nbsp;Class 2 | 212 |  | 212 |
| &nbsp;&nbsp;&nbsp;Class 4 | 6699 |  | 6699 |
| &nbsp;&nbsp;&nbsp;Total | $16131 | $— | $16131 |

---

Asset Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $164502 | $1019238 | $1183740 |
| &nbsp;&nbsp;&nbsp;Class 1A | 434 | 2795 | 3229 |
| &nbsp;&nbsp;&nbsp;Class 2 | 43502 | 280960 | 324462 |
| &nbsp;&nbsp;&nbsp;Class 3 | 326 | 2081 | 2407 |
| &nbsp;&nbsp;&nbsp;Class 4 | 66287 | 445526 | 511813 |
| &nbsp;&nbsp;&nbsp;Total | $275051 | $1750600 | $2025651 |

---

American Funds Global Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $254 | $3585 | $3839 |
| &nbsp;&nbsp;&nbsp;Class 1A | 9 | 152 | 161 |
| &nbsp;&nbsp;&nbsp;Class 2 | 335 | 5617 | 5952 |
| &nbsp;&nbsp;&nbsp;Class 4 | 324 | 6279 | 6603 |
| &nbsp;&nbsp;&nbsp;Total | $922 | $15633 | $16555 |

---

The Bond Fund of America

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $60306 | $— | $60306 |
| &nbsp;&nbsp;&nbsp;Class 1A | 2233 |  | 2233 |
| &nbsp;&nbsp;&nbsp;Class 2 | 23485 |  | 23485 |
| &nbsp;&nbsp;&nbsp;Class 4 | 10634 |  | 10634 |
| &nbsp;&nbsp;&nbsp;Total | $96658 | $— | $96658 |

---

Capital World Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $1662 | $— | $1662 |
| &nbsp;&nbsp;&nbsp;Class 1A | 53 |  | 53 |
| &nbsp;&nbsp;&nbsp;Class 2 | 1727 |  | 1727 |
| &nbsp;&nbsp;&nbsp;Class 4 | 146 |  | 146 |
| &nbsp;&nbsp;&nbsp;Total | $3588 | $— | $3588 |

---

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $25390 | $— | $25390 |
| 397 |  | 397 |
| 575 |  | 575 |
| 19314 |  | 19314 |
| $45676 | $— | $45676 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $374078 | $678739 | $1052817 |
| 848 | 1422 | 2270 |
| 92429 | 187595 | 280024 |
| 693 | 1326 | 2019 |
| 127247 | 278890 | 406137 |
| $595295 | $1147972 | $1743267 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $1963 | $— | $1963 |
| 64 |  | 64 |
| 2714 |  | 2714 |
| 2307 |  | 2307 |
| $7048 | $— | $7048 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $305561 | $— | $305561 |
| 8909 |  | 8909 |
| 115243 |  | 115243 |
| 45913 |  | 45913 |
| $475626 | $— | $475626 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $15387 | $— | $15387 |
| 983 |  | 983 |
| 16410 |  | 16410 |
| 1135 |  | 1135 |
| $33915 | $— | $33915 |

---

**333**American Funds Insurance Series

![](go6zstegtz9z58hwm34bb.jpg)

American High-Income Trust

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $2793 | $— | $2793 |
| &nbsp;&nbsp;&nbsp;Class 1A | 37 |  | 37 |
| &nbsp;&nbsp;&nbsp;Class 2 | 5937 |  | 5937 |
| &nbsp;&nbsp;&nbsp;Class 3 | 87 |  | 87 |
| &nbsp;&nbsp;&nbsp;Class 4 | 1919 |  | 1919 |
| &nbsp;&nbsp;&nbsp;Total | $10773 | $— | $10773 |

---

American Funds Mortgage Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $143 | $— | $143 |
| &nbsp;&nbsp;&nbsp;Class 1A | 23 |  | 23 |
| &nbsp;&nbsp;&nbsp;Class 2 | 316 |  | 316 |
| &nbsp;&nbsp;&nbsp;Class 4 | 414 |  | 414 |
| &nbsp;&nbsp;&nbsp;Total | $896 | $— | $896 |

---

Ultra-Short Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $267 | $— | $267 |
| &nbsp;&nbsp;&nbsp;Class 1A | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Class 2 | 1787 |  | 1787 |
| &nbsp;&nbsp;&nbsp;Class 3 | 29 |  | 29 |
| &nbsp;&nbsp;&nbsp;Class 4 | 473 |  | 473 |
| &nbsp;&nbsp;&nbsp;Total | $2557 | $— | $2557 |

---

U.S. Government Securities Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $2151 | $— | $2151 |
| &nbsp;&nbsp;&nbsp;Class 1A | 2157 |  | 2157 |
| &nbsp;&nbsp;&nbsp;Class 2 | 8060 |  | 8060 |
| &nbsp;&nbsp;&nbsp;Class 3 | 41 |  | 41 |
| &nbsp;&nbsp;&nbsp;Class 4 | 1788 |  | 1788 |
| &nbsp;&nbsp;&nbsp;Total | $14197 | $— | $14197 |

---

Managed Risk Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $111 | $558 | $669 |
| &nbsp;&nbsp;&nbsp;Class P2 | 2919 | 21164 | 24083 |
| &nbsp;&nbsp;&nbsp;Total | $3030 | $21722 | $24752 |

---

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $15191 | $— | $15191 |
| 199 |  | 199 |
| 35147 |  | 35147 |
| 529 |  | 529 |
| 8336 |  | 8336 |
| $59402 | $— | $59402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $804 | $— | $804 |
| 121 |  | 121 |
| 1928 |  | 1928 |
| 2148 |  | 2148 |
| $5001 | $— | $5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $1996 | $— | $1996 |
| 6 |  | 6 |
| 12857 |  | 12857 |
| 205 |  | 205 |
| 2569 |  | 2569 |
| $17633 | $— | $17633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $11248 | $— | $11248 |
| 11344 |  | 11344 |
| 42551 |  | 42551 |
| 204 |  | 204 |
| 7920 |  | 7920 |
| $73267 | $— | $73267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $93 | $— | $93 |
| 2326 |  | 2326 |
| $2419 | $— | $2419 |

---

American Funds Insurance Series **334**

![](gs25pye4fe0h2665bl8rg.jpg)

Managed Risk International Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $30 | $— | $30 |
| &nbsp;&nbsp;&nbsp;Class P2 | 1450 |  | 1450 |
| &nbsp;&nbsp;&nbsp;Total | $1480 | $— | $1480 |

---

Managed Risk Washington Mutual Investors Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $40 | $— | $40 |
| &nbsp;&nbsp;&nbsp;Class P2 | 4640 |  | 4640 |
| &nbsp;&nbsp;&nbsp;Total | $4680 | $— | $4680 |

---

Managed Risk Growth-Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $25511 | $70237 | $95748 |
| &nbsp;&nbsp;&nbsp;Class P2 | 3596 | 10214 | 13810 |
| &nbsp;&nbsp;&nbsp;Total | $29107 | $80451 | $109558 |

---

Managed Risk Asset Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six months ended June 30, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $208 | $722 | $930 |
| &nbsp;&nbsp;&nbsp;Class P2 | 34023 | 121132 | 155155 |
| &nbsp;&nbsp;&nbsp;Total | $34231 | $121854 | $156085 |

---

<sup>3</sup>Commencement of operations.

<sup>4</sup>Amount less than one thousand.

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $29 | $— | $29 |
| 1532 |  | 1532 |
| $1561 | $— | $1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $53 | $— | $53 |
| 5422 |  | 5422 |
| $5475 | $— | $5475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $33022 | $25142 | $58164 |
| 4085 | 3659 | 7744 |
| $37107 | $28801 | $65908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $226 | $138 | $364 |
| 39976 | 28786 | 68762 |
| $40202 | $28924 | $69126 |

---

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 six months ended June 30, 2025, total investment advisory services fees waived by CRMC were $26,151,000. 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.

**335**American Funds Insurance Series

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | For the | For the |
|  |  |  | Net asset level |  | six months | six months |
|  |  |  | Net asset level |  | ended | ended |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates |  | (in billions) |  | ended | ended |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates |  | (in billions) |  | June 30, | June 30, |
|  |  |  |  |  | June 30, | June 30, |
|  |  |  |  |  | June 30, | June 30, |
|  | Beginning | Ending | In excess | In excess | 2025, | 2025, |
| &nbsp;&nbsp;&nbsp;Fund | with | with | Up to | of | before waiver | after waiver |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.475% | &nbsp;&nbsp;&nbsp;&nbsp;.435% | $15.0 | $15.0 | .475% | .368% |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.647 | &nbsp;&nbsp;&nbsp;&nbsp;.615 | 15.0 | 15.0 | .647 | .604 |
| &nbsp;&nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;.275 | .6 | 44.0 | .304 | .304 |
| &nbsp;&nbsp;&nbsp;International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.478 | &nbsp;&nbsp;&nbsp;&nbsp;.430 | 15.0 | 21.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;New World Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.577 | &nbsp;&nbsp;&nbsp;&nbsp;.510 | 15.0 | 15.0 | .577 | .507 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.374 | &nbsp;&nbsp;&nbsp;&nbsp;.350 | 15.0 | 15.0 | .374 | .231 |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.450 |  | all |  | .450 | .450 |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.475 | &nbsp;&nbsp;&nbsp;&nbsp;.435 | 15.0 | 15.0 | .475 | .375 |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;.217 | .6 | 44.0 | .250 | .250 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.478 | &nbsp;&nbsp;&nbsp;&nbsp;.450 | 15.0 | 15.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.357 | &nbsp;&nbsp;&nbsp;&nbsp;.330 | 15.0 | 15.0 | .357 | .227 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;.236 | .6 | 34.0 | .265 | .265 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.446 | &nbsp;&nbsp;&nbsp;&nbsp;.420 | 15.0 | 15.0 | .446 | .433 |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.352 | &nbsp;&nbsp;&nbsp;&nbsp;.320 | 15.0 | 15.0 | .352 | .202 |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.431 | &nbsp;&nbsp;&nbsp;&nbsp;.360 | 15.0 | 15.0 | .431 | .431 |
| &nbsp;&nbsp;&nbsp;American High-Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.404 | &nbsp;&nbsp;&nbsp;&nbsp;.386 | 15.0 | 15.0 | .404 | .284 |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.295 | &nbsp;&nbsp;&nbsp;&nbsp;.280 | 15.0 | 15.0 | .295 | .218 |
| &nbsp;&nbsp;&nbsp;Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.257 | &nbsp;&nbsp;&nbsp;&nbsp;.242 | 15.0 | 15.0 | .257 | .257 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.295 | &nbsp;&nbsp;&nbsp;&nbsp;.280 | 15.0 | 15.0 | .295 | .222 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk International Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk Washington Mutual Investors Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share class | &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;&nbsp;&nbsp;&nbsp;&nbsp;Currently approved limits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan limits |
| &nbsp;&nbsp;&nbsp;Class 1A | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;Class 2 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Class 3 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;Class 4 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Class P1 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Class P2 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

American Funds Insurance Series **336**

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 communica- tions 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 administra- tive services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administra- tive 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 |  |  |  | Global Small Capitalization Fund | Global Small Capitalization Fund |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $534 | Class 1 | Not applicable | Not applicable | $133 |
| Class 1A | $— | $26 | 3 | Class 1A | $— | $7 | 1 |
| Class 2 | 4295 | Not applicable | 515 | Class 2 | 2083 | Not applicable | 250 |
| Class 4 | 1206 | 1207 | 145 | Class 4 | 385 | 385 | 46 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $5501 | $1233 | $1197 | &nbsp;&nbsp;&nbsp;expenses | $2468 | $392 | $430 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Growth Fund |  |  |  | International Fund |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $3171 | Class 1 | Not applicable | Not applicable | $463 |
| Class 1A | $— | $489 | 59 | Class 1A | $— | $16 | 2 |
| Class 2 | 24517 | Not applicable | 2942 | Class 2 | 4053 | Not applicable | 486 |
| Class 3 | 239 | Not applicable | 40 | Class 3 | 13 | Not applicable | 2 |
| Class 4 | 6668 | 6668 | 800 | Class 4 | 575 | 576 | 69 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $31424 | $7157 | $7012 | &nbsp;&nbsp;&nbsp;expenses | $4641 | $592 | $1022 |

---

**337**American Funds Insurance Series

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| New World Fund |  |  |  | Washington Mutual Investors Fund | Washington Mutual Investors Fund |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $271 | Class 1 | Not applicable | Not applicable | $924 |
| Class 1A | $— | $15 | 2 | Class 1A | $— | $38 | 5 |
| Class 2 | 992 | Not applicable | 119 | Class 2 | 3686 | Not applicable | 442 |
| Class 4 | 1031 | 1031 | 124 | Class 4 | 2299 | 2299 | 276 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $2023 | $1046 | $516 | &nbsp;&nbsp;&nbsp;expenses | $5985 | $2337 | $1647 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund |  | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $—\* | Class 1 | Not applicable | Not applicable | $88 |
| Class 1A | $— | $—\* | —\* | Class 1A | $— | $12 | 2 |
| Class 2 |  | Not applicable | —\* | Class 2 | 1251 | Not applicable | 150 |
| Class 4 | —\* | —\* | 2 | Class 4 | 349 | 349 | 42 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $—\* | $—\* | $2 | &nbsp;&nbsp;&nbsp;expenses | $1600 | $361 | $282 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Growth-Income Fund |  |  |  | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $3562 | Class 1 | Not applicable | Not applicable | $4 |
| Class 1A | $— | $54 | 7 | Class 1A | $— | $9 | 1 |
| Class 2 | 16700 | Not applicable | 2004 | Class 2 | 194 | Not applicable | 23 |
| Class 3 | 133 | Not applicable | 22 | Class 4 | 209 | 209 | 25 |
| Class 4 | 3381 | 3381 | 406 | Total class-specific |  |  |  |
| Class 4 | 3381 | 3381 | 406 | Total class-specific |  |  |  |
|  |  |  |  | Total class-specific |  |  |  |
|  |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $403 | $218 | $53 |
| &nbsp;&nbsp;&nbsp;expenses | $20214 | $3435 | $6001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $20214 | $3435 | $6001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $20214 | $3435 | $6001 |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Capital Income Builder |  |  |  | Asset Allocation Fund |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $110 | Class 1 | Not applicable | Not applicable | $2341 |
| Class 1A | $— | $16 | 2 | Class 1A | $— | $52 | 6 |
| Class 2 | 23 | Not applicable | 3 | Class 2 | 5281 | Not applicable | 634 |
| Class 4 | 831 | 831 | 99 | Class 3 | 28 | Not applicable | 5 |
| Total class-specific |  |  |  | Class 4 | 8215 | 8214 | 986 |
| Total class-specific |  |  |  | Class 4 | 8215 | 8214 | 986 |
| Total class-specific |  |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $854 | $847 | $214 | Total class-specific |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $13524 | $8266 | $3972 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $13524 | $8266 | $3972 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $13524 | $8266 | $3972 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **338**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  | The Bond Fund of America |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $14 | Class 1 | Not applicable | Not applicable | $1017 |
| Class 1A | $— | $5 | 1 | Class 1A | $— | $290 | 35 |
| Class 2 | 183 | Not applicable | 22 | Class 2 | 3381 | Not applicable | 406 |
| Class 4 | 191 | 191 | 23 | Class 4 | 1525 | 1525 | 183 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $374 | $196 | $60 | &nbsp;&nbsp;&nbsp;expenses | $4906 | $1815 | $1641 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Capital World Bond Fund |  |  |  | American High-Income Trust |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $89 | Class 1 | Not applicable | Not applicable | $35 |
| Class 1A | $— | $46 | 6 | Class 1A | $— | $4 | 1 |
| Class 2 | 937 | Not applicable | 112 | Class 2 | 660 | Not applicable | 79 |
| Class 4 | 81 | 80 | 10 | Class 3 | 7 | Not applicable | 1 |
| Total class-specific |  |  |  | Class 4 | 221 | 221 | 27 |
| Total class-specific |  |  |  | Class 4 | 221 | 221 | 27 |
| Total class-specific |  |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $1018 | $126 | $217 | Total class-specific |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $888 | $225 | $143 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $888 | $225 | $143 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $888 | $225 | $143 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| American Funds Mortgage Fund | American Funds Mortgage Fund |  |  | Ultra-Short Bond Fund |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $3 | Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $3 | —\* | Class 1A | $— | $—\* | —\* |
| Class 2 | 51 | Not applicable | 6 | Class 2 | 291 | Not applicable | 35 |
| Class 4 | 66 | 66 | 8 | Class 3 | 3 | Not applicable | 1 |
| Total class-specific |  |  |  | Class 4 | 88 | 88 | 10 |
| Total class-specific |  |  |  | Class 4 | 88 | 88 | 10 |
| Total class-specific |  |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $117 | $69 | $17 | Total class-specific |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $382 | $88 | $51 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $382 | $88 | $51 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $382 | $88 | $51 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Government Securities Fund | U.S. Government Securities Fund |  |  | Managed Risk Growth Fund | Managed Risk Growth Fund |  |
|  |  | Insurance |  |  |  | Insurance |
|  | Distribution | administrative | Administrative |  | Distribution | administrative |
| Share class | services | services | services | Share class | services | services |
| Class 1 | Not applicable | Not applicable | $39 | Class P1 | Not applicable | $16 |
| Class 1A | $— | $358 | 43 | Class P2 | $608 | 609 |
| Class 2 | 1287 | Not applicable | 154 | Total class-specific |  |  |
| Class 2 | 1287 | Not applicable | 154 | Total class-specific |  |  |
| Class 3 | 4 | Not applicable | 1 | Total class-specific |  |  |
| Class 3 | 4 | Not applicable | 1 | &nbsp;&nbsp;&nbsp;expenses | $608 | $625 |
| Class 4 | 280 | 280 | 34 | &nbsp;&nbsp;&nbsp;expenses | $608 | $625 |
| Class 4 | 280 | 280 | 34 |  |  |  |
| Class 4 | 280 | 280 | 34 |  |  |  |
| Total class-specific |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $1571 | $638 | $271 |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

