# EDGAR Filing Document

**Accession Number:** 0000067160
**File Stem:** 0001133228-25-009467
**Filing Date:** 2025-9
**Character Count:** 2661357
**Document Hash:** a9200955fba5f514395d893c3e6841f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009467.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009467

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02224
- **FILM NUMBER:** 251295625

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### MML Total Return Bond Fund (Series ID: S000029642)

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-07-28IZDO_MMLConservativeAllocationFund_InitialClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

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

---

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

---

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

---

Date of fiscal year end: <u>12/31/2025</u> <br>Date of reporting period: <u>06/30/2025</u>

**Item 1. Reports to Stockholders.**

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

---

| | |
|:---|:---|
| **MML Conservative Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Conservative Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $7 | 0.14%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $227.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.4% |
|  Equity Funds  | 40.6% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDOF

------

---

| | |
|:---|:---|
| **MML Conservative Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Conservative Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $20 | 0.39%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $227.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.4% |
|  Equity Funds  | 40.6% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDOG

------

---

| | |
|:---|:---|
| **MML Balanced Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Balanced Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $7 | 0.13%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $282.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 50.6% |
|  Fixed Income Funds  | 49.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDPF

------

---

| | |
|:---|:---|
| **MML Balanced Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Balanced Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $19 | 0.38%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $282.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 50.6% |
|  Fixed Income Funds  | 49.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDPG

------

---

| | |
|:---|:---|
| **MML Moderate Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Moderate Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $6 | 0.12%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $956.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.6% |
|  Fixed Income Funds  | 39.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDQF

------

---

| | |
|:---|:---|
| **MML Moderate Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Moderate Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $19 | 0.37%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $956.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.6% |
|  Fixed Income Funds  | 39.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDQG

------

---

| | |
|:---|:---|
| **MML Growth Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Growth Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $6 | 0.12%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $901.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 75.4% |
|  Fixed Income Funds  | 24.6% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDRF

------

---

| | |
|:---|:---|
| **MML Growth Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Growth Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $19 | 0.37%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $901.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 75.4% |
|  Fixed Income Funds  | 24.6% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDRG

------

---

| | |
|:---|:---|
| **MML Aggressive Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Aggressive Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $8 | 0.16%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $124.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 90.3% |
|  Fixed Income Funds  | 9.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDSF

------

---

| | |
|:---|:---|
| **MML Aggressive Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Aggressive Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $21 | 0.41%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $124.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 22 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 90.3% |
|  Fixed Income Funds  | 9.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDSG

------

---

| | |
|:---|:---|
| **MML American Funds Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML American Funds Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Service Class I | $53 | 1.02%\* |

---

\* Annualized

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

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $311.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 1 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

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

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-TIM2A

------

---

| | |
|:---|:---|
| **MML American Funds Core Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML American Funds Core Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $37 | 0.73%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $568.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 4 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

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

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-TIM4A

------

---

| | |
|:---|:---|
| **MML Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Blue Chip Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $40 | 0.78%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $490.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 67 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 14.0% |
|  Microsoft Corp.  | 13.8% |
|  Apple, Inc.  | 7.8% |
|  Amazon.com, Inc.  | 7.1% |
|  Meta Platforms, Inc. Class A  | 6.7% |
|  Alphabet, Inc. Class C  | 3.6% |
|  Visa, Inc. Class A  | 3.2% |
|  Carvana Co.  | 3.1% |
|  Broadcom, Inc.  | 3.1% |
|  Netflix, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 46.8% |
|  Communication Services  | 15.7% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 8.7% |
|  Health Care  | 6.8% |
|  Industrials  | 3.1% |
|  Utilities  | 0.9% |
|  Consumer Staples  | 0.8% |
|  Materials  | 0.7% |
|  Retail  | 0.2% |
|  Energy  | 0.2% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIOF

------

---

| | |
|:---|:---|
| **MML Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Blue Chip Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $53 | 1.03%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $490.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 67 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 14.0% |
|  Microsoft Corp.  | 13.8% |
|  Apple, Inc.  | 7.8% |
|  Amazon.com, Inc.  | 7.1% |
|  Meta Platforms, Inc. Class A  | 6.7% |
|  Alphabet, Inc. Class C  | 3.6% |
|  Visa, Inc. Class A  | 3.2% |
|  Carvana Co.  | 3.1% |
|  Broadcom, Inc.  | 3.1% |
|  Netflix, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 46.8% |
|  Communication Services  | 15.7% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 8.7% |
|  Health Care  | 6.8% |
|  Industrials  | 3.1% |
|  Utilities  | 0.9% |
|  Consumer Staples  | 0.8% |
|  Materials  | 0.7% |
|  Retail  | 0.2% |
|  Energy  | 0.2% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIOG

------

---

| | |
|:---|:---|
| **MML Equity Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $40 | 0.79%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $466.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 124 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  MetLife, Inc.  | 2.1% |
|  Southern Co.  | 2.0% |
|  QUALCOMM, Inc.  | 2.0% |
|  Charles Schwab Corp.  | 1.9% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Wells Fargo & Co.  | 1.9% |
|  Elevance Health, Inc.  | 1.8% |
|  L3Harris Technologies, Inc.  | 1.7% |
|  Citigroup, Inc.  | 1.7% |
|  Kimberly-Clark Corp.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.7% |
|  Industrials  | 13.5% |
|  Health Care  | 12.8% |
|  Information Technology  | 9.1% |
|  Consumer Staples  | 8.8% |
|  Energy  | 8.7% |
|  Utilities  | 5.9% |
|  Communication Services  | 5.8% |
|  Consumer Discretionary  | 4.4% |
|  Real Estate  | 3.7% |
|  Materials  | 3.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIJF

------

---

| | |
|:---|:---|
| **MML Equity Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $53 | 1.04%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $466.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 124 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  MetLife, Inc.  | 2.1% |
|  Southern Co.  | 2.0% |
|  QUALCOMM, Inc.  | 2.0% |
|  Charles Schwab Corp.  | 1.9% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Wells Fargo & Co.  | 1.9% |
|  Elevance Health, Inc.  | 1.8% |
|  L3Harris Technologies, Inc.  | 1.7% |
|  Citigroup, Inc.  | 1.7% |
|  Kimberly-Clark Corp.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.7% |
|  Industrials  | 13.5% |
|  Health Care  | 12.8% |
|  Information Technology  | 9.1% |
|  Consumer Staples  | 8.8% |
|  Energy  | 8.7% |
|  Utilities  | 5.9% |
|  Communication Services  | 5.8% |
|  Consumer Discretionary  | 4.4% |
|  Real Estate  | 3.7% |
|  Materials  | 3.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIJG

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $22 | 0.43%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $640.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.3% |
|  Microsoft Corp.  | 7.0% |
|  Apple, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 3.9% |
|  Meta Platforms, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.5% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 13.9% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.7% |
|  Health Care  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 5.5% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.0% |
|  Materials  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITI97

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $14 | 0.28%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $640.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.3% |
|  Microsoft Corp.  | 7.0% |
|  Apple, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 3.9% |
|  Meta Platforms, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.5% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 13.9% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.7% |
|  Health Care  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 5.5% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.0% |
|  Materials  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITI98

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class III  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class III | $7 | 0.13%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $640.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.3% |
|  Microsoft Corp.  | 7.0% |
|  Apple, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 3.9% |
|  Meta Platforms, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.5% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 13.9% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.7% |
|  Health Care  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 5.5% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.0% |
|  Materials  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITI99

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $35 | 0.68%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $640.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.3% |
|  Microsoft Corp.  | 7.0% |
|  Apple, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 3.9% |
|  Meta Platforms, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.5% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 13.9% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.7% |
|  Health Care  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 5.5% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.0% |
|  Materials  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITI9G

------

---

| | |
|:---|:---|
| **MML Focused Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Focused Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $45 | 0.89%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $244.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 26 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Broadcom, Inc.  | 5.3% |
|  Intuit, Inc.  | 5.2% |
|  TJX Cos., Inc.  | 5.0% |
|  Microsoft Corp.  | 5.0% |
|  Linde PLC  | 4.8% |
|  Texas Instruments, Inc.  | 4.8% |
|  McDonald's Corp.  | 4.6% |
|  Mastercard, Inc. Class A  | 4.6% |
|  Marsh & McLennan Cos., Inc.  | 4.5% |
|  Coca-Cola Co.  | 4.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 27.1% |
|  Financials  | 25.1% |
|  Health Care  | 12.2% |
|  Consumer Discretionary  | 9.6% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 8.4% |
|  Materials  | 4.8% |
|  Communication Services  | 2.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFS8

------

---

| | |
|:---|:---|
| **MML Focused Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Focused Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $58 | 1.14%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $244.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 26 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Broadcom, Inc.  | 5.3% |
|  Intuit, Inc.  | 5.2% |
|  TJX Cos., Inc.  | 5.0% |
|  Microsoft Corp.  | 5.0% |
|  Linde PLC  | 4.8% |
|  Texas Instruments, Inc.  | 4.8% |
|  McDonald's Corp.  | 4.6% |
|  Mastercard, Inc. Class A  | 4.6% |
|  Marsh & McLennan Cos., Inc.  | 4.5% |
|  Coca-Cola Co.  | 4.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 27.1% |
|  Financials  | 25.1% |
|  Health Care  | 12.2% |
|  Consumer Discretionary  | 9.6% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 8.4% |
|  Materials  | 4.8% |
|  Communication Services  | 2.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFSG

------

---

| | |
|:---|:---|
| **MML Foreign Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Foreign Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $50 | 0.92%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $171.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 109 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Sony Group Corp.  | 2.7% |
|  Hitachi Ltd.  | 2.2% |
|  SAP SE  | 2.1% |
|  Societe Generale SA  | 1.9% |
|  Roche Holding AG  | 1.9% |
|  Nestle SA Registered  | 1.8% |
|  Sumitomo Mitsui Financial Group, Inc.  | 1.7% |
|  Heidelberg Materials AG  | 1.7% |
|  Lloyds Banking Group PLC  | 1.7% |
|  Seven & i Holdings Co. Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 24.4% |
|  Industrials  | 16.0% |
|  Information Technology  | 12.0% |
|  Consumer Discretionary  | 11.4% |
|  Consumer Staples  | 9.9% |
|  Health Care  | 9.4% |
|  Materials  | 6.7% |
|  Energy  | 6.4% |
|  Utilities  | 1.7% |
|  Communication Services  | 1.4% |
|  Real Estate  | 0.7% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 20.2% |
|  United Kingdom  | 13.5% |
|  Germany  | 13.1% |
|  United States  | 12.0% |
|  France  | 10.9% |
|  Netherlands  | 3.8% |
|  Australia  | 3.8% |
|  Ireland  | 2.7% |
|  Sweden  | 2.5% |
|  Belgium  | 2.3% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIQF

------

---

| | |
|:---|:---|
| **MML Foreign Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Foreign Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $64 | 1.17%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $171.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 109 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Sony Group Corp.  | 2.7% |
|  Hitachi Ltd.  | 2.2% |
|  SAP SE  | 2.1% |
|  Societe Generale SA  | 1.9% |
|  Roche Holding AG  | 1.9% |
|  Nestle SA Registered  | 1.8% |
|  Sumitomo Mitsui Financial Group, Inc.  | 1.7% |
|  Heidelberg Materials AG  | 1.7% |
|  Lloyds Banking Group PLC  | 1.7% |
|  Seven & i Holdings Co. Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 24.4% |
|  Industrials  | 16.0% |
|  Information Technology  | 12.0% |
|  Consumer Discretionary  | 11.4% |
|  Consumer Staples  | 9.9% |
|  Health Care  | 9.4% |
|  Materials  | 6.7% |
|  Energy  | 6.4% |
|  Utilities  | 1.7% |
|  Communication Services  | 1.4% |
|  Real Estate  | 0.7% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 20.2% |
|  United Kingdom  | 13.5% |
|  Germany  | 13.1% |
|  United States  | 12.0% |
|  France  | 10.9% |
|  Netherlands  | 3.8% |
|  Australia  | 3.8% |
|  Ireland  | 2.7% |
|  Sweden  | 2.5% |
|  Belgium  | 2.3% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIQG

------

---

| | |
|:---|:---|
| **MML Fundamental Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Fundamental Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $42 | 0.81%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $138.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 71 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Microsoft Corp.  | 9.1% |
|  NVIDIA Corp.  | 8.2% |
|  Apple, Inc.  | 5.4% |
|  Amazon.com, Inc.  | 5.1% |
|  Alphabet, Inc. Class A  | 3.3% |
|  Meta Platforms, Inc. Class A  | 3.3% |
|  Broadcom, Inc.  | 3.0% |
|  JPMorgan Chase & Co.  | 2.7% |
|  Philip Morris International, Inc.  | 2.4% |
|  Mastercard, Inc. Class A  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.8% |
|  Financials  | 15.3% |
|  Health Care  | 10.2% |
|  Communication Services  | 9.0% |
|  Consumer Discretionary  | 8.7% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 5.4% |
|  Energy  | 3.2% |
|  Utilities  | 2.9% |
|  Materials  | 2.0% |
|  Real Estate  | 2.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFU8

------

---

| | |
|:---|:---|
| **MML Fundamental Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Fundamental Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $54 | 1.06%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $138.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 71 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Microsoft Corp.  | 9.1% |
|  NVIDIA Corp.  | 8.2% |
|  Apple, Inc.  | 5.4% |
|  Amazon.com, Inc.  | 5.1% |
|  Alphabet, Inc. Class A  | 3.3% |
|  Meta Platforms, Inc. Class A  | 3.3% |
|  Broadcom, Inc.  | 3.0% |
|  JPMorgan Chase & Co.  | 2.7% |
|  Philip Morris International, Inc.  | 2.4% |
|  Mastercard, Inc. Class A  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.8% |
|  Financials  | 15.3% |
|  Health Care  | 10.2% |
|  Communication Services  | 9.0% |
|  Consumer Discretionary  | 8.7% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 5.4% |
|  Energy  | 3.2% |
|  Utilities  | 2.9% |
|  Materials  | 2.0% |
|  Real Estate  | 2.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFUG

------

---

| | |
|:---|:---|
| **MML Global Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $43 | 0.81%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $376.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 62 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Meta Platforms, Inc. Class A  | 8.9% |
|  Alphabet, Inc. Class A  | 8.2% |
|  SAP SE  | 4.4% |
|  NVIDIA Corp.  | 4.3% |
|  S&P Global, Inc.  | 4.0% |
|  Intuit, Inc.  | 3.5% |
|  Airbus SE  | 3.2% |
|  Visa, Inc. Class A  | 3.2% |
|  Analog Devices, Inc.  | 3.1% |
|  Microsoft Corp.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 31.5% |
|  Communication Services  | 22.2% |
|  Financials  | 14.0% |
|  Health Care  | 11.0% |
|  Consumer Discretionary  | 9.9% |
|  Industrials  | 6.0% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 62.2% |
|  France  | 5.4% |
|  Germany  | 5.2% |
|  India  | 3.9% |
|  Japan  | 3.1% |
|  China  | 3.0% |
|  Netherlands  | 2.4% |
|  Italy  | 1.6% |
|  Sweden  | 1.6% |
|  Spain  | 1.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJK7

------

---

| | |
|:---|:---|
| **MML Global Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $43 | 0.80%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $376.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 62 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Meta Platforms, Inc. Class A  | 8.9% |
|  Alphabet, Inc. Class A  | 8.2% |
|  SAP SE  | 4.4% |
|  NVIDIA Corp.  | 4.3% |
|  S&P Global, Inc.  | 4.0% |
|  Intuit, Inc.  | 3.5% |
|  Airbus SE  | 3.2% |
|  Visa, Inc. Class A  | 3.2% |
|  Analog Devices, Inc.  | 3.1% |
|  Microsoft Corp.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 31.5% |
|  Communication Services  | 22.2% |
|  Financials  | 14.0% |
|  Health Care  | 11.0% |
|  Consumer Discretionary  | 9.9% |
|  Industrials  | 6.0% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 62.2% |
|  France  | 5.4% |
|  Germany  | 5.2% |
|  India  | 3.9% |
|  Japan  | 3.1% |
|  China  | 3.0% |
|  Netherlands  | 2.4% |
|  Italy  | 1.6% |
|  Sweden  | 1.6% |
|  Spain  | 1.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJK8

------

---

| | |
|:---|:---|
| **MML Global Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $56 | 1.05%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $376.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 62 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Meta Platforms, Inc. Class A  | 8.9% |
|  Alphabet, Inc. Class A  | 8.2% |
|  SAP SE  | 4.4% |
|  NVIDIA Corp.  | 4.3% |
|  S&P Global, Inc.  | 4.0% |
|  Intuit, Inc.  | 3.5% |
|  Airbus SE  | 3.2% |
|  Visa, Inc. Class A  | 3.2% |
|  Analog Devices, Inc.  | 3.1% |
|  Microsoft Corp.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 31.5% |
|  Communication Services  | 22.2% |
|  Financials  | 14.0% |
|  Health Care  | 11.0% |
|  Consumer Discretionary  | 9.9% |
|  Industrials  | 6.0% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 62.2% |
|  France  | 5.4% |
|  Germany  | 5.2% |
|  India  | 3.9% |
|  Japan  | 3.1% |
|  China  | 3.0% |
|  Netherlands  | 2.4% |
|  Italy  | 1.6% |
|  Sweden  | 1.6% |
|  Spain  | 1.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJKG

------

---

| | |
|:---|:---|
| **MML Income & Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Income & Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $37 | 0.72%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $131.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 89 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Philip Morris International, Inc.  | 2.5% |
|  Air Products & Chemicals, Inc.  | 2.4% |
|  Entergy Corp.  | 2.3% |
|  Fidelity National Information Services, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.2% |
|  Medtronic PLC  | 2.2% |
|  Prologis, Inc.  | 2.1% |
|  Merck & Co., Inc.  | 2.1% |
|  Xcel Energy, Inc.  | 2.1% |
|  Chubb Ltd.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 18.7% |
|  Health Care  | 13.2% |
|  Industrials  | 10.4% |
|  Energy  | 9.0% |
|  Information Technology  | 8.0% |
|  Utilities  | 7.9% |
|  Consumer Staples  | 7.8% |
|  Real Estate  | 6.8% |
|  Materials  | 6.2% |
|  Consumer Discretionary  | 4.4% |
|  Communication Services  | 3.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYEKF

------

---

| | |
|:---|:---|
| **MML Income & Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Income & Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $49 | 0.97%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $131.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 89 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Philip Morris International, Inc.  | 2.5% |
|  Air Products & Chemicals, Inc.  | 2.4% |
|  Entergy Corp.  | 2.3% |
|  Fidelity National Information Services, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.2% |
|  Medtronic PLC  | 2.2% |
|  Prologis, Inc.  | 2.1% |
|  Merck & Co., Inc.  | 2.1% |
|  Xcel Energy, Inc.  | 2.1% |
|  Chubb Ltd.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 18.7% |
|  Health Care  | 13.2% |
|  Industrials  | 10.4% |
|  Energy  | 9.0% |
|  Information Technology  | 8.0% |
|  Utilities  | 7.9% |
|  Consumer Staples  | 7.8% |
|  Real Estate  | 6.8% |
|  Materials  | 6.2% |
|  Consumer Discretionary  | 4.4% |
|  Communication Services  | 3.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYEKG

------

---

| | |
|:---|:---|
| **MML International Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML International Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $49 | 0.91%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $253.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 133 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hitachi Ltd.  | 2.0% |
|  SAP SE  | 2.0% |
|  BNP Paribas SA  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 2.0% |
|  Air Liquide SA  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.8% |
|  Capgemini SE  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Rolls-Royce Holdings PLC  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 21.2% |
|  Industrials  | 21.2% |
|  Consumer Discretionary  | 15.0% |
|  Health Care  | 11.6% |
|  Information Technology  | 9.0% |
|  Consumer Staples  | 8.4% |
|  Materials  | 6.0% |
|  Communication Services  | 3.1% |
|  Energy  | 1.7% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.8% |
|  Japan  | 14.8% |
|  Germany  | 13.1% |
|  United Kingdom  | 11.4% |
|  United States  | 10.3% |
|  Switzerland  | 4.6% |
|  Italy  | 3.5% |
|  Netherlands  | 3.0% |
|  China  | 2.5% |
|  Canada  | 2.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IBLK8

------

---

| | |
|:---|:---|
| **MML International Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML International Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $63 | 1.16%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $253.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 133 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hitachi Ltd.  | 2.0% |
|  SAP SE  | 2.0% |
|  BNP Paribas SA  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 2.0% |
|  Air Liquide SA  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.8% |
|  Capgemini SE  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Rolls-Royce Holdings PLC  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 21.2% |
|  Industrials  | 21.2% |
|  Consumer Discretionary  | 15.0% |
|  Health Care  | 11.6% |
|  Information Technology  | 9.0% |
|  Consumer Staples  | 8.4% |
|  Materials  | 6.0% |
|  Communication Services  | 3.1% |
|  Energy  | 1.7% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.8% |
|  Japan  | 14.8% |
|  Germany  | 13.1% |
|  United Kingdom  | 11.4% |
|  United States  | 10.3% |
|  Switzerland  | 4.6% |
|  Italy  | 3.5% |
|  Netherlands  | 3.0% |
|  China  | 2.5% |
|  Canada  | 2.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IBLKG

------

---

| | |
|:---|:---|
| **MML Large Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $36 | 0.70%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $218.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 39 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 10.0% |
|  Meta Platforms, Inc. Class A  | 8.4% |
|  Netflix, Inc.  | 8.0% |
|  Tesla, Inc.  | 6.4% |
|  Amazon.com, Inc.  | 5.8% |
|  Oracle Corp.  | 5.6% |
|  Visa, Inc. Class A  | 4.9% |
|  Alphabet, Inc. Class A  | 4.8% |
|  Boeing Co.  | 4.7% |
|  Microsoft Corp.  | 4.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Communication Services  | 24.4% |
|  Consumer Discretionary  | 15.8% |
|  Health Care  | 10.3% |
|  Financials  | 8.6% |
|  Industrials  | 6.8% |
|  Consumer Staples  | 2.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIHF

------

---

| | |
|:---|:---|
| **MML Large Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $49 | 0.95%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $218.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 39 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 10.0% |
|  Meta Platforms, Inc. Class A  | 8.4% |
|  Netflix, Inc.  | 8.0% |
|  Tesla, Inc.  | 6.4% |
|  Amazon.com, Inc.  | 5.8% |
|  Oracle Corp.  | 5.6% |
|  Visa, Inc. Class A  | 4.9% |
|  Alphabet, Inc. Class A  | 4.8% |
|  Boeing Co.  | 4.7% |
|  Microsoft Corp.  | 4.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Communication Services  | 24.4% |
|  Consumer Discretionary  | 15.8% |
|  Health Care  | 10.3% |
|  Financials  | 8.6% |
|  Industrials  | 6.8% |
|  Consumer Staples  | 2.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIHG

------

---

| | |
|:---|:---|
| **MML Managed Volatility Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Managed Volatility Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $43 | 0.86%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $94.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 524 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.4% |
|  Microsoft Corp.  | 7.1% |
|  Apple, Inc.  | 5.9% |
|  Amazon.com, Inc.  | 4.0% |
|  Meta Platforms, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.5% |
|  Alphabet, Inc. Class A  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.3% |
|  Financials  | 14.1% |
|  Consumer Discretionary  | 10.4% |
|  Communication Services  | 9.8% |
|  Health Care  | 9.4% |
|  Industrials  | 8.6% |
|  Consumer Staples  | 5.5% |
|  Energy  | 3.0% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.1% |
|  Materials  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIAF

------

---

| | |
|:---|:---|
| **MML Managed Volatility Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Managed Volatility Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $56 | 1.11%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $94.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 524 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.4% |
|  Microsoft Corp.  | 7.1% |
|  Apple, Inc.  | 5.9% |
|  Amazon.com, Inc.  | 4.0% |
|  Meta Platforms, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.5% |
|  Alphabet, Inc. Class A  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.3% |
|  Financials  | 14.1% |
|  Consumer Discretionary  | 10.4% |
|  Communication Services  | 9.8% |
|  Health Care  | 9.4% |
|  Industrials  | 8.6% |
|  Consumer Staples  | 5.5% |
|  Energy  | 3.0% |
|  Utilities  | 2.4% |
|  Real Estate  | 2.1% |
|  Materials  | 1.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIAG

------

---

| | |
|:---|:---|
| **MML Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $41 | 0.82%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $301.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.2% |
|  Hologic, Inc.  | 2.1% |
|  Alnylam Pharmaceuticals, Inc.  | 1.9% |
|  PTC, Inc.  | 1.8% |
|  Hilton Worldwide Holdings, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Tyler Technologies, Inc.  | 1.7% |
|  Agilent Technologies, Inc.  | 1.6% |
|  Yum! Brands, Inc.  | 1.6% |
|  Textron, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 19.5% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 14.8% |
|  Financials  | 8.9% |
|  Energy  | 4.9% |
|  Communication Services  | 4.8% |
|  Materials  | 3.7% |
|  Consumer Staples  | 3.6% |
|  Real Estate  | 0.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITMCF

------

---

| | |
|:---|:---|
| **MML Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $53 | 1.07%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $301.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.2% |
|  Hologic, Inc.  | 2.1% |
|  Alnylam Pharmaceuticals, Inc.  | 1.9% |
|  PTC, Inc.  | 1.8% |
|  Hilton Worldwide Holdings, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Tyler Technologies, Inc.  | 1.7% |
|  Agilent Technologies, Inc.  | 1.6% |
|  Yum! Brands, Inc.  | 1.6% |
|  Textron, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 19.5% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 14.8% |
|  Financials  | 8.9% |
|  Energy  | 4.9% |
|  Communication Services  | 4.8% |
|  Materials  | 3.7% |
|  Consumer Staples  | 3.6% |
|  Real Estate  | 0.9% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITMCG

------

---

| | |
|:---|:---|
| **MML Mid Cap Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $45 | 0.89%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $237.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 117 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Zimmer Biomet Holdings, Inc.  | 2.7% |
|  Enterprise Products Partners LP  | 2.1% |
|  Henry Schein, Inc.  | 2.0% |
|  U.S. Bancorp  | 2.0% |
|  Truist Financial Corp.  | 2.0% |
|  Willis Towers Watson PLC  | 1.8% |
|  Northern Trust Corp.  | 1.8% |
|  Labcorp Holdings, Inc.  | 1.7% |
|  Kenvue, Inc.  | 1.7% |
|  MSC Industrial Direct Co., Inc. Class A  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 17.4% |
|  Financials  | 16.7% |
|  Health Care  | 15.4% |
|  Consumer Staples  | 10.4% |
|  Real Estate  | 9.0% |
|  Utilities  | 8.0% |
|  Information Technology  | 6.0% |
|  Energy  | 5.7% |
|  Materials  | 5.4% |
|  Consumer Discretionary  | 3.2% |
|  Communication Services  | 1.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIMF

------

---

| | |
|:---|:---|
| **MML Mid Cap Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $57 | 1.14%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $237.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 117 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Zimmer Biomet Holdings, Inc.  | 2.7% |
|  Enterprise Products Partners LP  | 2.1% |
|  Henry Schein, Inc.  | 2.0% |
|  U.S. Bancorp  | 2.0% |
|  Truist Financial Corp.  | 2.0% |
|  Willis Towers Watson PLC  | 1.8% |
|  Northern Trust Corp.  | 1.8% |
|  Labcorp Holdings, Inc.  | 1.7% |
|  Kenvue, Inc.  | 1.7% |
|  MSC Industrial Direct Co., Inc. Class A  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 17.4% |
|  Financials  | 16.7% |
|  Health Care  | 15.4% |
|  Consumer Staples  | 10.4% |
|  Real Estate  | 9.0% |
|  Utilities  | 8.0% |
|  Information Technology  | 6.0% |
|  Energy  | 5.7% |
|  Materials  | 5.4% |
|  Consumer Discretionary  | 3.2% |
|  Communication Services  | 1.5% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITIMG

------

---

| | |
|:---|:---|
| **MML Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small Cap Growth Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $53 | 1.08%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 171 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AZEK Co., Inc.  | 2.1% |
|  Verra Mobility Corp.  | 1.9% |
|  AvePoint, Inc.  | 1.7% |
|  American Healthcare REIT, Inc.  | 1.6% |
|  Cabot Corp.  | 1.5% |
|  Cadence Bank  | 1.4% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.4% |
|  CyberArk Software Ltd.  | 1.3% |
|  Phillips Edison & Co., Inc.  | 1.3% |
|  ExlService Holdings, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.5% |
|  Health Care  | 19.2% |
|  Information Technology  | 13.7% |
|  Financials  | 12.2% |
|  Consumer Discretionary  | 11.4% |
|  Real Estate  | 5.0% |
|  Energy  | 3.1% |
|  Consumer Staples  | 2.7% |
|  Communication Services  | 2.4% |
|  Materials  | 1.9% |
|  Utilities  | 1.3% |
|  Exchange-Traded Funds  | 0.3% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJCF

------

---

| | |
|:---|:---|
| **MML Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small Cap Growth Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $65 | 1.33%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 171 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AZEK Co., Inc.  | 2.1% |
|  Verra Mobility Corp.  | 1.9% |
|  AvePoint, Inc.  | 1.7% |
|  American Healthcare REIT, Inc.  | 1.6% |
|  Cabot Corp.  | 1.5% |
|  Cadence Bank  | 1.4% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.4% |
|  CyberArk Software Ltd.  | 1.3% |
|  Phillips Edison & Co., Inc.  | 1.3% |
|  ExlService Holdings, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.5% |
|  Health Care  | 19.2% |
|  Information Technology  | 13.7% |
|  Financials  | 12.2% |
|  Consumer Discretionary  | 11.4% |
|  Real Estate  | 5.0% |
|  Energy  | 3.1% |
|  Consumer Staples  | 2.7% |
|  Communication Services  | 2.4% |
|  Materials  | 1.9% |
|  Utilities  | 1.3% |
|  Exchange-Traded Funds  | 0.3% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJCG

------

---

| | |
|:---|:---|
| **MML Small Company Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small Company Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $47 | 0.99%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $55.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 105 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Old National Bancorp  | 3.1% |
|  Axis Capital Holdings Ltd.  | 2.8% |
|  Timken Co.  | 2.6% |
|  Webster Financial Corp.  | 2.5% |
|  FNB Corp.  | 2.5% |
|  Graphic Packaging Holding Co.  | 2.5% |
|  SouthState Corp.  | 2.5% |
|  EVERTEC, Inc.  | 2.2% |
|  Enovis Corp.  | 2.0% |
|  Brink's Co.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 36.6% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 10.8% |
|  Energy  | 10.1% |
|  Real Estate  | 6.2% |
|  Materials  | 4.8% |
|  Information Technology  | 4.5% |
|  Health Care  | 3.4% |
|  Consumer Staples  | 3.0% |
|  Communication Services  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJY8

------

---

| | |
|:---|:---|
| **MML Small Company Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small Company Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $59 | 1.24%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $55.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 105 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Old National Bancorp  | 3.1% |
|  Axis Capital Holdings Ltd.  | 2.8% |
|  Timken Co.  | 2.6% |
|  Webster Financial Corp.  | 2.5% |
|  FNB Corp.  | 2.5% |
|  Graphic Packaging Holding Co.  | 2.5% |
|  SouthState Corp.  | 2.5% |
|  EVERTEC, Inc.  | 2.2% |
|  Enovis Corp.  | 2.0% |
|  Brink's Co.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 36.6% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 10.8% |
|  Energy  | 10.1% |
|  Real Estate  | 6.2% |
|  Materials  | 4.8% |
|  Information Technology  | 4.5% |
|  Health Care  | 3.4% |
|  Consumer Staples  | 3.0% |
|  Communication Services  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJYG

------

---

| | |
|:---|:---|
| **MML Small/Mid Cap Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small/Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $41 | 0.83%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $121.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 94 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BJ's Wholesale Club Holdings, Inc.  | 2.0% |
|  Encompass Health Corp.  | 1.8% |
|  TXNM Energy, Inc.  | 1.7% |
|  Jones Lang LaSalle, Inc.  | 1.6% |
|  IDACORP, Inc.  | 1.5% |
|  Hanover Insurance Group, Inc.  | 1.5% |
|  Tenet Healthcare Corp.  | 1.5% |
|  Nexstar Media Group, Inc.  | 1.5% |
|  Pentair PLC  | 1.5% |
|  CACI International, Inc. Class A  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 19.8% |
|  Financials  | 19.3% |
|  Information Technology  | 12.8% |
|  Consumer Discretionary  | 9.2% |
|  Real Estate  | 8.8% |
|  Health Care  | 7.1% |
|  Consumer Staples  | 5.6% |
|  Materials  | 4.7% |
|  Utilities  | 4.3% |
|  Energy  | 4.1% |
|  Communication Services  | 2.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDEF

------

---

| | |
|:---|:---|
| **MML Small/Mid Cap Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Small/Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $53 | 1.08%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $121.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 94 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BJ's Wholesale Club Holdings, Inc.  | 2.0% |
|  Encompass Health Corp.  | 1.8% |
|  TXNM Energy, Inc.  | 1.7% |
|  Jones Lang LaSalle, Inc.  | 1.6% |
|  IDACORP, Inc.  | 1.5% |
|  Hanover Insurance Group, Inc.  | 1.5% |
|  Tenet Healthcare Corp.  | 1.5% |
|  Nexstar Media Group, Inc.  | 1.5% |
|  Pentair PLC  | 1.5% |
|  CACI International, Inc. Class A  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 19.8% |
|  Financials  | 19.3% |
|  Information Technology  | 12.8% |
|  Consumer Discretionary  | 9.2% |
|  Real Estate  | 8.8% |
|  Health Care  | 7.1% |
|  Consumer Staples  | 5.6% |
|  Materials  | 4.7% |
|  Utilities  | 4.3% |
|  Energy  | 4.1% |
|  Communication Services  | 2.4% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IZDEG