**339**American Funds Insurance Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk International Fund | Managed Risk International Fund |  | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |
|  |  | Insurance |  |  | Insurance |
|  | Distribution | administrative |  | Distribution | administrative |
| Share class | services | services | Share class | services | services |
| Class P1 | Not applicable | $2 | Class P1 | Not applicable | $3 |
| Class P2 | $138 | 139 | Class P2 | $388 | 388 |
| Total class-specific |  |  | Total class-specific |  |  |
| Total class-specific |  |  | Total class-specific |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $138 | $141 | &nbsp;&nbsp;&nbsp;expenses | $388 | $391 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |  |
|  |  | Insurance |  |  | Insurance |
|  | Distribution | administrative |  | Distribution | administrative |
| Share class | services | services | Share class | services | services |
| Class P1 | Not applicable | $2275 | Class P1 | Not applicable | $15 |
| Class P2 | $327 | 327 | Class P2 | $2402 | 2401 |
| Total class-specific |  |  | Total class-specific |  |  |
| Total class-specific |  |  | Total class-specific |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $327 | $2602 | &nbsp;&nbsp;&nbsp;expenses | $2402 | $2416 |

---

\*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. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the six months ended June 30, 2025, total fees and expenses reimbursed by CRMC were $21,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

Trustees' deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Total trustees' |
| &nbsp;&nbsp;&nbsp;Fund | Current fees | Increase (decrease) | compensation |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $10 | $4 | $14 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 5 |
| &nbsp;&nbsp;&nbsp;Growth Fund | 60 | 21 | 81 |
| &nbsp;&nbsp;&nbsp;International Fund | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 12 |
| &nbsp;&nbsp;&nbsp;New World Fund | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 6 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 19 |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund | —\* | &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;Capital World Growth and Income Fund | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 4 |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund | 52 | 17 | 69 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | —\* | &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;Capital Income Builder | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 3 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | 34 | 11 | 45 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 1 |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 18 |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 3 |
| &nbsp;&nbsp;&nbsp;American High-Income Trust | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 1 |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund | —\* | &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;Ultra-Short Bond Fund | —\* | &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;U.S. Government Securities Fund | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 3 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 1 |
| &nbsp;&nbsp;&nbsp;Managed Risk International Fund | —\* | &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;Managed Risk Washington Mutual Investors Fund | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 1 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income Fund | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 3 |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation Fund | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 3 |

---

\*Amount less than one thousand.

American Funds Insurance Series **340**

![](gqrzq4kov31vxm45m19uf.jpg)

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.

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of June 30, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Net |
|  |  |  | realized |
| &nbsp;&nbsp;&nbsp;Fund | Purchases | Sales | gain (loss) |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $88976 | $14964 | $2923 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 17787 | 7499 | 1872 |
| &nbsp;&nbsp;&nbsp;Growth Fund | 262208 | 192926 | 65081 |
| &nbsp;&nbsp;&nbsp;International Fund | 95968 | 38929 | 6168 |
| &nbsp;&nbsp;&nbsp;New World Fund | 9610 | 29959 | 5791 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 73880 | 101813 | 14322 |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | 21390 | 27562 | 6719 |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund | 332042 | 383247 | 101737 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 1199 | 2747 | 138 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | 14710 | 14805 | 4080 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | 199278 | 71009 | 43548 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | 2269 | 3535 | 909 |

---

8. Indemnifications

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2025.

**341**American Funds Insurance Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](ga1fzsxz1cl1ucuk02eld.jpg)

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> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $132465 | 3800 | $473203 | 13844 | $(297705) | (8075) | $307963 | 9569 |
| Class 1A | 1877 | 52 | 2862 | 84 | (1125) | (31) | 3614 | 105 |
| Class 2 | 18094 | 501 | 458474 | 13654 | (244822) | (6757) | 231746 | 7398 |
| Class 4 | 88558 | 2477 | 134552 | 4068 | (49285) | (1386) | 173825 | 5159 |
| Total net increase (decrease) | $240994 | 6830 | $1069091 | 31650 | $(592937) | (16249) | $717148 | 22231 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $182743 | 4922 | $164299 | 4426 | $(478156) | (12907) | $(131114) | (3559) |
| Class 1A | 3593 | 97 | 855 | 23 | (3164) | (85) | 1284 | 35 |
| Class 2 | 64877 | 1789 | 160470 | 4397 | (544385) | (14948) | (319038) | (8762) |
| Class 4 | 187863 | 5186 | 36623 | 1016 | (80774) | (2235) | 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | $362247 | 9862 | $(1106479) | (30175) | $(305156) | (8319) |
| Global Small Capitalization Fund |  |  |  |  |  |  |  |  |
| Global Small Capitalization Fund |  |  |  |  |  |  |  |  |
| Global Small Capitalization Fund |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | &nbsp;&nbsp;Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $41857 | 2403 | $19028 | 1042 | $(166307) | (9259) | $(105422) | (5814) |
| Class 1A | 339 | 19 | 126 | 7 | (191) | (11) | 274 | 15 |
| Class 2 | 21045 | 1286 | 39095 | 2285 | (102502) | (6007) | (42362) | (2436) |
| Class 4 | 72171 | 4238 | 7315 | 429 | (18863) | (1119) | 60623 | 3548 |
| Total net increase (decrease) | $135412 | 7946 | $65564 | 3763 | $(287863) | (16396) | $(86887) | (4687) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $82737 | 4519 | $45699 | 2557 | $(168033) | (9099) | $(39597) | (2023) |
| Class 1A | 766 | 43 | 239 | 14 | (637) | (35) | 368 | 22 |
| Class 2 | 58585 | 3367 | 85994 | 5139 | (246897) | (14207) | (102318) | (5701) |
| Class 4 | 41322 | 2398 | 13498 | 810 | (37390) | (2159) | 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | $145430 | 8520 | $(452957) | (25500) | $(124117) | (6653) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **342**

Growth Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | &nbsp;&nbsp;Shares |  | &nbsp;&nbsp;Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class 1 | $1154878 | 9350 | $1813129 | $1813129 | 14793 | $(1579414) | (12694) | $1388593 | 11449 |
| Class 1A | 73719 | 595 |  | 30539 | 252 | (97203) | (749) | 7055 | 98 |
| Class 2 | 248965 | 2034 | 1677068 | 1677068 | 13892 | (1393936) | (11137) | 532097 | 4789 |
| Class 3 | 553 | 5 |  | 22118 | 178 | (16524) | (130) | 6147 | 53 |
| Class 4 | 589030 | 4934 |  | 490866 | 4194 | (173917) | (1448) | 905979 | 7680 |
| Total net increase (decrease) | $2067145 | 16918 | $4033720 | $4033720 | 33309 | $(3260994) | (26158) | $2839871 | 24069 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class 1 | $1283657 | 11196 | $ | $554066 | 4995 | $(2581742) | (22564) | $(744019) | (6373) |
| Class 1A | 43180 | 381 |  | 8596 | 79 | (33697) | (304) | 18079 | 156 |
| Class 2 | 414661 | 3673 |  | 506251 | 4690 | (3189792) | (28372) | (2268880) | (20009) |
| Class 3 | 1071 | 10 |  | 6848 | 62 | (32036) | (278) | (24117) | (206) |
| Class 4 | 874214 | 7971 |  | 107359 | 1032 | (368353) | (3358) | 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | $1183120 | $1183120 | 10858 | $(6205620) | (54876) | $(2405717) | (20787) |
| International Fund |  |  |  |  |  |  |  |  |  |
| International Fund |  |  |  |  |  |  |  |  |  |
| International Fund |  |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  |  | &nbsp;&nbsp;Reinvestments of | &nbsp;&nbsp;Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares |  | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class 1 | $63294 | 3490 | &nbsp;&nbsp;$ | $2080 | 108 | $(231772) | (12501) | $(166398) | (8903) |
| Class 1A | 530 | 29 |  | 4 | —<sup>2</sup> | (639) | (35) | (105) | (6) |
| Class 2 | 94000 | 5226 |  | 776 | 41 | (307337) | (16707) | (212561) | (11440) |
| Class 3 | 100 | 5 |  | 5 | —<sup>2</sup> | (956) | (50) | (851) | (45) |
| Class 4 | 34797 | 1938 |  |  |  | (23149) | (1275) | 11648 | 663 |
| Total net increase (decrease) | $192721 | 10688 | &nbsp;&nbsp;$ | $2865 | 149 | $(563853) | (30568) | $(368267) | (19731) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class 1 | $103818 | 5617 | $46267 | $46267 | 2445 | $(505047) | (27104) | $(354962) | (19042) |
| Class 1A | 2421 | 132 |  | 158 | 9 | (2072) | (114) | 507 | 27 |
| Class 2 | 294279 | 16201 |  | 40220 | 2136 | (554239) | (30168) | (219740) | (11831) |
| Class 3 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  | 191 | 10 | (2572) | (137) | (2379) | (127) |
| Class 4 | 64019 | 3511 |  | 4485 | 242 | (49713) | (2726) | 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | $91321 | $91321 | 4842 | $(1113643) | (60249) | $(557783) | (29946) |

---

Refer to the end of the table(s) for footnote(s).

**343**American Funds Insurance Series

New World Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) |  |
| Share class | Amount | &nbsp;&nbsp;Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $71378 | 2538 | $80187 | 2838 | $(176169) | (6345) | $(24604) | (969) |
| Class 1A | 408 | 15 | 502 | 18 | (1825) | (67) | (915) | (34) |
| Class 2 | 30481 | 1122 | 35106 | 1260 | (87236) | (3178) | (21649) | (796) |
| Class 4 | 41929 | 1547 | 37088 | 1345 | (71596) | (2638) | 7421 | 254 |
| Total net increase (decrease) | $144196 | 5222 | $152883 | 5461 | $(336826) | (12228) | $(39747) | (1545) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $211139 | 7770 | $37940 | 1389 | $(310526) | (11467) | $(61447) | (2308) |
| Class 1A | 2546 | 92 | 216 | 8 | (1406) | (52) | 1356 | 48 |
| Class 2 | 97709 | 3717 | 15121 | 562 | (163082) | (6131) | (50252) | (1852) |
| Class 4 | 79272 | 3006 | 13389 | 502 | (106780) | (4055) | (14119) | (547) |
| Total net increase (decrease) | $390666 | 14585 | $66666 | 2461 | $(581794) | (21705) | $(124462) | (4659) |

---

Washington Mutual Investors Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $101514 | 6077 | $447861 | 27045 | $(433964) | (25486) | $115411 | 7636 |
| Class 1A | 3863 | 226 | 2368 | 144 | (1054) | (61) | 5177 | 309 |
| Class 2 | 41877 | 2492 | 217964 | 13455 | (205682) | (12318) | 54159 | 3629 |
| Class 4 | 179899 | 10924 | 143109 | 8955 | (58553) | (3594) | 264455 | 16285 |
| Total net increase (decrease) | $327153 | 19719 | $811302 | 49599 | $(699253) | (41459) | $439202 | 27859 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $87079 | 5408 | $161220 | 9874 | $(948618) | (58997) | $(700319) | (43715) |
| Class 1A | 4491 | 279 | 628 | 38 | (3232) | (205) | 1887 | 112 |
| Class 2 | 56060 | 3529 | 71557 | 4484 | (477590) | (30368) | (349973) | (22355) |
| Class 4 | 260219 | 16589 | 36302 | 2301 | (99151) | (6416) | 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | $269707 | 16697 | $(1528591) | (95986) | $(851035) | (53484) |

---

U.S. Small and Mid Cap Equity Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  | &nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |
| Class 1 | $— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | $— |  | &nbsp;&nbsp;&nbsp;$ | $—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |
| Class 1A |  |  |  | &nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |
| Class 2 |  |  |  | &nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |
| Class 4 | 68 | 6 |  | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |  |  |  | 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total net increase (decrease) | $68 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $— |  | &nbsp;&nbsp;&nbsp;$ | $73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| 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 |  | &nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  |  |  |
| Class 1 | $10 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | $— |  | &nbsp;&nbsp;&nbsp;$ | $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Class 1A | 10 | 1 |  | &nbsp;&nbsp;—2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—2 |  |  |  | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Class 2 | 10 | 1 |  | &nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—2 |  |  |  | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Class 4 | 14970 | 1497 |  | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |  |  |  | 14983 | 1498 |
| Total net increase (decrease) | $15000 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $— |  | $15013 | $15013 | 1501 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **344**

Capital World Growth and Income Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $40119 | 2660 | $22861 | 1414 | $(98762) | (6251) | $(35782) | (2177) |
| Class 1A |  | 1184 | 74 | 383 | 23 | (280) | (17) | 1287 | 80 |
| Class 2 |  | 9776 | 617 | 39834 | 2473 | (88441) | (5547) | (38831) | (2457) |
| Class 4 |  | 26679 | 1720 | 11775 | 752 | (14288) | (925) | 24166 | 1547 |
| Total net increase (decrease) | $ | $77758 | 5071 | $74853 | 4662 | $(201771) | (12740) | $(49160) | (3007) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $61832 | 4046 | $11187 | 709 | $(124340) | (8176) | $(51321) | (3421) |
| Class 1A |  | 1263 | 86 | 144 | 9 | (793) | (51) | 614 | 44 |
| Class 2 |  | 14751 | 970 | 17039 | 1085 | (177803) | (11812) | (146013) | (9757) |
| Class 4 |  | 31604 | 2138 | 3943 | 258 | (30478) | (2080) | 5069 | 316 |
| Total net increase (decrease) | $109450 | $109450 | 7240 | $32313 | 2061 | $(333414) | (22119) | $(191651) | (12818) |
| Growth-Income Fund |  |  |  |  |  |  |  |  |  |
| Growth-Income Fund |  |  |  |  |  |  |  |  |  |
| Growth-Income Fund |  |  |  |  |  |  |  |  |  |
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class 1 | $511559 | $511559 | 7825 | $4165917 | 69688 | $(1641284) | (24371) | $3036192 | 53142 |
| Class 1A |  | 2245 | 35 | 7777 | 131 | (1976) | (29) | 8046 | 137 |
| Class 2 |  | 63453 | 961 | 2370964 | 40536 | (883298) | (13297) | 1551119 | 28200 |
| Class 3 |  | 270 | 4 | 25474 | 426 | (12167) | (178) | 13577 | 252 |
| Class 4 | 194913 | 194913 | 2988 | 503401 | 8808 | (123143) | (1891) | 575171 | 9905 |
| Total net increase (decrease) | $772440 | $772440 | 11813 | $7073533 | 119589 | $(2661868) | (39766) | $5184105 | 91636 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class 1 | $332044 | $332044 | 5020 | $1360424 | 21268 | $(3357393) | (51220) | $(1664925) | (24932) |
| Class 1A |  | 5383 | 81 | 2198 | 35 | (5242) | (81) | 2339 | 35 |
| Class 2 | 113447 | 113447 | 1761 | 760811 | 12154 | (2068284) | (32090) | (1194026) | (18175) |
| Class 3 |  | 313 | 5 | 8392 | 131 | (19777) | (301) | (11072) | (165) |
| Class 4 | 332452 | 332452 | 5218 | 131545 | 2144 | (199130) | (3142) | 264867 | 4220 |
| Total net increase (decrease) | $783639 | $783639 | 12085 | $2263370 | 35732 | $(5649826) | (86834) | $(2602817) | (39017) |

---

Refer to the end of the table(s) for footnote(s).

**345**American Funds Insurance Series

International Growth and Income Fund

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Amount | Shares |  | Amount | Shares | Amount | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $15811 | $15811 | 1385 | $ | $112 | 9 | $ | $(5330) | (497) | $10593 | $10593 | 897 |
| Class 1A |  | 556 | 53 |  | 28 | 3 |  | (350) | (33) |  | 234 | 23 |
| Class 2 |  | 2119 | 196 |  | 614 | 53 | (17536) | (17536) | (1614) | (14803) | (14803) | (1365) |
| Class 4 |  | 21208 | 1980 |  | 669 | 59 | (11288) | (11288) | (1056) | 10589 | 10589 | 983 |
| Total net increase (decrease) | $39694 | $39694 | 3614 | $1423 | $1423 | 124 | $(34504) | $(34504) | (3200) | $ | $6613 | 538 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | &nbsp;&nbsp;$ | $3051 | 287 | $ | $461 | 43 | $ | $(1958) | (184) | $ | $1554 | 146 |
| Class 1A |  | 950 | 92 |  | 156 | 15 |  | (1296) | (129) |  | (190) | (22) |
| Class 2 |  | 5039 | 489 |  | 3897 | 378 | (25957) | (25957) | (2509) | (17021) | (17021) | (1642) |
| Class 4 |  | 22262 | 2198 |  | 3583 | 353 | (19235) | (19235) | (1887) |  | 6610 | 664 |
| Total net increase (decrease) | $31302 | $31302 | 3066 | $8097 | $8097 | 789 | $(48446) | $(48446) | (4709) | $ | $(9047) | (854) |
| Capital Income Builder |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital Income Builder |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital Income Builder |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares |  | Amount | Shares |  | Amount | Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $53250 | 4104 | &nbsp;&nbsp;&nbsp;$ | $9077 | 689 | $ | $(55753) | (4314) | &nbsp;&nbsp;&nbsp;$ | $6574 | 479 |
| Class 1A |  | 723 | 57 |  | 143 | 11 |  | (879) | (68) |  | (13) | —<sup>2</sup> |
| Class 2 |  | 874 | 66 |  | 212 | 16 |  | (1115) | (85) |  | (29) | (3) |
| Class 4 |  | 72342 | 5524 |  | 6699 | 509 |  | (39075) | (3019) |  | 39966 | 3014 |
| Total net increase (decrease) | $127189 | $127189 | 9751 | $16131 | $16131 | 1225 | $ | $(96822) | (7486) | $46498 | $46498 | 3490 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $55004 | 4532 | $25389 | $25389 | 2057 | $ | $(74884) | (6100) | &nbsp;&nbsp;&nbsp;$ | $5509 | 489 |
| Class 1A |  | 1738 | 141 |  | 397 | 32 |  | (825) | (68) |  | 1310 | 105 |
| Class 2 |  | 3421 | 272 |  | 575 | 47 |  | (1546) | (126) |  | 2450 | 193 |
| Class 4 |  | 82282 | 6662 | 19315 | 19315 | 1565 |  | (75684) | (6165) |  | 25913 | 2062 |
| Total net increase (decrease) | $142445 | $142445 | 11607 | $45676 | $45676 | 3701 | $(152939) | $(152939) | (12459) | $35182 | $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **346**

Asset Allocation Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $214618 | 8406 | $1183741 | 46955 | $(1239167) | (47739) | $159192 | 7622 |
| Class 1A | 3528 | 137 | 3229 | 129 | (3619) | (139) | 3138 | 127 |
| Class 2 | 41143 | 1602 | 324461 | 13093 | (312360) | (12180) | 53244 | 2515 |
| Class 3 | 313 | 12 | 2407 | 96 | (1415) | (54) | 1305 | 54 |
| Class 4 | 189713 | 7467 | 511813 | 20873 | (394555) | (15526) | 306971 | 12814 |
| Total net increase (decrease) | $449315 | 17624 | $2025651 | 81146 | $(1951116) | (75638) | $523850 | 23132 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $189766 | 7473 | $1052819 | 42339 | $(2193455) | (86366) | $(950870) | (36554) |
| Class 1A | 9384 | 373 | 2270 | 91 | (5272) | (211) | 6382 | 253 |
| Class 2 | 63147 | 2538 | 280024 | 11458 | (646053) | (25867) | (302882) | (11871) |
| Class 3 | 546 | 22 | 2019 | 81 | (3219) | (128) | (654) | (25) |
| Class 4 | 595855 | 24315 | 406136 | 16791 | (703265) | (28339) | 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | $1743268 | 70760 | $(3551264) | (140911) | $(949298) | (35430) |

---

American Funds Global Balanced Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  | Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class | Amount | Shares |  | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $4237 | 324 | &nbsp;&nbsp;&nbsp;$ | $3840 | 290 | $(11565) | (878) | $ | $(3488) | (264) |
| Class 1A | 256 | 19 |  | 161 | 12 | (215) | (16) |  | 202 | 15 |
| Class 2 | 1215 | 91 |  | 5951 | 452 | (14274) | (1080) |  | (7108) | (537) |
| Class 4 | 20102 | 1545 |  | 6604 | 511 | (10367) | (799) |  | 16339 | 1257 |
| Total net increase (decrease) | $25810 | 1979 | $16556 | $16556 | 1265 | $(36421) | (2773) | $ | $5945 | 471 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $5008 | 386 | &nbsp;&nbsp;&nbsp;$ | $1963 | 149 | $(13832) | (1065) | $ | $(6861) | (530) |
| Class 1A | 1071 | 82 |  | 64 | 5 | (316) | (25) |  | 819 | 62 |
| Class 2 | 5061 | 388 |  | 2714 | 208 | (26779) | (2070) |  | (19004) | (1474) |
| Class 4 | 23792 | 1863 |  | 2307 | 180 | (15540) | (1226) |  | 10559 | 817 |
| Total net increase (decrease) | $34932 | 2719 | &nbsp;&nbsp;&nbsp;$ | $7048 | 542 | $(56467) | (4386) | $(14487) | $(14487) | (1125) |

---

Refer to the end of the table(s) for footnote(s).

**347**American Funds Insurance Series

The Bond Fund of America

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares |  | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class 1 | $413053 | 43891 | $ | $59979 | 6381 | $(982200) | (103891) | $(509168) | (53619) |
| Class 1A | 44943 | 4815 |  | 2233 | 240 | (16662) | (1774) | 30514 | 3281 |
| Class 2 | 38712 | 4164 |  | 23485 | 2542 | (206373) | (22197) | (144176) | (15491) |
| Class 4 | 111809 | 12133 |  | 10633 | 1158 | (66741) | (7230) | 55701 | 6061 |
| Total net increase (decrease) | $608517 | 65003 | $ | $96330 | 10321 | $(1271976) | (135092) | $(567129) | (59768) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class 1 | $997057 | 104811 | $303806 | $303806 | 32314 | $(1023095) | (106864) | $277768 | 30261 |
| Class 1A | 30267 | 3210 |  | 8908 | 955 | (69212) | (7414) | (30037) | (3249) |
| Class 2 | 118960 | 12741 | 115243 | 115243 | 12454 | (268162) | (28438) | (33959) | (3243) |
| Class 4 | 297378 | 31907 |  | 45913 | 4990 | (82229) | (8801) | 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | $473870 | $473870 | 50713 | $(1442698) | (151517) | $474834 | 51865 |
| Capital World Bond Fund |  |  |  |  |  |  |  |  |  |
| Capital World Bond Fund |  |  |  |  |  |  |  |  |  |
| Capital World Bond Fund |  |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares |  | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class 1 | $53252 | 5284 | &nbsp;&nbsp;&nbsp;$ | $1662 | 163 | $(71979) | (7167) | $(17065) | (1720) |
| Class 1A | 2275 | 236 |  | 53 | 5 | (18255) | (1837) | (15927) | (1596) |
| Class 2 | 34568 | 3519 |  | 1728 | 172 | (102579) | (10384) | (66283) | (6693) |
| Class 4 | 11296 | 1158 |  | 146 | 15 | (5087) | (523) | 6355 | 650 |
| Total net increase (decrease) | $101391 | 10197 | &nbsp;&nbsp;&nbsp;$ | $3589 | 355 | $(197900) | (19911) | $(92920) | (9359) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class 1 | $50423 | 5049 | $15387 | $15387 | 1561 | $(110677) | (11006) | $(44867) | (4396) |
| Class 1A | 39370 | 4030 |  | 983 | 100 | (1586) | (160) | 38767 | 3970 |
| Class 2 | 107727 | 10975 |  | 16410 | 1683 | (141037) | (14229) | (16900) | (1571) |
| Class 4 | 13021 | 1348 |  | 1135 | 119 | (7549) | (775) | 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | $33915 | $33915 | 3463 | $(260849) | (26170) | $(16393) | (1305) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **348**

American High-Income Trust

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares |  | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $24975 | 2760 | &nbsp;&nbsp;&nbsp;$ | $2778 | 300 | $ | $(15383) | (1664) | $12370 | $12370 | 1396 |
| Class 1A |  | 537 | 58 |  | 37 | 4 |  | (528) | (57) |  | 46 | 5 |
| Class 2 |  | 24001 | 2639 |  | 5936 | 658 |  | (45605) | (5041) | (15668) | (15668) | (1744) |
| Class 3 |  | 172 | 18 |  | 87 | 9 |  | (497) | (53) |  | (238) | (26) |
| Class 4 |  | 70614 | 6928 |  | 1920 | 189 |  | (33731) | (3336) | 38803 | 38803 | 3781 |
| Total net increase (decrease) | $120299 | $120299 | 12403 | $10758 | $10758 | 1160 | $ | $(95744) | (10151) | $35313 | $35313 | 3412 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $9340 | 1009 | $15096 | $15096 | 1627 | $ | $(25253) | (2709) | &nbsp;&nbsp;&nbsp;$ | $(817) | (73) |
| Class 1A |  | 996 | 107 |  | 199 | 21 |  | (720) | (77) |  | 475 | 51 |
| Class 2 |  | 18069 | 1979 | 35146 | 35146 | 3885 |  | (64581) | (7119) | (11366) | (11366) | (1255) |
| Class 3 |  | 151 | 16 |  | 529 | 57 |  | (1201) | (130) |  | (521) | (57) |
| Class 4 |  | 93982 | 9271 |  | 8335 | 821 |  | (55362) | (5531) | 46955 | 46955 | 4561 |
| Total net increase (decrease) | $122538 | $122538 | 12382 | $59305 | $59305 | 6411 | $(147117) | $(147117) | (15566) | $34726 | $34726 | 3227 |
| American Funds Mortgage Fund |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares | Amount | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $172 | 19 | $ | $143 | 16 | $ | $(98) | (11) | &nbsp;&nbsp;&nbsp;&nbsp;$ | $217 | 24 |
| Class 1A |  | 432 | 47 |  | 23 | 2 |  | (205) | (22) |  | 250 | 27 |
| Class 2 |  | 1345 | 146 |  | 316 | 34 |  | (3788) | (412) |  | (2127) | (232) |
| Class 4 |  | 7786 | 856 |  | 414 | 46 |  | (3836) | (422) |  | 4364 | 480 |
| Total net increase (decrease) | $ | $9735 | 1068 | $ | $896 | 98 | $ | $(7927) | (867) | $2704 | $2704 | 299 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $170 | 18 | $ | $804 | 87 | $ | $(279) | (30) | &nbsp;&nbsp;&nbsp;&nbsp;$ | $695 | 75 |
| Class 1A |  | 976 | 105 |  | 121 | 13 |  | (195) | (21) |  | 902 | 97 |
| Class 2 |  | 3228 | 349 |  | 1928 | 211 |  | (5636) | (603) |  | (480) | (43) |
| Class 4 |  | 18316 | 1981 |  | 2148 | 239 |  | (14351) | (1539) |  | 6113 | 681 |
| Total net increase (decrease) | $22690 | $22690 | 2453 | $5001 | $5001 | 550 | $(20461) | $(20461) | (2193) | $7230 | $7230 | 810 |

---

Refer to the end of the table(s) for footnote(s).

**349**American Funds Insurance Series

Ultra-Short Bond Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $6176 | 542 | $ | $266 | 23 | $(11314) | (993) | $ | $(4872) | (428) |
| Class 1A |  |  |  |  | 1 | —<sup>2</sup> |  |  |  | 1 | —<sup>2</sup> |
| Class 2 |  | 32949 | 2991 |  | 1788 | 162 | (54467) | (4948) |  | (19730) | (1795) |
| Class 3 |  | 112 | 10 |  | 29 | 3 | (392) | (35) |  | (251) | (22) |
| Class 4 |  | 43286 | 3915 |  | 473 | 43 | (37336) | (3358) |  | 6423 | 600 |
| Total net increase (decrease) | $82523 | $82523 | 7458 | $ | $2557 | 231 | $(103509) | (9334) | $(18429) | $(18429) | (1645) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $16477 | $16477 | 1429 | $ | $1996 | 176 | $(20160) | (1740) | $ | $(1687) | (135) |
| Class 1A |  |  |  |  | 6 | 1 |  |  |  | 6 | 1 |
| Class 2 |  | 57235 | 5128 | 12858 | 12858 | 1175 | (97431) | (8724) |  | (27338) | (2421) |
| Class 3 |  | 370 | 32 |  | 204 | 19 | (841) | (74) |  | (267) | (23) |
| Class 4 |  | 19303 | 1714 |  | 2569 | 233 | (26048) | (2325) |  | (4176) | (378) |
| Total net increase (decrease) | $93385 | $93385 | 8303 | $17633 | $17633 | 1604 | $(144480) | (12863) | $(33462) | $(33462) | (2956) |
| U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares |  | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $44977 | 4581 | $ | $2087 | 213 | $(56128) | (5713) | $ | $(9064) | (919) |
| Class 1A |  | 15985 | 1654 |  | 2157 | 222 | (37901) | (3880) |  | (19759) | (2004) |
| Class 2 |  | 45477 | 4677 |  | 8060 | 834 | (115722) | (11932) |  | (62185) | (6421) |
| Class 3 |  | 241 | 24 |  | 41 | 4 | (241) | (24) |  | 41 | 4 |
| Class 4 |  | 64712 | 6659 |  | 1788 | 185 | (48932) | (5051) |  | 17568 | 1793 |
| Total net increase (decrease) | $171392 | $171392 | 17595 | $14133 | $14133 | 1458 | $(258924) | (26600) | $(73399) | $(73399) | (7547) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $68973 | 6957 | $10757 | $10757 | 1108 | $(60235) | (6083) | $ | $19495 | 1982 |
| Class 1A | 283124 | 283124 | 28940 |  | 11344 | 1174 | (6503) | (659) | 287965 | 287965 | 29455 |
| Class 2 | 101793 | 101793 | 10487 |  | 42550 | 4440 | (132491) | (13544) |  | 11852 | 1383 |
| Class 3 |  | 881 | 89 |  | 204 | 21 | (1780) | (181) |  | (695) | (71) |
| Class 4 |  | 72367 | 7407 |  | 7920 | 827 | (45157) | (4667) |  | 35130 | 3567 |
| Total net increase (decrease) | $527138 | $527138 | 53880 | $72775 | $72775 | 7570 | $(246166) | (25134) | $353747 | $353747 | 36316 |
| Managed Risk Growth Fund |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Reinvestments of | Reinvestments of |  |  |  | Net increase | Net increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |  | distributions | distributions | Repurchases | Repurchases |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $492 | 38 | $ | $669 | 52 | $(1087) | (82) | $ | $74 | 8 |
| Class P2 |  | 7709 | 598 | 24083 | 24083 | 1898 | (41369) | (3152) |  | (9577) | (656) |
| Total net increase (decrease) | $ | $8201 | 636 | $24752 | $24752 | 1950 | $(42456) | (3234) | $ | $(9503) | (648) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $974 | 79 | $ | $93 | 8 | $(2663) | (220) | $ | $(1596) | (133) |
| Class P2 |  | 10767 | 875 |  | 2326 | 197 | (100353) | (8347) |  | (87260) | (7275) |
| Total net increase (decrease) | $11741 | $11741 | 954 | $ | $2419 | 205 | $(103016) | (8567) | $(88856) | $(88856) | (7408) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **350**