------

---

| | |
|:---|:---|
| **MML Sustainable Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Sustainable Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $28 | 0.56%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 106 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Microsoft Corp.  | 8.6% |
|  NVIDIA Corp.  | 7.1% |
|  Apple, Inc.  | 4.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.8% |
|  Broadcom, Inc.  | 3.2% |
|  Meta Platforms, Inc. Class A  | 2.9% |
|  Mastercard, Inc. Class A  | 1.9% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Home Depot, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.3% |
|  Financials  | 15.1% |
|  Consumer Discretionary  | 11.6% |
|  Health Care  | 9.5% |
|  Industrials  | 9.4% |
|  Communication Services  | 8.5% |
|  Consumer Staples  | 4.4% |
|  Energy  | 2.3% |
|  Materials  | 2.3% |
|  Real Estate  | 2.0% |
|  Utilities  | 1.4% |
|  Exchange-Traded Funds  | 0.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJRF

------

---

| | |
|:---|:---|
| **MML Sustainable Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Sustainable Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $41 | 0.81%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 106 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Microsoft Corp.  | 8.6% |
|  NVIDIA Corp.  | 7.1% |
|  Apple, Inc.  | 4.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.8% |
|  Broadcom, Inc.  | 3.2% |
|  Meta Platforms, Inc. Class A  | 2.9% |
|  Mastercard, Inc. Class A  | 1.9% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Home Depot, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.3% |
|  Financials  | 15.1% |
|  Consumer Discretionary  | 11.6% |
|  Health Care  | 9.5% |
|  Industrials  | 9.4% |
|  Communication Services  | 8.5% |
|  Consumer Staples  | 4.4% |
|  Energy  | 2.3% |
|  Materials  | 2.3% |
|  Real Estate  | 2.0% |
|  Utilities  | 1.4% |
|  Exchange-Traded Funds  | 0.0% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITJRG

------

---

| | |
|:---|:---|
| **MML Total Return Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Total Return Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $30 | 0.60%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $382.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 661 |
| **Portfolio Turnover Rate** | 276% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 30.5% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.3% |
|  Non-U.S. Government Agency Obligations  | 14.9% |
|  Corporate Debt  | 13.1% |
|  Repurchase Agreement  | 8.5% |
|  Bank Loans  | 1.3% |
|  Sovereign Debt Obligations  | 0.5% |
|  Municipal Obligations  | 0.5% |
|  U.S. Treasury Bills  | 0.2% |
|  Investment of Cash Collateral from Securities Loaned  | 0.1% |
|  Common Stock  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFIF

------

---

| | |
|:---|:---|
| **MML Total Return Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| June 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MML Total Return Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $43 | 0.85%\* |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $382.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 661 |
| **Portfolio Turnover Rate** | 276% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 30.5% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.3% |
|  Non-U.S. Government Agency Obligations  | 14.9% |
|  Corporate Debt  | 13.1% |
|  Repurchase Agreement  | 8.5% |
|  Bank Loans  | 1.3% |
|  Sovereign Debt Obligations  | 0.5% |
|  Municipal Obligations  | 0.5% |
|  U.S. Treasury Bills  | 0.2% |
|  Investment of Cash Collateral from Securities Loaned  | 0.1% |
|  Common Stock  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFIG

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments
 contained in the financial statements filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](coverpagemml1.jpg)

------

**Table of Contents** 

Please note the Semi-annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments (Unaudited)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Conservative Allocation Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Balanced Allocation Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Moderate Allocation Fund](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Growth Allocation Fund](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Aggressive Allocation Fund](#soi5) | [5](#soi5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML American Funds Growth Fund](#soi6) | [6](#soi6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML American Funds Core Allocation Fund](#soi7) | [7](#soi7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Blue Chip Growth Fund](#soi8) | [8](#soi8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Equity Income Fund](#soi9) | [10](#soi9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Equity Index Fund](#soi10) | [13](#soi10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Focused Equity Fund](#soi11) | [20](#soi11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Foreign Fund](#soi12) | [21](#soi12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Fundamental Equity Fund](#soi13) | [24](#soi13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Global Fund](#soi14) | [26](#soi14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Income & Growth Fund](#soi15) | [28](#soi15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML International Equity Fund](#soi16) | [30](#soi16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Large Cap Growth Fund](#soi17) | [33](#soi17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Managed Volatility Fund](#soi18) | [35](#soi18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Mid Cap Growth Fund](#soi19) | [43](#soi19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Mid Cap Value Fund](#soi20) | [46](#soi20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Small Cap Growth Equity Fund](#soi21) | [49](#soi21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Small Company Value Fund](#soi22) | [52](#soi22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Small/Mid Cap Value Fund](#soi23) | [55](#soi23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Sustainable Equity Fund](#soi24) | [57](#soi24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Total Return Bond Fund](#soi25) | [60](#soi25) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#sal) | [81](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop) | [93](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [99](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [112](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | [137](#notes) |
| &nbsp;&nbsp;&nbsp; **Financial Statements and Financial Highlights for the American Funds Insurance Series — Growth Fund (Master Fund of the MML American Funds Growth Fund).\*** <br>|  |
| **[Item 8.](#item8)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#item8)**<br>| [178](#item8) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies.](#item9)** | [179](#item9) |
| **[Item 10.](#item10)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#item10)**<br>| [180](#item10) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.](#item11)** | [181](#item11) |

---

\* *Included in the document titled "American Funds Insurance Series<sup>®</sup> Financial Statements and Other Information N-CSR Items 7-11 for the six months ended June 30, 2025" that is filed herewith.*

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

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

 **MML Conservative Allocation Fund – Portfolio of Investments** <br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 40.7%**<br>|  |  |
|  Fidelity VIP Emerging Markets Portfolio, Initial Class | 133686 | $1776681  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 446838 | 9709792  |
|  MML Equity Income Fund, Initial Class (a) | 1372880 | 14717276  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 1673075 | 12932871  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 391956 | 4531008  |
|  MML Fundamental Equity Fund, Class II (a) | 505534 | 6233236  |
| MML Global Fund, Class I (a) | 1049604 | 5048596  |
|  MML Income & Growth Fund, Initial Class (a) | 317252 | 3270863  |
|  MML International Equity Fund, Class II (a) | 1071272 | 12983817  |
|  MML Large Cap Growth Fund, Initial Class (a) | 389511 | 7209853  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 475686 | 5479900  |
|  MML Mid Cap Value Fund, Initial Class (a) | 502994 | 4189941  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 108970 | 1144930  |
|  MML Small Company Value Fund, Class II (a) | 246097 | 2072135  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 145336 | 1312387  |
|  |  | 92613286  |
| **Fixed Income Funds — 59.4%**<br>|  |  |
|  Invesco V.I. Global Strategic Income Fund, Series I | 1016995 | 4708687  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 84017 | $683901  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 576863 | 5168692  |
|  MML Managed Bond Fund, Initial Class (a) | 5113040 | 57302645  |
|  MML Short-Duration Bond Fund, Class II (a) | 1293439 | 12158330  |
|  MML Total Return Bond Fund, Class II (a) | 5701109 | 51880091  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 454071 | 3364669  |
|  |  | 135267015  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $222,400,965)** |  | **227880301**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $222,400,965)** |  | **227880301**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $222,400,965) (b)** |  | **227880301**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(187920)**  |
| **NET ASSETS — 100.0%** |  | **$227692381** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Balanced Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 50.6%**<br>|  |  |
|  Fidelity VIP Emerging Markets Portfolio, Initial Class | 205458 | $2730533  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 683124 | 14844289  |
|  MML Equity Income Fund, Initial Class (a) | 2109657 | 22615520  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 2597957 | 20082204  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 600912 | 6946545  |
|  MML Fundamental Equity Fund, Class II (a) | 776370 | 9572638  |
| MML Global Fund, Class I (a) | 1610604 | 7747006  |
|  MML Income & Growth Fund, Initial Class (a) | 469578 | 4841346  |
|  MML International Equity Fund, Class II (a) | 1690795 | 20492431  |
|  MML Large Cap Growth Fund, Initial Class (a) | 607247 | 11240144  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 727490 | 8380683  |
|  MML Mid Cap Value Fund, Initial Class (a) | 770613 | 6419206  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 165878 | 1742849  |
|  MML Small Company Value Fund, Class II (a) | 375525 | 3161922  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 219459 | 1981714  |
|  |  | 142799030  |
| **Fixed Income Funds — 49.5%**<br>|  |  |
|  Invesco V.I. Global Strategic Income Fund, Series I | 1039191 | 4811455  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 87291 | $710550  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 589323 | 5280333  |
|  MML Managed Bond Fund, Initial Class (a) | 5274353 | 59110503  |
|  MML Short-Duration Bond Fund, Class II (a) | 1320060 | 12408559  |
|  MML Total Return Bond Fund, Class II (a) | 5876832 | 53479176  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 489861 | 3629870  |
|  |  | 139430446  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $274,917,677)** |  | **282229476**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $274,917,677)** |  | **282229476**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $274,917,677) (b)** |  | **282229476**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(222857)**  |
| **NET ASSETS — 100.0%** |  | **$282006619** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Moderate Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 60.7%**<br>|  |  |
|  Fidelity VIP Emerging Markets Portfolio, Initial Class | 824379 | $10955997  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 2802374 | 60895579  |
|  MML Equity Income Fund, Initial Class (a) | 8677547 | 93023300  |
|  MML Focused Equity Fund, Class II (a) | 10476064 | 80979973  |
|  MML Foreign Fund, Initial Class (a) | 2393020 | 27663308  |
|  MML Fundamental Equity Fund, Class II (a) | 3180981 | 39221495  |
| MML Global Fund, Class I (a) | 6449937 | 31024195  |
|  MML Income & Growth Fund, Initial Class (a) | 1976436 | 20377058  |
|  MML International Equity Fund, Class II (a) | 6840447 | 82906223  |
|  MML Large Cap Growth Fund, Initial Class (a) | 2481049 | 45924224  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 2932333 | 33780479  |
|  MML Mid Cap Value Fund, Initial Class (a) | 3065497 | 25535593  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 663413 | 6970364  |
|  MML Small Company Value Fund, Class II (a) | 1506197 | 12682178  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 889562 | 8032747  |
|  |  | 579972713  |
| **Fixed Income Funds — 39.4%**<br>|  |  |
|  Invesco V.I. Global Strategic Income Fund, Series I | 2777691 | 12860711  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  MassMutual High Yield Fund, Class I (a) | 231516 | $1884539  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 1574561 | 14108065  |
|  MML Managed Bond Fund, Initial Class (a) | 14261384 | 159829575  |
|  MML Short-Duration Bond Fund, Class II (a) | 3539180 | 33268291  |
|  MML Total Return Bond Fund, Class II (a) | 15814108 | 143908384  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 1496627 | 11090005  |
|  |  | 376949570  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $909,294,923)** |  | **956922283**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $909,294,923)** |  | **956922283**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $909,294,923) (b)** |  | **956922283**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(728163)**  |
| **NET ASSETS — 100.0%** |  | **$956194120** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Growth Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 75.5%**<br>|  |  |
|  Fidelity VIP Emerging Markets Portfolio, Initial Class | 1031591 | $13709841  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 3311548 | 71959938  |
|  MML Equity Income Fund, Initial Class (a) | 10103869 | 108313476  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 12179347 | 94146354  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 2752223 | 31815699  |
|  MML Fundamental Equity Fund, Class II (a) | 3702804 | 45655572  |
| MML Global Fund, Class I (a) | 7461994 | 35892192  |
|  MML Income & Growth Fund, Initial Class (a) | 2369380 | 24428313  |
|  MML International Equity Fund, Class II (a) | 8025514 | 97269225  |
|  MML Large Cap Growth Fund, Initial Class (a) | 2988081 | 55309373  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 3441569 | 39646880  |
|  MML Mid Cap Value Fund, Initial Class (a) | 3555462 | 29617002  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 771981 | 8111070  |
|  MML Small Company Value Fund, Class II (a) | 1852952 | 15601852  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 1029206 | 9293730  |
|  |  | 680770517  |
| **Fixed Income Funds — 24.6%**<br>|  |  |
|  Invesco V.I. Global Strategic Income Fund, Series I | 1612675 | 7466685  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 133417 | $1086012  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 914617 | 8194964  |
|  MML Managed Bond Fund, Initial Class (a) | 8309560 | 93126541  |
|  MML Short-Duration Bond Fund, Class II (a) | 2095386 | 19696624  |
| &nbsp;&nbsp;&nbsp; MML Total Return Bond Fund, <br>Class II (a) | 9262618 | 84289828  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 1041715 | 7719111  |
|  |  | 221579765  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $843,294,175)** |  | **902350282**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>**(Cost $843,294,175)** |  | **902350282**  |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $843,294,175) (b)** |  | **902350282**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(560380)**  |
| **NET ASSETS — 100.0%** |  | **$901789902** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Aggressive Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 90.4%**<br>|  |  |
|  Fidelity VIP Emerging Markets Portfolio, Initial Class | 172268 | $2289437  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 549863 | 11948514  |
|  MML Equity Income Fund, Initial Class (a) | 1659030 | 17784798  |
|  MML Focused Equity Fund, Class II (a) | 1961037 | 15158815  |
|  MML Foreign Fund, Initial Class (a) | 481852 | 5570208  |
|  MML Fundamental Equity Fund, Class II (a) | 630269 | 7771217  |
| MML Global Fund, Class I (a) | 1208508 | 5812923  |
|  MML Income & Growth Fund, Initial Class (a) | 378697 | 3904364  |
|  MML International Equity Fund, Class II (a) | 1338875 | 16227165  |
|  MML Large Cap Growth Fund, Initial Class (a) | 509344 | 9427958  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 561634 | 6470028  |
|  MML Mid Cap Value Fund, Initial Class (a) | 577009 | 4806483  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 125708 | 1320792  |
|  MML Small Company Value Fund, Class II (a) | 285618 | 2404901  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 168200 | 1518846  |
|  |  | 112416449  |
| **Fixed Income Funds — 9.7%**<br>|  |  |
|  Invesco V.I. Global Strategic Income Fund, Series I | 86919 | 402434  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
|  MassMutual High Yield Fund, Class I (a) | 7092 | $57729  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 49317 | 441884  |
|  MML Managed Bond Fund, Initial Class (a) | 438622 | 4915703  |
|  MML Short-Duration Bond Fund, Class II (a) | 107605 | 1011488  |
|  MML Total Return Bond Fund, Class II (a) | 485160 | 4414957  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 103674 | 768221  |
|  |  | 12012416  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $113,748,910)** |  | **124428865**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $113,748,910)** |  | **124428865**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $113,748,910) (b)** |  | **124428865**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(87226)**  |
| **NET ASSETS — 100.0%** |  | **$124341639** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML American Funds Growth Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 100.1%**<br>|  |  |
|  American Funds Insurance Series<sup>®</sup> - Growth Fund, Class 1 | 2416593 | $311957976  |
|  |  | 311957976  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $232,717,258)** |  | **311957976**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $232,717,258) (a)** |  | **311957976**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(316061)**  |
| **NET ASSETS — 100.0%** |  | **$311641915** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML American Funds Core Allocation Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 65.6%**<br>|  |  |
|  American Funds Insurance Series<sup>®</sup> Growth-Income Fund, Class 1 | 2542973 | $158681546  |
|  American Funds Insurance Series<sup>®</sup> International Fund, Class 1 | 2834301 | 56686022  |
|  American Funds Insurance Series<sup>®</sup> Washington Mutual Investors Fund, Class 1 | 9188173 | 157117766  |
|  |  | 372485334  |
| **Fixed Income Funds — 34.5%**<br>|  |  |
|  American Funds Insurance Series<sup>®</sup> The Bond Fund Of America, Class 1 | 20487409 | 196269377  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $523,423,000)** |  | **568754711**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $523,423,000)** |  | **568754711**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $523,423,000) (a)** |  | **568754711**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(646338)**  |
| **NET ASSETS — 100.0%** |  | **$568108373** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Blue Chip Growth Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 99.5%**<br>|  |  |
| **Common Stock — 99.5%**<br>|  |  |
| **Communication Services — 15.7%**<br>|  |  |
| Alphabet, Inc. Class A | 26748 | $4713800  |
| Alphabet, Inc. Class C | 99053 | 17571012  |
| Meta Platforms, Inc. Class A | 44860 | 33110717  |
| Netflix, Inc. (a) | 10811 | 14477334  |
| Sea Ltd. ADR (a) | 14604 | 2335764  |
| T-Mobile US, Inc. | 20835 | 4964147  |
|  |  | 77172774  |
| **Consumer Discretionary — 15.7%**<br>|  |  |
| Amazon.com, Inc. (a) | 160038 | 35110737  |
| Booking Holdings, Inc. | 883 | 5111899  |
| Carvana Co. (a) | 45105 | 15198581  |
| Chipotle Mexican Grill, Inc. (a) | 69755 | 3916743  |
| DoorDash, Inc., Class A (a) | 10911 | 2689671  |
| Ross Stores, Inc. | 13903 | 1773745  |
| Tesla, Inc. (a) | 35779 | 11365557  |
| TJX Cos., Inc. | 15829 | 1954723  |
|  |  | 77121656  |
| **Consumer Staples — 0.8%**<br>|  |  |
| Colgate-Palmolive Co. | 19375 | 1761187  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 14843 | 1001012  |
| Procter & Gamble Co. | 8615 | 1372542  |
|  |  | 4134741  |
| **Energy — 0.2%**<br>|  |  |
| Schlumberger NV | 23471 | 793320  |
| **Financials — 8.7%**<br>|  |  |
| Adyen NV ADR (a) | 52428 | 959957  |
| Charles Schwab Corp. | 19532 | 1782100  |
| Chubb Ltd. | 15484 | 4486025  |
| Fiserv, Inc. (a) | 5235 | 902566  |
| Goldman Sachs Group, Inc. | 2564 | 1814671  |
| Marsh & McLennan Cos., Inc. | 8463 | 1850350  |
| Mastercard, Inc. Class A | 20778 | 11675989  |
| Morgan Stanley | 13987 | 1970209  |
| S&P Global, Inc. | 3098 | 1633544  |
| Visa, Inc. Class A | 43881 | 15579949  |
|  |  | 42655360  |
| **Health Care — 6.8%**<br>|  |  |
| Danaher Corp. | 13302 | 2627677  |
| Elevance Health, Inc. | 2559 | 995349  |
| Eli Lilly & Co. | 17902 | 13955146  |
| Intuitive Surgical, Inc. (a) | 13580 | 7379508  |
| Stryker Corp. | 6579 | 2602850  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Thermo Fisher Scientific, Inc. | 5497 | $2228813  |
| UnitedHealth Group, Inc. | 11059 | 3450076  |
|  |  | 33239419  |
| **Industrials — 3.1%**<br>|  |  |
| Cintas Corp. | 5907 | 1316493  |
| GE Vernova, Inc. | 5472 | 2895509  |
| General Electric Co. | 31394 | 8080501  |
| Old Dominion Freight Line, Inc. | 6728 | 1091954  |
| TransDigm Group, Inc. | 934 | 1420278  |
| Veralto Corp. | 3266 | 329703  |
|  |  | 15134438  |
| **Information Technology — 46.9%**<br>|  |  |
| Apple, Inc. | 185910 | 38143155  |
| ASML Holding NV | 5191 | 4160015  |
| Broadcom, Inc. | 54924 | 15139801  |
| Confluent, Inc. Class A (a) | 12802 | 319154  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 3952 | 2012793  |
| Datadog, Inc. Class A (a) | 5411 | 726860  |
| Intuit, Inc. | 4546 | 3580566  |
| Microsoft Corp. | 136437 | 67865128  |
| Monolithic Power Systems, Inc. | 2952 | 2159034  |
| NVIDIA Corp. | 436954 | 69034362  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 5400 | 736128  |
| Roper Technologies, Inc. | 4377 | 2481059  |
| ServiceNow, Inc. (a) | 9941 | 10220143  |
| Shopify, Inc. Class A (a) | 32318 | 3727881  |
| Synopsys, Inc. (a) | 7487 | 3838435  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 10706 | 2424802  |
| TE Connectivity PLC | 11279 | 1902429  |
| Texas Instruments, Inc. | 6890 | 1430502  |
|  |  | 229902247  |
| **Materials — 0.7%**<br>|  |  |
| Linde PLC (LIN US) | 3867 | 1814319  |
| Sherwin-Williams Co. | 4982 | 1710620  |
|  |  | 3524939  |
| **Utilities — 0.9%**<br>|  |  |
| Constellation Energy Corp. | 13602 | 4390182  |
| **TOTAL COMMON STOCK**<br>**(Cost $267,731,752)** |  | **488069076**  |
| **TOTAL EQUITIES** <br>**(Cost $267,731,752)** |  | **488069076** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Blue Chip Growth Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 0.2%**<br>|  |  |
| **Corporate Debt — 0.2%**<br>|  |  |
| **Retail — 0.2%**<br>|  |  |
| Carvana Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; PIK 12.000%, Cash 9.000% 12/01/28 (b) (c) | $208489 | $213841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK 13.000%, Cash 9.000% <br>6/01/30 (b) (c) | 367750 | 386633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK 14.000%, Cash 9.000% <br>6/01/31 (b) (c) | 468897 | 555451  |
|  |  | 1155925  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $1,101,019)** |  | **1155925**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $1,101,019)** |  | **1155925**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $268,832,771)** |  | **489225001**  |
|  | **Number of** <br>**Shares** |  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.200% (d) | 115 | 115  |
|  | **Principal Amount** |  |
| **Repurchase Agreement — 0.5%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $2537487 | 2537487 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $2,537,602)** |  | **2537602** |
| **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $271,370,373) (f)** |  | **491762603** |
| **Other Assets/(Liabilities) — (0.2)%** |  | **(1133347)** |
| **NET ASSETS — 100.0%** |  | **$490629256** |

---

**Abbreviation Legend**

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| PIK  | &nbsp;&nbsp;&nbsp; Payment in kind |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $1,155,925 or 0.24% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of June 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $2,537,681. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $2,588,362.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Income Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 98.0%**<br>|  |  |
| **Common Stock — 97.4%**<br>|  |  |
| **Communication Services — 5.8%**<br>|  |  |
| Alphabet, Inc. Class A | 31650 | $5577679  |
| Alphabet, Inc. Class C | 24560 | 4356698  |
| AT&T, Inc. | 22575 | 653321  |
| Comcast Corp. Class A | 74689 | 2665650  |
| Meta Platforms, Inc. Class A | 3552 | 2621696  |
| News Corp. Class A | 168226 | 4999677  |
| Verizon Communications, Inc. | 27079 | 1171708  |
| Walt Disney Co. | 41059 | 5091727  |
|  |  | 27138156  |
| **Consumer Discretionary — 4.4%**<br>|  |  |
| Amazon.com, Inc. (a) | 35002 | 7679089  |
| Home Depot, Inc. | 9877 | 3621303  |
| Las Vegas Sands Corp. | 117388 | 5107552  |
| Mattel, Inc. (a) | 95335 | 1880006  |
| Volkswagen AG ADR | 204340 | 2149657  |
|  |  | 20437607  |
| **Consumer Staples — 8.8%**<br>|  |  |
| Colgate-Palmolive Co. | 56484 | 5134396  |
| Conagra Brands, Inc. | 68257 | 1397221  |
| Dollar General Corp. | 11311 | 1293752  |
| Kenvue, Inc. | 297964 | 6236386  |
| Keurig Dr. Pepper, Inc. | 12277 | 405878  |
| Kimberly-Clark Corp. | 61355 | 7909887  |
| Philip Morris International, Inc. | 39353 | 7167362  |
| Procter & Gamble Co. | 30744 | 4898134  |
| Tyson Foods, Inc. Class A | 62964 | 3522206  |
| Walmart, Inc. | 28998 | 2835424  |
|  |  | 40800646  |
| **Energy — 8.7%**<br>|  |  |
| Chevron Corp. | 8009 | 1146809  |
| ConocoPhillips | 65890 | 5912969  |
| EOG Resources, Inc. | 14614 | 1747981  |
| EQT Corp. | 45542 | 2656009  |
| Expand Energy Corp. | 21485 | 2512456  |
| Exxon Mobil Corp. | 55914 | 6027529  |
| Hess Corp. | 11581 | 1604432  |
| Phillips 66 | 16327 | 1947811  |
| Schlumberger NV | 92215 | 3116867  |
| South Bow Corp. (SOBO CN) (b) | 80843 | 2098623  |
| TC Energy Corp. (b) | 39931 | 1948233  |
| TotalEnergies SE | 97982 | 6026613  |
| TotalEnergies SE Sponsored ADR | 16079 | 987090  |
| Williams Cos., Inc. | 44190 | 2775574  |
|  |  | 40508996  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Financials — 22.6%**<br>|  |  |
| Allstate Corp. | 13328 | $2683060  |
| American International Group, Inc. | 64007 | 5478359  |
| Apollo Global Management, Inc. | 8538 | 1211286  |
| Bank of America Corp. | 105523 | 4993348  |
| Charles Schwab Corp. | 96080 | 8766339  |
| Chubb Ltd. | 24484 | 7093504  |
| Citigroup, Inc. | 93532 | 7961444  |
| Corebridge Financial, Inc. | 56220 | 1995810  |
| Equitable Holdings, Inc. | 124642 | 6992416  |
| Fifth Third Bancorp | 112752 | 4637490  |
| Fiserv, Inc. (a) | 23272 | 4012325  |
| Global Payments, Inc. | 7190 | 575488  |
| Hartford Insurance Group, Inc. | 40605 | 5151556  |
| Huntington Bancshares, Inc. | 276211 | 4629296  |
| JP Morgan Chase & Co. | 30011 | 8700489  |
| Loews Corp. | 49421 | 4529929  |
| MetLife, Inc. | 122481 | 9849922  |
| Morgan Stanley | 7616 | 1072790  |
| State Street Corp. | 21940 | 2333100  |
| US Bancorp | 91739 | 4151190  |
| Wells Fargo & Co. | 107589 | 8620031  |
|  |  | 105439172  |
| **Health Care — 12.8%**<br>|  |  |
| AstraZeneca PLC Sponsored ADR | 38828 | 2713301  |
| Becton Dickinson & Co. | 37440 | 6449040  |
| Biogen, Inc. (a) | 9665 | 1213827  |
| Bristol-Myers Squibb Co. | 39296 | 1819012  |
| Cardinal Health, Inc. | 2759 | 463512  |
| Cigna Group | 15490 | 5120684  |
| CVS Health Corp. | 89113 | 6147015  |
| Elevance Health, Inc. | 21549 | 8381699  |
| Humana, Inc. | 2582 | 631247  |
| Johnson & Johnson | 13615 | 2079691  |
| Medtronic PLC | 42569 | 3710740  |
| Merck & Co., Inc. | 35744 | 2829495  |
| Sanofi SA | 20193 | 1953826  |
| Sanofi SA ADR | 22035 | 1064511  |
| Thermo Fisher Scientific, Inc. | 4899 | 1986348  |
| UnitedHealth Group, Inc. | 11646 | 3633203  |
| Viatris, Inc. | 359656 | 3211728  |
| Zimmer Biomet Holdings, Inc. | 67915 | 6194527  |
|  |  | 59603406  |
| **Industrials — 12.9%**<br>|  |  |
| 3M Co. | 8298 | 1263288  |
| AGCO Corp. | 20589 | 2123961  |
| Boeing Co. (a) | 30128 | 6312720  |
| CSX Corp. | 135380 | 4417449  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Income Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Cummins, Inc. | 8828 | $2891170  |
| Ferguson Enterprises, Inc. | 3769 | 820700  |
| Fortive Corp. | 56442 | 2942322  |
| General Electric Co. | 23061 | 5935671  |
| L3Harris Technologies, Inc. | 32091 | 8049706  |
| Norfolk Southern Corp. | 10185 | 2607054  |
| Rockwell Automation, Inc. | 9518 | 3161594  |
| Siemens AG Sponsored ADR | 1 | 129  |
| Siemens AG Registered | 23243 | 5961256  |
| Southwest Airlines Co. (b) | 147632 | 4789182  |
| Stanley Black & Decker, Inc. | 76987 | 5215869  |
| United Parcel Service, Inc. Class B | 37648 | 3800189  |
|  |  | 60292260  |
| **Information Technology — 9.0%**<br>|  |  |
| Accenture PLC Class A | 13015 | 3890053  |
| Adobe, Inc. (a) | 3563 | 1378454  |
| Advanced Micro Devices, Inc. (a) | 15322 | 2174192  |
| Applied Materials, Inc. | 17389 | 3183404  |
| Intel Corp. | 75311 | 1686966  |
| Microsoft Corp. | 9925 | 4936794  |
| QUALCOMM, Inc. | 57103 | 9094224  |
| Ralliant Corp. (a) | 18814 | 912291  |
| Salesforce, Inc. | 18607 | 5073943  |
| Samsung Electronics Co. Ltd. | 89184 | 3953940  |
| TE Connectivity PLC | 6200 | 1045754  |
| Texas Instruments, Inc. | 22867 | 4747647  |
|  |  | 42077662  |
| **Materials — 3.0%**<br>|  |  |
| CF Industries Holdings, Inc. | 69548 | 6398416  |
| International Paper Co. | 129296 | 6054932  |
| &nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. <br>(WFG US) (b) | 21884 | 1604097  |
|  |  | 14057445  |
| **Real Estate — 3.7%**<br>|  |  |
| Equity Residential | 102241 | 6900245  |
| Rayonier, Inc. | 103733 | 2300798  |
| Rexford Industrial Realty, Inc. | 69306 | 2465214  |
| Sun Communities, Inc. | 6462 | 817378  |
| Weyerhaeuser Co. | 180646 | 4640796  |
|  |  | 17124431  |
| **Utilities — 5.7%**<br>|  |  |
| Ameren Corp. | 59566 | 5720719  |
| Dominion Energy, Inc. | 60405 | 3414091  |
| NextEra Energy, Inc. | 41649 | 2891273  |
| PG&E Corp. | 17700 | 246738  |
| Sempra | 50638 | 3836841  |
| Southern Co. | 102970 | 9455735  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Xcel Energy, Inc. | 14828 | $1009787  |
|  |  | 26575184  |
| **TOTAL COMMON STOCK** <br>**(Cost $392,527,351)** |  | **454054965**  |
| **Preferred Stock — 0.6%**<br>|  |  |
| **Industrials — 0.5%**<br>|  |  |
| Boeing Co. Convertible<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% | 32577 | 2215236  |
| **Utilities — 0.1%**<br>|  |  |
| NextEra Energy, Inc. Convertible<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.926% | 19201 | 763048  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $2,645,534)** |  | **2978284**  |
| **TOTAL EQUITIES** <br>**(Cost $395,172,885)** |  | **457033249**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $395,172,885)** |  | **457033249**  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
|  **Investment of Cash Collateral from Securities Loaned — 0.7%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 3391593 | 3391593  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.200% (d) | 16035 | 16035 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |  |
| **Repurchase Agreement — 0.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $3804512 | 3804512  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,212,140)** |  | **7212140**  |
| **TOTAL INVESTMENTS — 99.5% (Cost $402,385,025) (f)** |  | **464245389**  |
| **Other Assets/(Liabilities) — 0.5%** |  | **2107173**  |
| **NET ASSETS — 100.0%** |  | **$466352562** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Income Fund – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $10,108,802 or 2.17% of net assets. The Fund received $7,019,053 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of June 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $3,804,803. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $3,880,730.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.3%**<br>|  |  |
| **Common Stock — 99.3%**<br>|  |  |
| **Communication Services — 9.7%**<br>|  |  |
| Alphabet, Inc. Class A | 70495 | $12423334  |
| Alphabet, Inc. Class C | 56865 | 10087282  |
| AT&T, Inc. | 86979 | 2517172  |
|  Charter Communications, Inc. Class A (a) | 1179 | 481987  |
| Comcast Corp. Class A | 45110 | 1609976  |
| Electronic Arts, Inc. | 2764 | 441411  |
| Fox Corp. Class A | 2686 | 150523  |
| Fox Corp. Class B | 1590 | 82092  |
| Interpublic Group of Cos., Inc. | 4708 | 115252  |
| Live Nation Entertainment, Inc. (a) | 1860 | 281381  |
| Match Group, Inc. | 3223 | 99558  |
| Meta Platforms, Inc. Class A | 26298 | 19410291  |
| Netflix, Inc. (a) | 5155 | 6903215  |
| News Corp. Class A | 4881 | 145063  |
| News Corp. Class B | 1399 | 48000  |
| Omnicom Group, Inc. | 2469 | 177620  |
| Paramount Global Class B | 7637 | 98517  |
| T-Mobile US, Inc. | 5811 | 1384529  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc. (a) | 2013 | 488857  |
| TKO Group Holdings, Inc. | 837 | 152292  |
| Verizon Communications, Inc. | 51010 | 2207203  |
| Walt Disney Co. | 21905 | 2716439  |
| Warner Bros Discovery, Inc. (a) | 26450 | 303117  |
|  |  | 62325111  |
| **Consumer Discretionary — 10.3%**<br>|  |  |
| Airbnb, Inc. Class A (a) | 5181 | 685654  |
| Amazon.com, Inc. (a) | 114446 | 25108308  |
| Aptiv PLC (a) | 2626 | 179146  |
| AutoZone, Inc. (a) | 201 | 746158  |
| Best Buy Co., Inc. | 2213 | 148559  |
| Booking Holdings, Inc. | 394 | 2280961  |
| Caesars Entertainment, Inc. (a) | 2727 | 77419  |
| CarMax, Inc. (a) | 1960 | 131732  |
| Carnival Corp. (a) | 12583 | 353834  |
| Chipotle Mexican Grill, Inc. (a) | 16302 | 915357  |
| Darden Restaurants, Inc. | 1398 | 304722  |
| Deckers Outdoor Corp. (a) | 1923 | 198204  |
| Domino's Pizza, Inc. | 437 | 196912  |
| DoorDash, Inc., Class A (a) | 4083 | 1006500  |
| DR Horton, Inc. | 3433 | 442582  |
| eBay, Inc. | 5575 | 415114  |
| Expedia Group, Inc. | 1446 | 243911  |
| Ford Motor Co. | 47672 | 517241  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Garmin Ltd. | 1854 | $386967  |
| General Motors Co. | 11645 | 573050  |
| Genuine Parts Co. | 1615 | 195916  |
| Hasbro, Inc. | 1682 | 124165  |
| Hilton Worldwide Holdings, Inc. | 2885 | 768391  |
| Home Depot, Inc. | 12037 | 4413246  |
| Las Vegas Sands Corp. | 4282 | 186310  |
| Lennar Corp. Class A | 2760 | 305284  |
| LKQ Corp. | 3288 | 121689  |
| Lowe's Cos., Inc. | 6842 | 1518035  |
| Lululemon Athletica, Inc. (a) | 1371 | 325722  |
| Marriott International, Inc. Class A | 2744 | 749688  |
| McDonald's Corp. | 8683 | 2536912  |
| MGM Resorts International (a) | 2363 | 81264  |
| Mohawk Industries, Inc. (a) | 672 | 70452  |
| NIKE, Inc. Class B | 14229 | 1010828  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br>Ltd. (a) | 5565 | 112858  |
| NVR, Inc. (a) | 35 | 258498  |
| O'Reilly Automotive, Inc. (a) | 10395 | 936901  |
| Pool Corp. | 488 | 142242  |
| PulteGroup, Inc. | 2366 | 249518  |
| Ralph Lauren Corp. | 514 | 140980  |
| Ross Stores, Inc. | 4057 | 517592  |
| Royal Caribbean Cruises Ltd. | 2971 | 930339  |
| Starbucks Corp. | 13755 | 1260371  |
| Tapestry, Inc. | 2590 | 227428  |
| Tesla, Inc. (a) | 33908 | 10771215  |
| TJX Cos., Inc. | 13622 | 1682181  |
| Tractor Supply Co. | 6399 | 337675  |
| Ulta Beauty, Inc. (a) | 551 | 257769  |
| Williams-Sonoma, Inc. | 1444 | 235906  |
| Wynn Resorts Ltd. | 1165 | 109126  |
| Yum! Brands, Inc. | 3409 | 505146  |
|  |  | 65995978  |
| **Consumer Staples — 5.5%**<br>|  |  |
| Altria Group, Inc. | 20533 | 1203850  |
| Archer-Daniels-Midland Co. | 5676 | 299579  |
| Brown-Forman Corp. Class B | 2358 | 63454  |
| Bunge Global SA | 1665 | 133666  |
| Campbell's Co. | 2529 | 77514  |
| Church & Dwight Co., Inc. | 2960 | 284486  |
| Clorox Co. | 1427 | 171340  |
| Coca-Cola Co. | 46915 | 3319236  |
| Colgate-Palmolive Co. | 9780 | 889002  |
| Conagra Brands, Inc. | 6038 | 123598  |
| Constellation Brands, Inc. Class A | 1877 | 305351  |
| Costco Wholesale Corp. | 5379 | 5324887  |
| Dollar General Corp. | 2598 | 297159  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Dollar Tree, Inc. (a) | 2354 | $233140  |
| Estee Lauder Cos., Inc. Class A | 2955 | 238764  |
| General Mills, Inc. | 6687 | 346454  |
| Hershey Co. | 1753 | 290910  |
| Hormel Foods Corp. | 3728 | 112772  |
| J.M. Smucker Co. | 1346 | 132177  |
| Kellanova | 3185 | 253303  |
| Kenvue, Inc. | 23516 | 492190  |
| Keurig Dr. Pepper, Inc. | 16649 | 550416  |
| Kimberly-Clark Corp. | 4078 | 525736  |
| Kraft Heinz Co. | 10482 | 270645  |
| Kroger Co. | 7420 | 532237  |
| Lamb Weston Holdings, Inc. | 1805 | 93589  |
| McCormick & Co., Inc. | 2938 | 222759  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B | 2247 | 108058  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 15632 | 1054222  |
| Monster Beverage Corp. (a) | 8575 | 537138  |
| PepsiCo, Inc. | 16619 | 2194373  |
| Philip Morris International, Inc. | 18840 | 3431329  |
| Procter & Gamble Co. | 28413 | 4526759  |
| Sysco Corp. | 5896 | 446563  |
| Target Corp. | 5443 | 536952  |
| Tyson Foods, Inc. Class A | 3618 | 202391  |
| Walgreens Boots Alliance, Inc. | 9125 | 104755  |
| Walmart, Inc. | 52332 | 5117023  |
|  |  | 35047777  |
| **Energy — 2.9%**<br>|  |  |
| APA Corp. | 4495 | 82214  |
| Baker Hughes Co. | 12041 | 461652  |
| Chevron Corp. | 19673 | 2816977  |
| ConocoPhillips | 15460 | 1387381  |
| Coterra Energy, Inc. | 8599 | 218243  |
| Devon Energy Corp. | 7721 | 245605  |
| Diamondback Energy, Inc. | 2233 | 306814  |
| EOG Resources, Inc. | 6600 | 789426  |
| EQT Corp. | 7232 | 421770  |
| Expand Energy Corp. | 2504 | 292818  |
| Exxon Mobil Corp. | 52205 | 5627699  |
| Halliburton Co. | 10917 | 222489  |
| Hess Corp. | 3360 | 465494  |
| Kinder Morgan, Inc. | 23119 | 679699  |
| Marathon Petroleum Corp. | 3721 | 618095  |
| Occidental Petroleum Corp. | 8109 | 340659  |
| ONEOK, Inc. | 7629 | 622755  |
| Phillips 66 | 4917 | 586598  |
| Schlumberger NV | 16475 | 556855  |
| Targa Resources Corp. | 2648 | 460964  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Texas Pacific Land Corp. | 224 | $236631  |
| Valero Energy Corp. | 3867 | 519802  |
| Williams Cos., Inc. | 14688 | 922553  |
|  |  | 18883193  |
| **Financials — 13.9%**<br>|  |  |
| Aflac, Inc. | 5907 | 622952  |
| Allstate Corp. | 3169 | 637951  |
| American Express Co. | 6725 | 2145140  |
| &nbsp;&nbsp;&nbsp; American International Group, <br>Inc. | 6981 | 597504  |
| Ameriprise Financial, Inc. | 1144 | 610587  |
| Aon PLC Class A | 2608 | 930430  |
| Apollo Global Management, Inc. | 5357 | 759998  |
| Arch Capital Group Ltd. | 4548 | 414095  |
| Arthur J Gallagher & Co. | 3073 | 983729  |
| Assurant, Inc. | 649 | 128171  |
| Bank of America Corp. | 79370 | 3755788  |
| Bank of New York Mellon Corp. | 8620 | 785368  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) | 22210 | 10788952  |
| Blackrock, Inc. | 1765 | 1851926  |
| Blackstone, Inc. | 8868 | 1326475  |
| Brown & Brown, Inc. | 3358 | 372301  |
| Capital One Financial Corp. | 7719 | 1642294  |
| Cboe Global Markets, Inc. | 1247 | 290813  |
| Charles Schwab Corp. | 20649 | 1884015  |
| Chubb Ltd. | 4516 | 1308376  |
| Cincinnati Financial Corp. | 1856 | 276396  |
| Citigroup, Inc. | 22746 | 1936140  |
| Citizens Financial Group, Inc. | 5122 | 229209  |
| CME Group, Inc. | 4367 | 1203633  |
| Coinbase Global, Inc. Class A (a) | 2512 | 880431  |
| Corpay, Inc. (a) | 827 | 274415  |
| Erie Indemnity Co. Class A | 309 | 107158  |
| Everest Group Ltd. | 544 | 184878  |
| FactSet Research Systems, Inc. | 481 | 215142  |
|  Fidelity National Information Services, Inc. | 6446 | 524769  |
| Fifth Third Bancorp | 8000 | 329040  |
| Fiserv, Inc. (a) | 6716 | 1157906  |
| Franklin Resources, Inc. | 3950 | 94207  |
| Global Payments, Inc. | 3097 | 247884  |
| Globe Life, Inc. | 1077 | 133860  |
| Goldman Sachs Group, Inc. | 3717 | 2630707  |
| Hartford Insurance Group, Inc. | 3488 | 442523  |
| Huntington Bancshares, Inc. | 17235 | 288859  |
| Intercontinental Exchange, Inc. | 6962 | 1277318  |
| Invesco Ltd. | 5760 | 90835  |
| Jack Henry & Associates, Inc. | 925 | 166657  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| JP Morgan Chase & Co. | 33662 | $9758950  |
| KeyCorp. | 11707 | 203936  |
| KKR & Co., Inc. | 8149 | 1084061  |
| Loews Corp. | 2221 | 203577  |
| M&T Bank Corp. | 2000 | 387980  |
| MarketAxess Holdings, Inc. | 461 | 102960  |
| Marsh & McLennan Cos., Inc. | 5951 | 1301127  |
| Mastercard, Inc. Class A | 9825 | 5521060  |
| MetLife, Inc. | 6830 | 549269  |
| Moody's Corp. | 1865 | 935465  |
| Morgan Stanley | 14994 | 2112055  |
| MSCI, Inc. | 948 | 546750  |
| Nasdaq, Inc. | 5018 | 448710  |
| Northern Trust Corp. | 2458 | 311650  |
| PayPal Holdings, Inc. (a) | 11908 | 885003  |
| PNC Financial Services Group, Inc. | 4763 | 887918  |
| Principal Financial Group, Inc. | 2418 | 192062  |
| Progressive Corp. | 7098 | 1894172  |
| Prudential Financial, Inc. | 4281 | 459951  |
| Raymond James Financial, Inc. | 2192 | 336187  |
| Regions Financial Corp. | 10662 | 250770  |
| S&P Global, Inc. | 3817 | 2012666  |
| State Street Corp. | 3440 | 365810  |
| Synchrony Financial | 4617 | 308139  |
| T. Rowe Price Group, Inc. | 2617 | 252540  |
| Travelers Cos., Inc. | 2721 | 727976  |
| Truist Financial Corp. | 16097 | 692010  |
| US Bancorp | 18760 | 848890  |
| Visa, Inc. Class A | 20724 | 7358056  |
| W. R. Berkley Corp. | 3566 | 261994  |
| Wells Fargo & Co. | 39416 | 3158010  |
| Willis Towers Watson PLC | 1200 | 367800  |
|  |  | 89256336  |
| **Health Care — 9.3%**<br>|  |  |
| Abbott Laboratories | 21017 | 2858522  |
| AbbVie, Inc. | 21391 | 3970597  |
| Agilent Technologies, Inc. | 3429 | 404656  |
| Align Technology, Inc. (a) | 888 | 168125  |
| Amgen, Inc. | 6509 | 1817378  |
| Baxter International, Inc. | 6459 | 195579  |
| Becton Dickinson & Co. | 3522 | 606665  |
| Bio-Techne Corp. | 2033 | 104598  |
| Biogen, Inc. (a) | 1733 | 217647  |
| Boston Scientific Corp. (a) | 17859 | 1918235  |
| Bristol-Myers Squibb Co. | 24565 | 1137114  |
| Cardinal Health, Inc. | 2946 | 494928  |
| Cencora, Inc. | 2122 | 636282  |
| Centene Corp. (a) | 5956 | 323292  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
|  Charles River Laboratories International, Inc. (a) | 656 | $99535  |
| Cigna Group | 3236 | 1069757  |
| Cooper Cos., Inc. (a) | 2521 | 179394  |
| CVS Health Corp. | 15212 | 1049324  |
| Danaher Corp. | 7755 | 1531923  |
| DaVita, Inc. (a) | 579 | 82479  |
| Dexcom, Inc. (a) | 4731 | 412969  |
| Edwards Lifesciences Corp. (a) | 7226 | 565145  |
| Elevance Health, Inc. | 2737 | 1064584  |
| Eli Lilly & Co. | 9548 | 7442952  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 5522 | 409015  |
| Gilead Sciences, Inc. | 15101 | 1674248  |
| HCA Healthcare, Inc. | 2098 | 803744  |
| Henry Schein, Inc. (a) | 1578 | 115273  |
| Hologic, Inc. (a) | 2795 | 182122  |
| Humana, Inc. | 1444 | 353029  |
| IDEXX Laboratories, Inc. (a) | 964 | 517032  |
| Incyte Corp. (a) | 2048 | 139469  |
| Insulet Corp. (a) | 831 | 261084  |
| Intuitive Surgical, Inc. (a) | 4322 | 2348618  |
| IQVIA Holdings, Inc. (a) | 1972 | 310767  |
| Johnson & Johnson | 29174 | 4456329  |
| Labcorp Holdings, Inc. | 985 | 258572  |
| McKesson Corp. | 1515 | 1110162  |
| Medtronic PLC | 15538 | 1354447  |
| Merck & Co., Inc. | 30415 | 2407651  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 250 | 293680  |
| Moderna, Inc. (a) | 4347 | 119934  |
| Molina Healthcare, Inc. (a) | 638 | 190060  |
| Pfizer, Inc. | 68668 | 1664512  |
| Quest Diagnostics, Inc. | 1385 | 248788  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc. | 1263 | 663075  |
| ResMed, Inc. | 1784 | 460272  |
| Revvity, Inc. | 1347 | 130282  |
| Solventum Corp. (a) | 1749 | 132644  |
| STERIS PLC | 1175 | 282259  |
| Stryker Corp. | 4161 | 1646216  |
| Thermo Fisher Scientific, Inc. | 4572 | 1853763  |
| UnitedHealth Group, Inc. | 10988 | 3427926  |
|  Universal Health Services, Inc. Class B | 743 | 134594  |
| Vertex Pharmaceuticals, Inc. (a) | 3112 | 1385462  |
| Viatris, Inc. | 15117 | 134995  |
| Waters Corp. (a) | 700 | 244328  |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, <br>Inc. | 917 | 200640  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Zimmer Biomet Holdings, Inc. | 2321 | $211698  |
| Zoetis, Inc. | 5396 | 841506  |
|  |  | 59319876  |
| **Industrials — 8.5%**<br>|  |  |
| 3M Co. | 6552 | 997476  |
| A.O. Smith Corp. | 1459 | 95667  |
| Allegion PLC | 1100 | 158532  |
| AMETEK, Inc. | 2827 | 511574  |
| Automatic Data Processing, Inc. | 4931 | 1520720  |
| Axon Enterprise, Inc. (a) | 866 | 716996  |
| Boeing Co. (a) | 9089 | 1904418  |
| Broadridge Financial Solutions, Inc. | 1403 | 340971  |
| Builders FirstSource, Inc. (a) | 1290 | 150530  |
| C.H. Robinson Worldwide, Inc. | 1465 | 140567  |
| Carrier Global Corp. | 9673 | 707967  |
| Caterpillar, Inc. | 5697 | 2211632  |
| Cintas Corp. | 4137 | 922013  |
| Copart, Inc. (a) | 10764 | 528189  |
| CSX Corp. | 23131 | 754765  |
| Cummins, Inc. | 1680 | 550200  |
| Dayforce, Inc. (a) | 2084 | 115433  |
| Deere & Co. | 3069 | 1560556  |
| Delta Air Lines, Inc. | 7740 | 380653  |
| Dover Corp. | 1635 | 299581  |
| Eaton Corp. PLC | 4734 | 1689991  |
| Emerson Electric Co. | 6782 | 904244  |
| Equifax, Inc. | 1499 | 388796  |
|  Expeditors International of Washington, Inc. | 1610 | 183943  |
| Fastenal Co. | 14061 | 590562  |
| FedEx Corp. | 2723 | 618965  |
| Fortive Corp. | 4063 | 211804  |
| GE Vernova, Inc. | 3304 | 1748312  |
| Generac Holdings, Inc. (a) | 753 | 107837  |
| General Dynamics Corp. | 3053 | 890438  |
| General Electric Co. | 12917 | 3324707  |
| Honeywell International, Inc. | 7785 | 1812971  |
| Howmet Aerospace, Inc. | 4873 | 907012  |
| Hubbell, Inc. | 634 | 258932  |
| Huntington Ingalls Industries, Inc. | 502 | 121213  |
| IDEX Corp. | 959 | 168372  |
| Illinois Tool Works, Inc. | 3209 | 793425  |
| Ingersoll Rand, Inc. | 4878 | 405752  |
| Jacobs Solutions, Inc. | 1429 | 187842  |
| JB Hunt Transport Services, Inc. | 1009 | 144892  |
| Johnson Controls International PLC | 7938 | 838412  |
| L3Harris Technologies, Inc. | 2297 | 576179  |
| Leidos Holdings, Inc. | 1570 | 247683  |
| Lennox International, Inc. | 374 | 214392  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Lockheed Martin Corp. | 2537 | $1174986  |
| Masco Corp. | 2659 | 171133  |
| Nordson Corp. | 687 | 147272  |
| Norfolk Southern Corp. | 2709 | 693423  |
| Northrop Grumman Corp. | 1634 | 816967  |
| Old Dominion Freight Line, Inc. | 2266 | 367772  |
| Otis Worldwide Corp. | 4820 | 477276  |
| PACCAR, Inc. | 6445 | 612662  |
| Parker-Hannifin Corp. | 1555 | 1086121  |
| Paychex, Inc. | 3824 | 556239  |
| Paycom Software, Inc. | 590 | 136526  |
| Pentair PLC | 2093 | 214867  |
| Quanta Services, Inc. | 1815 | 686215  |
| Republic Services, Inc. | 2496 | 615539  |
| Rockwell Automation, Inc. | 1370 | 455073  |
| Rollins, Inc. | 3558 | 200742  |
| RTX Corp. | 16142 | 2357055  |
| Snap-on, Inc. | 608 | 189197  |
| Southwest Airlines Co. (b) | 7007 | 227307  |
| Stanley Black & Decker, Inc. | 1951 | 132180  |
| Textron, Inc. | 2099 | 168529  |
| Trane Technologies PLC | 2716 | 1188006  |
| TransDigm Group, Inc. | 677 | 1029473  |
| Uber Technologies, Inc. (a) | 25313 | 2361703  |
| Union Pacific Corp. | 7237 | 1665089  |
| United Airlines Holdings, Inc. (a) | 3921 | 312229  |
| United Parcel Service, Inc. Class B | 8805 | 888777  |
| United Rentals, Inc. | 797 | 600460  |
| Veralto Corp. | 2951 | 297903  |
| Verisk Analytics, Inc. | 1730 | 538895  |
| W.W. Grainger, Inc. | 526 | 547166  |
| Waste Management, Inc. | 4414 | 1010012  |
|  Westinghouse Air Brake Technologies Corp. | 2058 | 430842  |
| Xylem, Inc. | 2930 | 379025  |
|  |  | 54641777  |
| **Information Technology — 32.9%**<br>|  |  |
| Accenture PLC Class A | 7579 | 2265287  |
| Adobe, Inc. (a) | 5162 | 1997075  |
| Advanced Micro Devices, Inc. (a) | 19636 | 2786348  |
| Akamai Technologies, Inc. (a) | 1902 | 151704  |
| Amphenol Corp. Class A | 14675 | 1449156  |
| Analog Devices, Inc. | 6011 | 1430738  |
| ANSYS, Inc. (a) | 1053 | 369835  |
| Apple, Inc. | 180911 | 37117510  |
| Applied Materials, Inc. | 9848 | 1802873  |
| Arista Networks, Inc. (a) | 12505 | 1279387  |
| Autodesk, Inc. (a) | 2583 | 799619  |
| Broadcom, Inc. | 56953 | 15699094  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Cadence Design Systems, Inc. (a) | 3309 | $1019668  |
| CDW Corp. | 1588 | 283601  |
| Cisco Systems, Inc. | 48260 | 3348279  |
|  Cognizant Technology Solutions Corp. Class A | 6049 | 472004  |
| Corning, Inc. | 9385 | 493557  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 2985 | 1520290  |
| Dell Technologies, Inc. Class C | 3615 | 443199  |
| Enphase Energy, Inc. (a) | 1740 | 68991  |
| EPAM Systems, Inc. (a) | 718 | 126957  |
| F5, Inc. (a) | 671 | 197489  |
| Fair Isaac Corp. (a) | 300 | 548388  |
| First Solar, Inc. (a) | 1239 | 205104  |
| Fortinet, Inc. (a) | 7648 | 808547  |
| Gartner, Inc. (a) | 935 | 377946  |
| Gen Digital, Inc. | 6868 | 201919  |
| GoDaddy, Inc. Class A (a) | 1706 | 307182  |
| Hewlett Packard Enterprise Co. | 15721 | 321494  |
| HP, Inc. | 11137 | 272411  |
| Intel Corp. | 52348 | 1172595  |
|  International Business Machines Corp. | 11204 | 3302715  |
| Intuit, Inc. | 3392 | 2671641  |
| Jabil, Inc. | 1278 | 278732  |
| Juniper Networks, Inc. | 4195 | 167506  |
| Keysight Technologies, Inc. (a) | 2082 | 341157  |
| KLA Corp. | 1610 | 1442141  |
| Lam Research Corp. | 15554 | 1514026  |
| Microchip Technology, Inc. | 6474 | 455575  |
| Micron Technology, Inc. | 13501 | 1663998  |
| Microsoft Corp. | 90027 | 44780330  |
| Monolithic Power Systems, Inc. | 578 | 422738  |
| Motorola Solutions, Inc. | 2011 | 845545  |
| NetApp, Inc. | 2408 | 256572  |
| NVIDIA Corp. | 295396 | 46669614  |
| NXP Semiconductors NV | 3038 | 663773  |
| ON Semiconductor Corp. (a) | 4931 | 258434  |
| Oracle Corp. | 19657 | 4297610  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 25765 | 3512285  |
| Palo Alto Networks, Inc. (a) | 8023 | 1641827  |
| PTC, Inc. (a) | 1413 | 243516  |
| QUALCOMM, Inc. | 13283 | 2115451  |
| Ralliant Corp. (a) | 1354 | 65672  |
| Roper Technologies, Inc. | 1286 | 728956  |
| Salesforce, Inc. | 11596 | 3162113  |
| Seagate Technology Holdings PLC | 2524 | 364289  |
| ServiceNow, Inc. (a) | 2496 | 2566088  |
| Skyworks Solutions, Inc. | 1765 | 131528  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Super Micro Computer, Inc. (a) (b) | 5944 | $291315  |
| Synopsys, Inc. (a) | 1861 | 954098  |
| TE Connectivity PLC | 3636 | 613284  |
| Teledyne Technologies, Inc. (a) | 553 | 283307  |
| Teradyne, Inc. | 2062 | 185415  |
| Texas Instruments, Inc. | 11031 | 2290256  |
| Trimble, Inc. (a) | 2838 | 215631  |
| Tyler Technologies, Inc. (a) | 509 | 301756  |
| VeriSign, Inc. | 981 | 283313  |
| Western Digital Corp. | 4129 | 264215  |
| Workday, Inc. Class A (a) | 2631 | 631440  |
| Zebra Technologies Corp. Class A (a) | 653 | 201359  |
|  |  | 210417468  |
| **Materials — 1.9%**<br>|  |  |
| Air Products & Chemicals, Inc. | 2668 | 752536  |
| Albemarle Corp. (b) | 1488 | 93253  |
| Amcor PLC | 26931 | 247496  |
| Avery Dennison Corp. | 1017 | 178453  |
| Ball Corp. | 3360 | 188462  |
| CF Industries Holdings, Inc. | 1962 | 180504  |
| Corteva, Inc. | 8359 | 622996  |
| Dow, Inc. | 8208 | 217348  |
| DuPont de Nemours, Inc. | 5022 | 344459  |
| Eastman Chemical Co. | 1412 | 105420  |
| Ecolab, Inc. | 3029 | 816134  |
| Freeport-McMoRan, Inc. | 17202 | 745707  |
| International Flavors & Fragrances, Inc. | 2995 | 220282  |
| International Paper Co. | 6265 | 293390  |
| Linde PLC (LIN US) | 5702 | 2675264  |
| LyondellBasell Industries NV Class A | 3283 | 189954  |
| Martin Marietta Materials, Inc. | 741 | 406779  |
| Mosaic Co. | 3893 | 142017  |
| Newmont Corp. (NEM US) | 13654 | 795482  |
| Nucor Corp. | 2805 | 363360  |
| Packaging Corp. of America | 1130 | 212949  |
| PPG Industries, Inc. | 2769 | 314974  |
| Sherwin-Williams Co. | 2797 | 960378  |
| Smurfit WestRock PLC | 5843 | 252125  |
| Steel Dynamics, Inc. | 1651 | 211345  |
| Vulcan Materials Co. | 1605 | 418616  |
|  |  | 11949683  |
| **Real Estate — 2.0%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 1967 | 142863  |
| American Tower Corp. | 5660 | 1250973  |
| AvalonBay Communities, Inc. | 1708 | 347578  |
| BXP, Inc. | 1869 | 126102  |
| Camden Property Trust | 1352 | 152357  |
| CBRE Group, Inc. Class A (a) | 3581 | 501770  |
| CoStar Group, Inc. (a) | 5091 | 409316  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Crown Castle, Inc. | 5319 | $546421  |
| Digital Realty Trust, Inc. | 3888 | 677795  |
| Equinix, Inc. | 1176 | 935473  |
| Equity Residential | 4055 | 273672  |
| Essex Property Trust, Inc. | 748 | 211983  |
| Extra Space Storage, Inc. | 2560 | 377446  |
| Federal Realty Investment Trust | 984 | 93470  |
| Healthpeak Properties, Inc. | 8859 | 155121  |
| Host Hotels & Resorts, Inc. | 8847 | 135890  |
| Invitation Homes, Inc. | 6667 | 218678  |
| Iron Mountain, Inc. | 3528 | 361867  |
| Kimco Realty Corp. | 7894 | 165932  |
|  Mid-America Apartment Communities, Inc. | 1363 | 201738  |
| Prologis, Inc. | 11227 | 1180182  |
| Public Storage | 1934 | 567474  |
| Realty Income Corp. | 10435 | 601160  |
| Regency Centers Corp. | 2097 | 149369  |
| SBA Communications Corp. | 1281 | 300830  |
| Simon Property Group, Inc. | 3768 | 605744  |
| UDR, Inc. | 3806 | 155399  |
| Ventas, Inc. | 5226 | 330022  |
| VICI Properties, Inc. | 12788 | 416889  |
| Welltower, Inc. | 7371 | 1133144  |
| Weyerhaeuser Co. | 8496 | 218262  |
|  |  | 12944920  |
| **Utilities — 2.4%**<br>|  |  |
| AES Corp. | 8797 | 92544  |
| Alliant Energy Corp. | 3252 | 196648  |
| Ameren Corp. | 3242 | 311362  |
| American Electric Power Co., Inc. | 6377 | 661678  |
| American Water Works Co., Inc. | 2340 | 325517  |
| Atmos Energy Corp. (b) | 1881 | 289881  |
| CenterPoint Energy, Inc. | 7764 | 285249  |
| CMS Energy Corp. | 3518 | 243727  |
| Consolidated Edison, Inc. | 4211 | 422574  |
| Constellation Energy Corp. | 3788 | 1222615  |
| Dominion Energy, Inc. | 10314 | 582947  |
| DTE Energy Co. | 2489 | 329693  |
| Duke Energy Corp. | 9382 | 1107076  |
| Edison International | 4572 | 235915  |
| Entergy Corp. | 5212 | 433222  |
| Evergy, Inc. | 2911 | 200655  |
| Eversource Energy | 4351 | 276811  |
| Exelon Corp. | 12307 | 534370  |
| FirstEnergy Corp. | 6051 | 243613  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| NextEra Energy, Inc. | 24918 | $1729808  |
| NiSource, Inc. | 5587 | 225380  |
| NRG Energy, Inc. | 2449 | 393260  |
| PG&E Corp. | 26910 | 375125  |
| Pinnacle West Capital Corp. | 1438 | 128658  |
| PPL Corp. | 8834 | 299384  |
| Public Service Enterprise Group, Inc. | 6080 | 511814  |
| Sempra | 7788 | 590097  |
| Southern Co. | 13266 | 1218217  |
| Vistra Corp. | 4071 | 789001  |
| WEC Energy Group, Inc. | 3881 | 404400  |
| Xcel Energy, Inc. | 7011 | 477449  |
|  |  | 15138690  |
| **TOTAL COMMON STOCK** <br>**(Cost $267,380,542)** |  | **635920809**  |
| **TOTAL EQUITIES** <br>**(Cost $267,380,542)** |  | **635920809**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $267,380,542)** |  | **635920809**  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |  |
|  **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 74048 | 74048 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.6%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $4119869 | 4119869  |
| **U.S. Treasury Bills — 0.1%**<br>|  |  |
| U.S. Treasury Bills<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.110% 9/11/25 (e) (f) | 20000 | 19830  |
| &nbsp;&nbsp;&nbsp; 4.191% 9/11/25 (e) (f) | 50000 | 49576  |
| &nbsp;&nbsp;&nbsp; 4.213% 9/11/25 (e) (f) | 25000 | 24788  |
| &nbsp;&nbsp;&nbsp; 4.217% 9/11/25 (e) (f) | 15000 | 14873  |
| &nbsp;&nbsp;&nbsp; 4.220% 9/11/25 (e) (f) | 20000 | 19830  |
| &nbsp;&nbsp;&nbsp; 4.220% 9/11/25 (e) (f) | 20000 | 19831  |
| &nbsp;&nbsp;&nbsp; 4.220% 9/11/25 (e) (f) | 15000 | 14873  |
| &nbsp;&nbsp;&nbsp; 4.222% 9/11/25 (e) (f) | 20000 | 19831 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 4.235% 9/11/25 (e) (f) | $5000 | $4958  |
| &nbsp;&nbsp;&nbsp; 4.258% 9/11/25 (e) (f) | 181000 | 179466  |
|  |  | 367856  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,561,881)** |  | **4561773**  |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $271,942,423) (g)** |  | **640482582**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(26941)**  |
| **NET ASSETS — 100.0%** |  | **$640455641** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $872,841 or 0.14% of net assets. The Fund received $809,625 of non-cash
 collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the
 Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $4,120,184. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $4,202,449.