Managed Risk International Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Reinvestments of | Reinvestments of |  |  |  |  | Net increase | Net increase |
|  |  | Sales |  | distributions | distributions |  | Repurchases | Repurchases |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares | Amount | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $113 | 14 | $30 | 3 | $ | $(79) | (9) | $ | $64 | 8 |
| Class P2 |  | 2379 | 291 | 1450 | 178 |  | (6722) | (818) |  | (2893) | (349) |
| Total net increase (decrease) | $2492 | $2492 | 305 | $1480 | 181 | $ | $(6801) | (827) | $(2829) | $(2829) | (341) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $146 | 17 | $29 | 3 | $ | $(232) | (27) | $ | $(57) | (7) |
| Class P2 |  | 5087 | 599 | 1532 | 174 |  | (14961) | (1722) |  | (8342) | (949) |
| Total net increase (decrease) | $5233 | $5233 | 616 | $1561 | 177 | $(15193) | $(15193) | (1749) | $(8399) | $(8399) | (956) |
| Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Reinvestments of | Reinvestments of |  |  |  |  | Net increase | Net increase |
|  |  | Sales |  | distributions | distributions |  | Repurchases | Repurchases |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares |  | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $73 | 6 | $40 | 3 | $ | $(184) | (15) | $ | $(71) | (6) |
| Class P2 | 2835 | 2835 | 241 | 4640 | 398 | (20378) | (20378) | (1735) | (12903) | (12903) | (1096) |
| Total net increase (decrease) | $2908 | $2908 | 247 | $4680 | 401 | $(20562) | $(20562) | (1750) | $(12974) | $(12974) | (1102) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $290 | 26 | $53 | 5 | $ | $(607) | (54) | $ | $(264) | (23) |
| Class P2 | 6900 | 6900 | 617 | 5422 | 490 | (51492) | (51492) | (4594) | (39170) | (39170) | (3487) |
| Total net increase (decrease) | $7190 | $7190 | 643 | $5475 | 495 | $(52099) | $(52099) | (4648) | $(39434) | $(39434) | (3510) |

---

Managed Risk Growth-Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Reinvestments of | Reinvestments of |  |  | Net increase | Net increase |
|  | Sales |  | distributions | distributions | Repurchases | Repurchases | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
| Class P1 | $22938 | 1634 | $95748 | 7025 | $(138781) | (9811) | $(20095) | (1152) |
| Class P2 | 2032 | 146 | 13810 | 1021 | (18320) | (1305) | (2478) | (138) |
| Total net increase (decrease) | $24970 | 1780 | $109558 | 8046 | $(157101) | (11116) | $(22573) | (1290) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class P1 | $16125 | 1168 | $58164 | 4309 | $(346171) | (25246) | $(271882) | (19769) |
| Class P2 | 4069 | 297 | 7744 | 582 | (53124) | (3920) | (41311) | (3041) |
| Total net increase (decrease) | $20194 | 1465 | $65908 | 4891 | $(399295) | (29166) | $(313193) | (22810) |

---

Refer to the end of the table(s) for footnote(s).

**351**American Funds Insurance Series

![](gp8cc4jf11iabec6pc0x7.jpg)

Managed Risk Asset Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Reinvestments of | Reinvestments of |  |  | Net increase | Net increase |
|  |  | Sales |  | distributions | distributions | Repurchases | Repurchases | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $12 | 1 | $930 | 75 | $(185) | (14) | $757 | 62 |
| Class P2 |  | 9933 | 798 | 155155 | 13016 | (171239) | (13497) | (6151) | 317 |
| Total net increase (decrease) | $ | $9945 | 799 | $156085 | 13091 | $(171424) | (13511) | $(5394) | 379 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $1509 | 116 | $365 | 29 | $(1325) | (108) | $549 | 37 |
| Class P2 |  | 32478 | 2619 | 68762 | 5709 | (396241) | (32260) | (295001) | (23932) |
| Total net increase (decrease) | $33987 | $33987 | 2735 | $69127 | 5738 | $(397566) | (32368) | $(294452) | (23895) |

---

<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. Investment transactions and other disclosures

The following tables present additional information for each fund for the six months ended June 30, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Global |  |  |  | Washington |
|  | Global | Small |  |  | New | Mutual |
|  | Growth | Capitalization | Growth | International | World | Investors |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $1179396 | $757557 | $6385618 | $2780244 | $785414 | $1990904 |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 1347163 | 939607 | 7875256 | 2957157 | 998449 | 2405834 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on dividend income | 3677 | 1787 | 3183 | 8711 | 3916 | 784 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes (refunded) paid on interest |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income | 13 | (4) |  |  | 36 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes refunded (paid) on realized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains | (829) | 2490 |  | 10524 | 2970 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes provided on unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation | 5299 | 17693 |  | 28246 | 21733 |  |
| &nbsp;&nbsp;&nbsp;Interest income from affiliated issuers | 5913 |  |  |  |  |  |
|  |  | Capital |  |  |  |  |
|  | U.S. Small | World |  | International |  |  |
|  | and Mid | Growth | Growth- | Growth | Capital | Asset |
|  | Cap Equity | and Income | Income | and Income | Income | Allocation |
|  | Fund | Fund | Fund | Fund | Builder | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $3209 | $479965 | $7133302 | $99185 | $393384 | $11283114 |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 3287 | 609901 | 8577738 | 91723 | 425205 | 12909245 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on dividend income |  | 1359 | 3376 | 576 | 1461 | 2655 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on realized gains |  | 170 |  | 11 | 26 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes provided on unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation |  | 735 |  | 253 | 590 |  |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **352**

![](glmjiz0ksj4jmogp2o2u9.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | American |  |  |  |  |  |
|  | Funds |  |  |  | American |  |
|  | Global | The Bond | Capital | American | Funds | Ultra-Short |
|  | Balanced | Fund | World Bond | High-Income | Mortgage | Bond |
|  | Fund | of America | Fund | Trust | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $172059 | $7186261 | $824354 | $216134 | $240611 | $— |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 186597 | 7700521 | 863783 | 157435 | 230976 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on dividend income | 241 |  |  | (9) |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on interest income | —<sup>†</sup> | 8 | 42 |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on realized gains | 42 |  | 427 |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes provided on unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation | 181 |  | 133 |  |  |  |
|  |  |  |  | Managed |  |  |
|  |  |  |  | Risk | Managed | Managed |
|  | U.S. | Managed | Managed | Washington | Risk | Risk |
|  | Government | Risk | Risk | Mutual | Growth- | Asset |
|  | Securities | Growth | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $2190673 | $140971 | $12970 | $52478 | $491790 | $243681 |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 2371368 | 156432 | 24362 | 62127 | 404203 | 317008 |

---

\*Excludes short-term securities and U.S. government obligations, if any.

<sup>†</sup>Amount less than one thousand.

12. Ownership concentration

At June 30, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 17% and 13% 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 17% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, CRMC held aggregate ownership of 99% 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.

**353**American Funds Insurance Series

Financial highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

Global Growth Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $36.91 | $.29 | $3.65 | $3.94 | $(.14) | $(4.88) | $(5.02) | $35.83 | 11.33%<sup>6</sup> | $3826 | .52%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41%<sup>7</sup> | 1.58%<sup>7</sup> |
| 12/31/2024 | 33.92 | .44 | 4.29 | 4.73 | (.67) | (1.07) | (1.74) | 36.91 | 13.94 | 3589 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | 1.20 |
| 12/31/2023 | 30.18 | .36 | 6.30 | 6.66 | (.37) | (2.55) | (2.92) | 33.92 | 22.91 | 3418 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | 1.13 |
| 12/31/2022 | 45.46 | .34 | (11.34) | (11.00) | (.31) | (3.97) | (4.28) | 30.18 | (24.54) | 3104 | .53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | 1.01 |
| 12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | .56 |
| 12/31/2020 | 32.57 | .20 | 9.56 | 9.76 | (.21) | (.96) | (1.17) | 41.16 | 30.79 | 3309 | .56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | .59 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 36.70 | .24 | 3.62 | 3.86 | (.12) | (4.88) | (5.00) | 35.56 | 11.19<sup>6</sup> | 24 | .77<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66<sup>7</sup> | 1.34<sup>7</sup> |
| 12/31/2024 | 33.74 | .35 | 4.26 | 4.61 | (.58) | (1.07) | (1.65) | 36.70 | 13.67 | 20 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | .95 |
| 12/31/2023 | 30.04 | .28 | 6.26 | 6.54 | (.29) | (2.55) | (2.84) | 33.74 | 22.60 | 18 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | .88 |
| 12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | .78 |
| 12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | .33 |
| 12/31/2020 | 32.47 | .12 | 9.52 | 9.64 | (.13) | (.96) | (1.09) | 41.02 | 30.49 | 12 | .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81 | .34 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 36.37 | .24 | 3.58 | 3.82 | (.12) | (4.88) | (5.00) | 35.19 | 11.17<sup>6</sup> | 3658 | .77<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66<sup>7</sup> | 1.32<sup>7</sup> |
| 12/31/2024 | 33.44 | .35 | 4.22 | 4.57 | (.57) | (1.07) | (1.64) | 36.37 | 13.68 | 3512 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | .95 |
| 12/31/2023 | 29.79 | .28 | 6.21 | 6.49 | (.29) | (2.55) | (2.84) | 33.44 | 22.60 | 3522 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | .88 |
| 12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | .76 |
| 12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | .30 |
| 12/31/2020 | 32.24 | .12 | 9.44 | 9.56 | (.12) | (.96) | (1.08) | 40.72 | 30.47 | 4387 | .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81 | .34 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 35.93 | .19 | 3.54 | 3.73 | (.11) | (4.88) | (4.99) | 34.67 | 11.05<sup>6</sup> | 1083 | 1.02<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91<sup>7</sup> | 1.10<sup>7</sup> |
| 12/31/2024 | 33.08 | .25 | 4.18 | 4.43 | (.51) | (1.07) | (1.58) | 35.93 | 13.39 | 937 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | .69 |
| 12/31/2023 | 29.51 | .20 | 6.14 | 6.34 | (.22) | (2.55) | (2.77) | 33.08 | 22.29 | 732 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | .63 |
| 12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.96 | .52 |
| 12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | .07 |
| 12/31/2020 | 32.05 | .03 | 9.38 | 9.41 | (.05) | (.96) | (1.01) | 40.45 | 30.17 | 533 | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | .09 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **354**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

Global Small Capitalization Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $18.15 | $.10 | $1.35 | $1.45 | $— | $(.40) | $(.40) | $19.20 | 8.08%<sup>6</sup> | $885 | .70%<sup>7</sup> | .65%<sup>7</sup> | 1.11%<sup>7</sup> |
| 12/31/2024 | 18.57 | .12 | .34 | .46 | (.23) | (.65) | (.88) | 18.15 | 2.59 | 942 | .70 | .67 | .66 |
| 12/31/2023 | 16.22 | .11 | 2.53 | 2.64 | (.08) | (.21) | (.29) | 18.57 | 16.45 | 1001 | .70 | .65 | .63 |
| 12/31/2022 | 34.17 | .05 | (9.50) | (9.45) |  | (8.50) | (8.50) | 16.22 | (29.37) | 916 | .72 | .69 | .24 |
| 12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
| 12/31/2020 | 26.80 | (.01) | 7.49 | 7.48 | (.05) | (1.59) | (1.64) | 32.64 | 30.04 | 2391 | .75 | .75 | (.06) |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.88 | .08 | 1.33 | 1.41 |  | (.40) | (.40) | 18.89 | 7.98<sup>6</sup> | 6 | .95<sup>7</sup> | .90<sup>7</sup> | .87<sup>7</sup> |
| 12/31/2024 | 18.31 | .07 | .34 | .41 | (.19) | (.65) | (.84) | 17.88 | 2.34 | 5 | .95 | .92 | .40 |
| 12/31/2023 | 16.00 | .06 | 2.50 | 2.56 | (.04) | (.21) | (.25) | 18.31 | 16.15 | 5 | .95 | .90 | .38 |
| 12/31/2022 | 33.93 | —<sup>8</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | —<sup>9</sup> |
| 12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
| 12/31/2020 | 26.74 | (.09) | 7.48 | 7.39 | (.05) | (1.59) | (1.64) | 32.49 | 29.72 | 1 | .99 | .99 | (.33) |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.05 | .07 | 1.27 | 1.34 |  | (.40) | (.40) | 17.99 | 7.96<sup>6</sup> | 1785 | .95<sup>7</sup> | .90<sup>7</sup> | .86<sup>7</sup> |
| 12/31/2024 | 17.50 | .07 | .32 | .39 | (.19) | (.65) | (.84) | 17.05 | 2.33 | 1733 | .95 | .92 | .41 |
| 12/31/2023 | 15.30 | .06 | 2.39 | 2.45 | (.04) | (.21) | (.25) | 17.50 | 16.17 | 1879 | .95 | .90 | .38 |
| 12/31/2022 | 32.94 | —<sup>8</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | —9 |
| 12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
| 12/31/2020 | 26.02 | (.08) | 7.25 | 7.17 | (.04) | (1.59) | (1.63) | 31.56 | 29.72 | 2653 | 1.00 | 1.00 | (.31) |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.01 | .05 | 1.27 | 1.32 |  | (.40) | (.40) | 17.93 | 7.86<sup>6</sup> | 390 | 1.20<sup>7</sup> | 1.15<sup>7</sup> | .61<sup>7</sup> |
| 12/31/2024 | 17.46 | .03 | .32 | .35 | (.15) | (.65) | (.80) | 17.01 | 2.12 | 310 | 1.20 | 1.17 | .15 |
| 12/31/2023 | 15.28 | .02 | 2.37 | 2.39 | —<sup>8</sup> | (.21) | (.21) | 17.46 | 15.79 | 300 | 1.20 | 1.15 | .13 |
| 12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
| 12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |
| 12/31/2020 | 26.16 | (.14) | 7.27 | 7.13 | (.03) | (1.59) | (1.62) | 31.67 | 29.39 | 268 | 1.25 | 1.25 | (.56) |

---

Refer to the end of the table(s) for footnote(s).

**355**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

Growth Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $127.47 | $.21 | $12.28 | $12.49 | $(.26) | $(10.61) | $(10.87) | $129.09 | 10.26%<sup>6</sup> | $23220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.34%<sup>7</sup> | .33%<sup>7</sup> |
| 12/31/2024 | 99.44 | .51 | 30.78 | 31.29 | (.67) | (2.59) | (3.26) | 127.47 | 31.96 | 21469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.34 | .45 |
| 12/31/2023 | 76.29 | .57 | 28.16 | 28.73 | (.54) | (5.04) | (5.58) | 99.44 | 38.81 | 17382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35 | .65 |
| 12/31/2022 | 127.58 | .58 | (37.03) | (36.45) | (.53) | (14.31) | (14.84) | 76.29 | (29.75) | 13660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35 | .64 |
| 12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.34 | .37 |
| 12/31/2020 | 81.22 | .43 | 41.28 | 41.71 | (.53) | (2.18) | (2.71) | 120.22 | 52.45 | 15644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35 | .46 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 126.11 | .05 | 12.14 | 12.19 | (.21) | (10.61) | (10.82) | 127.48 | 10.13<sup>6</sup> | 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59<sup>7</sup> | .08<sup>7</sup> |
| 12/31/2024 | 98.46 | .22 | 30.43 | 30.65 | (.41) | (2.59) | (3.00) | 126.11 | 31.61 | 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .20 |
| 12/31/2023 | 75.61 | .35 | 27.88 | 28.23 | (.34) | (5.04) | (5.38) | 98.46 | 38.47 | 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .40 |
| 12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .45 |
| 12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .13 |
| 12/31/2020 | 80.92 | .20 | 41.05 | 41.25 | (.40) | (2.18) | (2.58) | 119.59 | 52.07 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .21 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 125.79 | .05 | 12.10 | 12.15 | (.21) | (10.61) | (10.82) | 127.12 | 10.12<sup>6</sup> | 21211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59<sup>7</sup> | .08<sup>7</sup> |
| 12/31/2024 | 98.20 | .22 | 30.34 | 30.56 | (.38) | (2.59) | (2.97) | 125.79 | 31.61 | 20386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .20 |
| 12/31/2023 | 75.41 | .35 | 27.80 | 28.15 | (.32) | (5.04) | (5.36) | 98.20 | 38.49 | 17879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .40 |
| 12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .38 |
| 12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .12 |
| 12/31/2020 | 80.57 | .19 | 40.89 | 41.08 | (.29) | (2.18) | (2.47) | 119.18 | 52.10 | 20594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .21 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 128.88 | .09 | 12.43 | 12.52 | (.22) | (10.61) | (10.83) | 130.57 | 10.16<sup>6</sup> | 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52<sup>7</sup> | .15<sup>7</sup> |
| 12/31/2024 | 100.54 | .30 | 31.09 | 31.39 | (.46) | (2.59) | (3.05) | 128.88 | 31.70 | 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | .27 |
| 12/31/2023 | 77.09 | .42 | 28.45 | 28.87 | (.38) | (5.04) | (5.42) | 100.54 | 38.56 | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .47 |
| 12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .45 |
| 12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | .19 |
| 12/31/2020 | 81.84 | .26 | 41.56 | 41.82 | (.35) | (2.18) | (2.53) | 121.13 | 52.20 | 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .28 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 122.38 | (.10) | 11.74 | 11.64 | (.17) | (10.61) | (10.78) | 123.24 | 9.99<sup>6</sup> | 6178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84<sup>7</sup> | (.17)<sup>7</sup> |
| 12/31/2024 | 95.70 | (.06) | 29.52 | 29.46 | (.19) | (2.59) | (2.78) | 122.38 | 31.29 | 5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84 | (.06) |
| 12/31/2023 | 73.64 | .13 | 27.12 | 27.25 | (.15) | (5.04) | (5.19) | 95.70 | 38.13 | 3522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | .15 |
| 12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | .14 |
| 12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84 | (.13) |
| 12/31/2020 | 79.41 | (.04) | 40.24 | 40.20 | (.19) | (2.18) | (2.37) | 117.24 | 51.71 | 2347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | (.04) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **356**