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

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

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net Unrealized**<br>**Appreciation**<br>(Depreciation) |
| **Long**<br>|  |  |  |  |
| S&P 500 E Mini Index | 9/19/25 | 15 | $4534531 | $155782 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Focused Equity Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.2%**<br>|  |  |
| **Common Stock — 99.2%**<br>|  |  |
| **Communication Services — 2.9%**<br>|  |  |
| Alphabet, Inc. Class A | 39652 | $6987872  |
| **Consumer Discretionary — 9.6%**<br>|  |  |
| McDonald's Corp. | 38403 | 11220205  |
| TJX Cos., Inc. | 98754 | 12195131  |
|  |  | 23415336  |
| **Consumer Staples — 8.5%**<br>|  |  |
| Coca-Cola Co. | 154762 | 10949411  |
| Procter & Gamble Co. | 60893 | 9701473  |
|  |  | 20650884  |
| **Financials — 25.1%**<br>|  |  |
| American Express Co. | 31907 | 10177695  |
| Chubb Ltd. | 32855 | 9518750  |
| Marsh & McLennan Cos., Inc. | 50458 | 11032137  |
| Mastercard, Inc. Class A | 19839 | 11148328  |
| S&P Global, Inc. | 19986 | 10538418  |
| Visa, Inc. Class A | 25106 | 8913885  |
|  |  | 61329213  |
| **Health Care — 12.2%**<br>|  |  |
| Danaher Corp. | 48562 | 9592938  |
| Eli Lilly & Co. | 9886 | 7706434  |
| Stryker Corp. | 22745 | 8998604  |
| Zoetis, Inc. | 22871 | 3566732  |
|  |  | 29864708  |
| **Industrials — 9.0%**<br>|  |  |
| Honeywell International, Inc. | 42414 | 9877372  |
| Northrop Grumman Corp. | 17615 | 8807148  |
| Union Pacific Corp. | 14688 | 3379415  |
|  |  | 22063935  |
| **Information Technology — 27.1%**<br>|  |  |
| Accenture PLC Class A | 29084 | 8692917  |
| Apple, Inc. | 39156 | 8033636  |
| Broadcom, Inc. | 46655 | 12860451  |
| Intuit, Inc. | 16168 | 12734402  |
| Microsoft Corp. | 24421 | 12147250  |
| Texas Instruments, Inc. | 56262 | 11681116  |
|  |  | 66149772  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Materials — 4.8%**<br>|  |  |
| Linde PLC (LIN US) | 24905 | $11684928  |
| **TOTAL COMMON STOCK** <br>**(Cost $194,549,727)** |  | **242146648**  |
| **TOTAL EQUITIES** <br>**(Cost $194,549,727)** |  | **242146648**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>**(Cost $194,549,727)** |  | **242146648** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 0.9%**  | **Short-Term Investments — 0.9%**  | **Short-Term Investments — 0.9%**  |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (a) | $2280103 | 2280103  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,280,103)** |  | **2280103**  |
| **TOTAL INVESTMENTS — 100.1% (Cost $196,829,830) (b)** |  | **244426751**  |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(207242)**  |
| **NET ASSETS — 100.0%** |  | **$244219509** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maturity value of $2,280,277. Collateralized
 by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/27, and an aggregate market value, including accrued
 interest, of $2,325,863.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Foreign Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 100.0%**<br>|  |  |
| **Common Stock — 99.3%**<br>|  |  |
| **Australia — 3.8%**<br>|  |  |
| BHP Group Ltd. (a) | 10000 | $240345  |
| Glencore PLC  | 303800 | 1182960  |
| Macquarie Group Ltd.  | 10400 | 1565872  |
| Santos Ltd.  | 352900 | 1775474  |
| Sonic Healthcare Ltd.  | 65700 | 1158484  |
| Whitehaven Coal Ltd. (a) | 174300 | 622988  |
|  |  | 6546123  |
| **Belgium — 2.3%**<br>|  |  |
| Anheuser-Busch InBev SA  | 28100 | 1931976  |
| KBC Group NV  | 19600 | 2016013  |
|  |  | 3947989  |
| **Canada — 1.1%**<br>|  |  |
| Canadian National Railway Co.  | 10100 | 1052388  |
| CCL Industries, Inc. Class B  | 15300 | 892214  |
|  |  | 1944602  |
| **China — 1.1%**<br>|  |  |
| Prosus NV (PRX NA)  | 33700 | 1887770  |
| **Denmark — 0.5%**<br>|  |  |
| Novo Nordisk AS Class B  | 9300 | 648935  |
| Rockwool AS Class B  | 3900 | 182460  |
|  |  | 831395  |
| **France — 10.9%**<br>|  |  |
| Accor SA  | 40500 | 2118764  |
| Amundi SA (b) | 12400 | 1005165  |
| Capgemini SE  | 13200 | 2259304  |
| Cie de Saint-Gobain SA  | 15000 | 1764572  |
| Edenred SE (a) | 35600 | 1104158  |
| FDJ UNITED (b) | 1100 | 43169  |
| Rexel SA  | 13500 | 416604  |
| Societe Generale SA  | 57900 | 3317686  |
| Sodexo SA  | 16500 | 1015434  |
| Teleperformance SE  | 9076 | 881265  |
| TotalEnergies SE  | 31800 | 1955934  |
| Veolia Environnement SA  | 80412 | 2868516  |
|  |  | 18750571  |
| **Germany — 12.5%**<br>|  |  |
| Allianz SE Registered  | 3900 | 1580164  |
| BASF SE  | 18300 | 902640  |
| CTS Eventim AG & Co. KGaA  | 4200 | 523034  |
| Deutsche Boerse AG  | 5000 | 1631512  |
| Deutsche Post AG  | 37400 | 1728834  |
| Heidelberg Materials AG  | 12300 | 2889810  |
| Infineon Technologies AG  | 49800 | 2119027  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| K&S AG Registered  | 13800 | $252948  |
| Merck KGaA  | 13200 | 1709411  |
| SAP SE  | 12000 | 3650252  |
| Siemens AG Registered  | 11200 | 2872523  |
| Zalando SE (b) (c) | 48400 | 1593529  |
|  |  | 21453684  |
| **Hong Kong — 1.9%**<br>|  |  |
| AIA Group Ltd.  | 235000 | 2113302  |
| CK Asset Holdings Ltd.  | 254500 | 1123435  |
|  |  | 3236737  |
| **Ireland — 2.7%**<br>|  |  |
| AerCap Holdings NV  | 21400 | 2503800  |
| AIB Group PLC  | 269300 | 2215506  |
|  |  | 4719306  |
| **Israel — 1.1%**<br>|  |  |
|  Check Point Software Technologies Ltd. (c) | 8300 | 1836375  |
| **Italy — 0.8%**<br>|  |  |
| Prysmian SpA  | 4691 | 330807  |
| Ryanair Holdings PLC  | 34100 | 964751  |
|  |  | 1295558  |
| **Japan — 20.2%**<br>|  |  |
| Canon, Inc. (a) | 36400 | 1054298  |
| Daikin Industries Ltd.  | 5200 | 614320  |
| FANUC Corp.  | 52400 | 1425383  |
| Fujitsu Ltd.  | 109500 | 2660418  |
| Hitachi Ltd.  | 130300 | 3774640  |
| Kyocera Corp.  | 107400 | 1289475  |
| Nintendo Co. Ltd.  | 11500 | 1103046  |
| Olympus Corp.  | 105900 | 1256561  |
| ORIX Corp.  | 118200 | 2665182  |
| Panasonic Holdings Corp.  | 114600 | 1231110  |
| Rakuten Group, Inc. (c) | 200400 | 1103004  |
| Renesas Electronics Corp.  | 92500 | 1138325  |
| SBI Holdings, Inc.  | 81200 | 2821060  |
| Seven & i Holdings Co. Ltd.  | 178200 | 2874075  |
| Sony Group Corp.  | 180100 | 4695120  |
|  Sumitomo Mitsui Financial Group, Inc.  | 119000 | 2983332  |
| Toyota Industries Corp.  | 18300 | 2061966  |
|  |  | 34751315  |
| **Luxembourg — 1.9%**<br>|  |  |
| ArcelorMittal SA  | 50500 | 1596206  |
| Eurofins Scientific SE (a) | 23900 | 1703112  |
|  |  | 3299318  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Foreign Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Netherlands — 3.9%**<br>|  |  |
| ASML Holding NV  | 3500 | $2802266  |
| EXOR NV  | 4100 | 413472  |
| Heineken Holding NV  | 18200 | 1357401  |
| ING Groep NV  | 80300 | 1762172  |
| Koninklijke Philips NV  | 16120 | 387020  |
|  |  | 6722331  |
| **Norway — 2.2%**<br>|  |  |
| Aker BP ASA  | 50773 | 1295384  |
| DNB Bank ASA  | 88000 | 2434979  |
|  |  | 3730363  |
| **Republic of Korea — 1.0%**<br>|  |  |
| Samsung Electronics Co. Ltd.  | 40400 | 1791119  |
| **Singapore — 1.6%**<br>|  |  |
| DBS Group Holdings Ltd.  | 79560 | 2813186  |
| **Sweden — 2.5%**<br>|  |  |
| Boliden AB (c) | 24200 | 756990  |
| Essity AB Class B  | 62900 | 1741930  |
|  Skandinaviska Enskilda Banken AB Class A  | 100300 | 1751734  |
|  |  | 4250654  |
| **Switzerland — 1.8%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A  | 9300 | 1758828  |
| Julius Baer Group Ltd.  | 18681 | 1260542  |
|  |  | 3019370  |
| **United Kingdom — 13.5%**<br>|  |  |
| Ashtead Group PLC  | 20400 | 1307711  |
| Aviva PLC | 151676 | 1289501  |
| Barratt Redrow PLC | 121200 | 759253  |
| Bunzl PLC  | 13900 | 442716  |
| Burberry Group PLC (c) | 3200 | 52062  |
| CK Hutchison Holdings Ltd.  | 413800 | 2554472  |
| DCC PLC  | 25400 | 1648825  |
| Inchcape PLC  | 130300 | 1298698  |
| Informa PLC  | 67300 | 744607  |
| Kingfisher PLC  | 127300 | 508657  |
| Legal & General Group PLC  | 524300 | 1832740  |
| Lloyds Banking Group PLC  | 2729800 | 2874736  |
| Pearson PLC  | 57300 | 843365  |
| Persimmon PLC  | 40300 | 717642  |
| Reckitt Benckiser Group PLC  | 25800 | 1755096  |
| Smith & Nephew PLC  | 61700 | 942811  |
| Tesco PLC  | 336505 | 1853683  |
| Unilever PLC (ULVR LN)  | 20100 | 1224274  |
| Wise PLC Class A (c) | 42400 | 605429  |
|  |  | 23256278  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **United States — 12.0%**<br>|  |  |
| BP PLC  | 396100 | $1975929  |
| CNH Industrial NV  | 78800 | 1021248  |
| GSK PLC  | 92200 | 1757586  |
| Linde PLC (LIN US)  | 3200 | 1501376  |
| Nestle SA Registered  | 31900 | 3168366  |
| Novartis AG Registered  | 12700 | 1536383  |
| Roche Holding AG  | 10100 | 3301796  |
| Sanofi SA  | 18100 | 1751312  |
| Shell PLC  | 58400 | 2046499  |
| Smurfit WestRock PLC  | 29200 | 1259980  |
| Tenaris SA  | 68200 | 1273854  |
|  |  | 20594329  |
| **TOTAL COMMON STOCK** <br>**(Cost $135,267,492)** |  | **170678373**  |
| **Preferred Stock — 0.7%**<br>|  |  |
| **Germany — 0.7%**<br>|  |  |
| Henkel AG & Co. KGaA 3.060% <br>| 14200 | 1114997  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $1,120,128)** |  | **1114997**  |
| **TOTAL EQUITIES** <br>**(Cost $136,387,620)** |  | **171793370**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $136,387,620)** |  | **171793370**  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
|  **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 356408 | 356408  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $356,408)** |  | **356408**  |
| **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $136,744,028) (e)** |  | **172149778**  |
| **Other Assets/**<br>(Liabilities) — (0.2)%  |  | **(263793)**  |
| **NET ASSETS — 100.0%**  |  | **$171885985** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Foreign Fund – Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $2,460,205 or 1.43% of net assets. The Fund received $2,240,067 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $2,641,863 or 1.54% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. (*Note 2*).

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

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

---

| | |
|:---|:---|
| Financials | 24.5%  |
| Industrials | 16.0%  |
| Information Technology | 12.0%  |
| Consumer Discretionary | 11.4%  |
| Consumer Staples | 9.9%  |
| Health Care | 9.4%  |
| Materials | 6.7%  |
| Energy | 6.4%  |
| Utilities | 1.7%  |
| Communication Services | 1.3%  |
| Real Estate | 0.7%  |
| Total Long-Term Investments | 100.0%  |
|  Short-Term Investments and Other Assets and Liabilities | 0.0%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Fundamental Equity Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.9%**<br>|  |  |
| **Common Stock — 99.9%**<br>|  |  |
| **Communication Services — 9.0%**<br>|  |  |
| Alphabet, Inc. Class A | 26109 | $4601189  |
| AT&T, Inc. | 75290 | 2178893  |
| Meta Platforms, Inc. Class A | 6231 | 4599039  |
| Walt Disney Co. | 9146 | 1134195  |
|  |  | 12513316  |
| **Consumer Discretionary — 8.7%**<br>|  |  |
| Amazon.com, Inc. (a) | 32370 | 7101654  |
| DR Horton, Inc. | 4285 | 552422  |
| Lowe's Cos., Inc. | 2629 | 583296  |
| McDonald's Corp. | 4047 | 1182412  |
| Royal Caribbean Cruises Ltd. | 4587 | 1436373  |
| Tesla, Inc. (a) | 1801 | 572106  |
| Valvoline, Inc. (a) | 17817 | 674730  |
|  |  | 12102993  |
| **Consumer Staples — 5.4%**<br>|  |  |
| Keurig Dr. Pepper, Inc. | 22233 | 735023  |
| Philip Morris International, Inc. | 18220 | 3318409  |
| Procter & Gamble Co. | 6298 | 1003397  |
| Walmart, Inc. | 24548 | 2400303  |
|  |  | 7457132  |
| **Energy — 3.2%**<br>|  |  |
| Cheniere Energy, Inc. | 5092 | 1240004  |
| Chevron Corp. | 12814 | 1834837  |
| Suncor Energy, Inc. (SU US) | 36161 | 1354229  |
|  |  | 4429070  |
| **Financials — 15.3%**<br>|  |  |
| American Express Co. | 6288 | 2005746  |
| American International Group, Inc. | 24563 | 2102347  |
| Arthur J Gallagher & Co. | 4666 | 1493680  |
| Capital One Financial Corp. | 4463 | 949548  |
| Charles Schwab Corp. | 27830 | 2539209  |
| Citigroup, Inc. | 18251 | 1553525  |
| Equitable Holdings, Inc. | 34130 | 1914693  |
| Fiserv, Inc. (a) | 11888 | 2049610  |
| JP Morgan Chase & Co. | 13127 | 3805649  |
| Mastercard, Inc. Class A | 4937 | 2774298  |
|  |  | 21188305  |
| **Health Care — 10.3%**<br>|  |  |
| Alcon AG | 7072 | 624316  |
| AstraZeneca PLC Sponsored ADR | 6743 | 471201  |
| Boston Scientific Corp. (a) | 16469 | 1768935  |
| Cencora, Inc. | 4505 | 1350824  |
| Cooper Cos., Inc. (a) | 10675 | 759633  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| CVS Health Corp. | 21411 | $1476931  |
| Eli Lilly & Co. | 2050 | 1598036  |
| Gilead Sciences, Inc. | 4676 | 518428  |
| Lonza Group AG Registered | 2333 | 1666943  |
| Medtronic PLC | 21131 | 1841989  |
| Natera, Inc. (a) | 2206 | 372682  |
| Tenet Healthcare Corp. (a) | 4789 | 842864  |
| Zimmer Biomet Holdings, Inc. | 9827 | 896321  |
|  |  | 14189103  |
| **Industrials — 8.3%**<br>|  |  |
| Airbus SE | 6268 | 1311541  |
| Emerson Electric Co. | 5138 | 685050  |
| General Electric Co. | 9644 | 2482269  |
| Hubbell, Inc. | 3720 | 1519285  |
| Otis Worldwide Corp. | 14909 | 1476289  |
| Parker-Hannifin Corp. | 1639 | 1144792  |
| Paylocity Holding Corp. (a) | 3519 | 637608  |
| Uber Technologies, Inc. (a) | 23323 | 2176036  |
|  |  | 11432870  |
| **Information Technology — 32.8%**<br>|  |  |
| Apple, Inc. | 36398 | 7467778  |
| ASML Holding NV | 1402 | 1123549  |
| Broadcom, Inc. | 14834 | 4088992  |
| Intuit, Inc. | 1280 | 1008166  |
| Microsoft Corp. | 25305 | 12586960  |
| MongoDB, Inc. (a) | 1689 | 354673  |
| NVIDIA Corp. | 71724 | 11331675  |
| Oracle Corp. | 10475 | 2290149  |
| Salesforce, Inc. | 4339 | 1183202  |
| ServiceNow, Inc. (a) | 1950 | 2004756  |
| Snowflake, Inc. Class A (a) | 1184 | 264944  |
| Texas Instruments, Inc. | 6645 | 1379635  |
| Tyler Technologies, Inc. (a) | 548 | 324876  |
|  |  | 45409355  |
| **Materials — 2.0%**<br>|  |  |
| CRH PLC | 19004 | 1744567  |
| DuPont de Nemours, Inc. | 15667 | 1074600  |
|  |  | 2819167  |
| **Real Estate — 2.0%**<br>|  |  |
| American Tower Corp. | 4193 | 926737  |
| Prologis, Inc. | 17507 | 1840336  |
|  |  | 2767073  |
| **Utilities — 2.9%**<br>|  |  |
| Ameren Corp. | 6299 | 604956  |
| Atmos Energy Corp. | 10120 | 1559593  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Fundamental Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Constellation Energy Corp. | 1592 | $513834  |
| PPL Corp. | 37736 | 1278873  |
|  |  | 3957256  |
| **TOTAL COMMON STOCK** <br>**(Cost $96,857,611)** |  | **138265640**  |
| **TOTAL EQUITIES** <br>**(Cost $96,857,611)** |  | **138265640**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $96,857,611)** |  | **138265640** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (b) | $219035 | 219035  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $219,035)** |  | **219035**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $97,076,646) (c)** |  | **138484675**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(144305)**  |
| **NET ASSETS — 100.0%** |  | **$138340370** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maturity value of $219,052. Collateralized by
 U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest,
 of $223,570.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Global Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.2%**<br>|  |  |
| **Common Stock — 99.2%**<br>|  |  |
| **Canada — 1.5%**<br>|  |  |
| Shopify, Inc. Class A (a) | 48955 | $5646959  |
| **China — 3.1%**<br>|  |  |
| JD.com, Inc. ADR | 273322 | 8921230  |
| Tencent Holdings Ltd. | 44900 | 2883797  |
|  |  | 11805027  |
| **Denmark — 1.1%**<br>|  |  |
| Novo Nordisk AS Class B | 60815 | 4243548  |
| **France — 5.7%**<br>|  |  |
| Airbus SE | 60143 | 12584556  |
| EssilorLuxottica SA | 13549 | 3722055  |
|  LVMH Moet Hennessy Louis Vuitton SE | 9520 | 4992779  |
|  |  | 21299390  |
| **Germany — 5.4%**<br>|  |  |
| Allianz SE Registered | 7550 | 3059035  |
| SAP SE | 56594 | 17215199  |
|  |  | 20274234  |
| **India — 4.0%**<br>|  |  |
| HDFC Bank Ltd. ADR | 53141 | 4074320  |
| ICICI Bank Ltd. Sponsored ADR | 320803 | 10791813  |
|  |  | 14866133  |
| **Israel — 1.0%**<br>|  |  |
| Nice Ltd. Sponsored ADR (a) (b) | 21948 | 3707237  |
| **Italy — 1.7%**<br>|  |  |
| Brunello Cucinelli SpA | 32423 | 3940867  |
| Ferrari NV | 3221 | 1579239  |
| Moncler SpA | 13135 | 749954  |
|  |  | 6270060  |
| **Japan — 3.2%**<br>|  |  |
| Capcom Co. Ltd. | 106500 | 3635896  |
| Hoya Corp. | 14600 | 1733238  |
| Keyence Corp. | 14100 | 5661695  |
| TDK Corp. | 102100 | 1194182  |
|  |  | 12225011  |
| **Netherlands — 2.5%**<br>|  |  |
| Adyen NV (a) (c) | 3071 | 5638697  |
| ASML Holding NV | 1231 | 985597  |
| BE Semiconductor Industries NV | 12016 | 1798762  |
| Universal Music Group NV | 35300 | 1145525  |
|  |  | 9568581  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Spain — 1.5%**<br>|  |  |
| Amadeus IT Group SA (b) | 67958 | $5749129  |
| **Sweden — 1.6%**<br>|  |  |
| Assa Abloy AB Class B | 78261 | 2447204  |
| Atlas Copco AB Class A | 230106 | 3727597  |
|  |  | 6174801  |
| **Switzerland — 1.4%**<br>|  |  |
| Lonza Group AG Registered | 7199 | 5143730  |
| **Taiwan — 1.0%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 100000 | 3610601  |
| **United States — 64.5%**<br>|  |  |
| Alphabet, Inc. Class A | 182076 | 32087254  |
| Amazon.com, Inc. (a) | 30774 | 6751508  |
| Analog Devices, Inc. | 51622 | 12287068  |
| ARM Holdings PLC ADR (a) (b) | 15890 | 2570049  |
| Boston Scientific Corp. (a) | 38122 | 4094684  |
| Broadcom, Inc. | 32373 | 8923617  |
| Ecolab, Inc. | 8431 | 2271649  |
| Eli Lilly & Co. | 14212 | 11078680  |
| Equifax, Inc. | 18380 | 4767221  |
| IDEXX Laboratories, Inc. (a) | 3021 | 1620283  |
| Intuit, Inc. | 17521 | 13800065  |
| Intuitive Surgical, Inc. (a) | 11026 | 5991639  |
| IQVIA Holdings, Inc. (a) | 10059 | 1585198  |
| Lam Research Corp. | 29666 | 2887688  |
| Linde PLC (LIN US) | 2689 | 1261625  |
| Marriott International, Inc. Class A | 14280 | 3901439  |
| Marvell Technology, Inc. | 136130 | 10536462  |
| Mastercard, Inc. Class A | 4990 | 2804081  |
| Meta Platforms, Inc. Class A | 47127 | 34783967  |
| Microsoft Corp. | 23482 | 11680182  |
| Netflix, Inc. (a) | 6319 | 8461963  |
| NVIDIA Corp. | 106990 | 16903350  |
| &nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, <br>Inc. (a) (b) | 83351 | 799336  |
| S&P Global, Inc. | 29707 | 15664204  |
| ServiceNow, Inc. (a) | 1787 | 1837179  |
| Spotify Technology SA (a) | 5178 | 3973287  |
| Stryker Corp. | 2564 | 1014395  |
| Synopsys, Inc. (a) | 3833 | 1965102  |
| Thermo Fisher Scientific, Inc. | 2709 | 1098391  |
| TJX Cos., Inc. | 18266 | 2255668  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Global Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Visa, Inc. Class A | 35440 | $12582972  |
| Zoetis, Inc. | 6196 | 966266  |
|  |  | 243206472  |
| **TOTAL COMMON STOCK** <br>**(Cost $325,783,720)** |  | **373790913**  |
| **TOTAL EQUITIES** <br>**(Cost $325,783,720)** |  | **373790913**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>**(Cost $325,783,720)** |  | **373790913**  |
| **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** |
|  **Investment of Cash Collateral from Securities Loaned — 3.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 11965146 | 11965146  |
|  | **Principal Amount** |  |
| **Repurchase Agreement — 1.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $5352296 | 5352296  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,317,442)** |  | **17317442**  |
| **TOTAL INVESTMENTS — 103.8%** <br>**(Cost $343,101,162) (f)** |  | **391108355**  |
| **Other Assets/**<br>(Liabilities) — (3.8)% |  | **(14300982)**  |
| **NET ASSETS — 100.0%** |  | **$376807373** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $12,030,796 or 3.19% of net assets. The Fund received $502,230 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $5,638,697 or 1.50% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $5,352,705. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $5,459,413.

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

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

---

| | |
|:---|:---|
| Information Technology | 32.8%  |
| Communication Services | 23.1%  |
| Financials | 14.5%  |
| Health Care | 11.4%  |
| Consumer Discretionary | 10.3%  |
| Industrials | 6.2%  |
| Materials | 0.9%  |
| Total Long-Term Investments | 99.2%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 0.8%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Income & Growth Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 98.0%**<br>|  |  |
| **Common Stock — 98.0%**<br>|  |  |
| **Communication Services — 3.7%**<br>|  |  |
| Alphabet, Inc. Class C | 5537 | $982208  |
| Comcast Corp. Class A | 42079 | 1501800  |
| Electronic Arts, Inc. | 5169 | 825489  |
| Warner Music Group Corp. Class A | 58869 | 1603592  |
|  |  | 4913089  |
| **Consumer Discretionary — 4.5%**<br>|  |  |
| Aptiv PLC (a) | 11154 | 760926  |
| Carnival Corp. (a) | 57183 | 1607986  |
| Lennar Corp. Class A | 10891 | 1204654  |
| TopBuild Corp. (a) | 1650 | 534171  |
| United Parks & Resorts, Inc. (a) (b) | 17536 | 826822  |
| Wynn Resorts Ltd. | 10620 | 994775  |
|  |  | 5929334  |
| **Consumer Staples — 8.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners <br>PLC | 20256 | 1878136  |
| Keurig Dr. Pepper, Inc. | 35275 | 1166192  |
| Kraft Heinz Co. | 38224 | 986944  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B | 20533 | 987432  |
| Philip Morris International, Inc. | 18621 | 3391443  |
| Procter & Gamble Co. | 7420 | 1182154  |
| Tyson Foods, Inc. Class A | 15896 | 889222  |
|  |  | 10481523  |
| **Energy — 9.1%**<br>|  |  |
| Chevron Corp. | 6582 | 942477  |
| Enbridge, Inc. | 45716 | 2071849  |
| Exxon Mobil Corp. | 11987 | 1292199  |
| Halliburton Co. | 26025 | 530389  |
| Hess Corp. | 11388 | 1577693  |
| Permian Resources Corp. | 50867 | 692809  |
| Phillips 66 | 21609 | 2577954  |
| Plains GP Holdings LP Class A | 120893 | 2348951  |
|  |  | 12034321  |
| **Financials — 19.1%**<br>|  |  |
| Allstate Corp. | 5118 | 1030305  |
| American Express Co. | 3616 | 1153432  |
| American International Group, Inc. | 11076 | 947995  |
| Bank of America Corp. | 33592 | 1589574  |
| Bank of Nova Scotia (b) | 21944 | 1212845  |
| Capital One Financial Corp. | 5757 | 1224859  |
| Chubb Ltd. | 9674 | 2802751  |
| Comerica, Inc. | 15045 | 897434  |
| Everest Group Ltd. | 2239 | 760924  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
|  Fidelity National Information Services, Inc. | 37498 | $3052712  |
| JP Morgan Chase & Co. | 8463 | 2453508  |
| Northern Trust Corp. | 14148 | 1793825  |
| SLM Corp. | 35575 | 1166504  |
| Wells Fargo & Co. | 37698 | 3020364  |
| Western Alliance Bancorp | 11635 | 907297  |
| Willis Towers Watson PLC | 3454 | 1058651  |
|  |  | 25072980  |
| **Health Care — 13.5%**<br>|  |  |
| Avantor, Inc. (a) | 56571 | 761446  |
| CVS Health Corp. | 28721 | 1981175  |
| Elanco Animal Health, Inc. (a) | 57528 | 821500  |
| Elevance Health, Inc. | 1622 | 630893  |
| Humana, Inc. | 5750 | 1405760  |
| Medtronic PLC | 34079 | 2970666  |
| Merck & Co., Inc. | 35759 | 2830682  |
| Sanofi SA ADR | 54574 | 2636470  |
|  Smith & Nephew PLC Sponsored ADR (b) | 62059 | 1900867  |
| UnitedHealth Group, Inc. | 5668 | 1768246  |
|  |  | 17707705  |
| **Industrials — 10.6%**<br>|  |  |
| AECOM | 9718 | 1096773  |
| BWX Technologies, Inc. | 6767 | 974854  |
| CACI International, Inc. Class A (a) | 2726 | 1299484  |
| Everus Construction Group, Inc. (a) | 19255 | 1223270  |
| Fortive Corp. | 27759 | 1447077  |
| General Dynamics Corp. | 5803 | 1692503  |
| JB Hunt Transport Services, Inc. | 3418 | 490825  |
| Johnson Controls International PLC | 24114 | 2546921  |
| L3Harris Technologies, Inc. | 4933 | 1237394  |
| Vertiv Holdings Co. Class A | 10083 | 1294758  |
| WESCO International, Inc. | 3605 | 667646  |
|  |  | 13971505  |
| **Information Technology — 8.1%**<br>|  |  |
| Ciena Corp. (a) | 12213 | 993283  |
|  Cognizant Technology Solutions Corp. Class A | 11302 | 881895  |
| Entegris, Inc. | 10747 | 866745  |
| Littelfuse, Inc. | 3268 | 740954  |
| Microchip Technology, Inc. | 33727 | 2373369  |
| Nice Ltd. Sponsored ADR (a) | 6602 | 1115144  |
| Oracle Corp. | 10413 | 2276594  |
| QUALCOMM, Inc. | 6276 | 999516  |
| Ralliant Corp. (a) | 9253 | 448678  |
|  |  | 10696178  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Income & Growth Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Materials — 6.4%**<br>|  |  |
| Air Products & Chemicals, Inc. | 11596 | $3270768  |
| Axalta Coating Systems Ltd. (a) | 29346 | 871283  |
| CRH PLC | 8851 | 812522  |
| DuPont de Nemours, Inc. | 30674 | 2103929  |
|  International Flavors & Fragrances, Inc. | 9611 | 706889  |
| Knife River Corp. (a) | 7510 | 613116  |
|  |  | 8378507  |
| **Real Estate — 6.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br>Inc. | 14016 | 2074508  |
| Prologis, Inc. | 27207 | 2860000  |
| Public Storage | 8571 | 2514903  |
| SBA Communications Corp. | 3019 | 708982  |
| VICI Properties, Inc. | 29085 | 948171  |
|  |  | 9106564  |
| **Utilities — 8.1%**<br>|  |  |
| CenterPoint Energy, Inc. | 29746 | 1092868  |
| Entergy Corp. | 36830 | 3061310  |
| MDU Resources Group, Inc. | 59053 | 984414  |
| Pinnacle West Capital Corp. | 29503 | 2639633  |
| Xcel Energy, Inc. | 41544 | 2829146  |
|  |  | 10607371  |
| **TOTAL COMMON STOCK** <br>**(Cost $107,564,903)** |  | **128899077**  |
| **TOTAL EQUITIES** <br>**(Cost $107,564,903)** |  | **128899077**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $107,564,903)** |  | **128899077**  |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |
|  **Investment of Cash Collateral from Securities Loaned — 2.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 3015348 | 3015348 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Repurchase Agreement — 1.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $2522351 | $2522351  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,537,699)** |  | **5537699**  |
| **TOTAL INVESTMENTS — 102.2%** <br>**(Cost $113,102,602) (e)** |  | **134436776**  |
| **Other Assets/**<br>(Liabilities) — (2.2)% |  | **(2932812)**  |
| **NET ASSETS — 100.0%** |  | **$131503964** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $3,248,982 or 2.47% of net assets. The Fund received $301,915 of non-cash
 collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the
 Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $2,522,544. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $2,573,037.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML International Equity Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 98.2%**<br>|  |  |
| **Common Stock — 97.6%**<br>|  |  |
| **Australia — 1.5%**<br>|  |  |
| Glencore PLC | 675844 | $2631654  |
| Rio Tinto PLC | 18161 | 1058287  |
|  |  | 3689941  |
| **Canada — 2.5%**<br>|  |  |
| Canadian National Railway Co. | 15713 | 1634780  |
| Intact Financial Corp. | 5648 | 1313339  |
| Open Text Corp. | 23700 | 692508  |
| Suncor Energy, Inc. (SU CN) | 30059 | 1125985  |
| Toronto-Dominion Bank | 19988 | 1470166  |
|  |  | 6236778  |
| **China — 2.5%**<br>|  |  |
| Alibaba Group Holding Ltd. | 105840 | 1502031  |
| NetEase, Inc. | 64800 | 1747862  |
| Prosus NV (PRX NA) | 19516 | 1093226  |
| Tencent Holdings Ltd. | 31000 | 1991040  |
|  |  | 6334159  |
| **Denmark — 2.3%**<br>|  |  |
| Carlsberg AS Class B | 16681 | 2366184  |
| DSV AS | 5890 | 1414891  |
| Novo Nordisk AS Class B | 29362 | 2048821  |
|  |  | 5829896  |
| **France — 16.7%**<br>|  |  |
| Accor SA | 24800 | 1297416  |
| Air Liquide SA | 23549 | 4863947  |
| Airbus SE | 8475 | 1773342  |
| BNP Paribas SA | 56748 | 5111253  |
| Capgemini SE | 25604 | 4382365  |
| Cie de Saint-Gobain SA | 24601 | 2894016  |
|  Cie Generale des Etablissements Michelin SCA | 32559 | 1211500  |
| Danone SA | 6215 | 507786  |
| Dassault Systemes SE | 26275 | 952418  |
| Edenred SE (a) | 83210 | 2580814  |
| Engie SA | 124272 | 2926419  |
| EssilorLuxottica SA | 5917 | 1625463  |
| Kering SA | 10985 | 2396299  |
| Legrand SA | 13194 | 1762372  |
|  LVMH Moet Hennessy Louis Vuitton SE | 6311 | 3309814  |
| Pernod Ricard SA | 33525 | 3348849  |
| Publicis Groupe SA (a) | 8956 | 1011048  |
| Worldline SA (a) (b) (c) | 85900 | 363356  |
|  |  | 42318477  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Germany — 13.1%**<br>|  |  |
| adidas AG | 7260 | $1692301  |
| Allianz SE Registered | 2485 | 1006848  |
| Bayer AG Registered | 69694 | 2095707  |
| Bayerische Motoren Werke AG | 20095 | 1785250  |
| Beiersdorf AG | 19394 | 2436150  |
| Brenntag SE | 26110 | 1729302  |
| Continental AG | 26040 | 2272318  |
| Daimler Truck Holding AG | 38590 | 1826465  |
| Deutsche Boerse AG | 11559 | 3771729  |
| Fresenius Medical Care AG | 33841 | 1940314  |
| Fresenius SE & Co. KGaA | 29600 | 1488662  |
| Mercedes Benz Group AG | 20818 | 1218060  |
| Merck KGaA | 18019 | 2333476  |
| MTU Aero Engines AG | 3282 | 1459497  |
| SAP SE | 16909 | 5143510  |
| Siemens AG Registered | 1575 | 403949  |
| thyssenkrupp AG | 53474 | 574233  |
|  |  | 33177771  |
| **Hong Kong — 2.0%**<br>|  |  |
| AIA Group Ltd. | 270600 | 2433445  |
| Prudential PLC | 209024 | 2624178  |
|  |  | 5057623  |
| **India — 0.9%**<br>|  |  |
| Axis Bank Ltd. | 55682 | 778170  |
| HDFC Bank Ltd. ADR | 10961 | 840380  |
| Infosys Ltd. ADR (a) | 35417 | 656277  |
|  |  | 2274827  |
| **Indonesia — 0.6%**<br>|  |  |
| Bank Mandiri Persero Tbk. PT | 5079300 | 1527990  |
| **Ireland — 0.9%**<br>|  |  |
| AIB Group PLC | 271768 | 2235810  |
| **Israel — 0.7%**<br>|  |  |
|  Check Point Software Technologies Ltd. (b) | 8419 | 1862704  |
| **Italy — 3.5%**<br>|  |  |
| Eni SpA | 106409 | 1723487  |
| Intesa Sanpaolo SpA | 601019 | 3464465  |
|  Ryanair Holdings PLC Sponsored ADR | 63264 | 3648435  |
|  |  | 8836387  |
| **Japan — 14.7%**<br>|  |  |
| Asahi Group Holdings Ltd. | 31600 | 422921  |
| Daikin Industries Ltd. | 16400 | 1937470  |
| Denso Corp. | 131500 | 1773476  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML International Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| FUJIFILM Holdings Corp. | 70200 | $1525427  |
| Fujitsu Ltd. | 26900 | 653564  |
| Hitachi Ltd. | 177800 | 5150661  |
| Hoya Corp. | 7400 | 878490  |
| Komatsu Ltd. | 32600 | 1067073  |
| Kose Corp. (a) | 14500 | 569664  |
| Kyocera Corp. | 71700 | 860851  |
| LY Corp. | 413900 | 1524174  |
| Mitsubishi Electric Corp. | 112500 | 2429662  |
| Mitsubishi Estate Co. Ltd. | 26400 | 493945  |
| Olympus Corp. | 97600 | 1158077  |
| Seven & i Holdings Co. Ltd. | 119500 | 1927340  |
| Shin-Etsu Chemical Co. Ltd. | 77300 | 2547256  |
| SMC Corp. | 3700 | 1332455  |
| Sompo Holdings, Inc. | 57700 | 1728638  |
| Sony Group Corp. | 127900 | 3334291  |
|  Sumitomo Mitsui Financial Group, Inc. | 91500 | 2293907  |
| Suzuki Motor Corp. | 70800 | 852938  |
| Terumo Corp. | 79000 | 1450065  |
| ZOZO, Inc. | 125500 | 1354791  |
|  |  | 37267136  |
| **Luxembourg — 0.6%**<br>|  |  |
| Eurofins Scientific SE (a) | 21700 | 1546340  |
| **Netherlands — 3.0%**<br>|  |  |
| Akzo Nobel NV | 20835 | 1458093  |
| ASML Holding NV | 1145 | 917592  |
| ASR Nederland NV | 12400 | 823611  |
| EXOR NV | 9775 | 985778  |
| ING Groep NV | 114870 | 2520805  |
| Koninklijke Ahold Delhaize NV | 19700 | 823610  |
|  |  | 7529489  |
| **Portugal — 0.5%**<br>|  |  |
| Galp Energia SGPS SA | 73695 | 1352931  |
| **Republic of Korea — 0.9%**<br>|  |  |
| KB Financial Group, Inc. | 22605 | 1857275  |
| NAVER Corp. | 2760 | 535855  |
|  |  | 2393130  |
| **Singapore — 0.8%**<br>|  |  |
| DBS Group Holdings Ltd. | 53460 | 1890308  |
| **Spain — 1.2%**<br>|  |  |
| Amadeus IT Group SA (a) | 36805 | 3113639  |
| **Sweden — 1.1%**<br>|  |  |
| Sandvik AB | 37900 | 869732  |
| SKF AB Class B | 50400 | 1157617  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Volvo AB Class B | 27070 | $760034  |
|  |  | 2787383  |
| **Switzerland — 4.6%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A | 24254 | 4586947  |
| Julius Baer Group Ltd. | 15605 | 1052982  |
| Sika AG Registered | 1294 | 351148  |
| Sonova Holding AG Registered | 3218 | 961266  |
| Swatch Group AG | 969 | 158146  |
| UBS Group AG Registered | 57530 | 1954762  |
| Zurich Insurance Group AG | 3701 | 2595298  |
|  |  | 11660549  |
| **Taiwan — 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br>Co. Ltd. Sponsored ADR | 16086 | 3643318  |
| **United Kingdom — 11.4%**<br>|  |  |
| Ashtead Group PLC | 30035 | 1925348  |
| Compass Group PLC | 112128 | 3797795  |
| Diageo PLC | 90701 | 2281451  |
| Flutter Entertainment PLC (b) | 3552 | 1015020  |
| Lloyds Banking Group PLC | 651021 | 685586  |
| &nbsp;&nbsp;&nbsp; London Stock Exchange <br>Group PLC | 15824 | 2312182  |
| NatWest Group PLC | 293356 | 2059795  |
| Reckitt Benckiser Group PLC | 20380 | 1386390  |
| RELX PLC | 54669 | 2965511  |
| Rentokil Initial PLC | 142000 | 687260  |
| Rolls-Royce Holdings PLC | 312309 | 4149423  |
| Schroders PLC | 272384 | 1351551  |
| Smith & Nephew PLC | 65000 | 993237  |
| Smiths Group PLC | 15500 | 477980  |
| Tesco PLC | 325904 | 1795286  |
| WPP PLC | 138088 | 965246  |
|  |  | 28849061  |
| **United States — 10.2%**<br>|  |  |
| CNH Industrial NV | 175653 | 2276463  |
| Experian PLC | 56685 | 2920215  |
| Linde PLC (LIN US) | 3572 | 1675911  |
| Nestle SA Registered | 34214 | 3398197  |
| Novartis AG Registered | 35921 | 4345545  |
| Qiagen NV | 28447 | 1369666  |
| Roche Holding AG | 15219 | 4975250  |
| Schneider Electric SE | 18513 | 4936643  |
|  |  | 25897890  |
| **TOTAL COMMON STOCK** <br>**(Cost $211,207,683)** |  | **247313537**  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML International Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Preferred Stock — 0.6%** | **Preferred Stock — 0.6%** | **Preferred Stock — 0.6%** |
| **Republic of Korea — 0.6%**<br>|  |  |
|  Samsung Electronics Co. Ltd. 2.931% | 39200 | $1437537  |
| **TOTAL PREFERRED STOCK (Cost $1,755,776)** |  | **1437537**  |
| **TOTAL EQUITIES** <br>**(Cost $212,963,459)** |  | **248751074**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $212,963,459)** |  | **248751074**  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
|  **Investment of Cash Collateral from Securities Loaned — 0.5%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 1178193 | 1178193 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 1.0%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $2602498 | 2602498  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,780,691)** |  | **3780691**  |
| **TOTAL INVESTMENTS — 99.7%** <br>**(Cost $216,744,150) (f)** |  | **252531765**  |
| **Other Assets/**<br>(Liabilities) — 0.3% |  | **790546**  |
| **NET ASSETS — 100.0%** |  | **$253322311** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $3,271,944 or 1.29% of net assets. The Fund received $2,208,472 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $363,356 or 0.14% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $2,602,697. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $2,654,679.

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

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

---

| | |
|:---|:---|
| Financials | 21.2%  |
| Industrials | 21.2%  |
| Consumer Discretionary | 14.9%  |
| Health Care | 11.5%  |
| Information Technology | 9.0%  |
| Consumer Staples | 8.3%  |
| Materials | 6.0%  |
| Communication Services | 3.1%  |
| Energy | 1.6%  |
| Utilities | 1.2%  |
| Real Estate | 0.2%  |
| Total Long-Term Investments | 98.2%  |
|  Short-Term Investments and Other Assets and Liabilities | 1.8%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Large Cap Growth Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 98.5%**<br>|  |  |
| **Common Stock — 98.5%**<br>|  |  |
| **Communication Services — 24.5%**<br>|  |  |
| Alphabet, Inc. Class A | 59239 | $10439689  |
| Alphabet, Inc. Class C | 6461 | 1146117  |
| Meta Platforms, Inc. Class A | 25061 | 18497273  |
| Netflix, Inc. (a) | 13065 | 17495733  |
| Walt Disney Co. | 48257 | 5984351  |
|  |  | 53563163  |
| **Consumer Discretionary — 15.9%**<br>|  |  |
|  Alibaba Group Holding Ltd. Sponsored ADR | 7560 | 857380  |
| Amazon.com, Inc. (a) | 58532 | 12841336  |
| NIKE, Inc. Class B | 23209 | 1648767  |
| Starbucks Corp. | 32022 | 2934176  |
| Tesla, Inc. (a) | 44112 | 14012618  |
| Yum China Holdings, Inc. | 11948 | 534195  |
| Yum! Brands, Inc. | 13141 | 1947233  |
|  |  | 34775705  |
| **Consumer Staples — 2.5%**<br>|  |  |
| Monster Beverage Corp. (a) | 85908 | 5381277  |
| **Financials — 8.6%**<br>|  |  |
| Block, Inc. (a) | 24138 | 1639694  |
| FactSet Research Systems, Inc. | 5003 | 2237742  |
| PayPal Holdings, Inc. (a) | 21891 | 1626939  |
| SEI Investments Co. | 28499 | 2560920  |
| Visa, Inc. Class A | 30340 | 10772217  |
|  |  | 18837512  |
| **Health Care — 10.4%**<br>|  |  |
| Illumina, Inc. (a) | 14109 | 1346140  |
| Intuitive Surgical, Inc. (a) | 5797 | 3150148  |
| Novartis AG Sponsored ADR | 18989 | 2297859  |
| Novo Nordisk AS Sponsored ADR | 43036 | 2970345  |
| Regeneron Pharmaceuticals, Inc. | 6520 | 3423000  |
|  Roche Holding AG Sponsored ADR (b) | 43196 | 1760669  |
| Thermo Fisher Scientific, Inc. | 4997 | 2026083  |
| Vertex Pharmaceuticals, Inc. (a) | 12899 | 5742635  |
|  |  | 22716879  |
| **Industrials — 6.8%**<br>|  |  |
| Boeing Co. (a) | 49565 | 10385355  |
| Deere & Co. | 4539 | 2308036  |
|  Expeditors International of Washington, Inc. | 18988 | 2169379  |
|  |  | 14862770  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Information Technology — 29.8%**<br>|  |  |
| Autodesk, Inc. (a) | 19149 | $5927956  |
| Microsoft Corp. | 20438 | 10166066  |
| NVIDIA Corp. | 139044 | 21967562  |
| Oracle Corp. | 55894 | 12220105  |
| QUALCOMM, Inc. | 15305 | 2437474  |
| Salesforce, Inc. | 19225 | 5242465  |
| Shopify, Inc. Class A (a) | 46667 | 5383038  |
| Workday, Inc. Class A (a) | 6672 | 1601280  |
|  |  | 64945946  |
| **TOTAL COMMON STOCK** <br>**(Cost $126,053,595)** |  | **215083252**  |
| **TOTAL EQUITIES** <br>**(Cost $126,053,595)** |  | **215083252**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $126,053,595)** |  | **215083252**  |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
|  **Investment of Cash Collateral from Securities Loaned — 0.8%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 1785397 | 1785397 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 1.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $2827445 | 2827445  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,612,842)** |  | **4612842**  |
| **TOTAL INVESTMENTS — 100.6%** <br>**(Cost $130,666,437) (e)** |  | **219696094**  |
| **Other Assets/**<br>(Liabilities) — (0.6)% |  | **(1331112)**  |
| **NET ASSETS — 100.0%** |  | **$218364982** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Large Cap Growth Fund – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $1,743,061 or 0.80% of net assets. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $2,827,661. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $2,884,035.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 97.8%**<br>|  |  |
| **Common Stock — 97.8%**<br>|  |  |
| **Communication Services — 9.6%**<br>|  |  |
| Alphabet, Inc. Class A (a) | 10250 | $1806358  |
| Alphabet, Inc. Class C (a) | 8215 | 1457259  |
| AT&T, Inc. (a) | 12709 | 367798  |
|  Charter Communications, Inc. Class A (a) (b) | 174 | 71133  |
| Comcast Corp. Class A (a) | 6529 | 233020  |
| Electronic Arts, Inc. (a) | 404 | 64519  |
| Fox Corp. Class A (a) | 260 | 14570  |
| Fox Corp. Class B (a) | 321 | 16573  |
| Interpublic Group of Cos., Inc. | 605 | 14810  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) (b) | 283 | 42812  |
| Match Group, Inc. (a) | 485 | 14982  |
| Meta Platforms, Inc. Class A (a) | 3812 | 2813599  |
| Netflix, Inc. (a) (b) | 747 | 1000330  |
| News Corp. Class A (a) | 418 | 12423  |
| News Corp. Class B (a) | 352 | 12077  |
| Omnicom Group, Inc. (a) | 346 | 24891  |
| Paramount Global Class B (a) | 1014 | 13081  |
| T-Mobile US, Inc. (a) | 825 | 196565  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc. (a) (b) | 304 | 73826  |
| TKO Group Holdings, Inc. (a) | 120 | 21834  |
| Verizon Communications, Inc. (a) | 7386 | 319592  |
| Walt Disney Co. (a) | 3151 | 390756  |
| Warner Bros Discovery, Inc. (a) (b) | 3879 | 44453  |
|  |  | 9027261  |
| **Consumer Discretionary — 10.1%**<br>|  |  |
| Airbnb, Inc. Class A (a) (b) | 778 | 102961  |
| Amazon.com, Inc. (a) (b) | 16595 | 3640777  |
| Aptiv PLC (a) (b) | 349 | 23809  |
| AutoZone, Inc. (a) (b) | 29 | 107655  |
| Best Buy Co., Inc. (a) | 359 | 24100  |
| Booking Holdings, Inc. (a) | 57 | 329987  |
| Caesars Entertainment, Inc. (a) (b) | 314 | 8914  |
| CarMax, Inc. (a) (b) | 287 | 19289  |
| Carnival Corp. (a) (b) | 1794 | 50447  |
| Chipotle Mexican Grill, Inc. (a) (b) | 2343 | 131559  |
| Darden Restaurants, Inc. (a) | 216 | 47082  |
| Deckers Outdoor Corp. (a) (b) | 268 | 27623  |
| Domino's Pizza, Inc. (a) | 65 | 29289  |
| DoorDash, Inc., Class A (a) (b) | 611 | 150618  |
| DR Horton, Inc. (a) | 454 | 58530  |
| eBay, Inc. (a) | 788 | 58674  |
| Expedia Group, Inc. (a) | 223 | 37616  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Ford Motor Co. (a) | 6977 | $75700  |
| Garmin Ltd. (a) | 287 | 59903  |
| General Motors Co. (a) | 1714 | 84346  |
| Genuine Parts Co. (a) | 217 | 26324  |
| Hasbro, Inc. (a) | 220 | 16240  |
| Hilton Worldwide Holdings, Inc. (a) | 414 | 110265  |
| Home Depot, Inc. (a) | 1740 | 637954  |
| Las Vegas Sands Corp. (a) | 599 | 26062  |
| Lennar Corp. Class A (a) | 395 | 43691  |
| LKQ Corp. (a) | 535 | 19800  |
| Lowe's Cos., Inc. (a) | 969 | 214992  |
| Lululemon Athletica, Inc. (a) (b) | 201 | 47754  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Class A (a) | 410 | 112016  |
| McDonald's Corp. (a) | 1250 | 365212  |
| MGM Resorts International (a) (b) | 362 | 12449  |
| Mohawk Industries, Inc. (a) (b) | 120 | 12581  |
| NIKE, Inc. Class B (a) | 2067 | 146840  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br>Ltd. (a) (b) | 860 | 17441  |
| NVR, Inc. (a) (b) | 5 | 36928  |
| O'Reilly Automotive, Inc. (a) (b) | 1545 | 139251  |
| Pool Corp. | 59 | 17197  |
| PulteGroup, Inc. (a) | 331 | 34907  |
| Ralph Lauren Corp. (a) | 67 | 18377  |
| Ross Stores, Inc. (a) | 602 | 76803  |
| Royal Caribbean Cruises Ltd. (a) | 437 | 136842  |
| Starbucks Corp. (a) | 1979 | 181336  |
| Tapestry, Inc. (a) | 361 | 31699  |
| Tesla, Inc. (a) (b) | 4921 | 1563205  |
| TJX Cos., Inc. (a) | 1933 | 238706  |
| Tractor Supply Co. (a) | 915 | 48285  |
| Ulta Beauty, Inc. (a) (b) | 80 | 37426  |
| Williams-Sonoma, Inc. (a) | 232 | 37902  |
| Wynn Resorts Ltd. | 160 | 14987  |
| Yum! Brands, Inc. (a) | 497 | 73645  |
|  |  | 9565996  |
| **Consumer Staples — 5.4%**<br>|  |  |
| Altria Group, Inc. (a) | 3028 | 177532  |
| Archer-Daniels-Midland Co. (a) | 836 | 44124  |
| Brown-Forman Corp. Class B (a) | 358 | 9634  |
| Bunge Global SA (a) | 264 | 21194  |
| Campbell's Co. (a) | 325 | 9961  |
| Church & Dwight Co., Inc. (a) | 442 | 42481  |
| Clorox Co. (a) | 241 | 28937  |
| Coca-Cola Co. (a) | 6878 | 486618  |
| Colgate-Palmolive Co. (a) | 1404 | 127624  |
| Conagra Brands, Inc. (a) | 945 | 19344  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. <br>Class A (a) | 251 | $40833  |
| Costco Wholesale Corp. (a) | 776 | 768193  |
| Dollar General Corp. (a) | 376 | 43007  |
| Dollar Tree, Inc. (a) (b) | 358 | 35456  |
| Estee Lauder Cos., Inc. Class A (a) | 422 | 34098  |
| General Mills, Inc. (a) | 865 | 44816  |
| Hershey Co. (a) | 275 | 45636  |
| Hormel Foods Corp. (a) | 463 | 14006  |
| J.M. Smucker Co. (a) | 215 | 21113  |
| Kellanova (a) | 480 | 38174  |
| Kenvue, Inc. (a) | 3311 | 69299  |
| Keurig Dr. Pepper, Inc. (a) | 2394 | 79146  |
| Kimberly-Clark Corp. (a) | 612 | 78899  |
| Kraft Heinz Co. (a) | 1385 | 35761  |
| Kroger Co. (a) | 1113 | 79835  |
| Lamb Weston Holdings, Inc. (a) | 286 | 14829  |
| McCormick & Co., Inc. (a) | 467 | 35408  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B (a) | 288 | 13850  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A (a) | 2258 | 152279  |
| Monster Beverage Corp. (a) (b) | 1253 | 78488  |
| PepsiCo, Inc. (a) | 2384 | 314783  |
| Philip Morris International, Inc. (a) | 2714 | 494301  |
| Procter & Gamble Co. (a) | 4096 | 652575  |
| Sysco Corp. (a) | 839 | 63546  |
| Target Corp. (a) | 816 | 80498  |
| Tyson Foods, Inc. Class A (a) | 507 | 28362  |
| Walgreens Boots Alliance, Inc. | 1361 | 15624  |
| Walmart, Inc. (a) | 7567 | 739901  |
|  |  | 5080165  |
| **Energy — 2.9%**<br>|  |  |
| APA Corp. (a) | 701 | 12821  |
| Baker Hughes Co. (a) | 1804 | 69165  |
| Chevron Corp. (a) | 2825 | 404512  |
| ConocoPhillips (a) | 2234 | 200479  |
| Coterra Energy, Inc. (a) | 1370 | 34771  |
| Devon Energy Corp. (a) | 1190 | 37854  |
| Diamondback Energy, Inc. (a) | 326 | 44792  |
| EOG Resources, Inc. (a) | 917 | 109682  |
| EQT Corp. (a) | 1063 | 61994  |
| Expand Energy Corp. (a) | 393 | 45958  |
| Exxon Mobil Corp. (a) | 7541 | 812920  |
| Halliburton Co. (a) | 1526 | 31100  |
| Hess Corp. (a) | 454 | 62897  |
| Kinder Morgan, Inc. (a) | 3463 | 101812  |
| Marathon Petroleum Corp. (a) | 537 | 89201  |
| Occidental Petroleum Corp. (a) | 1218 | 51168  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| ONEOK, Inc. (a) | 1127 | $91997  |
| Phillips 66 (a) | 738 | 88044  |
| Schlumberger NV (a) | 2322 | 78484  |
| Targa Resources Corp. (a) | 384 | 66847  |
| Texas Pacific Land Corp. (a) | 35 | 36974  |
| Valero Energy Corp. (a) | 565 | 75947  |
| Williams Cos., Inc. (a) | 2135 | 134099  |
|  |  | 2743518  |
| **Financials — 13.7%**<br>|  |  |
| Aflac, Inc. (a) | 812 | 85634  |
| Allstate Corp. (a) | 489 | 98441  |
| American Express Co. (a) | 997 | 318023  |
| &nbsp;&nbsp;&nbsp; American International Group, <br>Inc. (a) | 991 | 84820  |
| Ameriprise Financial, Inc. (a) | 161 | 85931  |
| Aon PLC Class A (a) | 376 | 134142  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc. (a) | 779 | 110517  |
| Arch Capital Group Ltd. (a) | 618 | 56269  |
| Arthur J Gallagher & Co. (a) | 456 | 145975  |
| Assurant, Inc. | 89 | 17577  |
| Bank of America Corp. (a) | 11519 | 545079  |
| Bank of New York Mellon Corp. (a) | 1234 | 112430  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) (b) | 3224 | 1566122  |
| Blackrock, Inc. (a) | 262 | 274904  |
| Blackstone, Inc. (a) | 1318 | 197146  |
| Brown & Brown, Inc. (a) | 406 | 45013  |
| Capital One Financial Corp. (a) | 1113 | 236802  |
| Cboe Global Markets, Inc. (a) | 184 | 42911  |
| Charles Schwab Corp. (a) | 2992 | 272990  |
| Chubb Ltd. (a) | 671 | 194402  |
| Cincinnati Financial Corp. (a) | 289 | 43038  |
| Citigroup, Inc. (a) | 3271 | 278428  |
| Citizens Financial Group, Inc. (a) | 706 | 31594  |
| CME Group, Inc. (a) | 651 | 179429  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>Class A (a) (b) | 370 | 129681  |
| Corpay, Inc. (a) (b) | 128 | 42473  |
| Erie Indemnity Co. Class A (a) | 49 | 16993  |
| Everest Group Ltd. (a) | 78 | 26508  |
| FactSet Research Systems, Inc. (a) | 65 | 29073  |
|  Fidelity National Information Services, Inc. (a) | 902 | 73432  |
| Fifth Third Bancorp (a) | 1137 | 46765  |
| Fiserv, Inc. (a) (b) | 955 | 164652  |
| Franklin Resources, Inc. (a) | 675 | 16099  |
| Global Payments, Inc. (a) | 429 | 34337  |
| Globe Life, Inc. (a) | 145 | 18022  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Goldman Sachs Group, Inc. (a) | 535 | $378646  |
| Hartford Insurance Group, Inc. (a) | 490 | 62166  |
| Huntington Bancshares, Inc. (a) | 2165 | 36285  |
| Intercontinental Exchange, Inc. (a) | 1035 | 189891  |
| Invesco Ltd. (a) | 598 | 9430  |
| Jack Henry & Associates, Inc. (a) | 131 | 23602  |
| JP Morgan Chase & Co. (a) | 4886 | 1416500  |
| KeyCorp. (a) | 1841 | 32070  |
| KKR & Co., Inc. (a) | 1178 | 156709  |
| Loews Corp. (a) | 267 | 24473  |
| M&T Bank Corp. (a) | 278 | 53929  |
| MarketAxess Holdings, Inc. (a) | 77 | 17197  |
| Marsh & McLennan Cos., Inc. (a) | 885 | 193496  |
| Mastercard, Inc. Class A (a) | 1422 | 799079  |
| MetLife, Inc. (a) | 1062 | 85406  |
| Moody's Corp. (a) | 264 | 132420  |
| Morgan Stanley (a) | 2163 | 304680  |
| MSCI, Inc. (a) | 142 | 81897  |
| Nasdaq, Inc. (a) | 677 | 60537  |
| Northern Trust Corp. (a) | 350 | 44377  |
| PayPal Holdings, Inc. (a) (b) | 1686 | 125304  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, <br>Inc. (a) | 676 | 126020  |
| Principal Financial Group, Inc. (a) | 345 | 27403  |
| Progressive Corp. (a) | 1020 | 272197  |
| Prudential Financial, Inc. (a) | 660 | 70910  |
| Raymond James Financial, Inc. (a) | 320 | 49078  |
| Regions Financial Corp. (a) | 1556 | 36597  |
| S&P Global, Inc. (a) | 547 | 288428  |
| State Street Corp. (a) | 499 | 53064  |
| Synchrony Financial (a) | 622 | 41512  |
| T. Rowe Price Group, Inc. (a) | 325 | 31363  |
| Travelers Cos., Inc. (a) | 382 | 102200  |
| Truist Financial Corp. (a) | 2309 | 99264  |
| US Bancorp (a) | 2905 | 131451  |
| Visa, Inc. Class A (a) | 3002 | 1065860  |
| W. R. Berkley Corp. (a) | 528 | 38792  |
| Wells Fargo & Co. (a) | 5712 | 457645  |
| Willis Towers Watson PLC (a) | 187 | 57316  |
|  |  | 12932846  |
| **Health Care — 9.1%**<br>|  |  |
| Abbott Laboratories (a) | 3083 | 419319  |
| AbbVie, Inc. (a) | 3096 | 574680  |
| Agilent Technologies, Inc. (a) | 465 | 54875  |
| Align Technology, Inc. (a) (b) | 129 | 24424  |
| Amgen, Inc. (a) | 951 | 265529  |
| Baxter International, Inc. (a) | 889 | 26919  |
| Becton Dickinson & Co. (a) | 514 | 88536  |
| Bio-Techne Corp. (a) | 318 | 16361  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Biogen, Inc. (a) (b) | 270 | $33909  |
| Boston Scientific Corp. (a) (b) | 2569 | 275936  |
| Bristol-Myers Squibb Co. (a) | 3542 | 163959  |
| Cardinal Health, Inc. (a) | 433 | 72744  |
| Cencora, Inc. (a) | 302 | 90555  |
| Centene Corp. (a) (b) | 902 | 48961  |
|  Charles River Laboratories International, Inc. (a) (b) | 88 | 13352  |
| Cigna Group (a) | 476 | 157356  |
| Cooper Cos., Inc. (a) (b) | 346 | 24621  |
| CVS Health Corp. (a) | 2211 | 152515  |
| Danaher Corp. (a) | 1109 | 219072  |
| DaVita, Inc. (a) (b) | 78 | 11111  |
| Dexcom, Inc. (a) (b) | 702 | 61278  |
| Edwards Lifesciences Corp. (a) (b) | 1061 | 82981  |
| Elevance Health, Inc. (a) | 392 | 152472  |
| Eli Lilly & Co. (a) | 1381 | 1076531  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) (b) | 783 | 57997  |
| Gilead Sciences, Inc. (a) | 2210 | 245023  |
| HCA Healthcare, Inc. (a) | 300 | 114930  |
| Henry Schein, Inc. (b) | 207 | 15121  |
| Hologic, Inc. (a) (b) | 363 | 23653  |
| Humana, Inc. (a) | 216 | 52808  |
| IDEXX Laboratories, Inc. (a) (b) | 142 | 76160  |
| Incyte Corp. (a) (b) | 320 | 21792  |
| Insulet Corp. (a) (b) | 125 | 39273  |
| Intuitive Surgical, Inc. (a) (b) | 626 | 340175  |
| IQVIA Holdings, Inc. (a) (b) | 313 | 49326  |
| Johnson & Johnson (a) | 4214 | 643688  |
| Labcorp Holdings, Inc. (a) | 140 | 36751  |
| McKesson Corp. (a) | 217 | 159013  |
| Medtronic PLC (a) | 2220 | 193517  |
| Merck & Co., Inc. (a) | 4393 | 347750  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) (b) | 34 | 39940  |
| Moderna, Inc. (a) (b) | 642 | 17713  |
| Molina Healthcare, Inc. (a) (b) | 94 | 28003  |
| Pfizer, Inc. (a) | 9910 | 240218  |
| Quest Diagnostics, Inc. (a) | 214 | 38441  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc. (a) | 179 | 93975  |
| ResMed, Inc. (a) | 269 | 69402  |
| Revvity, Inc. (a) | 205 | 19828  |
| Solventum Corp. (a) (b) | 242 | 18353  |
| STERIS PLC (a) | 177 | 42519  |
| Stryker Corp. (a) | 595 | 235400  |
| Thermo Fisher Scientific, Inc. (a) | 657 | 266387  |
| UnitedHealth Group, Inc. (a) | 1591 | 496344  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Universal Health Services, Inc. Class B (a) | 99 | $17934  |
| Vertex Pharmaceuticals, Inc. (a) (b) | 447 | 199004  |
| Viatris, Inc. (a) | 2292 | 20468  |
| Waters Corp. (a) (b) | 107 | 37347  |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, <br>Inc. (a) | 128 | 28006  |
| Zimmer Biomet Holdings, Inc. (a) | 348 | 31741  |
| Zoetis, Inc. (a) | 806 | 125696  |
|  |  | 8591692  |
| **Industrials — 8.4%**<br>|  |  |
| 3M Co. (a) | 928 | 141279  |
| A.O. Smith Corp. (a) | 241 | 15802  |
| Allegion PLC | 137 | 19744  |
| AMETEK, Inc. (a) | 382 | 69127  |
| Automatic Data Processing, Inc. (a) | 730 | 225132  |
| Axon Enterprise, Inc. (a) (b) | 130 | 107632  |
| Boeing Co. (a) (b) | 1321 | 276789  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc. (a) | 187 | 45447  |
| Builders FirstSource, Inc. (a) (b) | 184 | 21471  |
| C.H. Robinson Worldwide, Inc. (a) | 230 | 22068  |
| Carrier Global Corp. (a) | 1382 | 101149  |
| Caterpillar, Inc. (a) | 840 | 326096  |
| Cintas Corp. (a) | 611 | 136174  |
| Copart, Inc. (a) (b) | 1611 | 79052  |
| CSX Corp. (a) | 3168 | 103372  |
| Cummins, Inc. (a) | 232 | 75980  |
| Dayforce, Inc. (a) (b) | 314 | 17392  |
| Deere & Co. (a) | 440 | 223736  |
| Delta Air Lines, Inc. (a) | 1181 | 58082  |
| Dover Corp. (a) | 228 | 41776  |
| Eaton Corp. PLC (a) | 676 | 241325  |
| Emerson Electric Co. (a) | 1008 | 134397  |
| Equifax, Inc. (a) | 227 | 58877  |
|  Expeditors International of Washington, Inc. (a) | 219 | 25021  |
| Fastenal Co. (a) | 2004 | 84168  |
| FedEx Corp. (a) | 380 | 86378  |
| Fortive Corp. (a) | 636 | 33155  |
| GE Vernova, Inc. (a) | 476 | 251875  |
| Generac Holdings, Inc. (a) (b) | 91 | 13032  |
| General Dynamics Corp. (a) | 437 | 127455  |
| General Electric Co. (a) | 1871 | 481577  |
| Honeywell International, Inc. (a) | 1118 | 260360  |
| Howmet Aerospace, Inc. (a) | 727 | 135316  |
| Hubbell, Inc. (a) | 102 | 41658  |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, <br>Inc. (a) | 51 | 12314  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| IDEX Corp. (a) | 117 | $20542  |
| Illinois Tool Works, Inc. (a) | 440 | 108790  |
| Ingersoll Rand, Inc. (a) | 734 | 61054  |
| Jacobs Solutions, Inc. (a) | 186 | 24450  |
| JB Hunt Transport Services, Inc. | 128 | 18381  |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br>PLC (a) | 1185 | 125160  |
| L3Harris Technologies, Inc. (a) | 320 | 80269  |
| Leidos Holdings, Inc. (a) | 228 | 35969  |
| Lennox International, Inc. (a) | 58 | 33248  |
| Lockheed Martin Corp. (a) | 363 | 168120  |
| Masco Corp. (a) | 346 | 22269  |
| Nordson Corp. (a) | 83 | 17793  |
| Norfolk Southern Corp. (a) | 400 | 102388  |
| Northrop Grumman Corp. (a) | 244 | 121995  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc. (a) | 337 | 54695  |
| Otis Worldwide Corp. (a) | 734 | 72681  |
| PACCAR, Inc. (a) | 901 | 85649  |
| Parker-Hannifin Corp. (a) | 230 | 160648  |
| Paychex, Inc. (a) | 544 | 79130  |
| Paycom Software, Inc. (a) | 82 | 18975  |
| Pentair PLC (a) | 276 | 28334  |
| Quanta Services, Inc. (a) | 267 | 100947  |
| Republic Services, Inc. (a) | 361 | 89026  |
| Rockwell Automation, Inc. (a) | 201 | 66766  |
| Rollins, Inc. (a) | 544 | 30692  |
| RTX Corp. (a) | 2337 | 341249  |
| Snap-on, Inc. (a) | 105 | 32674  |
| Southwest Airlines Co. (a) | 1000 | 32440  |
| Stanley Black & Decker, Inc. (a) | 310 | 21002  |
| Textron, Inc. (a) | 371 | 29788  |
| Trane Technologies PLC (a) | 392 | 171465  |
| TransDigm Group, Inc. (a) | 98 | 149023  |
| Uber Technologies, Inc. (a) (b) | 3663 | 341758  |
| Union Pacific Corp. (a) | 1069 | 245955  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc. (a) (b) | 577 | 45946  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. <br>Class B (a) | 1292 | 130414  |
| United Rentals, Inc. (a) | 110 | 82874  |
| Veralto Corp. (a) | 394 | 39774  |
| Verisk Analytics, Inc. (a) | 249 | 77563  |
| W.W. Grainger, Inc. (a) | 78 | 81139  |
| Waste Management, Inc. (a) | 656 | 150106  |
|  Westinghouse Air Brake Technologies Corp. (a) | 314 | 65736  |
| Xylem, Inc. (a) | 424 | 54849  |
|  |  | 7915934  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Information Technology — 32.4%**<br>|  |  |
| Accenture PLC Class A (a) | 1113 | $332665  |
| Adobe, Inc. (a) (b) | 745 | 288226  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) (b) | 2840 | 402996  |
| Akamai Technologies, Inc. (a) (b) | 276 | 22014  |
| Amphenol Corp. Class A (a) | 2101 | 207474  |
| Analog Devices, Inc. (a) | 860 | 204697  |
| ANSYS, Inc. (a) (b) | 164 | 57600  |
| Apple, Inc. (a) | 26237 | 5383045  |
| Applied Materials, Inc. (a) | 1415 | 259044  |
| Arista Networks, Inc. (a) (b) | 1795 | 183646  |
| Autodesk, Inc. (a) (b) | 386 | 119494  |
| Broadcom, Inc. (a) | 8257 | 2276042  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) (b) | 475 | 146371  |
| CDW Corp. (a) | 237 | 42326  |
| Cisco Systems, Inc. (a) | 6954 | 482469  |
|  Cognizant Technology Solutions Corp. Class A (a) | 871 | 67964  |
| Corning, Inc. (a) | 1321 | 69471  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) (b) | 436 | 222059  |
| Dell Technologies, Inc. Class C (a) | 519 | 63629  |
| Enphase Energy, Inc. (a) (b) | 256 | 10150  |
| EPAM Systems, Inc. (a) (b) | 107 | 18920  |
| F5, Inc. (a) (b) | 102 | 30021  |
| Fair Isaac Corp. (a) (b) | 44 | 80430  |
| First Solar, Inc. (a) (b) | 192 | 31784  |
| Fortinet, Inc. (a) (b) | 1102 | 116503  |
| Gartner, Inc. (a) (b) | 136 | 54974  |
| Gen Digital, Inc. (a) | 944 | 27754  |
| GoDaddy, Inc. Class A (a) (b) | 232 | 41774  |
| Hewlett Packard Enterprise Co. (a) | 2235 | 45706  |
| HP, Inc. (a) | 1632 | 39919  |
| Intel Corp. (a) | 7632 | 170957  |
|  International Business Machines Corp. (a) | 1625 | 479017  |
| Intuit, Inc. (a) | 489 | 385151  |
| Jabil, Inc. (a) | 189 | 41221  |
| Juniper Networks, Inc. (a) | 628 | 25076  |
| Keysight Technologies, Inc. (a) (b) | 295 | 48339  |
| KLA Corp. (a) | 229 | 205124  |
| Lam Research Corp. (a) | 2257 | 219696  |
| Microchip Technology, Inc. (a) | 973 | 68470  |
| Micron Technology, Inc. (a) | 1978 | 243788  |
| Microsoft Corp. (a) | 13056 | 6494185  |
| Monolithic Power Systems, Inc. (a) | 87 | 63630  |
| Motorola Solutions, Inc. (a) | 302 | 126979  |
| NetApp, Inc. (a) | 349 | 37186  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| NVIDIA Corp. (a) | 42835 | $6767502  |
| NXP Semiconductors NV (a) | 441 | 96354  |
| ON Semiconductor Corp. (a) (b) | 749 | 39255  |
| Oracle Corp. (a) | 2852 | 623533  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) (b) | 3732 | 508746  |
| Palo Alto Networks, Inc. (a) (b) | 1156 | 236564  |
| PTC, Inc. (a) (b) | 228 | 39294  |
| QUALCOMM, Inc. (a) | 1917 | 305301  |
| Ralliant Corp. (b) | 212 | 10280  |
| Roper Technologies, Inc. (a) | 196 | 111101  |
| Salesforce, Inc. (a) | 1680 | 458119  |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings <br>PLC (a) | 365 | 52680  |
| ServiceNow, Inc. (a) (b) | 362 | 372165  |
| Skyworks Solutions, Inc. | 248 | 18481  |
| Super Micro Computer, Inc. (a) (b) | 919 | 45040  |
| Synopsys, Inc. (a) (b) | 278 | 142525  |
| TE Connectivity PLC (a) | 501 | 84504  |
| Teledyne Technologies, Inc. (a) (b) | 86 | 44059  |
| Teradyne, Inc. (a) | 310 | 27875  |
| Texas Instruments, Inc. (a) | 1616 | 335514  |
| Trimble, Inc. (a) (b) | 476 | 36166  |
| Tyler Technologies, Inc. (a) (b) | 73 | 43277  |
| VeriSign, Inc. (a) | 145 | 41876  |
| Western Digital Corp. (a) | 625 | 39994  |
| Workday, Inc. Class A (a) (b) | 376 | 90240  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) (b) | 88 | 27136  |
|  |  | 30535567  |
| **Materials — 1.8%**<br>|  |  |
| Air Products & Chemicals, Inc. (a) | 396 | 111696  |
| Albemarle Corp. (a) (c) | 177 | 11093  |
| Amcor PLC (a) | 3916 | 35988  |
| Avery Dennison Corp. (a) | 147 | 25794  |
| Ball Corp. (a) | 443 | 24848  |
| CF Industries Holdings, Inc. (a) | 283 | 26036  |
| Corteva, Inc. (a) | 1175 | 87573  |
| Dow, Inc. (a) | 1074 | 28439  |
| DuPont de Nemours, Inc. (a) | 783 | 53706  |
| Eastman Chemical Co. (a) | 142 | 10602  |
| Ecolab, Inc. (a) | 450 | 121248  |
| Freeport-McMoRan, Inc. (a) | 2582 | 111930  |
|  International Flavors & Fragrances, Inc. (a) | 441 | 32435  |
| International Paper Co. (a) | 992 | 46455  |
| Linde PLC (LIN US) (a) | 821 | 385197  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV <br>Class A (a) | 484 | 28004  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Martin Marietta Materials, Inc. (a) | 100 | $54896  |
| Mosaic Co. (a) | 606 | 22107  |
| Newmont Corp. (NEM US) (a) | 1977 | 115180  |
| Nucor Corp. (a) | 385 | 49873  |
| Packaging Corp. of America (a) | 159 | 29963  |
| PPG Industries, Inc. (a) | 420 | 47775  |
| Sherwin-Williams Co. (a) | 415 | 142494  |
| Smurfit WestRock PLC (a) | 873 | 37670  |
| Steel Dynamics, Inc. (a) | 265 | 33923  |
| Vulcan Materials Co. (a) | 223 | 58163  |
|  |  | 1733088  |
| **Real Estate — 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, <br>Inc. (a) | 280 | 20336  |
| American Tower Corp. (a) | 818 | 180794  |
| AvalonBay Communities, Inc. (a) | 252 | 51282  |
| BXP, Inc. (a) | 231 | 15586  |
| Camden Property Trust | 161 | 18143  |
| CBRE Group, Inc. Class A (a) (b) | 539 | 75525  |
| CoStar Group, Inc. (a) (b) | 780 | 62712  |
| Crown Castle, Inc. (a) | 781 | 80232  |
| Digital Realty Trust, Inc. (a) | 551 | 96056  |
| Equinix, Inc. (a) | 175 | 139207  |
| Equity Residential (a) | 590 | 39819  |
| Essex Property Trust, Inc. (a) | 122 | 34575  |
| Extra Space Storage, Inc. (a) | 344 | 50719  |
| Federal Realty Investment Trust (a) | 55 | 5225  |
| Healthpeak Properties, Inc. (a) | 1225 | 21450  |
| Host Hotels & Resorts, Inc. | 1224 | 18801  |
| Invitation Homes, Inc. (a) | 1109 | 36375  |
| Iron Mountain, Inc. (a) | 541 | 55490  |
| Kimco Realty Corp. (a) | 1012 | 21272  |
|  Mid-America Apartment Communities, Inc. (a) | 241 | 35670  |
| Prologis, Inc. (a) | 1659 | 174394  |
| Public Storage (a) | 275 | 80691  |
| Realty Income Corp. (a) | 1604 | 92407  |
| Regency Centers Corp. (a) | 293 | 20870  |
| SBA Communications Corp. (a) | 192 | 45089  |
| Simon Property Group, Inc. (a) | 554 | 89061  |
| UDR, Inc. (a) | 395 | 16128  |
| Ventas, Inc. (a) | 810 | 51152  |
| VICI Properties, Inc. (a) | 1824 | 59462  |
| Welltower, Inc. (a) | 1062 | 163261  |
| Weyerhaeuser Co. (a) | 1211 | 31111  |
|  |  | 1882895  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Utilities — 2.4%**<br>|  |  |
| AES Corp. (a) | 1400 | $14728  |
| Alliant Energy Corp. (a) | 481 | 29086  |
| Ameren Corp. (a) | 500 | 48020  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., <br>Inc. (a) | 982 | 101892  |
| American Water Works Co., Inc. (a) | 318 | 44237  |
| Atmos Energy Corp. (a) | 302 | 46541  |
| CenterPoint Energy, Inc. (a) | 1254 | 46072  |
| CMS Energy Corp. (a) | 454 | 31453  |
| Consolidated Edison, Inc. (a) | 548 | 54992  |
| Constellation Energy Corp. (a) | 548 | 176873  |
| Dominion Energy, Inc. (a) | 1476 | 83424  |
| DTE Energy Co. (a) | 358 | 47421  |
| Duke Energy Corp. (a) | 1349 | 159182  |
| Edison International (a) | 711 | 36688  |
| Entergy Corp. (a) | 740 | 61509  |
| Evergy, Inc. (a) | 381 | 26262  |
| Eversource Energy (a) | 685 | 43580  |
| Exelon Corp. (a) | 1879 | 81586  |
| FirstEnergy Corp. (a) | 996 | 40099  |
| NextEra Energy, Inc. (a) | 3587 | 249010  |
| NiSource, Inc. (a) | 747 | 30134  |
| NRG Energy, Inc. (a) | 356 | 57166  |
| PG&E Corp. (a) | 3859 | 53794  |
| Pinnacle West Capital Corp. (a) | 241 | 21562  |
| PPL Corp. (a) | 1387 | 47005  |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, <br>Inc. (a) | 919 | 77361  |
| Sempra (a) | 1110 | 84105  |
| Southern Co. (a) | 1903 | 174753  |
| Vistra Corp. (a) | 608 | 117836  |
| WEC Energy Group, Inc. (a) | 568 | 59186  |
| Xcel Energy, Inc. (a) | 992 | 67555  |
|  |  | 2213112  |
| **TOTAL COMMON STOCK** <br>**(Cost $48,465,612)** |  | **92222074**  |
| **TOTAL EQUITIES** <br>**(Cost $48,465,612)** |  | **92222074** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Bonds & Notes — 0.0%**<br>|  |  |
| **Corporate Debt — 0.0%**<br>|  |  |
| **Forest Products & Paper — 0.0%**<br>|  |  |
| Sino Forest Corp. (d) (e) | $359000 | $—  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $0)** |  | **—**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $0)** |  | **—**  |
| **TOTAL PURCHASED** <br>**OPTIONS (#) — 0.6%** <br>**(Cost $1,251,084)** |  | **614005**  |
|  | **Number of** <br>**Shares** |  |
| **Rights — 0.0%**<br>|  |  |
| **Health Care — 0.0%**<br>|  |  |
| Abiomed, Inc., CVR (b) (d) (e) | 136 | —  |
| **TOTAL RIGHTS** <br>**(Cost $139)** |  | **—**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $49,716,835)** |  | **92836079**  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
|  **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (f) | 3008 | 3008 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |  |
| **Repurchase Agreement — 1.0%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (g) | $903897 | 903897  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $906,905)** |  | **906905**  |
| **TOTAL INVESTMENTS — 99.4%** <br>**(Cost $50,623,740) (h)** |  | **93742984**  |
| **Other Assets/(Liabilities) — 0.6%** |  | **562546**  |
| **NET ASSETS — 100.0%** |  | **$94305530** |