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

International Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $17.84 | $.25 | $1.92 | $2.17 | $(.01) | $— | $(.01) | $20.00 | 12.18%<sup>6</sup> | $3274 | .52%<sup>7</sup> | 2.71%<sup>7</sup> |
| 12/31/2024 | 17.50 | .23 | .38 | .61 | (.27) |  | (.27) | 17.84 | 3.40 | 3080 | .52 | 1.26 |
| 12/31/2023 | 15.31 | .25 | 2.20 | 2.45 | (.26) |  | (.26) | 17.50 | 16.12 | 3353 | .53 | 1.50 |
| 12/31/2022 | 22.70 | .34 | (4.79) | (4.45) | (.34) | (2.60) | (2.94) | 15.31 | (20.57) | 3157 | .54 | 1.95 |
| 12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
| 12/31/2020 | 20.86 | .14 | 2.82 | 2.96 | (.18) |  | (.18) | 23.64 | 14.28 | 5652 | .55 | .71 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.75 | .22 | 1.91 | 2.13 | (.01) |  | (.01) | 19.87 | 11.97<sup>6</sup> | 14 | .77<sup>7</sup> | 2.47<sup>7</sup> |
| 12/31/2024 | 17.41 | .18 | .38 | .56 | (.22) |  | (.22) | 17.75 | 3.17 | 13 | .77 | .99 |
| 12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.85 | 12 | .78 | 1.24 |
| 12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
| 12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
| 12/31/2020 | 20.80 | .08 | 2.81 | 2.89 | (.14) |  | (.14) | 23.55 | 13.96 | 10 | .80 | .43 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.75 | .22 | 1.91 | 2.13 | —<sup>8</sup> |  | —<sup>8</sup> | 19.88 | 12.03<sup>6</sup> | 3399 | .77<sup>7</sup> | 2.46<sup>7</sup> |
| 12/31/2024 | 17.41 | .19 | .37 | .56 | (.22) |  | (.22) | 17.75 | 3.16 | 3238 | .77 | 1.00 |
| 12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.84 | 3382 | .78 | 1.24 |
| 12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
| 12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
| 12/31/2020 | 20.78 | .09 | 2.80 | 2.89 | (.13) |  | (.13) | 23.54 | 13.97 | 4481 | .80 | .46 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.90 | .23 | 1.94 | 2.17 | (.01) |  | (.01) | 20.06 | 12.11<sup>6</sup> | 15 | .70<sup>7</sup> | 2.54<sup>7</sup> |
| 12/31/2024 | 17.56 | .20 | .37 | .57 | (.23) |  | (.23) | 17.90 | 3.19 | 15 | .70 | 1.08 |
| 12/31/2023 | 15.35 | .22 | 2.22 | 2.44 | (.23) |  | (.23) | 17.56 | 15.99 | 17 | .71 | 1.32 |
| 12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
| 12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
| 12/31/2020 | 20.92 | .10 | 2.81 | 2.91 | (.14) |  | (.14) | 23.69 | 14.00 | 25 | .73 | .53 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 17.46 | .20 | 1.87 | 2.07 |  |  |  | 19.53 | 11.86<sup>6</sup> | 507 | 1.02<sup>7</sup> | 2.24<sup>7</sup> |
| 12/31/2024 | 17.13 | .14 | .37 | .51 | (.18) |  | (.18) | 17.46 | 2.93 | 441 | 1.02 | .74 |
| 12/31/2023 | 14.99 | .16 | 2.16 | 2.32 | (.18) |  | (.18) | 17.13 | 15.56 | 415 | 1.03 | .99 |
| 12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |
| 12/31/2020 | 20.54 | .04 | 2.76 | 2.80 | (.09) |  | (.09) | 23.25 | 13.66 | 423 | 1.05 | .21 |

---

Refer to the end of the table(s) for footnote(s).

**357**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

New World Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $26.67 | $.31 | $3.80 | $4.11 | $(.04) | $(1.21) | $(1.25) | $29.53 | 15.63%<sup>6</sup> | $1964 | .64%<sup>7</sup> | .57%<sup>7</sup> | 2.24%<sup>7</sup> |
| 12/31/2024 | 25.48 | .43 | 1.32 | 1.75 | (.44) | (.12) | (.56) | 26.67 | 6.86 | 1800 | .64 | .57 | 1.60 |
| 12/31/2023 | 22.30 | .40 | 3.19 | 3.59 | (.41) |  | (.41) | 25.48 | 16.22 | 1778 | .64 | .57 | 1.64 |
| 12/31/2022 | 31.83 | .37 | (7.17) | (6.80) | (.39) | (2.34) | (2.73) | 22.30 | (21.86) | 1610 | .68 | .57 | 1.48 |
| 12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
| 12/31/2020 | 25.84 | .15 | 5.93 | 6.08 | (.06) | (.27) | (.33) | 31.59 | 23.89 | 2309 | .76 | .64 | .58 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 26.53 | .27 | 3.78 | 4.05 | (.03) | (1.21) | (1.24) | 29.34 | 15.48<sup>6</sup> | 12 | .89<sup>7</sup> | .82<sup>7</sup> | 1.95<sup>7</sup> |
| 12/31/2024 | 25.36 | .36 | 1.31 | 1.67 | (.38) | (.12) | (.50) | 26.53 | 6.58 | 12 | .89 | .82 | 1.33 |
| 12/31/2023 | 22.19 | .33 | 3.20 | 3.53 | (.36) |  | (.36) | 25.36 | 15.98 | 10 | .89 | .82 | 1.38 |
| 12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
| 12/31/2020 | 25.74 | .07 | 5.92 | 5.99 | (.03) | (.27) | (.30) | 31.43 | 23.63 | 18 | 1.01 | .87 | .26 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 26.33 | .27 | 3.75 | 4.02 | (.03) | (1.21) | (1.24) | 29.11 | 15.48<sup>6</sup> | 852 | .89<sup>7</sup> | .82<sup>7</sup> | 1.99<sup>7</sup> |
| 12/31/2024 | 25.17 | .36 | 1.30 | 1.66 | (.38) | (.12) | (.50) | 26.33 | 6.55 | 791 | .89 | .82 | 1.36 |
| 12/31/2023 | 22.02 | .33 | 3.17 | 3.50 | (.35) |  | (.35) | 25.17 | 15.99 | 803 | .89 | .82 | 1.39 |
| 12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
| 12/31/2020 | 25.59 | .08 | 5.87 | 5.95 | (.02) | (.27) | (.29) | 31.25 | 23.58 | 1109 | 1.01 | .89 | .34 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 26.09 | .23 | 3.72 | 3.95 | (.02) | (1.21) | (1.23) | 28.81 | 15.31<sup>6</sup> | 900 | 1.14<sup>7</sup> | 1.07<sup>7</sup> | 1.75<sup>7</sup> |
| 12/31/2024 | 24.95 | .29 | 1.28 | 1.57 | (.31) | (.12) | (.43) | 26.09 | 6.33 | 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | .27 | 3.14 | 3.41 | (.30) |  | (.30) | 24.95 | 15.67 | 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
| 12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |
| 12/31/2020 | 25.47 | .02 | 5.83 | 5.85 | (.01) | (.27) | (.28) | 31.04 | 23.29 | 807 | 1.26 | 1.14 | .08 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **358**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

Washington Mutual Investors Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $16.86 | $.15 | $1.35 | $1.50 | $(.06) | $(1.20) | $(1.26) | $17.10 | 9.17%<sup>6</sup> | $6488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%<sup>7</sup> |
| 12/31/2024 | 14.49 | .29 | 2.51 | 2.80 | (.30) | (.13) | (.43) | 16.86 | 19.40 | 6269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| 12/31/2023 | 12.69 | .28 | 1.92 | 2.20 | (.28) | (.12) | (.40) | 14.49 | 17.66 | 6020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| 12/31/2022 | 18.09 | .31 | (1.69) | (1.38) | (.30) | (3.72) | (4.02) | 12.69 | (8.28) | 5507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| 12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| 12/31/2020 | 13.56 | .25 | .95 | 1.20 | (.26) | (.15) | (.41) | 14.35 | 9.04 | 5684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 16.79 | .13 | 1.34 | 1.47 | (.06) | (1.20) | (1.26) | 17.00 | 8.99<sup>6</sup> | 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54<sup>7</sup> |
| 12/31/2024 | 14.43 | .25 | 2.50 | 2.75 | (.26) | (.13) | (.39) | 16.79 | 19.15 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| 12/31/2023 | 12.61 | .23 | 1.92 | 2.15 | (.21) | (.12) | (.33) | 14.43 | 17.29 | 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| 12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| 12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| 12/31/2020 | 13.51 | .23 | .93 | 1.16 | (.24) | (.15) | (.39) | 14.28 | 8.79 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 16.53 | .13 | 1.32 | 1.45 | (.06) | (1.20) | (1.26) | 16.72 | 9.01<sup>6</sup> | 3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54<sup>7</sup> |
| 12/31/2024 | 14.21 | .24 | 2.47 | 2.71 | (.26) | (.13) | (.39) | 16.53 | 19.14 | 3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| 12/31/2023 | 12.46 | .24 | 1.88 | 2.12 | (.25) | (.12) | (.37) | 14.21 | 17.29 | 2899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| 12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| 12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| 12/31/2020 | 13.39 | .22 | .91 | 1.13 | (.22) | (.15) | (.37) | 14.15 | 8.68 | 3082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 16.34 | .11 | 1.30 | 1.41 | (.05) | (1.20) | (1.25) | 16.50 | 8.90<sup>6</sup> | 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29<sup>7</sup> |
| 12/31/2024 | 14.06 | .20 | 2.44 | 2.64 | (.23) | (.13) | (.36) | 16.34 | 18.85 | 1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| 12/31/2023 | 12.34 | .20 | 1.86 | 2.06 | (.22) | (.12) | (.34) | 14.06 | 16.97 | 1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| 12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| 12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| 12/31/2020 | 13.31 | .19 | .91 | 1.10 | (.20) | (.15) | (.35) | 14.06 | 8.47 | 788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |

---

Refer to the end of the table(s) for footnote(s).

**359**American Funds Insurance Series

![](ghx0tbpg0ovo1gds2pud3.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

U.S. Small and Mid Cap Equity Fund

Class 1:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $9.71 | $.04 | $.70 | $.74 | $—<sup>8</sup> | $—<sup>8</sup> | $—<sup>8</sup> | $10.45 | $—<sup>10</sup> | &nbsp;&nbsp;&nbsp;.82%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54%<sup>7</sup> |
| 12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71<br>(2.81)<sup>6</sup> | —10 | &nbsp;&nbsp;&nbsp;.59<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54<sup>7</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;.72<sup>7</sup> |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.71 | .04 | .70 | .74 | —<sup>8</sup> | —<sup>8</sup> | —<sup>8</sup> | 10.45<br>&nbsp;&nbsp;&nbsp;&nbsp;7.56<sup>612</sup> | —10 | &nbsp;&nbsp;&nbsp;.83712 | &nbsp;&nbsp;&nbsp;&nbsp;.54712 |
| 12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81)<sup>612</sup> | —10 | &nbsp;&nbsp;&nbsp;.59712 | &nbsp;&nbsp;&nbsp;&nbsp;.54712 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.71 | .04 | .70 | .74 | —<sup>8</sup> | —<sup>8</sup> | —<sup>8</sup> | 10.45<br>&nbsp;&nbsp;&nbsp;&nbsp;7.56<sup>612</sup> | —10 | &nbsp;&nbsp;&nbsp;.82712 | &nbsp;&nbsp;&nbsp;&nbsp;.54712 |
| 12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81)<sup>612</sup> | —10 | &nbsp;&nbsp;&nbsp;.59712 | &nbsp;&nbsp;&nbsp;&nbsp;.54712 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.71 | .04 | .70 | .74 | —<sup>8</sup> | —<sup>8</sup> | —<sup>8</sup> | 10.45<br>&nbsp;&nbsp;&nbsp;&nbsp;7.56<sup>612</sup> | 16 | &nbsp;&nbsp;&nbsp;.83712 | &nbsp;&nbsp;&nbsp;&nbsp;.54712 |
| 12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82)<sup>612</sup> | 15 | &nbsp;&nbsp;&nbsp;.59712 | &nbsp;&nbsp;&nbsp;&nbsp;.55712 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **360**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

Capital World Growth and Income Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $15.53 | $.17 | $1.82 | $1.99 | $(.04) | $(.61) | $(.65) | $16.87 | 13.03%<sup>6</sup> | $612 | .52%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19%<sup>7</sup> |
| 12/31/2024 | 13.85 | .27 | 1.71 | 1.98 | (.30) |  | (.30) | 15.53 | 14.24 | 597 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| 12/31/2023 | 11.67 | .27 | 2.19 | 2.46 | (.28) |  | (.28) | 13.85 | 21.22 | 579 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| 12/31/2022 | 18.42 | .32 | (3.28) | (2.96) | (.34) | (3.45) | (3.79) | 11.67 | (17.13) | 548 | .57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| 12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| 12/31/2020 | 15.92 | .22 | 1.14 | 1.36 | (.23) | (.38) | (.61) | 16.67 | 9.03 | 657 | .66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 15.44 | .16 | 1.79 | 1.95 | (.03) | (.61) | (.64) | 16.75 | 12.86<sup>6</sup> | 11 | .77<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97<sup>7</sup> |
| 12/31/2024 | 13.77 | .23 | 1.70 | 1.93 | (.26) |  | (.26) | 15.44 | 14.00 | 8 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| 12/31/2023 | 11.61 | .23 | 2.18 | 2.41 | (.25) |  | (.25) | 13.77 | 20.87 | 7 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| 12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| 12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| 12/31/2020 | 15.88 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.62 | 8.78 | 2 | .90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 15.49 | .15 | 1.81 | 1.96 | (.03) | (.61) | (.64) | 16.81 | 12.88<sup>6</sup> | 1060 | .77<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94<sup>7</sup> |
| 12/31/2024 | 13.81 | .23 | 1.71 | 1.94 | (.26) |  | (.26) | 15.49 | 14.00 | 1015 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| 12/31/2023 | 11.64 | .23 | 2.18 | 2.41 | (.24) |  | (.24) | 13.81 | 20.88 | 1040 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| 12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| 12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| 12/31/2020 | 15.89 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.63 | 8.73 | 1349 | .91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 15.08 | .13 | 1.76 | 1.89 | (.03) | (.61) | (.64) | 16.33 | 12.73<sup>6</sup> | 315 | 1.02<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72<sup>7</sup> |
| 12/31/2024 | 13.46 | .18 | 1.67 | 1.85 | (.23) |  | (.23) | 15.08 | 13.70 | 268 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| 12/31/2023 | 11.35 | .19 | 2.14 | 2.33 | (.22) |  | (.22) | 13.46 | 20.65 | 235 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| 12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| 12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| 12/31/2020 | 15.63 | .14 | 1.12 | 1.26 | (.16) | (.38) | (.54) | 16.35 | 8.55 | 166 | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.97 |

---

Refer to the end of the table(s) for footnote(s).

**361**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

Growth-Income Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $69.59 | $.43 | $4.69 | $5.12 | $(.18) | $(12.13) | $(12.31) | $62.40 | 8.13%<sup>6</sup> | $25262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.28%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.27%<sup>7</sup> |
| 12/31/2024 | 59.26 | .84 | 13.33 | 14.17 | (.89) | (2.95) | (3.84) | 69.59 | 24.55 | 24476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| 12/31/2023 | 50.21 | .86 | 11.96 | 12.82 | (.88) | (2.89) | (3.77) | 59.26 | 26.47 | 22319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| 12/31/2022 | 67.35 | .85 | (11.50) | (10.65) | (.83) | (5.66) | (6.49) | 50.21 | (16.28) | 19692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| 12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| 12/31/2020 | 50.71 | .75 | 6.02 | 6.77 | (.80) | (1.30) | (2.10) | 55.38 | 13.81 | 22903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 69.10 | .34 | 4.64 | 4.98 | (.15) | (12.13) | (12.28) | 61.80 | 7.98<sup>6</sup> | 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02<sup>7</sup> |
| 12/31/2024 | 58.88 | .67 | 13.24 | 13.91 | (.74) | (2.95) | (3.69) | 69.10 | 24.25 | 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| 12/31/2023 | 49.93 | .72 | 11.87 | 12.59 | (.75) | (2.89) | (3.64) | 58.88 | 26.12 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| 12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| 12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| 12/31/2020 | 50.54 | .63 | 5.99 | 6.62 | (.70) | (1.30) | (2.00) | 55.16 | 13.55 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 68.38 | .33 | 4.60 | 4.93 | (.14) | (12.13) | (12.27) | 61.04 | 8.00<sup>6</sup> | 14111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02<sup>7</sup> |
| 12/31/2024 | 58.30 | .66 | 13.10 | 13.76 | (.73) | (2.95) | (3.68) | 68.38 | 24.23 | 13882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| 12/31/2023 | 49.46 | .72 | 11.75 | 12.47 | (.74) | (2.89) | (3.63) | 58.30 | 26.14 | 12894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| 12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| 12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| 12/31/2020 | 50.08 | .62 | 5.93 | 6.55 | (.67) | (1.30) | (1.97) | 54.66 | 13.54 | 14012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 69.76 | .37 | 4.69 | 5.06 | (.15) | (12.13) | (12.28) | 62.54 | 8.02<sup>6</sup> | 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09<sup>7</sup> |
| 12/31/2024 | 59.40 | .72 | 13.36 | 14.08 | (.77) | (2.95) | (3.72) | 69.76 | 24.32 | 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| 12/31/2023 | 50.33 | .77 | 11.97 | 12.74 | (.78) | (2.89) | (3.67) | 59.40 | 26.23 | 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| 12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| 12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| 12/31/2020 | 50.81 | .66 | 6.02 | 6.68 | (.70) | (1.30) | (2.00) | 55.49 | 13.60 | 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 67.14 | .25 | 4.49 | 4.74 | (.12) | (12.13) | (12.25) | 59.63 | 7.85<sup>6</sup> | 2986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77<sup>7</sup> |
| 12/31/2024 | 57.34 | .49 | 12.86 | 13.35 | (.60) | (2.95) | (3.55) | 67.14 | 23.93 | 2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 |
| 12/31/2023 | 48.72 | .57 | 11.57 | 12.14 | (.63) | (2.89) | (3.52) | 57.34 | 25.82 | 2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| 12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| 12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 |
| 12/31/2020 | 49.52 | .49 | 5.85 | 6.34 | (.57) | (1.30) | (1.87) | 53.99 | 13.25 | 1407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **362**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

International Growth and Income Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $10.19 | $.23 | $1.95 | $2.18 | $(.05) | $— | $(.05) | $12.32 | 21.40%<sup>6</sup> | $31 | .54%<sup>7</sup> | .54%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06%<sup>7</sup> |
| 12/31/2024 | 10.10 | .28 | .10 | .38 | (.29) |  | (.29) | 10.19 | 3.64 | 17 | .57 | .57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| 12/31/2023 | 8.94 | .27 | 1.15 | 1.42 | (.26) |  | (.26) | 10.10 | 16.08 | 15 | .56 | .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| 12/31/2022 | 19.62 | .39 | (3.09) | (2.70) | (.28) | (7.70) | (7.98) | 8.94 | (15.00) | 13 | .64 | .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| 12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| 12/31/2020 | 18.18 | .27 | .85 | 1.12 | (.29) |  | (.29) | 19.01 | 6.24 | 1120 | .68 | .68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.91 | .19 | 1.90 | 2.09 | (.04) |  | (.04) | 11.96 | 21.15<sup>6</sup> | 8 | .79<sup>7</sup> | .79<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60<sup>7</sup> |
| 12/31/2024 | 9.83 | .24 | .10 | .34 | (.26) |  | (.26) | 9.91 | 3.39 | 6 | .82 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| 12/31/2023 | 8.70 | .24 | 1.13 | 1.37 | (.24) |  | (.24) | 9.83 | 15.92 | 6 | .81 | .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| 12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| 12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 |
| 12/31/2020 | 18.15 | .22 | .85 | 1.07 | (.25) |  | (.25) | 18.97 | 5.98 | 3 | .93 | .93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.91 | .19 | 1.90 | 2.09 | (.04) |  | (.04) | 11.96 | 21.15<sup>6</sup> | 164 | .79<sup>7</sup> | .79<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53<sup>7</sup> |
| 12/31/2024 | 9.82 | .25 | .10 | .35 | (.26) |  | (.26) | 9.91 | 3.48 | 150 | .82 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| 12/31/2023 | 8.70 | .24 | 1.12 | 1.36 | (.24) |  | (.24) | 9.82 | 15.76 | 165 | .81 | .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| 12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 |
| 12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| 12/31/2020 | 18.12 | .23 | .85 | 1.08 | (.25) |  | (.25) | 18.95 | 6.01 | 221 | .93 | .93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.74 | .18 | 1.87 | 2.05 | (.04) |  | (.04) | 11.75 | 21.07<sup>6</sup> | 193 | 1.04<sup>7</sup> | 1.04<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>7</sup> |
| 12/31/2024 | 9.67 | .22 | .09 | .31 | (.24) |  | (.24) | 9.74 | 3.11 | 150 | 1.07 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| 12/31/2023 | 8.56 | .21 | 1.12 | 1.33 | (.22) |  | (.22) | 9.67 | 15.66 | 143 | 1.06 | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| 12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| 12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| 12/31/2020 | 18.01 | .19 | .83 | 1.02 | (.21) |  | (.21) | 18.82 | 5.73 | 112 | 1.18 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 |

---

Refer to the end of the table(s) for footnote(s).

**363**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

Capital Income Builder

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $12.39 | $.25 | $1.27 | $1.52 | $(.16) | $— | $(.16) | $13.75 | 12.33%<sup>6</sup> | $793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%<sup>7</sup> |
| 12/31/2024 | 11.63 | .42 | .79 | 1.21 | (.45) |  | (.45) | 12.39 | 10.45 | 709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| 12/31/2023 | 10.99 | .41 | .59 | 1.00 | (.36) |  | (.36) | 11.63 | 9.28 | 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| 12/31/2022 | 12.17 | .37 | (1.21) | (.84) | (.34) |  | (.34) | 10.99 | (6.90) | 586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| 12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| 12/31/2020 | 10.73 | .31 | .15 | .46 | (.32) |  | (.32) | 10.87 | 4.64 | 621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.38 | .23 | 1.26 | 1.49 | (.14) |  | (.14) | 13.73 | 12.12<sup>6</sup> | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63<sup>7</sup> |
| 12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| 12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| 12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| 12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| 12/31/2020 | 10.72 | .28 | .16 | .44 | (.30) |  | (.30) | 10.86 | 4.38 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.38 | .23 | 1.27 | 1.50 | (.14) |  | (.14) | 13.74 | 12.20<sup>6</sup> | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64<sup>7</sup> |
| 12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| 12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 |
| 12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| 12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| 12/31/2020 | 10.72 | .29 | .16 | .45 | (.30) |  | (.30) | 10.87 | 4.48 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.36 | .22 | 1.27 | 1.49 | (.13) |  | (.13) | 13.72 | 12.09<sup>6</sup> | 739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39<sup>7</sup> |
| 12/31/2024 | 11.60 | .36 | .79 | 1.15 | (.39) |  | (.39) | 12.36 | 9.93 | 629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| 12/31/2023 | 10.96 | .35 | .59 | .94 | (.30) |  | (.30) | 11.60 | 8.75 | 566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| 12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| 12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| 12/31/2020 | 10.71 | .26 | .15 | .41 | (.27) |  | (.27) | 10.85 | 4.11 | 462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **364**

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

Asset Allocation Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $26.04 | $.30 | $1.76 | $2.06 | $(.12) | $(1.91) | $(2.03) | $26.07 | 8.20%<sup>6</sup> | $16240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.32%<sup>7</sup> |
| 12/31/2024 | 23.86 | .60 | 3.29 | 3.89 | (.61) | (1.10) | (1.71) | 26.04 | 16.73 | 16023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| 12/31/2023 | 22.20 | .57 | 2.54 | 3.11 | (.56) | (.89) | (1.45) | 23.86 | 14.55 | 15555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| 12/31/2022 | 29.08 | .52 | (4.24) | (3.72) | (.51) | (2.65) | (3.16) | 22.20 | (13.19) | 15138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| 12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| 12/31/2020 | 24.05 | .43 | 2.59 | 3.02 | (.46) | (.11) | (.57) | 26.50 | 12.71 | 19238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 25.88 | .27 | 1.74 | 2.01 | (.11) | (1.91) | (2.02) | 25.87 | 8.04<sup>6</sup> | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08<sup>7</sup> |
| 12/31/2024 | 23.74 | .54 | 3.26 | 3.80 | (.56) | (1.10) | (1.66) | 25.88 | 16.41 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| 12/31/2023 | 22.10 | .51 | 2.53 | 3.04 | (.51) | (.89) | (1.40) | 23.74 | 14.32 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| 12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| 12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| 12/31/2020 | 23.99 | .37 | 2.58 | 2.95 | (.41) | (.11) | (.52) | 26.42 | 12.43 | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 25.65 | .26 | 1.73 | 1.99 | (.11) | (1.91) | (2.02) | 25.62 | 8.04<sup>6</sup> | 4401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.07<sup>7</sup> |
| 12/31/2024 | 23.53 | .53 | 3.24 | 3.77 | (.55) | (1.10) | (1.65) | 25.65 | 16.44 | 4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| 12/31/2023 | 21.91 | .50 | 2.52 | 3.02 | (.51) | (.89) | (1.40) | 23.53 | 14.27 | 4261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| 12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| 12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| 12/31/2020 | 23.79 | .37 | 2.56 | 2.93 | (.40) | (.11) | (.51) | 26.21 | 12.46 | 5242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 26.08 | .28 | 1.75 | 2.03 | (.11) | (1.91) | (2.02) | 26.09 | 8.07<sup>6</sup> | 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.14<sup>7</sup> |
| 12/31/2024 | 23.90 | .56 | 3.29 | 3.85 | (.57) | (1.10) | (1.67) | 26.08 | 16.52 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| 12/31/2023 | 22.23 | .53 | 2.55 | 3.08 | (.52) | (.89) | (1.41) | 23.90 | 14.37 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| 12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| 12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| 12/31/2020 | 24.08 | .39 | 2.59 | 2.98 | (.42) | (.11) | (.53) | 26.53 | 12.50 | 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 25.41 | .23 | 1.72 | 1.95 | (.10) | (1.91) | (2.01) | 25.35 | 7.95<sup>6</sup> | 6956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.82<sup>7</sup> |
| 12/31/2024 | 23.34 | .46 | 3.20 | 3.66 | (.49) | (1.10) | (1.59) | 25.41 | 16.11 | 6649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| 12/31/2023 | 21.75 | .44 | 2.49 | 2.93 | (.45) | (.89) | (1.34) | 23.34 | 14.02 | 5807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| 12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| 12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| 12/31/2020 | 23.67 | .31 | 2.54 | 2.85 | (.35) | (.11) | (.46) | 26.06 | 12.16 | 5131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |

---

Refer to the end of the table(s) for footnote(s).

**365**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

American Funds Global Balanced Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $12.96 | $.20 | $1.05 | $1.25 | $(.04) | $(.53) | $(.57) | $13.64 | 9.72%<sup>6</sup> | $97 | .52%<sup>7</sup> | .50%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02%<sup>7</sup> |
| 12/31/2024 | 12.37 | .34 | .52 | .86 | (.27) |  | (.27) | 12.96 | 6.90 | 95 | .52 | .51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 |
| 12/31/2023 | 12.55 | .33 | 1.29 | 1.62 | (.23) | (1.57) | (1.80) | 12.37 | 14.05 | 98 | .53 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| 12/31/2022 | 14.73 | .26 | (2.37) | (2.11) |  | (.07) | (.07) | 12.55 | (14.33) | 96 | .59 | .58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| 12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| 12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19) | (.54) | (.73) | 14.19 | 10.53 | 139 | .72 | .72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.87 | .18 | 1.05 | 1.23 | (.03) | (.53) | (.56) | 13.54 | 9.66<sup>6</sup> | 4 | .77<sup>7</sup> | .75<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78<sup>7</sup> |
| 12/31/2024 | 12.30 | .30 | .51 | .81 | (.24) |  | (.24) | 12.87 | 6.57 | 4 | .78 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| 12/31/2023 | 12.49 | .29 | 1.30 | 1.59 | (.21) | (1.57) | (1.78) | 12.30 | 13.77 | 3 | .78 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| 12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16) | (.54) | (.70) | 14.16 | 10.25 | 3 | .97 | .97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.89 | .18 | 1.05 | 1.23 | (.03) | (.53) | (.56) | 13.56 | 9.64<sup>6</sup> | 149 | .77<sup>7</sup> | .75<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78<sup>7</sup> |
| 12/31/2024 | 12.31 | .31 | .50 | .81 | (.23) |  | (.23) | 12.89 | 6.58 | 149 | .77 | .76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| 12/31/2023 | 12.49 | .30 | 1.29 | 1.59 | (.20) | (1.57) | (1.77) | 12.31 | 13.83 | 160 | .78 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| 12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15) | (.54) | (.69) | 14.16 | 10.30 | 208 | .97 | .97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.66 | .16 | 1.04 | 1.20 | (.03) | (.53) | (.56) | 13.30 | 9.55<sup>6</sup> | 169 | 1.02<sup>7</sup> | 1.00<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54<sup>7</sup> |
| 12/31/2024 | 12.10 | .27 | .50 | .77 | (.21) |  | (.21) | 12.66 | 6.32 | 144 | 1.02 | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| 12/31/2023 | 12.32 | .26 | 1.27 | 1.53 | (.18) | (1.57) | (1.75) | 12.10 | 13.45 | 128 | 1.03 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| 12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| 12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 |
| 12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12) | (.54) | (.66) | 14.02 | 10.00 | 105 | 1.22 | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **366**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

The Bond Fund of America

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $9.27 | $.22 | $.18 | $.40 | $(.09) | $— | $(.09) | $9.58 | 4.30%<sup>6</sup> | $6713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.24%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%<sup>7</sup> |
| 12/31/2024 | 9.54 | .44 | (.29) | .15 | (.42) |  | (.42) | 9.27 | 1.50 | 6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 |
| 12/31/2023 | 9.41 | .39 | .09 | .48 | (.35) |  | (.35) | 9.54 | 5.21 | 6908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 |
| 12/31/2022 | 11.21 | .31 | (1.67) | (1.36) | (.32) | (.12) | (.44) | 9.41 | (12.26) | 6370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| 12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| 12/31/2020 | 11.17 | .23 | .87 | 1.10 | (.27) | (.11) | (.38) | 11.89 | 9.96 | 6844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.20 | .20 | .18 | .38 | (.08) |  | (.08) | 9.50 | 4.18<sup>6</sup> | 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40<sup>7</sup> |
| 12/31/2024 | 9.47 | .41 | (.29) | .12 | (.39) |  | (.39) | 9.20 | 1.23 | 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| 12/31/2023 | 9.35 | .37 | .08 | .45 | (.33) |  | (.33) | 9.47 | 4.89 | 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| 12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| 12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| 12/31/2020 | 11.13 | .20 | .87 | 1.07 | (.25) | (.11) | (.36) | 11.84 | 9.68 | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.12 | .20 | .18 | .38 | (.08) |  | (.08) | 9.42 | 4.21<sup>6</sup> | 2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39<sup>7</sup> |
| 12/31/2024 | 9.40 | .41 | (.30) | .11 | (.39) |  | (.39) | 9.12 | 1.16 | 2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| 12/31/2023 | 9.27 | .36 | .10 | .46 | (.33) |  | (.33) | 9.40 | 5.02 | 2879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 |
| 12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| 12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| 12/31/2020 | 11.02 | .20 | .86 | 1.06 | (.24) | (.11) | (.35) | 11.73 | 9.73 | 3840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.07 | .19 | .18 | .37 | (.08) |  | (.08) | 9.36 | 3.98<sup>6</sup> | 1283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14<sup>7</sup> |
| 12/31/2024 | 9.35 | .38 | (.29) | .09 | (.37) |  | (.37) | 9.07 | .98 | 1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 |
| 12/31/2023 | 9.23 | .34 | .09 | .43 | (.31) |  | (.31) | 9.35 | 4.72 | 963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| 12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| 12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| 12/31/2020 | 11.00 | .17 | .85 | 1.02 | (.22) | (.11) | (.33) | 11.69 | 9.38 | 714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |

---

Refer to the end of the table(s) for footnote(s).