---

**Abbreviation Legend** 

<br> CVR Contingent Value Rights <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $2,945 or 0.00% of net assets. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $0 or 0.00%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $903,966. Collateralized by
 U.S. Government Agency obligations with a rate of 3.375%, maturity date of 9/15/27, and an aggregate market value, including accrued interest,
 of $921,994.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

**(#) Exchange-Traded Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Exercise Price** | **No. of Contracts** | **Notional Amount** | **Notional Amount** | **Value** | **Premiums Paid/(Received)** | **Unrealized Appreciation (Depreciation)**  |
| **Put**<br>|  |  |  |  |  |  |  |  |
| S&P 500 Index | 9/19/25 | 5300.00 | 20 | USD | 10600000 | $52920 | $149290 | $(96370)  |
| S&P 500 Index | 9/19/25 | 5350.00 | 22 | USD | 11770000 | 63844 | 178211 | (114367)  |
| S&P 500 Index | 9/19/25 | 5400.00 | 22 | USD | 11880000 | 67980 | 190179 | (122199)  |
| S&P 500 Index | 10/17/25 | 5350.00 | 21 | USD | 11235000 | 87213 | 176033 | (88820)  |
| S&P 500 Index | 10/17/25 | 5400.00 | 21 | USD | 11340000 | 94500 | 168136 | (73636)  |
| S&P 500 Index | 10/17/25 | 5500.00 | 21 | USD | 11550000 | 111636 | 168325 | (56689)  |
| S&P 500 Index | 11/21/25 | 5400.00 | 21 | USD | 11340000 | 135912 | 220910 | (84998)  |
|  |  |  |  |  |  | $614005 | $1251084 | $(637079) |

---

**Exchange-Traded Options Written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Exercise Price** | **No. of Contracts** | **Notional Amount** | **Notional Amount** | **Value** | **Premiums Paid/(Received)** | **Unrealized Appreciation (Depreciation)**  |
| **Call**<br>|  |  |  |  |  |  |  |  |
| S&P 500 Index | 7/18/25 | 6100.00 | 17 | USD | 10370000 | $(244800) | $(83903) | $(160897)  |
| S&P 500 Index | 7/31/25 | 6100.00 | 16 | USD | 9760000 | (280000) | (105560) | (174440)  |
| S&P 500 Index | 8/15/25 | 6150.00 | 16 | USD | 9840000 | (280800) | (160136) | (120664)  |
| S&P 500 Index | 8/15/25 | 6200.00 | 16 | USD | 9920000 | (222464) | (94545) | (127919)  |
| S&P 500 Index | 8/15/25 | 6250.00 | 16 | USD | 10000000 | (185296) | (102695) | (82601)  |
| S&P 500 Index | 9/19/25 | 6250.00 | 17 | USD | 10625000 | (280500) | (203992) | (76508)  |
| S&P 500 Index | 9/19/25 | 6300.00 | 17 | USD | 10710000 | (243270) | (147177) | (96093)  |
| S&P 500 Index | 9/19/25 | 6400.00 | 16 | USD | 10240000 | (145600) | (98488) | (47112)  |
| S&P 500 Index | 9/30/25 | 6500.00 | 17 | USD | 11050000 | (109735) | (109829) | 94  |
|  |  |  |  |  |  | $(1992465) | $(1106325) | $(886140) |

---

**Currency Legend** 

<br> USD U.S. Dollar <br>

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Growth Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.3%**<br>|  |  |
| **Common Stock — 97.3%**<br>|  |  |
| **Communication Services — 4.8%**<br>|  |  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 43022 | $4495799  |
|  Liberty Media Corp-Liberty Live Class C (a) | 15268 | 1239151  |
| Live Nation Entertainment, Inc. (a) | 3785 | 572595  |
| Match Group, Inc. | 39052 | 1206316  |
| New York Times Co. Class A | 40886 | 2288798  |
| Reddit, Inc. Class A (a) | 12559 | 1891009  |
| Trade Desk, Inc. Class A (a) | 40447 | 2911779  |
|  |  | 14605447  |
| **Consumer Discretionary — 14.9%**<br>|  |  |
| Birkenstock Holding PLC (a) | 34081 | 1676104  |
|  Bright Horizons Family Solutions, Inc. (a) | 9118 | 1126894  |
| Burlington Stores, Inc. (a) | 11310 | 2631158  |
| Domino's Pizza, Inc. | 9686 | 4364512  |
| DraftKings, Inc. Class A (a) | 97066 | 4163161  |
| Duolingo, Inc. (a) | 4075 | 1670831  |
| Hilton Worldwide Holdings, Inc. | 19927 | 5307357  |
| Lululemon Athletica, Inc. (a) | 5741 | 1363947  |
| On Holding AG, Class A (a) | 24556 | 1278140  |
| Planet Fitness, Inc. Class A (a) | 34394 | 3750666  |
| Ross Stores, Inc. | 27642 | 3526566  |
| Texas Roadhouse, Inc. | 10170 | 1905960  |
| TopBuild Corp. (a) (b) | 2615 | 846580  |
| Ulta Beauty, Inc. (a) | 4471 | 2091623  |
| Viking Holdings Ltd. (a) | 65350 | 3482501  |
| Wingstop, Inc. | 2682 | 903137  |
| Yum! Brands, Inc. | 32756 | 4853784  |
|  |  | 44942921  |
| **Consumer Staples — 3.6%**<br>|  |  |
| Casey's General Stores, Inc. | 6412 | 3271851  |
| Dollar Tree, Inc. (a) | 41430 | 4103227  |
| Maplebear, Inc. (a) (b) | 29831 | 1349554  |
| McCormick & Co., Inc. | 27692 | 2099608  |
|  |  | 10824240  |
| **Energy — 5.0%**<br>|  |  |
| Cheniere Energy, Inc. | 21629 | 5267094  |
| EQT Corp. | 56081 | 3270644  |
| Expand Energy Corp. | 18283 | 2138014  |
| TechnipFMC PLC | 125336 | 4316572  |
|  |  | 14992324  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Financials — 8.9%**<br>|  |  |
| Assurant, Inc. | 20466 | $4041830  |
| Axis Capital Holdings Ltd. | 15868 | 1647416  |
| Cboe Global Markets, Inc. | 11490 | 2679583  |
| Corpay, Inc. (a) | 7060 | 2342649  |
| Markel Group, Inc. (a) | 802 | 1601883  |
| MarketAxess Holdings, Inc. | 11522 | 2573324  |
| MSCI, Inc. | 4756 | 2742975  |
| Raymond James Financial, Inc. | 21563 | 3307117  |
| Toast, Inc., Class A (a) | 74780 | 3312006  |
| TPG, Inc. | 17790 | 933086  |
| Tradeweb Markets, Inc. Class A | 12724 | 1862794  |
|  |  | 27044663  |
| **Health Care — 19.0%**<br>|  |  |
| Agilent Technologies, Inc. | 42132 | 4971997  |
| Alcon AG (b) | 30261 | 2671441  |
| Align Technology, Inc. (a) | 9459 | 1790872  |
| Alnylam Pharmaceuticals, Inc. (a) | 17353 | 5658640  |
| Ascendis Pharma AS ADR (a) | 10946 | 1889280  |
| Avantor, Inc. (a) | 212204 | 2856266  |
| Biogen, Inc. (a) | 5464 | 686224  |
| BioNTech SE ADR (a) | 10758 | 1145404  |
| Bruker Corp. | 47912 | 1973974  |
| Caris Life Sciences, Inc. (a) | 24765 | 661721  |
| Cooper Cos., Inc. (a) | 37722 | 2684298  |
| CRISPR Therapeutics AG (a) (b) | 15971 | 776829  |
| Cytokinetics, Inc. (a) (b) | 23744 | 784502  |
| Encompass Health Corp. | 11305 | 1386332  |
| Hologic, Inc. (a) | 98927 | 6446083  |
| Ionis Pharmaceuticals, Inc. (a) (b) | 64970 | 2566965  |
| Masimo Corp. (a) (b) | 4376 | 736131  |
| Mettler-Toledo International, Inc. (a) | 2878 | 3380844  |
| Molina Healthcare, Inc. (a) | 6005 | 1788889  |
| Quidelortho Corp. (a) (b) | 25845 | 744853  |
| Revolution Medicines, Inc. (a) | 15557 | 572342  |
| Teleflex, Inc. | 31283 | 3702656  |
| Vaxcyte, Inc. (a) | 16439 | 534432  |
| Veeva Systems, Inc. Class A (a) | 22948 | 6608565  |
| West Pharmaceutical Services, Inc. | 2450 | 536060  |
|  |  | 57555600  |
| **Industrials — 16.8%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 12007 | 1250289  |
| Broadridge Financial Solutions, Inc. | 11869 | 2884523  |
| BWX Technologies, Inc. | 23317 | 3359047  |
| Equifax, Inc. | 10447 | 2709638  |
| Esab Corp. | 27419 | 3305360  |
| Ferguson Enterprises, Inc. | 14194 | 3090743  |
| Fortive Corp. | 46751 | 2437130  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Growth Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| IDEX Corp. | 7660 | $1344866  |
| Ingersoll Rand, Inc. | 51583 | 4290674  |
| ITT, Inc. | 10214 | 1601862  |
| JB Hunt Transport Services, Inc. | 11959 | 1717312  |
| Old Dominion Freight Line, Inc. | 15235 | 2472641  |
| Paylocity Holding Corp. (a) | 19214 | 3481385  |
| Quanta Services, Inc. | 4186 | 1582643  |
| StandardAero, Inc. (a) | 34509 | 1092210  |
| Textron, Inc. | 59552 | 4781430  |
| TransUnion | 27292 | 2401696  |
| UL Solutions, Inc. Class A | 12376 | 901715  |
| Veralto Corp. | 17276 | 1744012  |
| Verisk Analytics, Inc. | 4639 | 1445049  |
| Waste Connections, Inc. | 5974 | 1115465  |
| XPO, Inc. (a) (b) | 13102 | 1654652  |
|  |  | 50664342  |
| **Information Technology — 19.6%**<br>|  |  |
| Amphenol Corp. Class A | 29641 | 2927049  |
| Atlassian Corp. Class A (a) | 11975 | 2432003  |
|  CCC Intelligent Solutions Holdings, Inc. (a) (b) | 301282 | 2835064  |
| Corning, Inc. | 23345 | 1227714  |
| Fair Isaac Corp. (a) | 1148 | 2098498  |
| Gartner, Inc. (a) | 6509 | 2631068  |
| HubSpot, Inc. (a) | 1542 | 858323  |
| Keysight Technologies, Inc. (a) | 17301 | 2834942  |
| Lattice Semiconductor Corp. (a) | 90260 | 4421837  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 6566 | 940842  |
| Manhattan Associates, Inc. (a) | 6093 | 1203185  |
| Microchip Technology, Inc. | 66211 | 4659268  |
| Monday.com Ltd. (a) | 4749 | 1493466  |
| MongoDB, Inc. (a) | 2645 | 555424  |
| Monolithic Power Systems, Inc. | 4866 | 3558895  |
| NXP Semiconductors NV | 10919 | 2385692  |
| Onestream, Inc. (a) (b) | 23224 | 657239  |
| PTC, Inc. (a) | 32578 | 5614492  |
| Pure Storage, Inc. Class A (a) | 45589 | 2625015  |
| Ralliant Corp. (a) | 15237 | 738826  |
| Roper Technologies, Inc. | 1366 | 774303  |
| SailPoint, Inc. (a) | 13128 | 300106  |
| Tyler Technologies, Inc. (a) | 8628 | 5115023  |
| Zoom Communications, Inc. (a) | 33519 | 2613812  |
| Zscaler, Inc. (a) | 11732 | 3683144  |
|  |  | 59185230  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Materials — 3.8%**<br>|  |  |
| Avery Dennison Corp. | 18733 | $3287080  |
| Ball Corp. | 58333 | 3271898  |
| Martin Marietta Materials, Inc. | 6020 | 3304739  |
| Sealed Air Corp. (b) | 48911 | 1517708  |
|  |  | 11381425  |
| **Real Estate — 0.9%**<br>|  |  |
| CoStar Group, Inc. (a) | 33143 | 2664697  |
| **TOTAL COMMON STOCK** <br>**(Cost $241,564,694)** |  | **293860889**  |
| **TOTAL EQUITIES** <br>**(Cost $241,564,694)** |  | **293860889**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $241,564,694)** |  | **293860889**  |
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 781772 | 781772  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Treasury Reserve Fund, 1.206% (d) | 116 | 116 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |  |
| **Repurchase Agreement — 3.0%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $9124574 | 9124574  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,906,462)** |  | **9906462**  |
| **TOTAL INVESTMENTS — 100.6%** <br>**(Cost $251,471,156) (f)** |  | **303767351**  |
| **Other Assets/**<br>(Liabilities) — (0.6)% |  | **(1865618)**  |
| **NET ASSETS — 100.0%** |  | **$301901733** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Growth Fund – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $14,888,323 or 4.93% of net assets. The Fund received $15,014,371
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of June 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $9,125,271. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued
 interest, of $9,307,217.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Value Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.3%**<br>|  |  |
| **Common Stock — 96.6%**<br>|  |  |
| **Communication Services — 1.4%**<br>|  |  |
| Interpublic Group of Cos., Inc. | 71862 | $1759182  |
| Omnicom Group, Inc. | 23361 | 1680590  |
|  |  | 3439772  |
| **Consumer Discretionary — 3.2%**<br>|  |  |
| BorgWarner, Inc. | 43096 | 1442854  |
|  Cie Generale des Etablissements Michelin SCA | 34230 | 1273677  |
| Gentex Corp. | 48923 | 1075817  |
| Mohawk Industries, Inc. (a) | 16912 | 1773054  |
| PulteGroup, Inc. | 7754 | 817737  |
| Sodexo SA | 20342 | 1251876  |
|  |  | 7635015  |
| **Consumer Staples — 9.5%**<br>|  |  |
| Conagra Brands, Inc. | 106442 | 2178868  |
| Estee Lauder Cos., Inc. Class A | 30728 | 2482822  |
| General Mills, Inc. | 34270 | 1775529  |
| Heineken NV | 18984 | 1662185  |
| Kenvue, Inc. | 187759 | 3929796  |
| Kimberly-Clark Corp. | 24901 | 3210237  |
| Koninklijke Ahold Delhaize NV | 41904 | 1751907  |
| Mondelez International, Inc. Class A | 17105 | 1153561  |
| Pernod Ricard SA | 20813 | 2079033  |
| Reckitt Benckiser Group PLC | 33864 | 2303665  |
|  |  | 22527603  |
| **Energy — 5.6%**<br>|  |  |
| Baker Hughes Co. | 86800 | 3327912  |
| Coterra Energy, Inc. | 79879 | 2027329  |
| Diamondback Energy, Inc. | 10392 | 1427861  |
| Enterprise Products Partners LP (b) | 159911 | 4958840  |
| Occidental Petroleum Corp. | 36097 | 1516435  |
|  |  | 13258377  |
| **Financials — 16.5%**<br>|  |  |
| Allstate Corp. | 6728 | 1354414  |
| Bank of New York Mellon Corp. | 17300 | 1576203  |
| Commerce Bancshares, Inc. | 58719 | 3650560  |
| First Hawaiian, Inc. | 24369 | 608250  |
| Hanover Insurance Group, Inc. | 7965 | 1353015  |
| Northern Trust Corp. | 32468 | 4116618  |
| PNC Financial Services Group, Inc. | 17196 | 3205678  |
| Prosperity Bancshares, Inc. | 28850 | 2026424  |
| Raymond James Financial, Inc. | 8192 | 1256407  |
| Reinsurance Group of America, Inc. | 16668 | 3306264  |
| T. Rowe Price Group, Inc. | 19777 | 1908481  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Truist Financial Corp. | 107024 | $4600962  |
| US Bancorp | 101897 | 4610839  |
| Westamerica BanCorp | 26899 | 1302988  |
| Willis Towers Watson PLC | 13991 | 4288241  |
|  |  | 39165344  |
| **Health Care — 15.2%**<br>|  |  |
| Becton Dickinson & Co. | 18825 | 3242606  |
| Cencora, Inc. | 3058 | 916941  |
| Centene Corp. (a) | 33630 | 1825436  |
| Envista Holdings Corp. (a) | 81533 | 1593155  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 33713 | 2497122  |
| Henry Schein, Inc. (a) | 65277 | 4768485  |
| Hologic, Inc. (a) | 29645 | 1931668  |
| ICON PLC (a) | 7839 | 1140183  |
| IQVIA Holdings, Inc. (a) | 12054 | 1899590  |
| Labcorp Holdings, Inc. | 15404 | 4043704  |
| Medtronic PLC | 26794 | 2335633  |
| Qiagen NV | 8795 | 422688  |
| Quest Diagnostics, Inc. | 10435 | 1874439  |
|  Universal Health Services, Inc. Class B | 7594 | 1375653  |
| Zimmer Biomet Holdings, Inc. | 69132 | 6305530  |
|  |  | 36172833  |
| **Industrials — 17.1%**<br>|  |  |
| A.O. Smith Corp. | 21393 | 1402739  |
| ABM Industries, Inc. | 32711 | 1544286  |
| Ashtead Group PLC | 18275 | 1171491  |
| Bunzl PLC | 104060 | 3314317  |
| CSX Corp. | 111749 | 3646370  |
| Cummins, Inc. | 7815 | 2559413  |
| Dover Corp. | 3393 | 621699  |
| Emerson Electric Co. | 10442 | 1392232  |
| Fortive Corp. | 9785 | 510092  |
| Gates Industrial Corp. PLC (a) | 24334 | 560412  |
| Hexcel Corp. | 26189 | 1479417  |
| L3Harris Technologies, Inc. | 13236 | 3320118  |
| Legrand SA | 8666 | 1157550  |
|  MSC Industrial Direct Co., Inc. Class A | 44095 | 3748957  |
| Norfolk Southern Corp. | 14167 | 3626327  |
| Oshkosh Corp. | 32635 | 3705378  |
| Republic Services, Inc. | 1411 | 347967  |
| Southwest Airlines Co. (c) | 70927 | 2300872  |
| Timken Co. | 25528 | 1852056  |
| Toro Co. | 18839 | 1331541  |
| Vinci SA | 7904 | 1166726  |
|  |  | 40759960  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Value Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Information Technology — 5.9%**<br>|  |  |
| Amdocs Ltd. | 27578 | $2516217  |
| Analog Devices, Inc. | 2102 | 500318  |
|  Cognizant Technology Solutions Corp. Class A | 25756 | 2009741  |
| F5, Inc. (a) | 3978 | 1170805  |
| HP, Inc. | 95769 | 2342510  |
| NXP Semiconductors NV | 5937 | 1297175  |
| Ralliant Corp. (a) | 3262 | 158158  |
| TE Connectivity PLC | 10906 | 1839515  |
| Teradyne, Inc. | 25633 | 2304919  |
|  |  | 14139358  |
| **Materials — 5.4%**<br>|  |  |
| Akzo Nobel NV | 17519 | 1226030  |
| Eagle Materials, Inc. | 8681 | 1754517  |
| Graphic Packaging Holding Co. | 150383 | 3168570  |
| Packaging Corp. of America | 14380 | 2709911  |
| PPG Industries, Inc. | 14561 | 1656314  |
| Reliance, Inc. | 7053 | 2213936  |
|  |  | 12729278  |
| **Real Estate — 8.9%**<br>|  |  |
| Agree Realty Corp. (c) | 11177 | 816592  |
| American Tower Corp. | 10436 | 2306565  |
| Equity Residential | 47088 | 3177969  |
| Essex Property Trust, Inc. | 2920 | 827528  |
| Healthpeak Properties, Inc. | 108514 | 1900080  |
| Public Storage | 8814 | 2586204  |
| Realty Income Corp. | 63414 | 3653280  |
| Regency Centers Corp. | 9273 | 660516  |
| Ventas, Inc. | 28701 | 1812468  |
| VICI Properties, Inc. | 104373 | 3402560  |
|  |  | 21143762  |
| **Utilities — 7.9%**<br>|  |  |
| Duke Energy Corp. | 4999 | 589882  |
| Evergy, Inc. | 48546 | 3346276  |
| Eversource Energy | 51342 | 3266378  |
| Northwestern Energy Group, Inc. | 58871 | 3020082  |
| ONE Gas, Inc. | 30312 | 2178220  |
| PPL Corp. | 17471 | 592092  |
| Spire, Inc. | 33586 | 2451442  |
| Xcel Energy, Inc. | 47598 | 3241424  |
|  |  | 18685796  |
| **TOTAL COMMON STOCK** <br>**(Cost $230,164,417)** |  | **229657098**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Preferred Stock — 0.7%**<br>|  |  |
| **Consumer Staples — 0.7%**<br>|  |  |
| Henkel AG & Co. KGaA 3.060% | 22580 | $1773003  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $1,614,708)** |  | **1773003**  |
| **TOTAL EQUITIES** <br>**(Cost $231,779,125)** |  | **231430101**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $231,779,125)** |  | **231430101**  |
| **Short-Term Investments — 1.3%**<br>|  |  |
| **Investment of Cash Collateral from Securities Loaned — 0.4%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 827109 | 827109  |
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $2156220 | 2156220  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,983,329)** |  | **2983329**  |
| **TOTAL INVESTMENTS — 98.6%** <br>**(Cost $234,762,454) (f)** |  | **234413430**  |
| **Other Assets/(Liabilities) — 1.4%** |  | **3339596**  |
| **NET ASSETS — 100.0%** |  | **$237753026** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $3,086,248 or 1.30% of net assets. The Fund received $2,333,583 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. (*Note 2*).

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Value Fund – Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $2,156,385. Collateralized
 by U.S. Government Agency obligations with a rate of 3.375%, maturity date of 9/15/27, and an aggregate market value, including accrued
 interest, of $2,199,523.