**367**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

Capital World Bond Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $9.63 | $.21 | $.63 | $.84 | $(.03) | $— | $(.03) | $10.44 | 8.71%<sup>6</sup> | $619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%<sup>7</sup> |
| 12/31/2024 | 10.16 | .42 | (.70) | (.28) | (.25) |  | (.25) | 9.63 | (2.76) | 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 |
| 12/31/2023 | 9.55 | .32 | .29 | .61 |  |  |  | 10.16 | 6.39 | 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 |
| 12/31/2022 | 11.79 | .25 | (2.30) | (2.05) | (.03) | (.16) | (.19) | 9.55 | (17.43) | 663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| 12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| 12/31/2020 | 12.12 | .26 | .95 | 1.21 | (.18) | (.21) | (.39) | 12.94 | 10.17 | 1219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.54 | .19 | .62 | .81 | (.02) |  | (.02) | 10.33 | 8.51<sup>6</sup> | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94<sup>7</sup> |
| 12/31/2024 | 10.08 | .40 | (.69) | (.29) | (.25) |  | (.25) | 9.54 | (2.97) | 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| 12/31/2023 | 9.50 | .30 | .28 | .58 |  |  |  | 10.08 | 6.11 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| 12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| 12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| 12/31/2020 | 12.10 | .23 | .95 | 1.18 | (.16) | (.21) | (.37) | 12.91 | 9.89 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.52 | .19 | .62 | .81 | (.02) |  | (.02) | 10.31 | 8.55<sup>6</sup> | 755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93<sup>7</sup> |
| 12/31/2024 | 10.03 | .39 | (.69) | (.30) | (.21) |  | (.21) | 9.52 | (3.04) | 761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| 12/31/2023 | 9.45 | .29 | .29 | .58 |  |  |  | 10.03 | 6.14 | 817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| 12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| 12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| 12/31/2020 | 12.03 | .22 | .95 | 1.17 | (.15) | (.21) | (.36) | 12.84 | 9.90 | 1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.37 | .18 | .61 | .79 | (.02) |  | (.02) | 10.14 | 8.45<sup>6</sup> | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67<sup>7</sup> |
| 12/31/2024 | 9.88 | .36 | (.68) | (.32) | (.19) |  | (.19) | 9.37 | (3.32) | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| 12/31/2023 | 9.33 | .27 | .28 | .55 |  |  |  | 9.88 | 5.89 | 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| 12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| 12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| 12/31/2020 | 11.92 | .19 | .94 | 1.13 | (.13) | (.21) | (.34) | 12.71 | 9.62 | 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **368**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets,<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions)<br> reimbursements<sup>3</sup> reimbursements<sup>2,3</sup><br> net assets<sup>2</sup> |

---

American High-Income Trust

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $9.19 | $.32 | $.06 | $.38 | $(.11) | $— | $(.11) | $9.46 | 4.13%<sup>6</sup> | $249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.32%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03%<sup>7</sup> |
| 12/31/2024 | 8.94 | .65 | .24 | .89 | (.64) |  | (.64) | 9.19 | 9.92 | 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96 |
| 12/31/2023 | 8.53 | .63 | .43 | 1.06 | (.65) |  | (.65) | 8.94 | 12.69 | 223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 |
| 12/31/2022 | 10.19 | .56 | (1.47) | (.91) | (.75) |  | (.75) | 8.53 | (9.01) | 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95 |
| 12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| 12/31/2020 | 9.87 | .61 | .17 | .78 | (.85) |  | (.85) | 9.80 | 8.21 | 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.15 | .31 | .05 | .36 | (.10) |  | (.10) | 9.41 | 4.00<sup>6</sup> | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78<sup>7</sup> |
| 12/31/2024 | 8.90 | .62 | .25 | .87 | (.62) |  | (.62) | 9.15 | 9.73 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| 12/31/2023 | 8.51 | .61 | .41 | 1.02 | (.63) |  | (.63) | 8.90 | 12.40 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90 |
| 12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 |
| 12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 |
| 12/31/2020 | 9.86 | .56 | .20 | .76 | (.84) |  | (.84) | 9.78 | 7.94 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 8.96 | .30 | .05 | .35 | (.10) |  | (.10) | 9.21 | 3.97<sup>6</sup> | 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78<sup>7</sup> |
| 12/31/2024 | 8.73 | .61 | .23 | .84 | (.61) |  | (.61) | 8.96 | 9.67 | 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70 |
| 12/31/2023 | 8.35 | .59 | .41 | 1.00 | (.62) |  | (.62) | 8.73 | 12.45 | 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85 |
| 12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 |
| 12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| 12/31/2020 | 9.70 | .55 | .19 | .74 | (.83) |  | (.83) | 9.61 | 7.94 | 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.25 | .32 | .04 | .36 | (.10) |  | (.10) | 9.51 | 3.96<sup>6</sup> | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.50<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85<sup>7</sup> |
| 12/31/2024 | 8.99 | .63 | .25 | .88 | (.62) |  | (.62) | 9.25 | 9.79 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| 12/31/2023 | 8.58 | .61 | .43 | 1.04 | (.63) |  | (.63) | 8.99 | 12.54 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 |
| 12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 |
| 12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 |
| 12/31/2020 | 9.92 | .57 | .19 | .76 | (.84) |  | (.84) | 9.84 | 7.93 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 10.07 | .33 | .06 | .39 | (.10) |  | (.10) | 10.36 | 3.90<sup>6</sup> | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.94<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53<sup>7</sup> |
| 12/31/2024 | 9.75 | .65 | .27 | .92 | (.60) |  | (.60) | 10.07 | 9.39 | 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| 12/31/2023 | 9.26 | .63 | .46 | 1.09 | (.60) |  | (.60) | 9.75 | 12.18 | 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| 12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44 |
| 12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| 12/31/2020 | 10.56 | .57 | .22 | .79 | (.81) |  | (.81) | 10.54 | 7.74 | 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 |

---

Refer to the end of the table(s) for footnote(s).

**369**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  | Ratio of |
|  |  | (losses) on |  |  |  |  |  |  | expenses to |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | average net |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | assets before<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | waivers/ |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions) | reimbursements<br> reimbursements<sup>2</sup> net assets<sup>2</sup> |

---

American Funds Mortgage Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $9.08 | $.23 | $.24 | $.47 | $(.08) | $— | $(.08) | $9.47 | 5.15%<sup>6</sup> | $18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27%<sup>7</sup> | 5.03%<sup>7</sup> |
| 12/31/2024 | 9.44 | .47 | (.38) | .09 | (.45) |  | (.45) | 9.08 | .93 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.31 | 5.04 |
| 12/31/2023 | 9.45 | .45 | (.08) | .37 | (.38) |  | (.38) | 9.44 | 4.03 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 4.76 |
| 12/31/2022 | 10.63 | .07 | (1.10) | (1.03) | (.15) |  | (.15) | 9.45 | (9.76) | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.25 | .70 |
| 12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | .58 |
| 12/31/2020 | 10.56 | .10 | .64 | .74 | (.17) | (.02) | (.19) | 11.11 | 6.98 | 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | .93 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 8.96 | .22 | .22 | .44 | (.07) |  | (.07) | 9.33 | 4.96<sup>6</sup> | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52<sup>7</sup> | 4.78<sup>7</sup> |
| 12/31/2024 | 9.32 | .44 | (.37) | .07 | (.43) |  | (.43) | 8.96 | .74 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | 4.78 |
| 12/31/2023 | 9.34 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.32 | 3.72 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 4.38 |
| 12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.91 |
| 12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | .33 |
| 12/31/2020 | 10.55 | .07 | .63 | .70 | (.15) | (.02) | (.17) | 11.08 | 6.63 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .61 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 8.98 | .22 | .23 | .45 | (.07) |  | (.07) | 9.36 | 5.05<sup>6</sup> | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52<sup>7</sup> | 4.78<sup>7</sup> |
| 12/31/2024 | 9.34 | .45 | (.38) | .07 | (.43) |  | (.43) | 8.98 | .68 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | 4.79 |
| 12/31/2023 | 9.36 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.34 | 3.68 | 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | 4.35 |
| 12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.87 |
| 12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | .33 |
| 12/31/2020 | 10.54 | .08 | .63 | .71 | (.14) | (.02) | (.16) | 11.09 | 6.72 | 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .68 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 8.86 | .20 | .23 | .43 | (.07) |  | (.07) | 9.22 | 4.86<sup>6</sup> | 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77<sup>7</sup> | 4.53<sup>7</sup> |
| 12/31/2024 | 9.23 | .42 | (.38) | .04 | (.41) |  | (.41) | 8.86 | .35 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | 4.53 |
| 12/31/2023 | 9.25 | .38 | (.06) | .32 | (.34) |  | (.34) | 9.23 | 3.51 | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | 4.12 |
| 12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | 1.66 |
| 12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | .08 |
| 12/31/2020 | 10.44 | .04 | .63 | .67 | (.12) | (.02) | (.14) | 10.97 | 6.38 | 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | .41 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **370**

Financial highlights (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | Ratio of | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | expenses | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions) | net assets | net assets |

---

Ultra-Short Bond Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $11.31 | $.23 | $.01 | $.24 | $(.09) | $— | $(.09) | $11.46 | 2.13%<sup>6</sup> | $34 | &nbsp;&nbsp;&nbsp;.29%<sup>7</sup> | 4.13%<sup>7</sup> |
| 12/31/2024 | 11.35 | .58 | (.01) | .57 | (.61) |  | (.61) | 11.31 | 5.08 | 39 | &nbsp;&nbsp;&nbsp;.30 | 4.98 |
| 12/31/2023 | 11.35 | .55 | .01 | .56 | (.56) |  | (.56) | 11.35 | 4.94 | 40 | &nbsp;&nbsp;&nbsp;.30 | 4.81 |
| 12/31/2022 | 11.27 | .17 | (.01) | .16 | (.08) |  | (.08) | 11.35 | 1.42 | 51 | &nbsp;&nbsp;&nbsp;.32 | 1.48 |
| 12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | &nbsp;&nbsp;&nbsp;.37 | (.28) |
| 12/31/2020 | 11.30 | .02 | .02 | .04 | (.03) |  | (.03) | 11.31 | .34 | 44 | &nbsp;&nbsp;&nbsp;.37 | .16 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 11.31 | .22 | —<sup>8</sup> | .22 | (.09) |  | (.09) | 11.44 | 1.91<sup>6</sup> | —10 | &nbsp;&nbsp;&nbsp;.52<sup>7</sup> | 3.91<sup>7</sup> |
| 12/31/2024 | 11.35 | .55 | —<sup>8</sup> | .55 | (.59) |  | (.59) | 11.31 | 4.86 | —10 | &nbsp;&nbsp;&nbsp;.53 | 4.74 |
| 12/31/2023 | 11.35 | .54 |  | .54 | (.54) |  | (.54) | 11.35 | 4.79 | —10 | &nbsp;&nbsp;&nbsp;.53 | 4.69 |
| 12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | —10 | &nbsp;&nbsp;&nbsp;.31 | 1.40 |
| 12/31/2021 | 11.31 | (.03) | —<sup>8</sup> | (.03) |  |  |  | 11.28 | (.27) | —10 | &nbsp;&nbsp;&nbsp;.36 | (.28) |
| 12/31/2020 | 11.30 | .03 | .01 | .04 | (.03) |  | (.03) | 11.31 | .32 | —10 | &nbsp;&nbsp;&nbsp;.35 | .26 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 10.93 | .21 | —<sup>8</sup> | .21 | (.09) |  | (.09) | 11.05 | 1.88<sup>6</sup> | 228 | &nbsp;&nbsp;&nbsp;.54<sup>7</sup> | 3.88<sup>7</sup> |
| 12/31/2024 | 10.98 | .53 | —<sup>8</sup> | .53 | (.58) |  | (.58) | 10.93 | 4.89 | 245 | &nbsp;&nbsp;&nbsp;.55 | 4.73 |
| 12/31/2023 | 11.00 | .51 | —<sup>8</sup> | .51 | (.53) |  | (.53) | 10.98 | 4.64 | 273 | &nbsp;&nbsp;&nbsp;.55 | 4.56 |
| 12/31/2022 | 10.93 | .13 | —<sup>8</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | &nbsp;&nbsp;&nbsp;.57 | 1.23 |
| 12/31/2021 | 10.99 | (.06) | —8 | (.06) |  |  |  | 10.93 | (.55) | 245 | &nbsp;&nbsp;&nbsp;.62 | (.53) |
| 12/31/2020 | 11.01 | —8 | —<sup>8</sup> | —<sup>8</sup> | (.02) |  | (.02) | 10.99 | .03 | 288 | &nbsp;&nbsp;&nbsp;.62 | (.05) |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 11.08 | .22 | —8 | .22 | (.09) |  | (.09) | 11.21 | 1.96<sup>6</sup> | 4 | &nbsp;&nbsp;&nbsp;.47<sup>7</sup> | 3.95<sup>7</sup> |
| 12/31/2024 | 11.13 | .54 | —<sup>8</sup> | .54 | (.59) |  | (.59) | 11.08 | 4.91 | 4 | &nbsp;&nbsp;&nbsp;.48 | 4.79 |
| 12/31/2023 | 11.14 | .52 | .01 | .53 | (.54) |  | (.54) | 11.13 | 4.75 | 4 | &nbsp;&nbsp;&nbsp;.48 | 4.64 |
| 12/31/2022 | 11.07 | .13 | —<sup>8</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | &nbsp;&nbsp;&nbsp;.50 | 1.19 |
| 12/31/2021 | 11.12 | (.05) | —8 | (.05) |  |  |  | 11.07 | (.45) | 5 | &nbsp;&nbsp;&nbsp;.55 | (.46) |
| 12/31/2020 | 11.13 | —8 | .02 | .02 | (.03) |  | (.03) | 11.12 | .13 | 4 | &nbsp;&nbsp;&nbsp;.55 | .03 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 11.00 | .20 | (.01) | .19 | (.08) |  | (.08) | 11.11 | 1.76<sup>6</sup> | 58 | &nbsp;&nbsp;&nbsp;.79<sup>7</sup> | 3.63<sup>7</sup> |
| 12/31/2024 | 11.05 | .50 | .01 | .51 | (.56) |  | (.56) | 11.00 | 4.62 | 51 | &nbsp;&nbsp;&nbsp;.80 | 4.47 |
| 12/31/2023 | 11.05 | .48 | .01 | .49 | (.49) |  | (.49) | 11.05 | 4.44 | 56 | &nbsp;&nbsp;&nbsp;.80 | 4.28 |
| 12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | &nbsp;&nbsp;&nbsp;.82 | 1.05 |
| 12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | &nbsp;&nbsp;&nbsp;.87 | (.79) |
| 12/31/2020 | 11.13 | (.04) | .01 | (.03) | (.02) |  | (.02) | 11.08 | (.25) | 40 | &nbsp;&nbsp;&nbsp;.87 | (.35) |

---

Refer to the end of the table(s) for footnote(s).