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

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America N.A. | 9/26/25 | USD | 1982579 | GBP | 1477437 | $(46548)  |
| Citibank N.A. | 9/26/25 | USD | 1815143 | GBP | 1355102 | (45968)  |
| Goldman Sachs & Co. | 9/26/25 | USD | 2802735 | EUR | 2415921 | (59249)  |
| Goldman Sachs & Co. | 9/26/25 | USD | 1815532 | GBP | 1355102 | (45579)  |
| JP Morgan Chase Bank N.A. | 9/26/25 | USD | 2803771 | EUR | 2415921 | (58213)  |
| Morgan Stanley & Co. LLC | 9/26/25 | USD | 2800328 | EUR | 2415921 | (61656)  |
| UBS AG | 9/26/25 | USD | 2802517 | EUR | 2415921 | (59467)  |
|  |  |  |  |  |  | $(376680) |

---

**Currency Legend** 

---

| | |
|:---|:---|
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Cap Growth Equity Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 98.0%**<br>|  |  |
| **Common Stock — 98.0%**<br>|  |  |
| **Communication Services — 2.4%**<br>|  |  |
| Cargurus, Inc. (a) | 45924 | $1537076  |
| Cinemark Holdings, Inc. | 29900 | 902382  |
| Criteo SA Sponsored ADR (a) | 20418 | 489215  |
| Ziff Davis, Inc. (a) (b) | 13305 | 402743  |
|  |  | 3331416  |
| **Consumer Discretionary — 11.4%**<br>|  |  |
| Acushnet Holdings Corp. (b) | 6619 | 481996  |
| Boot Barn Holdings, Inc. (a) | 7292 | 1108384  |
| Century Communities, Inc. | 10703 | 602793  |
| Champion Homes, Inc. (a) | 23576 | 1476093  |
| Cheesecake Factory, Inc. (b) | 15085 | 945226  |
| Genius Sports Ltd. (a) (b) | 103559 | 1077014  |
| Goodyear Tire & Rubber Co. (a) | 60003 | 622231  |
| H&R Block, Inc. | 13937 | 765002  |
| Life Time Group Holdings, Inc. (a) | 28712 | 870835  |
| Modine Manufacturing Co. (a) (b) | 16318 | 1607323  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) (b) | 7408 | 976226  |
| Patrick Industries, Inc. (b) | 9980 | 920855  |
| Shake Shack, Inc. Class A (a) | 5952 | 836851  |
| Stride, Inc. (a) | 4934 | 716367  |
| Sweetgreen, Inc. Class A (a) (b) | 41394 | 615943  |
| Valvoline, Inc. (a) | 14389 | 544911  |
| Visteon Corp. (a) | 4827 | 450359  |
| Wingstop, Inc. | 1451 | 488610  |
| YETI Holdings, Inc. (a) | 17158 | 540820  |
|  |  | 15647839  |
| **Consumer Staples — 2.6%**<br>|  |  |
| BellRing Brands, Inc. (a) | 10862 | 629236  |
| Chefs' Warehouse, Inc. (a) | 13562 | 865391  |
| Freshpet, Inc. (a) | 9155 | 622174  |
|  Guardian Pharmacy Services, Inc. Class A (a) | 18170 | 387203  |
| Simply Good Foods Co. (a) | 19918 | 629209  |
| Vital Farms, Inc. (a) | 13204 | 508618  |
|  |  | 3641831  |
| **Energy — 3.1%**<br>|  |  |
| Cactus, Inc. Class A | 9873 | 431647  |
| Gulfport Energy Corp. (a) | 5999 | 1206819  |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. <br>Class A (b) | 29141 | 655090  |
| Seadrill Ltd. (a) (b) | 14839 | 389524  |
| Viper Energy, Inc. | 40614 | 1548612  |
|  |  | 4231692  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Financials — 12.2%**<br>|  |  |
| Ameris Bancorp | 16107 | $1042123  |
| Assured Guaranty Ltd. | 7614 | 663179  |
| Banner Corp. | 13785 | 884308  |
| Beazley PLC | 22396 | 287504  |
| Cadence Bank | 59894 | 1915410  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 54198 | 1455758  |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. <br>Class B (a) | 15643 | 338202  |
| Hamilton Lane, Inc. Class A | 6721 | 955189  |
| Hancock Whitney Corp. | 19274 | 1106328  |
| Kemper Corp. | 9494 | 612743  |
| MGIC Investment Corp. | 17624 | 490652  |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. <br>Class A | 22986 | 864503  |
| Perella Weinberg Partners | 35185 | 683293  |
| PJT Partners, Inc. Class A | 8447 | 1393839  |
| Seacoast Banking Corp. of Florida | 44121 | 1218622  |
| SiriusPoint Ltd. (a) | 61233 | 1248541  |
| StepStone Group, Inc. Class A | 11367 | 630868  |
| UMB Financial Corp. | 9597 | 1009221  |
|  |  | 16800283  |
| **Health Care — 19.1%**<br>|  |  |
| Akero Therapeutics, Inc. (a) | 16392 | 874677  |
| Alignment Healthcare, Inc. (a) | 70055 | 980770  |
| Amicus Therapeutics, Inc. (a) | 35460 | 203186  |
| Apellis Pharmaceuticals, Inc. (a) | 12677 | 219439  |
| Apogee Therapeutics, Inc. (a) | 12976 | 563548  |
| AtriCure, Inc. (a) | 20085 | 658185  |
| Avidity Biosciences, Inc. (a) | 23785 | 675494  |
| Axsome Therapeutics, Inc. (a) | 5942 | 620285  |
| Blueprint Medicines Corp. (a) | 5837 | 748187  |
| Celldex Therapeutics, Inc. (a) | 15114 | 307570  |
| CG oncology, Inc. (a) | 9598 | 249548  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc. (a) (b) | 24069 | 692224  |
| Cytokinetics, Inc. (a) (b) | 17734 | 585931  |
| Disc Medicine, Inc. (a) | 12953 | 685991  |
| Ensign Group, Inc. | 4701 | 725176  |
| GeneDx Holdings Corp. (a) | 6751 | 623185  |
| Glaukos Corp. (a) | 14506 | 1498325  |
| Haemonetics Corp. (a) (b) | 11213 | 836602  |
| HealthEquity, Inc. (a) | 10926 | 1144608  |
| Hims & Hers Health, Inc. (a) | 18930 | 943661  |
| Immatics NV (a) (b) | 26797 | 144168  |
| Insmed, Inc. (a) | 11296 | 1136829  |
| Janux Therapeutics, Inc. (a) | 3552 | 82051  |
| Kymera Therapeutics, Inc. (a) (b) | 18012 | 786044  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Lantheus Holdings, Inc. (a) (b) | 15077 | $1234203  |
| Merus NV (a) | 11749 | 617997  |
| Nurix Therapeutics, Inc. (a) | 21158 | 240990  |
| Nuvalent, Inc., Class A (a) | 5532 | 422092  |
| Option Care Health, Inc. (a) | 25721 | 835418  |
| PACS Group, Inc. (a) | 23482 | 303387  |
| PROCEPT BioRobotics Corp. (a) | 11761 | 677434  |
| Protagonist Therapeutics, Inc. (a) | 7899 | 436578  |
| Prothena Corp. PLC (a) | 4427 | 26872  |
| PTC Therapeutics, Inc. (a) | 8982 | 438681  |
| Revolution Medicines, Inc. (a) | 28490 | 1048147  |
| Scholar Rock Holding Corp. (a) | 8682 | 307516  |
| Soleno Therapeutics, Inc. (a) | 2885 | 241705  |
| Spyre Therapeutics, Inc. (a) (b) | 10028 | 150119  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 11457 | 237618  |
| TransMedics Group, Inc. (a) (b) | 4246 | 569006  |
| Twist Bioscience Corp. (a) | 8381 | 308337  |
| Ultragenyx Pharmaceutical, Inc. (a) | 6757 | 245685  |
| Vaxcyte, Inc. (a) | 9727 | 316225  |
| Veracyte, Inc. (a) | 11574 | 312845  |
| Verona Pharma PLC ADR (a) | 15096 | 1427780  |
|  |  | 26384319  |
| **Industrials — 25.4%**<br>|  |  |
| AAR Corp. (a) | 11027 | 758547  |
| Acuity, Inc. | 3761 | 1122057  |
| Air Lease Corp. | 14375 | 840794  |
| Alight, Inc. Class A | 21600 | 122256  |
| Ameresco, Inc. Class A (a) (b) | 35115 | 533397  |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, <br>Inc.  | 4472 | 1039516  |
| Atmus Filtration Technologies, Inc. | 21059 | 766969  |
| AZEK Co., Inc. (a) | 52064 | 2829678  |
| Boise Cascade Co. | 6369 | 552957  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 11991 | 1383522  |
| Comfort Systems USA, Inc. | 983 | 527094  |
| Curtiss-Wright Corp. | 2127 | 1039146  |
| DXP Enterprises, Inc. (a) | 15272 | 1338591  |
| Enpro, Inc. | 4984 | 954685  |
| ESCO Technologies, Inc. | 5112 | 980839  |
| Exlservice Holdings, Inc. (a) | 39078 | 1711226  |
| Fluor Corp. (a) | 31726 | 1626592  |
| GATX Corp. | 5339 | 819857  |
| GEO Group, Inc. (a) | 9049 | 216724  |
| Kirby Corp. (a) | 9162 | 1039062  |
| Korn Ferry | 12718 | 932611  |
| Leonardo DRS, Inc. | 16717 | 777006  |
| McGrath RentCorp | 5986 | 694137  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| MYR Group, Inc. (a) | 4595 | $833763  |
| NEXTracker, Inc. Class A (a) | 15748 | 856219  |
| Rush Enterprises, Inc. Class A | 30304 | 1560959  |
| RXO, Inc. (a) (b) | 36095 | 567413  |
| Ryder System, Inc. | 6300 | 1001700  |
|  Shoals Technologies Group, Inc. Class A (a) | 162621 | 691139  |
| StandardAero, Inc. (a) | 18818 | 595590  |
| TriNet Group, Inc. | 6455 | 472119  |
| Verra Mobility Corp. (a) | 104301 | 2648202  |
| &nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. <br>Class A (a) | 6673 | 261915  |
| WNS Holdings Ltd. (a) (b) | 8397 | 531026  |
| Xometry, Inc. Class A (a) | 13481 | 455523  |
| Zurn Elkay Water Solutions Corp. | 52305 | 1912794  |
|  |  | 34995625  |
| **Information Technology — 13.6%**<br>|  |  |
| Agilysys, Inc. (a) (b) | 5611 | 643245  |
| AvePoint, Inc. (a) | 122895 | 2373102  |
| Belden, Inc. | 8446 | 978047  |
| Braze, Inc. Class A (a) | 19011 | 534209  |
| Calix, Inc. (a) | 15020 | 798914  |
| Cirrus Logic, Inc. (a) | 6176 | 643879  |
|  Clearwater Analytics Holdings, Inc. Class A (a) | 40924 | 897463  |
| Crane NXT Co. (b) | 12680 | 683452  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd. (a) | 10333 | 956732  |
| CyberArk Software Ltd. (a) | 4427 | 1801258  |
| Freshworks, Inc. Class A (a) | 93349 | 1391834  |
| Intapp, Inc. (a) | 12841 | 662852  |
| Jamf Holding Corp. (a) | 37021 | 352070  |
| MKS, Inc. (b) | 5142 | 510909  |
| Novanta, Inc. (a) | 5495 | 708470  |
| PAR Technology Corp. (a) (b) | 7498 | 520136  |
| Power Integrations, Inc. | 8945 | 500026  |
| Semtech Corp. (a) | 10655 | 480967  |
|  Silicon Motion Technology Corp. Sponsored ADR | 9395 | 706222  |
| SiTime Corp. (a) | 7293 | 1553992  |
| Sprout Social, Inc. Class A (a) | 2282 | 47717  |
| Universal Display Corp. | 2022 | 312318  |
| Viavi Solutions, Inc. (a) | 71255 | 717538  |
|  |  | 18775352  |
| **Materials — 1.9%**<br>|  |  |
| Cabot Corp. | 27213 | 2040975  |
| Graphic Packaging Holding Co. (b) | 30131 | 634860  |
|  |  | 2675835  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Real Estate — 5.0%**<br>|  |  |
| American Healthcare REIT, Inc. | 60127 | $2209066  |
| Douglas Emmett, Inc. | 35903 | 539981  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br>Inc. (b) | 22297 | 711497  |
| Independence Realty Trust, Inc. (b) | 36515 | 645950  |
| Phillips Edison & Co., Inc. | 49999 | 1751465  |
| Terreno Realty Corp. | 12336 | 691680  |
| Xenia Hotels & Resorts, Inc. | 23356 | 293585  |
|  |  | 6843224  |
| **Utilities — 1.3%**<br>|  |  |
| IDACORP, Inc. | 8419 | 971973  |
| ONE Gas, Inc. | 11059 | 794700  |
|  |  | 1766673  |
| **TOTAL COMMON STOCK**<br>**(Cost $114,989,736)** |  | **135094089**  |
| **TOTAL EQUITIES** <br>**(Cost $114,989,736)** |  | **135094089**  |
| **Exchange-Traded Funds — 0.3%** | **Exchange-Traded Funds — 0.3%** | **Exchange-Traded Funds — 0.3%** |
| iShares Russell 2000 ETF | 729 | 157311  |
| iShares Russell 2000 Growth ETF | 727 | 207820  |
| **TOTAL EXCHANGE-TRADED** <br>**FUNDS** <br>**(Cost $363,557)** |  | **365131**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $115,353,293)** |  | **135459220**  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment of Cash Collateral from Securities Loaned — 0.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 168441 | 168441 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **Repurchase Agreement — 1.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $1730459 | $1730459  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,898,900)** |  | **1898900**  |
| **TOTAL INVESTMENTS — 99.6%** <br>**(Cost $117,252,193) (e)** |  | **137358120**  |
| **Other Assets/**<br>(Liabilities) — 0.4% |  | **519296**  |
| **NET ASSETS — 100.0%** |  | **$137877416** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt<br>|
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund<br>|
| REIT  | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $18,523,476 or 13.43% of net assets. The Fund received $18,814,117
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,730,591. Collateralized
 by U.S. Government Agency obligations with a rate of 4.125%, maturity dates ranging from 9/30/27 - 10/31/27, and an aggregate market value,
 including accrued interest, of $1,765,336.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Company Value Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.6%**<br>|  |  |
| **Common Stock — 99.6%**<br>|  |  |
| **Communication Services — 0.8%**<br>|  |  |
| Cable One, Inc. | 846 | $114895  |
|  Entravision Communications Corp. Class A | 79549 | 184554  |
| Thryv Holdings, Inc. (a) | 6328 | 76948  |
| Townsquare Media, Inc. Class A | 5927 | 46883  |
|  |  | 423280  |
| **Consumer Discretionary — 11.1%**<br>|  |  |
| A-Mark Precious Metals, Inc. | 11403 | 252919  |
| Accel Entertainment, Inc. (a) | 4715 | 55496  |
| Boyd Gaming Corp. (b) | 8092 | 633037  |
| Brunswick Corp. | 11076 | 611838  |
| Capri Holdings Ltd. (a) (b) | 17783 | 314759  |
| Champion Homes, Inc. (a) | 9004 | 563741  |
| &nbsp;&nbsp;&nbsp; KinderCare Learning Cos., <br>Inc. (a) (b) | 30832 | 311403  |
| M/I Homes, Inc. (a) | 3211 | 360017  |
| MarineMax, Inc. (a) (b) | 19763 | 496842  |
| Meritage Homes Corp. | 6242 | 418027  |
| OneWater Marine, Inc. Class A (a) (b) | 16505 | 221002  |
| Patrick Industries, Inc. (b) | 4130 | 381075  |
| Taylor Morrison Home Corp. (a) | 8034 | 493448  |
| Visteon Corp. (a) | 11471 | 1070244  |
|  |  | 6183848  |
| **Consumer Staples — 3.1%**<br>|  |  |
| Edgewell Personal Care Co. | 28453 | 666085  |
| Spectrum Brands Holdings, Inc. (b) | 13540 | 717620  |
| Turning Point Brands, Inc. | 4400 | 333388  |
|  |  | 1717093  |
| **Energy — 10.3%**<br>|  |  |
| ChampionX Corp. | 16790 | 417064  |
| Chord Energy Corp. | 8200 | 794170  |
| Crescent Energy Co. Class A | 92685 | 797091  |
| Flowco Holdings, Inc. Class A | 21230 | 378106  |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc. <br>Class A (a) | 8847 | 161988  |
| Mach Natural Resources LP | 22472 | 324496  |
| Magnolia Oil & Gas Corp. Class A (b) | 44620 | 1003058  |
| Northern Oil & Gas, Inc. (b) | 35053 | 993752  |
| Permian Resources Corp. (b) | 52178 | 710664  |
| TXO Partners LP | 11621 | 174780  |
|  |  | 5755169  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Financials — 37.4%**<br>|  |  |
| Ameris Bancorp | 12405 | $802604  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. <br>Class A (a) | 9253 | 291192  |
| Atlantic Union Bankshares Corp. (b) | 15485 | 484371  |
| Axis Capital Holdings Ltd. | 15681 | 1628002  |
| Axos Financial, Inc. (a) | 7509 | 570984  |
| Baldwin Insurance Group, Inc. (a) (b) | 1277 | 54668  |
| BancFirst Corp. | 1134 | 140185  |
| Bowhead Specialty Holdings, Inc. (a) | 1236 | 46387  |
| Columbia Banking System, Inc. | 43048 | 1006462  |
| Compass Diversified Holdings | 43394 | 272514  |
| CVB Financial Corp. | 17403 | 344405  |
| Euronet Worldwide, Inc. (a) | 10512 | 1065707  |
| EVERTEC, Inc. | 34844 | 1256126  |
| Fidelis Insurance Holdings Ltd. | 16743 | 277599  |
| First BanCorp | 26389 | 549683  |
| First Merchants Corp. | 6432 | 246346  |
| FNB Corp. | 98826 | 1440883  |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. <br>Class B (a) | 17739 | 383517  |
| Home BancShares, Inc. | 37906 | 1078805  |
| International Bancshares Corp. | 11371 | 756854  |
| Marex Group PLC | 6522 | 257423  |
| Nicolet Bankshares, Inc. | 1209 | 149287  |
| Old National Bancorp (b) | 83358 | 1778860  |
| Popular, Inc. | 6263 | 690245  |
| Repay Holdings Corp. (a) | 51135 | 246471  |
| SiriusPoint Ltd. (a) | 12354 | 251898  |
| Slide Insurance Holdings, Inc. (a) | 9485 | 205445  |
| SouthState Corp. | 15255 | 1403918  |
| StoneX Group, Inc. (a) | 7737 | 705150  |
| UMB Financial Corp. | 10500 | 1104180  |
| Webster Financial Corp. | 26554 | 1449848  |
|  |  | 20940019  |
| **Health Care — 3.5%**<br>|  |  |
| Embecta Corp. | 39579 | 383520  |
| Enovis Corp. (a) (b) | 37049 | 1161857  |
| Envista Holdings Corp. (a) (b) | 19863 | 388123  |
|  |  | 1933500  |
| **Industrials — 17.6%**<br>|  |  |
| Atmus Filtration Technologies, Inc. | 3679 | 133989  |
| Blue Bird Corp. (a) (b) | 14350 | 619346  |
| Brink's Co. | 12985 | 1159431  |
| Deluxe Corp. | 10347 | 164621  |
| DIRTT Environmental Solutions (a) | 80290 | 48423  |
| DXP Enterprises, Inc. (a) | 4238 | 371461  |
| Gates Industrial Corp. PLC (a) (b) | 42500 | 978775  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Company Value Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| GMS, Inc. (a) | 10655 | $1158731  |
| Hillman Solutions Corp. (a) | 56365 | 402446  |
| IBEX Holdings Ltd. (a) | 2904 | 84506  |
| Korn Ferry | 9150 | 670970  |
| Loomis AB | 10605 | 445951  |
| Luxfer Holdings PLC | 2728 | 33227  |
| NV5 Global, Inc. (a) | 9793 | 226120  |
| &nbsp;&nbsp;&nbsp; Proficient Auto Logistics, <br>Inc. (a) (b) | 13395 | 97248  |
|  Science Applications International Corp. | 3018 | 339857  |
| Sensata Technologies Holding PLC | 11904 | 358429  |
| Tecnoglass, Inc. (b) | 3092 | 239197  |
| Timken Co. | 20160 | 1462608  |
| Titan Machinery, Inc. (a) (b) | 10149 | 201052  |
| TriNet Group, Inc. | 9259 | 677203  |
|  |  | 9873591  |
| **Information Technology — 4.6%**<br>|  |  |
| Amkor Technology, Inc. | 17223 | 361511  |
| Avnet, Inc. | 6786 | 360201  |
| Axcelis Technologies, Inc. (a) | 12468 | 868895  |
| Ingram Micro Holding Corp. (b) | 20110 | 419092  |
| Kulicke & Soffa Industries, Inc. (b) | 16878 | 583979  |
|  |  | 2593678  |
| **Materials — 4.9%**<br>|  |  |
| Graphic Packaging Holding Co. (b) | 67899 | 1430632  |
| Ingevity Corp. (a) | 12639 | 544615  |
| Minerals Technologies, Inc. | 9086 | 500366  |
| Titan America SA | 21934 | 273736  |
|  |  | 2749349  |
| **Real Estate — 6.3%**<br>|  |  |
| American Healthcare REIT, Inc. | 6887 | 253028  |
| Americold Realty Trust, Inc. | 39493 | 656769  |
| EPR Properties | 9581 | 558189  |
| Ryman Hospitality Properties, Inc. | 9345 | 922071  |
| Smartstop Self Storage REIT, Inc. (b) | 3211 | 116335  |
| Terreno Realty Corp. (b) | 12906 | 723639  |
| UMH Properties, Inc. | 18817 | 315937  |
|  |  | 3545968  |
| **TOTAL COMMON STOCK**<br>**(Cost $58,215,102)** |  | **55715495**  |
| **TOTAL EQUITIES** <br>**(Cost $58,215,102)** |  | **55715495**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $58,215,102)** |  | **55715495**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |  |
| **Investment of Cash Collateral from Securities Loaned — 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 4.340% (c) | 1382944 | $1382944  |
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $178558 | 178558  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $1,561,502)** |  | **1561502**  |
| **TOTAL INVESTMENTS — 102.4%** <br>**(Cost $59,776,604) (e)** |  | **57276997**  |
| **Other Assets/(Liabilities) — (2.4)%** |  | **(1343149)**  |
| **NET ASSETS — 100.0%** |  | **$55933848** |

---

**Abbreviation Legend** 

<br> REIT Real Estate Investment Trust <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $11,753,320 or 21.01% of net assets. The Fund received $10,734,615
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $178,572. Collateralized by
 U.S. Government Agency obligations with a rate of 3.375%, maturity date of 9/15/27, and an aggregate market value, including accrued interest,
 of $182,255.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Company Value Fund – Portfolio of Investments (Continued)**<br>

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Citibank N.A. | 9/26/25 | USD | 367720 | SEK | 3551615 | $(9793) |

---

**Currency Legend** 

---

| | |
|:---|:---|
| SEK  | &nbsp;&nbsp;&nbsp; Swedish Krona |
| USD | &nbsp;&nbsp;&nbsp; U.S. Dollar  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small/Mid Cap Value Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.4%**<br>|  |  |
| **Common Stock — 97.4%**<br>|  |  |
| **Communication Services — 2.3%**<br>|  |  |
| Criteo SA Sponsored ADR (a) | 42551 | $1019522  |
| Nexstar Media Group, Inc. | 10576 | 1829119  |
|  |  | 2848641  |
| **Consumer Discretionary — 9.1%**<br>|  |  |
| ADT, Inc. | 191985 | 1626113  |
| AutoNation, Inc. (a) | 7110 | 1412402  |
| Bath & Body Works, Inc. | 55450 | 1661282  |
| BorgWarner, Inc. | 45901 | 1536765  |
| Brunswick Corp. | 22181 | 1225278  |
|  Cracker Barrel Old Country Store, Inc. | 11913 | 727646  |
| Crocs, Inc. (a) | 15423 | 1562041  |
| Group 1 Automotive, Inc. | 2836 | 1238510  |
| Laureate Education, Inc. Class A (a) | 4415 | 103223  |
|  |  | 11093260  |
| **Consumer Staples — 5.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc. (a) | 21962 | 2368163  |
| Dollar Tree, Inc. (a) | 16257 | 1610093  |
| Nomad Foods Ltd. | 91032 | 1546634  |
| WD-40 Co. | 5649 | 1288480  |
|  |  | 6813370  |
| **Energy — 4.1%**<br>|  |  |
| Cameco Corp. | 10808 | 802278  |
| HF Sinclair Corp. | 13276 | 545378  |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. <br>Class A (b) | 54465 | 1224373  |
| Matador Resources Co. | 27877 | 1330290  |
| Northern Oil & Gas, Inc. | 37090 | 1051502  |
|  |  | 4953821  |
| **Financials — 19.2%**<br>|  |  |
| American Financial Group, Inc. | 12411 | 1566392  |
| Cboe Global Markets, Inc. | 7069 | 1648562  |
| Comerica, Inc. | 15369 | 916761  |
| Federated Hermes, Inc. | 36428 | 1614489  |
| First BanCorp | 51957 | 1082264  |
|  First Citizens BancShares, Inc. Class A | 773 | 1512351  |
| First Hawaiian, Inc. | 44609 | 1113441  |
| Flagstar Financial, Inc. | 67066 | 710900  |
|  HA Sustainable Infrastructure Capital, Inc. | 49132 | 1319686  |
| Hanover Insurance Group, Inc. | 10940 | 1858378  |
| Independent Bank Corp. | 18050 | 1135074  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| NCR Atleos Corp. (a) | 56742 | $1618849  |
| Stifel Financial Corp. | 13477 | 1398643  |
| Texas Capital Bancshares, Inc. (a) | 12623 | 1002266  |
| UMB Financial Corp. | 14925 | 1569513  |
| Walker & Dunlop, Inc. | 11937 | 841320  |
| Webster Financial Corp. | 18197 | 993556  |
| Wintrust Financial Corp. | 11379 | 1410768  |
|  |  | 23313213  |
| **Health Care — 7.0%**<br>|  |  |
| Encompass Health Corp. | 17649 | 2164297  |
| Envista Holdings Corp. (a) | 74560 | 1456902  |
| ICON PLC (a) | 10032 | 1459154  |
| Integer Holdings Corp. (a) | 13212 | 1624680  |
| Tenet Healthcare Corp. (a) | 10488 | 1845888  |
|  |  | 8550921  |
| **Industrials — 19.7%**<br>|  |  |
| ArcBest Corp. | 17790 | 1370008  |
| C.H. Robinson Worldwide, Inc. | 13954 | 1338886  |
| CACI International, Inc. Class A (a) | 3579 | 1706109  |
| CNH Industrial NV | 100000 | 1296000  |
| Core & Main, Inc. Class A (a) | 23099 | 1394025  |
| First Advantage Corp. (a) | 65094 | 1081211  |
| Fluor Corp. (a) | 27007 | 1384649  |
| GXO Logistics, Inc. (a) | 32748 | 1594828  |
| Herc Holdings, Inc. | 9794 | 1289772  |
| Hexcel Corp. | 21467 | 1212671  |
| JBT Marel Corp. | 11978 | 1440474  |
| Kirby Corp. (a) | 11776 | 1335516  |
| MasTec, Inc. (a) | 2884 | 491520  |
| MillerKnoll, Inc. | 55418 | 1076218  |
| Pentair PLC | 17581 | 1804866  |
| Regal Rexnord Corp. | 11401 | 1652689  |
| Robert Half, Inc. | 9505 | 390180  |
| Star Bulk Carriers Corp. | 50620 | 873195  |
| WillScot Holdings Corp. | 45686 | 1251796  |
|  |  | 23984613  |
| **Information Technology — 12.7%**<br>|  |  |
| ACI Worldwide, Inc. (a) | 25912 | 1189620  |
| Avnet, Inc. | 20831 | 1105710  |
| Belden, Inc. | 7435 | 860973  |
| Calix, Inc. (a) | 14888 | 791893  |
| Commvault Systems, Inc. (a) | 4516 | 787274  |
| Crane NXT Co. | 21480 | 1157772  |
| F5, Inc. (a) | 4098 | 1206123  |
| FormFactor, Inc. (a) | 24993 | 860009  |
| Globant SA (a) | 13315 | 1209535  |
| IPG Photonics Corp. (a) | 17820 | 1223343  |
| Lumentum Holdings, Inc. (a) | 13459 | 1279413  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Nice Ltd. Sponsored ADR (a) | 6710 | $1133386  |
| ON Semiconductor Corp. (a) | 23322 | 1222306  |
| TD SYNNEX Corp. | 10616 | 1440591  |
|  |  | 15467948  |
| **Materials — 4.6%**<br>|  |  |
| Avient Corp. | 37217 | 1202481  |
| Graphic Packaging Holding Co. (b) | 73767 | 1554271  |
| O-I Glass, Inc. (a) | 82231 | 1212085  |
| RPM International, Inc. | 15189 | 1668360  |
|  |  | 5637197  |
| **Real Estate — 8.8%**<br>|  |  |
| American Healthcare REIT, Inc. | 42020 | 1543815  |
| Broadstone Net Lease, Inc. | 42908 | 688673  |
| COPT Defense Properties | 58300 | 1607914  |
| CubeSmart | 17125 | 727812  |
| First Industrial Realty Trust, Inc. | 9089 | 437454  |
| Independence Realty Trust, Inc. (b) | 84430 | 1493567  |
| Jones Lang LaSalle, Inc. (a) | 7686 | 1965925  |
| Ryman Hospitality Properties, Inc. | 9103 | 898193  |
| STAG Industrial, Inc. | 36568 | 1326687  |
|  |  | 10690040  |
| **Utilities — 4.3%**<br>|  |  |
| IDACORP, Inc. | 16113 | 1860246  |
| ONE Gas, Inc. | 17141 | 1231752  |
| TXNM Energy, Inc. | 37138 | 2091612  |
|  |  | 5183610  |
| **TOTAL COMMON STOCK**<br>**(Cost $112,639,847)** |  | **118536634**  |
| **TOTAL EQUITIES** <br>**(Cost $112,639,847)** |  | **118536634**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $112,639,847)** |  | **118536634**  |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |  |
| **Investment of Cash Collateral from Securities Loaned — 1.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 1570124 | 1570124 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Repurchase Agreement — 0.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $987049 | $987049  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,557,173)** |  | **2557173**  |
| **TOTAL INVESTMENTS — 99.5%** <br>**(Cost $115,197,020) (e)** |  | **121093807**  |
| **Other Assets/(Liabilities) — 0.5%** |  | **555616**  |
| **NET ASSETS — 100.0%** |  | **$121649423** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| REIT  | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $4,229,461 or 3.48% of net assets. The Fund received $2,795,782 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $987,125. Collateralized by
 U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest,
 of $1,006,886.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Sustainable Equity Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.8%**<br>|  |  |
| **Common Stock — 99.8%**<br>|  |  |
| **Communication Services — 8.5%**<br>|  |  |
| Alphabet, Inc. Class A | 29436 | $5187506  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 2348 | 245366  |
| Meta Platforms, Inc. Class A | 5417 | 3998234  |
| Netflix, Inc. (a) | 1115 | 1493130  |
| Verizon Communications, Inc. | 16327 | 706469  |
|  |  | 11630705  |
| **Consumer Discretionary — 11.6%**<br>|  |  |
| Airbnb, Inc. Class A (a) | 2119 | 280428  |
| Amazon.com, Inc. (a) | 23648 | 5188135  |
| Booking Holdings, Inc. | 157 | 908911  |
| CarMax, Inc. (a) | 5321 | 357624  |
| Chipotle Mexican Grill, Inc. (a) | 15935 | 894750  |
| Deckers Outdoor Corp. (a) | 3089 | 318383  |
| Hilton Worldwide Holdings, Inc. | 3886 | 1034997  |
| Home Depot, Inc. | 5462 | 2002588  |
| LKQ Corp. | 14624 | 541234  |
| Tesla, Inc. (a) | 6248 | 1984740  |
| TJX Cos., Inc. | 11669 | 1441005  |
| Tractor Supply Co. | 17480 | 922420  |
|  |  | 15875215  |
| **Consumer Staples — 4.4%**<br>|  |  |
| Church & Dwight Co., Inc. | 7434 | 714482  |
| Colgate-Palmolive Co. | 5899 | 536219  |
| Costco Wholesale Corp. | 1059 | 1048346  |
| PepsiCo, Inc. | 7475 | 986999  |
| Procter & Gamble Co. | 10574 | 1684650  |
| Sysco Corp. | 13986 | 1059300  |
|  |  | 6029996  |
| **Energy — 2.3%**<br>|  |  |
| Cheniere Energy, Inc. | 4325 | 1053224  |
| EOG Resources, Inc. | 2122 | 253813  |
| Schlumberger NV | 34443 | 1164173  |
| Williams Cos., Inc. | 11484 | 721310  |
|  |  | 3192520  |
| **Financials — 15.1%**<br>|  |  |
| American Express Co. | 3464 | 1104947  |
| Ameriprise Financial, Inc. | 1830 | 976726  |
| Bank of America Corp. | 40130 | 1898952  |
| Blackrock, Inc. | 864 | 906552  |
| Fiserv, Inc. (a) | 4367 | 752914  |
| Intercontinental Exchange, Inc. | 4300 | 788921  |
| JP Morgan Chase & Co. | 7870 | 2281592  |
| KKR & Co., Inc. | 5789 | 770111  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Marsh & McLennan Cos., Inc. | 3463 | $757150  |
| Mastercard, Inc. Class A | 4661 | 2619202  |
| MetLife, Inc. | 13172 | 1059292  |
| Morgan Stanley | 12842 | 1808924  |
| Progressive Corp. | 2858 | 762686  |
| Regions Financial Corp. | 50971 | 1198838  |
| S&P Global, Inc. | 2943 | 1551814  |
| Visa, Inc. Class A | 4041 | 1434757  |
|  |  | 20673378  |
| **Health Care — 9.5%**<br>|  |  |
| AbbVie, Inc. | 6653 | 1234930  |
| Agilent Technologies, Inc. | 3884 | 458351  |
| Bristol-Myers Squibb Co. | 7694 | 356155  |
| Cencora, Inc. | 1391 | 417091  |
| Cigna Group | 3500 | 1157030  |
| Danaher Corp. | 6152 | 1215266  |
| Eli Lilly & Co. | 2175 | 1695478  |
| Gilead Sciences, Inc. | 5770 | 639720  |
| IDEXX Laboratories, Inc. (a) | 1730 | 927868  |
| Intuitive Surgical, Inc. (a) | 1840 | 999875  |
| Merck & Co., Inc. | 6808 | 538921  |
| Thermo Fisher Scientific, Inc. | 1930 | 782538  |
| UnitedHealth Group, Inc. | 2463 | 768382  |
| Vertex Pharmaceuticals, Inc. (a) | 1766 | 786223  |
| Zoetis, Inc. | 6450 | 1005878  |
|  |  | 12983706  |
| **Industrials — 9.4%**<br>|  |  |
| Automatic Data Processing, Inc. | 2462 | 759281  |
| Copart, Inc. (a) | 11782 | 578143  |
| Cummins, Inc. | 2884 | 944510  |
| Deere & Co. | 1465 | 744938  |
| Eaton Corp. PLC | 3124 | 1115237  |
| FedEx Corp. | 2044 | 464622  |
| Ferguson Enterprises, Inc. | 2746 | 597941  |
| GE Vernova, Inc. | 1081 | 572011  |
| Honeywell International, Inc. | 4407 | 1026302  |
| Johnson Controls International PLC | 18200 | 1922284  |
| Parker-Hannifin Corp. | 1053 | 735489  |
| Uber Technologies, Inc. (a) | 9093 | 848377  |
| Union Pacific Corp. | 3968 | 912957  |
| United Rentals, Inc. | 816 | 614774  |
| Xylem, Inc. | 8556 | 1106804  |
|  |  | 12943670  |
| **Information Technology — 33.3%**<br>|  |  |
| Accenture PLC Class A | 4090 | 1222460  |
| Analog Devices, Inc. | 7309 | 1739688  |
| Apple, Inc. | 27630 | 5668847  |
| Applied Materials, Inc. | 2105 | 385362  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Sustainable Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Arista Networks, Inc. (a) | 7302 | $747068  |
| ARM Holdings PLC ADR (a) | 2102 | 339977  |
| ASML Holding NV | 1008 | 807053  |
| Broadcom, Inc. | 15977 | 4404060  |
| Cadence Design Systems, Inc. (a) | 5084 | 1566635  |
| CDW Corp. | 3344 | 597205  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 1335 | 679929  |
| Dynatrace, Inc. (a) | 11611 | 641043  |
|  International Business Machines Corp. | 6075 | 1790789  |
| Microsoft Corp. | 23869 | 11872679  |
| MongoDB, Inc. (a) | 1734 | 364123  |
| Motorola Solutions, Inc. | 2757 | 1159208  |
| NVIDIA Corp. | 61365 | 9695056  |
| Salesforce, Inc. | 2437 | 664546  |
| ServiceNow, Inc. (a) | 531 | 545910  |
| Workday, Inc. Class A (a) | 3534 | 848160  |
|  |  | 45739798  |
| **Materials — 2.3%**<br>|  |  |
| Ball Corp. | 11916 | 668368  |
| Ecolab, Inc. | 3724 | 1003395  |
| Linde PLC (LIN US) | 3203 | 1502784  |
|  |  | 3174547  |
| **Real Estate — 2.0%**<br>|  |  |
| Equinix, Inc. | 1639 | 1303775  |
| Prologis, Inc. | 11594 | 1218761  |
| SBA Communications Corp. | 832 | 195387  |
|  |  | 2717923  |
| **Utilities — 1.4%**<br>|  |  |
| NextEra Energy, Inc. | 28215 | 1958685  |
| **TOTAL COMMON STOCK** <br>**(Cost $94,901,217)** |  | **136920143**  |
| **TOTAL EQUITIES** <br>**(Cost $94,901,217)** |  | **136920143**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Exchange-Traded Funds — 0.0%** | **Exchange-Traded Funds — 0.0%** |  |
| iShares Core S&P 500 ETF | 81 | $50293  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $48,692)** |  | **50293**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $94,949,909)** |  | **136970436** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |  |
| **Repurchase Agreement — 0.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (b) | $356084 | 356084  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $356,084)** |  | **356084**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $95,305,993) (c)** |  | **137326520**  |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(186878)**  |
| **NET ASSETS — 100.0%** |  | **$137139642** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maturity value of $356,111. Collateralized by
 U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest,
 of $363,299.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Sustainable Equity Fund – Portfolio of Investments (Continued)**<br>