**371**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  | Ratio of |
|  |  | (losses) on |  |  |  |  |  |  | expenses to |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | average net |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | assets before<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | waivers/ |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions) | reimbursements<br> reimbursements<sup>2</sup> net assets<sup>2</sup> |

---

U.S. Government Securities Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $9.59 | $.22 | $.25 | $.47 | $(.08) | $— | $(.08) | $9.98 | 4.94%<sup>6</sup> | $270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26%<sup>7</sup> | 4.45%<sup>7</sup> |
| 12/31/2024 | 9.91 | .45 | (.35) | .10 | (.42) |  | (.42) | 9.59 | .99 | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | 4.53 |
| 12/31/2023 | 9.99 | .40 | (.09) | .31 | (.39) |  | (.39) | 9.91 | 3.21 | 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.21 | 4.05 |
| 12/31/2022 | 11.67 | .32 | (1.56) | (1.24) | (.44) |  | (.44) | 9.99 | (10.75) | 242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.22 | 2.90 |
| 12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 1.50 |
| 12/31/2020 | 12.34 | .16 | 1.07 | 1.23 | (.26) | (.27) | (.53) | 13.04 | 10.09 | 429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.38 | 1.21 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.53 | .20 | .26 | .46 | (.08) |  | (.08) | 9.91 | 4.82<sup>6</sup> | 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51<sup>7</sup> | 4.20<sup>7</sup> |
| 12/31/2024 | 9.87 | .42 | (.35) | .07 | (.41) |  | (.41) | 9.53 | .70 | 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | 4.23 |
| 12/31/2023 | 9.96 | .38 | (.10) | .28 | (.37) |  | (.37) | 9.87 | 2.88 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | 3.83 |
| 12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 2.70 |
| 12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 1.28 |
| 12/31/2020 | 12.32 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 13.00 | 9.75 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | .69 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.46 | .20 | .25 | .45 | (.08) |  | (.08) | 9.83 | 4.75<sup>6</sup> | 1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51<sup>7</sup> | 4.20<sup>7</sup> |
| 12/31/2024 | 9.78 | .42 | (.34) | .08 | (.40) |  | (.40) | 9.46 | .75 | 1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | 4.28 |
| 12/31/2023 | 9.87 | .37 | (.09) | .28 | (.37) |  | (.37) | 9.78 | 2.89 | 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | 3.80 |
| 12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 2.69 |
| 12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.24 |
| 12/31/2020 | 12.21 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 12.89 | 9.80 | 1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | .73 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.62 | .21 | .25 | .46 | (.08) |  | (.08) | 10.00 | 4.79<sup>6</sup> | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44<sup>7</sup> | 4.27<sup>7</sup> |
| 12/31/2024 | 9.94 | .43 | (.35) | .08 | (.40) |  | (.40) | 9.62 | .79 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | 4.35 |
| 12/31/2023 | 10.02 | .39 | (.10) | .29 | (.37) |  | (.37) | 9.94 | 3.00 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | 3.85 |
| 12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | 2.76 |
| 12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 1.31 |
| 12/31/2020 | 12.37 | .10 | 1.12 | 1.22 | (.25) | (.27) | (.52) | 13.07 | 9.91 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | .78 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 9.44 | .19 | .26 | .45 | (.08) |  | (.08) | 9.81 | 4.73<sup>6</sup> | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76<sup>7</sup> | 3.95<sup>7</sup> |
| 12/31/2024 | 9.77 | .39 | (.34) | .05 | (.38) |  | (.38) | 9.44 | .44 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | 4.02 |
| 12/31/2023 | 9.86 | .35 | (.10) | .25 | (.34) |  | (.34) | 9.77 | 2.62 | 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | 3.54 |
| 12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72 | 2.45 |
| 12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | .98 |
| 12/31/2020 | 12.22 | .05 | 1.10 | 1.15 | (.22) | (.27) | (.49) | 12.88 | 9.48 | 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | .42 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **372**

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total |  | Net |
|  | value, | (both | Total from | (from net | Distributions | dividends | Net asset | effective<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | value, end | expense |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> (in millions)<br> ments<sup>13</sup> ments<sup>2,13</sup> | ratio2,5,14<br> net assets<sup>2</sup> |

---

Managed Risk Growth Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $13.35 | $.02 | $.70 | $.72 | $(.11) | $(.57) | $(.68) | $13.39 | 5.67%<sup>6</sup> | $14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.36%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.68%<sup>7</sup> | .33%<sup>7</sup> |
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09) |  | (.09) | 13.35 | 23.82 | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;.69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08) | (2.79) | (2.87) | 10.86 | 23.77 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;.70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46) | (4.40) | (.22) | (2.54) | (2.76) | 11.37 | (24.62) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.69 | .19 |
| 12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12) | (.68) | (.80) | 17.25 | 32.45 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;.72 | .49 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 13.19 | —<sup>8</sup> | .70 | .70 | (.08) | (.57) | (.65) | 13.24 | 5.53<sup>6</sup> | 506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.62<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.94<sup>7</sup> | .08<sup>7</sup> |
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06) |  | (.06) | 13.19 | 23.50 | 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07) | (2.79) | (2.86) | 10.73 | 23.50 | 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.94 | .20 |
| 12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.95 | (.07) |
| 12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11) | (.68) | (.79) | 17.11 | 32.03 | 554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.97 | .20 |

---

Managed Risk International Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $8.23 | $—<sup>8</sup> | $.30 | $.30 | $(.13) | $— | $(.13) | $8.40 | 3.73%<sup>6</sup> | $2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.43%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.39%<sup>7</sup> | .86%<sup>7</sup> | .08%<sup>7</sup> |
| 12/31/2024 | 8.36 | .13 | (.12) | .01 | (.14) |  | (.14) | 8.23 | (.05) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | &nbsp;&nbsp;&nbsp;&nbsp;.37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15) | (.64) | (.79) | 8.36 | 6.36 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75) | (1.60) | (.34) |  | (.34) | 8.61 | (15.27) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | &nbsp;&nbsp;&nbsp;&nbsp;.37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | .86 | 2.12 |
| 12/31/2020 | 11.01 | .08 | .22 | .30 | (.16) | (.08) | (.24) | 11.07 | 3.13 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.43 | &nbsp;&nbsp;&nbsp;&nbsp;.35 | .86 | .82 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 8.18 | (.01) | .31 | .30 | (.11) |  | (.11) | 8.37 | 3.69<sup>6</sup> | 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.66<sup>7</sup> | 1.13<sup>7</sup> | (.19)<sup>7</sup> |
| 12/31/2024 | 8.32 | .10 | (.13) | (.03) | (.11) |  | (.11) | 8.18 | (.45) | 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14) | (.64) | (.78) | 8.32 | 6.22 | 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.13 | 1.79 |
| 12/31/2020 | 10.92 | .04 | .23 | .27 | (.12) | (.08) | (.20) | 10.99 | 2.80 | 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.14 | .42 |

---

Managed Risk Washington Mutual Investors Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $11.76 | $.03 | $.50 | $.53 | $(.18) | $— | $(.18) | $12.11 | 4.56%<sup>6</sup> | $3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.36%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.61%<sup>7</sup> | .57%<sup>7</sup> |
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22) |  | (.22) | 11.76 | 14.20 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24) | (1.49) | (1.73) | 10.50 | 10.04 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38) | (1.15) | (.56) |  | (.56) | 11.24 | (8.92) | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.66 | 1.33 |
| 12/31/2020 | 12.01 | .18 | (.35) | (.17) | (.26) | (.34) | (.60) | 11.24 | (.93) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | &nbsp;&nbsp;&nbsp;&nbsp;.35 | &nbsp;&nbsp;&nbsp;&nbsp;.76 | 1.66 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 11.69 | .02 | .49 | .51 | (.18) |  | (.18) | 12.02 | 4.39<sup>6</sup> | 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.62<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.87<sup>7</sup> | .32<sup>7</sup> |
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19) |  | (.19) | 11.69 | 13.99 | 319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21) | (1.49) | (1.70) | 10.43 | 9.73 | 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;.89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;.92 | .91 |
| 12/31/2020 | 11.91 | .13 | (.33) | (.20) | (.19) | (.34) | (.53) | 11.18 | (1.25) | 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.18 |

---

Refer to the end of the table(s) for footnote(s).

**373**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |
|  |  | Net gains |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total |  | Net |
|  | value, | (both | Total from | (from net | Distributions | dividends | Net asset | effective<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | value, end | expense |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> (in millions)<br> ments<sup>13</sup> ments<sup>2,13</sup> | ratio2,5,14<br> net assets<sup>2</sup> |

---

Managed Risk Growth-Income Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $14.35 | $.03 | $.50 | $.53 | $(.20) | $(.56) | $(.76) | $14.12 | 3.89%<sup>6</sup> | $1856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.36%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.63%<sup>7</sup> | .49%<sup>7</sup> |
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23) | (.18) | (.41) | 14.35 | 18.03 | 1903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21) | (1.62) | (1.83) | 12.53 | 16.17 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79) | (2.61) | (.30) | (.31) | (.61) | 12.51 | (16.74) | 1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.64 | .96 |
| 12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26) | (.74) | (1.00) | 14.01 | 9.85 | 2120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.66 | 1.24 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 14.25 | .02 | .49 | .51 | (.20) | (.56) | (.76) | 14.00 | 3.72<sup>6</sup> | 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.61<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.88<sup>7</sup> | .24<sup>7</sup> |
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20) | (.18) | (.38) | 14.25 | 17.69 | 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18) | (1.62) | (1.80) | 12.45 | 15.90 | 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.89 | .70 |
| 12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23) | (.74) | (.97) | 13.93 | 9.58 | 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.91 | 1.02 |

---

Managed Risk Asset Allocation Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 6/30/2025<sup>4,5</sup> | $13.20 | $.05 | $.56 | $.61 | $(.24) | $(.83) | $(1.07) | $12.74 | 4.83%<sup>6</sup> | $12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.36%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.65%<sup>7</sup> | .70%<sup>7</sup> |
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27) | (.17) | (.44) | 13.20 | 14.90 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26) | (1.45) | (1.71) | 11.90 | 10.51 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34) | (2.10) | (.32) | (.48) | (.80) | 12.43 | (13.75) | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.66 | 1.43 |
| 12/31/2020 | 13.81 | .25 | .51 | .76 | (.21) | (.52) | (.73) | 13.84 | 6.10 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;.66 | 1.91 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>4,5</sup> | 12.78 | .03 | .54 | .57 | (.23) | (.83) | (1.06) | 12.29 | 4.71<sup>6</sup> | 1942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.61<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.90<sup>7</sup> | .43<sup>7</sup> |
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24) | (.17) | (.41) | 12.78 | 14.63 | 2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22) | (1.45) | (1.67) | 11.53 | 10.23 | 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.91 | 1.03 |
| 12/31/2020 | 13.46 | .15 | .56 | .71 | (.20) | (.52) | (.72) | 13.45 | 5.88 | 2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;.91 | 1.15 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **374**

Financial highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Portfolio turnover rate for all share classes | Six months ended |  | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |
| Portfolio turnover rate for all share classes | Six months ended |  |  |  |  |  |
| Portfolio turnover rate for all share classes | Six months ended |  |  |  |  |  |
| excluding mortgage dollar roll transactions<sup>15,16</sup> | June 30, 2025<sup>4,5,6</sup> | 2024 | 2023 | 2022 | 2021 | 2020 |
| Capital Income Builder | 34% | 49% | 59% | 48% | 60% | 110% |
| Asset Allocation Fund | 33 | 43 | 54 | 42 | 45 | 49 |
| American Funds Global Balanced Fund | 28 | 55 | 43 | 111 | 36 | 68 |
| The Bond Fund of America | 66 | 102 | 129 | 77 | 87 | 72 |
| Capital World Bond Fund | 31 | 54 | 110 | 114 | 64 | 88 |
| American Funds Mortgage Fund | 30 | 52 | 85 | 56 | 38 | 123 |
| U.S. Government Securities Fund | 23 | 43 | 113 | 77 | 126 | 112 |
| Portfolio turnover rate for all share classes | Six months ended |  | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |
| Portfolio turnover rate for all share classes | Six months ended |  |  |  |  |  |
| Portfolio turnover rate for all share classes | Six months ended |  |  |  |  |  |
| including mortgage dollar roll transactions, if any<sup>15,16</sup> | June 30, 2025<sup>4,5,6</sup> | 2024 | 2023 | 2022 | 2021 | 2020 |
| Global Growth Fund | 15% | 41% | 29% | 29% | 18% | 17% |
| Global Small Capitalization Fund | 27 | 47 | 36 | 40 | 29 | 38 |
| Growth Fund | 14 | 23 | 23 | 29 | 25 | 32 |
| International Fund | 42 | 35 | 28 | 42 | 44 | 40 |
| New World Fund | 23 | 55 | 36 | 40 | 43 | 70 |
| Washington Mutual Investors Fund | 18 | 31 | 29 | 30 | 90 | 40 |
| U.S. Small and Mid Cap Equity Fund | 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44611 |  |  |  |  |
| Capital World Growth and Income Fund | 26 | 34 | 29 | 42 | 85 | 36 |
| Growth-Income Fund | 18 | 45 | 26 | 25 | 24 | 33 |
| International Growth and Income Fund | 27 | 39 | 38 | 48 | 41 | 56 |
| Capital Income Builder | 43 | 107 | 149 | 126 | 93 | 184 |
| Asset Allocation Fund | 59 | 129 | 159 | 118 | 124 | 145 |
| American Funds Global Balanced Fund | 47 | 141 | 103 | 126 | 39 | 86 |
| The Bond Fund of America | 120 | 398 | 545 | 415 | 456 | 461 |
| Capital World Bond Fund | 60 | 269 | 286 | 188 | 91 | 145 |
| American High-Income Trust | 18 | 45 | 40 | 34 | 56 | 78 |
| American Funds Mortgage Fund | 222 | 644 | 1053 | 1141 | 975 | 1143 |
| Ultra-Short Bond Fund | —17 | &nbsp;&nbsp;&nbsp;&nbsp;—17 | —17 | —17 | —17 | —17 |
| U.S. Government Securities Fund | 150 | 398 | 744 | 695 | 433 | 867 |
| Managed Risk Growth Fund | 29 | 14 | 39 | 97 | 32 | 80 |
| Managed Risk International Fund | 12 | 11 | 27 | 82 | 24 | 71 |
| Managed Risk Washington Mutual Investors Fund | 17 | 8 | 19 | 70 | 16 | 101 |
| Managed Risk Growth-Income Fund | 20 | 13 | 21 | 67 | 13 | 38 |
| Managed Risk Asset Allocation Fund | 13 | 7 | 13 | 48 | 5 | 30 |

---

<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>Based on operations for a period that is less than a full year.

<sup>5</sup>Unaudited.

<sup>6</sup>Not annualized.

<sup>7</sup>Annualized.

<sup>8</sup>Amount less than $.01.

<sup>9</sup>Amount less than .01%.

<sup>10</sup>Amount less than $1 million.

<sup>11</sup>For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>12</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>13</sup>This column does not include expenses of the underlying funds in which each fund invests.

<sup>14</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>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>Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

**375**American Funds Insurance Series

![](gymiwznnxn31a5opnlp6a.jpg)

Changes in and disagreements with accountants

None

Matters submitted for shareholder vote

None

Remuneration paid to directors, officers and others

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

American Funds Insurance Series **376**

![](gkk4ogh5aomdupqbvf4un.jpg)

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026. The agreement was amended to add U.S. Small and Mid Cap Equity Fund. The board approved the agreement following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in each fund's advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase.

In addition, the board and committee reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the funds.

**377**American Funds Insurance Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g2ickuewso4g0n2jditfh.jpg)

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

American Funds Insurance Series **378**

![](ghc90q6kect8huj727ju2.jpg)

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "advisory agreement") with Capital Research and Management Company ("CRMC") with respect to the Managed Risk Funds for an additional one-year term through April 30, 2026. The advisory agreement was amended to permanently reduce the advisory fee for each fund within the series from 15 basis points to 10 basis points. The board has also approved the series' Subadvisory Agreement (the "subadvisory agreement") with CRMC and Milliman Financial Risk Management LLC ("Milliman FRM") with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the "agreements." The board approved the agreements following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and Milliman FRM and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM's services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM's investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (including each fund's lifetime) through September 30, 2024. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC's and Milliman FRM's record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

**379**American Funds Insurance Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](gldmj5c7m7xdlod6q9ctn.jpg)

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted that CRMC had agreed to eliminate its waiver of 5 basis points of the advisory fee for each of the funds and to permanently reduce the advisory fee of the funds from 15 basis points to 10 basis points, and that CRMC agreed to continue to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund's advisory fees and total expenses were generally competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

American Funds Insurance Series **380**

------

#### &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; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.

------

#### &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; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.

------

#### &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; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

------

#### &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; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.

------

#### &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; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &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; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &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; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &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; Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 15.

------

#### &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; Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (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.

------

#### &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; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &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; Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

------

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](EX-99.CERT.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906 CERT](EX-99.906CERT.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.

SunAmerica Series Trust

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: September 5, 2025

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: September 5, 2025

------

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EX-99.CERT** <br>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust;

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 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 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: September 4, 2025

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust ;

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 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 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: September 4, 2025

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

------

## Exhibit 99.906

#### EX-99.906 CERT
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

John T. Genoy, Principal Executive Officer, and Gregory R. Kingston, Principal Financial Officer of SunAmerica Series Trust (the "registrant"), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: September 4, 2025

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

------