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Goldman Sachs & Co. | 9/26/25 | USD | 162292 | EUR | 139894 | $(3431)  |
| JP Morgan Chase Bank N.A. | 9/26/25 | USD | 162352 | EUR | 139894 | (3371)  |
| Morgan Stanley & Co. LLC | 9/26/25 | USD | 200547 | EUR | 172709 | (4050)  |
| UBS AG | 9/26/25 | USD | 162280 | EUR | 139894 | (3443)  |
|  |  |  |  |  |  | $(14295) |

---

**Currency Legend** 

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;&nbsp; Euro |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments**<br>

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 108.0%**<br>|  |  |
| **Bank Loans — 1.5%**<br>|  |  |
| **Advertising — 0.0%**<br>|  |  |
|  Advantage Sales & Marketing, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.789% VRN 10/28/27 (a) | $47347 | $39306  |
|  Planet US Buyer LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.330% VRN 2/07/31 (a) | 25956 | 26047  |
|  |  | 65353  |
| **Aerospace & Defense — 0.0%**<br>|  |  |
|  HDI Aerospace Intermediate Holding III Corp., Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 2/11/32 (b) | 45000 | 45000  |
| TransDigm, Inc.<br>|  |  |
|  2023 Term Loan J, 3 mo. USD Term SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.796% VRN 2/28/31 (a) | 25915 | 25960  |
|  2024 Term Loan I, 3 mo. USD Term SOFR + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.046% VRN 8/24/28 (a) | 28043 | 28133  |
|  |  | 99093  |
| **Apparel — 0.0%**<br>|  |  |
|  ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.577% VRN 12/21/28 (a) | 42522 | 42466  |
| **Auto Parts & Equipment — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan, 3 mo. USD Term <br>SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.541% VRN 3/30/27 (a) | 32257 | 30420  |
| **Beverages — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc., Term Loan, <br>3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.492% VRN 4/01/32 (a) | 31301 | 31449  |
| Naked Juice LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Term Loan, 3 mo. USD Term <br>SOFR + 3.000%,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.308% - 7.423% <br>VRN 1/24/29 (a) (c) | 137887 | 46882  |
|  2nd Lien Term Loan, 3 mo. USD Term SOFR + 6,000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.396% FRN 1/24/30 (a) | 28134 | 6565  |
|  2025 FLTO Term Loan, 3 mo. USD Term SOFR + 6.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.396% VRN 1/24/30 (a) | 180 | 83  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Primo Brands Corp., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.546% VRN 3/31/28 (a) | $8130 | $8156  |
|  |  | 93135  |
| **Chemicals — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chemours Co., 2023 USD Term Loan B, 1 mo. USD Term <br>SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.327% VRN 8/18/28 (a) | 34722 | 34592  |
|  Mativ Holdings, Inc., Delayed Draw Term Loan A, 1 mo. USD Term SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.927% VRN 5/06/27 (a) | 17544 | 17368  |
|  |  | 51960  |
| **Commercial Services — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albion Financing 3 SARL, <br>2025 USD Term Loan B, <br>3 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.321% VRN 8/16/29 (a) | 6737 | 6742  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, <br>2024 USD Term Loan B, <br>3 mo. USD Term SOFR + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.049% VRN 10/16/31 (a) | 23344 | 23425  |
|  Boost Newco Borrower LLC, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.296% VRN 1/31/31 (a) | 36970 | 37047  |
| CCRR Parent, Inc.<br>|  |  |
|  US Acquisition Facility, 3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.683% VRN 3/06/28 (a) | 36391 | 15066  |
| &nbsp;&nbsp;&nbsp; Term Loan B, 3 mo. USD Term <br>SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.697% VRN 3/06/28 (a) | 13369 | 5281  |
| &nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc., 2022 USD Term Loan, 3 mo. USD Term <br>SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.046% VRN 7/06/29 (a) (b) | 76193 | 76256  |
|  KUEHG Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.546% VRN 6/12/30 (a) | 11742 | 11742  |
|  TruGreen LP, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.427% VRN 11/02/27 (a) | 47880 | 45337  |
|  |  | 220896  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Computers — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term <br>SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.316% VRN 3/01/29 (a) | $7803 | $7567  |
|  Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.177% VRN 2/01/28 (a) | 52557 | 46266  |
| Twitter, Inc.<br>|  |  |
| 2025 Fixed Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 10/26/29 (b) | 24443 | 23751  |
| &nbsp;&nbsp;&nbsp; Term Loan, 1 mo. USD Term <br>SOFR + 6.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.927% VRN 10/26/29 (a) | 63301 | 61778  |
|  |  | 139362  |
| **Cosmetics & Personal Care — 0.0%**<br>|  |  |
|  Opal Bidco SAS, USD Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.575% VRN 4/28/32 (a) | 38130 | 38261  |
| **Distribution & Wholesale — 0.0%**<br>|  |  |
|  BCPE Empire Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.577% VRN 12/11/30 (a) | 43321 | 43028  |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |  |
|  Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6, 1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.071% VRN 6/24/30 (a) | 163157 | 163227  |
|  Blackhawk Network Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.327% VRN 3/12/29 (a) | 45174 | 45386  |
|  Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.046% VRN 4/09/27 (a) | 57353 | 55639  |
|  GC Ferry Acquisition I, Inc., Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 6/04/32 (b) | 27996 | 27471  |
| &nbsp;&nbsp;&nbsp; Guggenheim Partners LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.796% VRN 11/26/31 (a) | 18208 | 18272  |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, 2024 Term Loan B1, 3 mo. USD Term <br>SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.333% VRN 12/15/31 (a) | 45645 | 45586  |
|  |  | 355581  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Electric — 0.2%**<br>|  |  |
| Alpha Generation LLC<br>|  |  |
| 2025 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 9/30/31 (b) | $83471 | $83298  |
| &nbsp;&nbsp;&nbsp; Term Loan B, 1 mo. USD Term <br>SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.327% VRN 9/30/31 (a) | 83262 | 83088  |
| Calpine Corp.<br>|  |  |
|  2024 Term Loan B10, 1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.077% VRN 1/31/31 (a) (b) | 77322 | 77264  |
|  2024 Term Loan B5, 1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.077% VRN 2/15/32 (a) (b) | 107424 | 107375  |
|  Edgewater Generation LLC, 2025 Repriced Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 8/01/30 (b) | 100000 | 100286  |
|  EFS Cogen Holdings I LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.796% VRN 10/03/31 (a) | 31439 | 31537  |
|  Kestrel Acquisition LLC, 2024 Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 2.500%, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.796% - 10.000% <br>VRN 11/06/31 (a) | 18910 | 18870  |
| &nbsp;&nbsp;&nbsp; Potomac Energy Center LLC, Term Loan, 3 mo. USD Term <br>SOFR + 6.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.557% VRN 11/12/26 (a) | 20446 | 20446  |
| South Field LLC<br>|  |  |
|  2025 Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.546% VRN 8/29/31 (a) | 19321 | 19394  |
|  2025 Term Loan C, 3 mo. USD Term SOFR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp; 7.546% VRN 8/29/31 (a) | 1242 | 1247  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br>1st Lien Term Loan B3, <br>1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.077% VRN 12/20/30 (a) | 72234 | 72379  |
|  |  | 615184  |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Pelican Products, Inc., 2021 Term Loan, 3 mo. USD Term <br>SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.807% VRN 12/29/28 (a) | 54596 | 47567  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Electronics — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; TCP Sunbelt Acquisition Co., 2024 Term Loan B, <br>3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.580% VRN 10/24/31 (a) | $34913 | $34913  |
| **Engineering & Construction — 0.0%**<br>|  |  |
|  Artera Services LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.796% VRN 2/15/31 (a) | 36056 | 30065  |
| **Entertainment — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term <br>SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.066% VRN 3/04/32 (a) | 21206 | 21126  |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 3 mo. USD Term <br>SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.296% VRN 6/04/32 (a) | 56979 | 56907  |
|  GVC Holdings (Gibraltar) Ltd., 2024 USD Term Loan B3, 6 mo.USD Term SOFR + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.016% VRN 10/31/29 (a) | 21122 | 21186  |
|  Showtime Acquisition LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.074% VRN 8/13/31 (a) | 53180 | 53579  |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.571% VRN 11/21/31 (a) | 18772 | 18833  |
| Voyager Parent, LLC, Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 5/09/32 (b) | 74360 | 73514  |
|  |  | 245145  |
| **Food — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, <br>3 mo. U.S. (Fed) Prime Rate + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.250% VRN 10/01/25 (a) | 7147 | 7139  |
| &nbsp;&nbsp;&nbsp; BCPE North Star US HoldCo 2, Inc., Term Loan, 1 mo. USD Term <br>SOFR + 4.000%; 3 mo. U.S. <br>&nbsp;&nbsp;&nbsp;&nbsp;(Fed) Prime Rate + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.441% - 10.500% <br>VRN 6/09/28 (a) | 40746 | 40135  |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc., <br>2024 Term Loan, 1 mo. USD Term <br>SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.077% VRN 5/01/31 (a) | 42669 | 42883  |
|  |  | 90157  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Health Care - Products — 0.0%**<br>|  |  |
|  Antylia Scientific, Term Loan, 3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.318% VRN 5/27/32 (a) | $36716 | $35691  |
|  Bausch & Lomb Corp., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.327% VRN 9/29/28 (a) | 27702 | 27667  |
|  |  | 63358  |
| **Health Care - Services — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC, <br>2024 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 4/28/28 (b) | 100000 | 100013  |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., 2025 Repriced Term Loan B, 3 mo. USD Term <br>SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.046% VRN 1/02/31 (a) | 56211 | 56404  |
|  Modivcare, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.046% VRN 7/01/31 (a) | 139903 | 101664  |
|  Pediatric Associates Holding Co. LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.791% VRN 12/29/28 (a) | 91447 | 81274  |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, <br>3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.296% VRN 9/27/30 (a) | 16433 | 16263  |
|  |  | 355618  |
| **Home Furnishing — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc., <br>2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.324% VRN 7/31/28 (a) | 71276 | 71128  |
| **Insurance — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term <br>SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.577% VRN 1/30/32 (a) | 66229 | 66241  |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 2021 Second Lien Term Loan B4, 1 mo. USD Term <br>SOFR + 5.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.691% VRN 1/20/29 (a) | 32017 | 29640  |
|  |  | 95881  |
| **Internet — 0.1%**<br>|  |  |
|  Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>|  |  |
| 7.677% VRN 12/06/27 (a) | 24532 | 24204  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Barracuda Networks, Inc., <br>2022 Term Loan, 3 mo. USD Term <br>SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.780% VRN 8/15/29 (a) | $20372 | $16853  |
| &nbsp;&nbsp;&nbsp; Delivery Hero SE, 2024 USD Term Loan B, 3 mo. USD Term <br>SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.300% VRN 12/12/29 (a) | 62345 | 62774  |
| &nbsp;&nbsp;&nbsp; Magnite, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term <br>SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.327% VRN 2/06/31 (a) | 43614 | 43669  |
| MH Sub I LLC<br>|  |  |
|  2023 Term Loan, 1 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.577% VRN 5/03/28 (a) (b) | 32451 | 30412  |
|  2024 Term Loan B4, 1 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.577% VRN 12/31/31 (a) | 52833 | 45789  |
| Plano HoldCo, Inc., Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 10/02/31 (b) | 14963 | 14177  |
|  PUG LLC, 2024 Extended Term Loan B, 1 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.077% VRN 3/15/30 (a) | 17854 | 17288  |
|  Red Ventures LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.077% VRN 3/04/30 (a) (b) | 46193 | 39084  |
|  Research Now Group, Inc., 2024 First Lien Second Out Term Loan, 3 mo. USD Term SOFR + 5.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.086% VRN 10/15/28 (a) | 19320 | 16994  |
|  TripAdvisor, Inc., Term Loan, 1 mo. USD Term SOFR + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.077% VRN 7/08/31 (a) | 29596 | 29485  |
|  |  | 340729  |
| **Leisure Time — 0.0%**<br>|  |  |
| Sabre GLBL, Inc.<br>|  |  |
|  2022 1st Lien Term Loan B, 1 mo. USD Term SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.427% VRN 6/30/28 (a) | 15527 | 15371  |
|  2024 Term Loan B1, 1 mo. USD Term SOFR + 6.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.427% VRN 11/15/29 (a) | 24711 | 24600  |
|  |  | 39971  |
| **Lodging — 0.1%**<br>|  |  |
|  Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.069% VRN 11/08/30 (a) | 161709 | 162190  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, <br>2024 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 3/14/31 (b) | $16261 | $16280  |
|  |  | 178470  |
| **Machinery - Construction & Mining — 0.0%** | **Machinery - Construction & Mining — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; WEC US Holdings Ltd., <br>2024 Term Loan, 1 mo. <br>USD Term SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.574% VRN 1/27/31 (a) (b) | 37419 | 37416  |
| **Machinery - Diversified — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oregon Tool, Inc., 2025 2nd Lien Term Loan, 3 mo. USD Term <br>SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.586% VRN 10/15/29 (a) | 68346 | 55161  |
| **Media — 0.0%**<br>|  |  |
|  Charter Communications Operating LLC, 2024 Term Loan B5, 3 mo. USD Term SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.548% VRN 12/15/31 (a) | 67184 | 67277  |
|  NEP Group, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.250%, PIK 1.500%, Cash,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.844% VRN 8/19/26 (a) (d) | 22409 | 20602  |
|  Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.426% VRN 4/30/28 (a) | 25828 | 25226  |
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD Term <br>SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.926% VRN 1/31/28 (a) | 19632 | 19360  |
|  |  | 132465  |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp., <br>2023 Term Loan B, 3 mo. <br>USD Term SOFR + 4.000%, 6 mo. <br>USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.217% - 8.296% VRN 11/17/29 (a) | 17383 | 16736  |
| **Packaging & Containers — 0.0%**<br>|  |  |
|  Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.030% VRN 10/18/31 (a) | 26910 | 24488  |
| **Pharmaceuticals — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., <br>Term Loan B, 1 mo. USD Term <br>SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.174% VRN 8/01/27 (a) | 89033 | 88933  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., <br>Term Loan B, 3 mo. <br>USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.396% VRN 10/01/27 (a) | $96465 | $92775  |
|  Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.483% VRN 11/15/27 (a) | 100000 | 99639  |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. <br>USD Term SOFR + 2.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.577% VRN 5/05/28 (a) | 45097 | 45270  |
|  Southern Veterinary Partners LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.527% VRN 12/04/31 (a) | 43284 | 43302  |
|  |  | 369919  |
| **Real Estate Investment Trusts (REITS) — 0.2%** | **Real Estate Investment Trusts (REITS) — 0.2%** | **Real Estate Investment Trusts (REITS) — 0.2%** |
| Healthpeak Properties, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan A3, 3 mo. <br>USD Term SOFR + 0.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.146% VRN 3/01/29 (a) | 204135 | 198011  |
| &nbsp;&nbsp;&nbsp; Term Loan A2, 1 mo. USD Term <br>SOFR + 0.840%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.267% VRN 2/22/27 (a) | 101146 | 99376  |
| &nbsp;&nbsp;&nbsp; Term Loan A1, 1 mo. USD Term <br>SOFR + 0.840%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.267% VRN 8/20/27 (a) | 101146 | 99376  |
|  Invitation Homes Operating Partnership LP, 2024 Term Loan, 1 mo. USD Term SOFR + 0.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.261% VRN 9/09/28 (a) | 288231 | 282467  |
|  |  | 679230  |
| **Retail — 0.1%**<br>|  |  |
|  1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.077% VRN 9/20/30 (a) | 47705 | 47446  |
|  Dave & Buster's, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.563% VRN 11/01/31 (a) | 40762 | 38811  |
|  KFC Holding Co., 2021 Term Loan B, 1 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.179% VRN 3/15/28 (a) | 38414 | 38570  |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term <br>SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.807% VRN 4/17/28 (a) | 230400 | 192624  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, <br>2025 USD Term Loan B5B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 7/01/31 (b) | $90751 | $91159  |
|  |  | 408610  |
| **Software — 0.1%**<br>|  |  |
|  Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.077% VRN 12/29/28 (a) | 15379 | 14517  |
|  Castle US Holding Corp., 2025 USD FLSO Term Loan B1, 3 mo. USD Term SOFR + 4.512%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.842% VRN 5/31/30 (a) | 18810 | 10181  |
|  Cloud Software Group, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.796% VRN 3/29/29 (a) | 37201 | 37226  |
| &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2025 2nd Amendment Term Loan, 1 mo. USD Term <br>SOFR + 2.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.074% VRN 3/26/32 (a) | 20669 | 20548  |
|  DTI Holdco, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.327% VRN 4/26/29 (a) | 19734 | 19469  |
|  EagleView Technology Corp., 2018 Add On Term Loan B, 3 mo. USD Term SOFR + 6.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.065% VRN 8/14/25 (a) | 118281 | 114881  |
| &nbsp;&nbsp;&nbsp; ECI Macola Max Holding LLC, 2024 Term Loan, 3 mo. USD Term <br>SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.546% VRN 5/09/30 (a) | 20095 | 20183  |
|  Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.827% VRN 1/30/32 (a) | 21288 | 21272  |
|  Modena Buyer LLC, Term Loan, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.780% VRN 7/01/31 (a) (b) | 48150 | 46285  |
| &nbsp;&nbsp;&nbsp; Renaissance Holding Corp., 2024 1st Lien Term Loan, 3 mo. <br>USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.280% VRN 4/05/30 (a) (b) | 81754 | 74051  |
|  |  | 378613  |
| **Telecommunications — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Frontier Communications Corp., <br>2025 Term Loan B, 6 mo.USD Term SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.792% VRN 7/01/31 (a) | 17462 | 17440  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Zayo Group Holdings, Inc., 2022 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.577% VRN 3/09/27 (a) | $359624 | $344714  |
|  |  | 362154  |
| **TOTAL BANK LOANS**<br>**(Cost $6,075,940)** |  | **5852533**  |
| **Corporate Debt — 15.5%**<br>|  |  |
| **Aerospace & Defense — 0.0%**<br>|  |  |
| Lockheed Martin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/15/36 | 80000 | 76900  |
| &nbsp;&nbsp;&nbsp; 4.800% 8/15/34 | 20000 | 19931  |
|  |  | 96831  |
| **Agriculture — 0.2%**<br>|  |  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.758% 9/06/49 | 34000 | 28029  |
| Imperial Brands Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 7/26/26 (e) | 225000 | 222334  |
| Japan Tobacco, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/15/30 (e) | 450000 | 463113  |
|  |  | 713476  |
| **Airlines — 0.4%**<br>|  |  |
|  United Airlines Pass-Through Trust, Series 2023-1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 7/15/37 | 1342216 | 1369070  |
| **Auto Manufacturers — 0.2%**<br>|  |  |
| Volkswagen Financial Services AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 11/19/31 EUR (e) (f) | 400000 | 473505  |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America <br>Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 11/13/28 (e) | 200000 | 199194  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/27/35 (e) | 55000 | 55401  |
|  Volkswagen International Finance NV 9 yr. EUR Swap + 4.783%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% VRN EUR (a) (e) (f) (g) | 100000 | 133088  |
|  |  | 861188  |
| **Banks — 3.9%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.370% <br>1.922% VRN 10/24/31 (a) | 70000 | 61046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.060% <br>2.087% VRN 6/14/29 (a) | 760000 | 712371  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.050% <br>2.551% VRN 2/04/28 (a) | 635000 | 617151  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.210% <br>2.572% VRN 10/20/32 (a) | 75000 | 66102  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.150% <br>2.592% VRN 4/29/31 (a) | 55000 | 50281  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.320% <br>2.687% VRN 4/22/32 (a) | $135000 | $121152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.330% <br>2.972% VRN 2/04/33 (a) | 65000 | 58207  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28 (a) | 470000 | 459417  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28 (a) | 415000 | 411383  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29 (a) | 485000 | 479634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.310% <br>5.511% VRN 1/24/36 (a) | 405000 | 416427  |
| Citibank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.914% 5/29/30 | 145000 | 147784  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.167% <br>2.561% VRN 5/01/32 (a) | 105000 | 93022  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.454% 4.075% VRN 4/23/29 (a) | 310000 | 306927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.465% <br>5.333% VRN 3/27/36 (a) (h) | 565000 | 569433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.447% <br>5.449% VRN 6/11/35 (a) | 35000 | 35750  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.798% <br>1.431% VRN 3/09/27 (a) | 340000 | 332655  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.818% <br>1.542% VRN 9/10/27 (a) | 1300000 | 1255160  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.420% <br>5.016% VRN 10/23/35 (a) | 60000 | 59274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.380% <br>5.536% VRN 1/28/36 (a) | 460000 | 471725  |
|  HSBC Holdings PLC 1 day USD SOFR + 1.732%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.013% VRN 9/22/28 (a) | 305000 | 289108  |
| JP Morgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.800% <br>1.045% VRN 11/19/26 (a) | 95000 | 93717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.885% <br>1.578% VRN 4/22/27 (a) | 640000 | 625168  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.015% <br>2.069% VRN 6/01/29 (a) | 1500000 | 1406887  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30 (a) | 230000 | 214461  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.800% <br>4.915% VRN 1/24/29 (a) | 215000 | 217887  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.310% <br>5.012% VRN 1/23/30 (a) | 125000 | 127307  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.315% <br>5.502% VRN 1/24/36 (a) | 560000 | 576799  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.879% <br>1.593% VRN 5/04/27 (a) | $170000 | $165895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.020% <br>1.928% VRN 4/28/32 (a) | 90000 | 76949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.178% <br>2.239% VRN 7/21/32 (a) | 70000 | 60616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.200% <br>2.511% VRN 10/20/32 (a) | 180000 | 157628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.290% <br>2.943% VRN 1/21/33 (a) | 240000 | 214199  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.555% <br>5.320% VRN 7/19/35 (a) | 115000 | 116404  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.418% <br>5.587% VRN 1/18/36 (a) | 385000 | 395208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.580% <br>5.831% VRN 4/19/35 (a) | 110000 | 115243  |
| PNC Financial Services Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.902% <br>5.676% VRN 1/22/35 (a) | 105000 | 109095  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.284% <br>6.875% VRN 10/20/34 (a) | 65000 | 72664  |
| Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 yr. CMT + 1.250% <br>1.532% VRN 8/21/26 (a) | 710000 | 706724  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.220% <br>2.469% VRN 1/11/28 (a) | 35000 | 33886  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.600% <br>4.839% VRN 2/01/34 (a) | 140000 | 138239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.860% <br>5.678% VRN 1/23/35 (a) | 40000 | 41527  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.100% <br>2.393% VRN 6/02/28 (a) | 940000 | 905610  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30 (a) | 310000 | 289643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.100% <br>4.897% VRN 7/25/33 (a) | 400000 | 400078  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.380% <br>5.211% VRN 12/03/35 (a) | 10000 | 10038  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.780% <br>5.499% VRN 1/23/35 (a) | 335000 | 343548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.740% <br>5.574% VRN 7/25/29 (a) | 240000 | 247814  |
|  |  | 14877243  |
| **Beverages — 0.5%**<br>|  |  |
| Anheuser-Busch InBev SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 3/22/44 EUR (e) (f) | 300000 | 346355  |
| Constellation Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 5/01/30 | 1300000 | 1310724  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Davide Campari-Milano NV, Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 1/17/29 EUR (e) (f) | $100000 | $113077  |
|  |  | 1770156  |
| **Biotechnology — 0.2%**<br>|  |  |
| Biogen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 5/15/35 | 580000 | 597295  |
| **Chemicals — 0.2%**<br>|  |  |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp; 1.832% 10/15/27 (e) | 70000 | 65945  |
| &nbsp;&nbsp;&nbsp; 2.300% 11/01/30 (e) | 570000 | 503737  |
| &nbsp;&nbsp;&nbsp; 3.268% 11/15/40 (e) | 30000 | 21957  |
| WR Grace Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 3/01/31 (e) | 60000 | 61441  |
|  |  | 653080  |
| **Commercial Services — 0.1%**<br>|  |  |
| AA Bond Co. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.450% 7/31/50 GBP (e) (f) | 100000 | 146140  |
| Grand Canyon University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 10/01/28 | 60000 | 58192  |
| Upbound Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/29 (e) | 75000 | 74193  |
| Worldline SA<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible, 0.000% 7/30/25 <br>EUR (e) (f) | 56000 | 76972  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible, 1.000% 7/30/26 <br>EUR (e) (f) | 160000 | 172472  |
|  |  | 527969  |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 12/15/27 | 355000 | 367162  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.528% 11/18/27 (e) | 389000 | 369777  |
| Blackrock, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 7/18/35 EUR (f) | 280000 | 336567  |
| Visa, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/44 EUR (f) | 120000 | 140959  |
|  |  | 1214465  |
| **Electric — 1.7%**<br>|  |  |
| Alabama Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.100% 4/02/35 | 810000 | 816313  |
| Alpha Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/32 (e) | 55000 | 56696  |
| Amprion GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.625% 9/23/33 EUR (e) (f) | 100000 | 93624  |
| Appalachian Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.650% 4/01/34 | 870000 | 895058  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Duke Energy Carolinas LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 9/30/42 | $820000 | $677755  |
| Duke Energy Florida LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/33 | 70000 | 74603  |
| E.ON SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 4/16/33 EUR (e) (f) | 235000 | 279541  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/16/40 EUR (e) (f) | 85000 | 99948  |
| Elia Group SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 6/11/31 EUR (e) (f) | 100000 | 120002  |
| Enel Finance International NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 2/20/43 EUR (e) (f) | 100000 | 119531  |
| Eurogrid GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.741% 4/21/33 EUR (e) (f) | 100000 | 95664  |
| &nbsp;&nbsp;&nbsp; 3.279% 9/05/31 EUR (e) (f) | 100000 | 118199  |
| Florida Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.990% 3/01/49 | 495000 | 389683  |
| Jersey Central Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.400% 5/15/36 | 120000 | 128176  |
| MidAmerican Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 9/15/43 | 1400000 | 1275419  |
| MVM Energetika Zrt<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/13/31 (e) | 200000 | 206809  |
| Northern States Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 5/15/35 | 780000 | 787792  |
| Public Service Co. of Oklahoma<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 1/15/35 | 85000 | 84847  |
| Southwestern Electric Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/01/51 | 170000 | 109842  |
| TenneT Holding BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 10/28/42 EUR (e) (f) | 100000 | 127561  |
|  |  | 6557063  |
| **Engineering & Construction — 0.1%**<br>|  |  |
| Artera Services LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 2/15/31 (e) | 50000 | 41636  |
| Heathrow Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.125% 10/08/32 EUR (e) (f) | 160000 | 169231  |
| &nbsp;&nbsp;&nbsp; 3.875% 1/16/38 EUR (e) (f) | 150000 | 174458  |
|  |  | 385325  |
| **Entertainment — 0.2%**<br>|  |  |
| FDJ UNITED<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 11/21/33 EUR (e) (f) | 100000 | 116252  |
|  Great Canadian Gaming Corp./Raptor LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 11/15/29 (e) | 125000 | 122353  |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/<br>Rivers Enterprise Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 2/01/33 (e) | 38000 | 38049  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Voyager Parent LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/01/32 (e) | $85000 | $88436  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.279% 3/15/32 | 241000 | 179244  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/15/42 | 260000 | 175175  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 68000 | 41990  |
|  |  | 761499  |
| **Food — 0.4%**<br>|  |  |
| ELO SACA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 3/22/29 EUR (e) (f) | 100000 | 109696  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 2/02/52 | 135000 | 104055  |
| &nbsp;&nbsp;&nbsp; 6.500% 12/01/52 | 210000 | 217883  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/34 | 245000 | 267458  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 3/01/32 (e) | 403000 | 362802  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/13/31 (e) | 635000 | 547387  |
|  |  | 1609281  |
| **Gas — 0.6%**<br>|  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.375% 6/01/28 (e) | 99000 | 102083  |
| &nbsp;&nbsp;&nbsp; 9.500% 6/01/30 (e) | 96000 | 99598  |
| KeySpan Gas East Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.994% 3/06/33 (e) | 630000 | 654725  |
| National Gas Transmission PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 4/05/30 EUR (e) (f) | 270000 | 332111  |
| Piedmont Natural Gas Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.640% 11/01/46 | 1070000 | 779608  |
| &nbsp;&nbsp;&nbsp; 5.100% 2/15/35 | 150000 | 150641  |
| &nbsp;&nbsp;&nbsp; 5.400% 6/15/33 | 5000 | 5152  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 5/01/33 (e) | 10000 | 10708  |
| &nbsp;&nbsp;&nbsp; 7.750% 5/01/35 (e) | 135000 | 146127  |
|  |  | 2280753  |
| **Health Care - Products — 0.2%**<br>|  |  |
| American Medical Systems Europe BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 3/08/31 EUR (f) | 320000 | 376336  |
| Stryker Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 9/11/32 EUR (f) | 100000 | 118328  |
| Thermo Fisher Scientific, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.875% 10/01/49 EUR (f) | 175000 | 133261  |
|  |  | 627925  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Health Care - Services — 1.1%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | $453000 | $404765  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.400% 3/15/51 | 250000 | 167377  |
| CommonSpirit Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.782% 10/01/30 | 290000 | 265479  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 2/15/35 | 440000 | 444605  |
| &nbsp;&nbsp;&nbsp; 5.375% 6/15/34 | 170000 | 173757  |
| Fortrea Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 7/01/30 (e) | 50000 | 45259  |
|  Fresenius Medical Care US Finance III, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.875% 12/01/26 (e) | 340000 | 326869  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 7/15/51 | 182000 | 120561  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/01/35 | 460000 | 462573  |
| Kedrion SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 9/01/29 (e) | 220000 | 210548  |
| Lonza Finance International NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 9/04/34 EUR (e) (f) | 155000 | 180826  |
| ModivCare, Inc. PIK 10.000%, Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/29 (d) (e) | 401100 | 112308  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/33 (e) | 105000 | 106879  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 1/15/30 | 50000 | 48400  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 7/15/34 (h) | 380000 | 383837  |
| &nbsp;&nbsp;&nbsp; 5.300% 6/15/35 | 170000 | 173268  |
| &nbsp;&nbsp;&nbsp; 5.625% 7/15/54 | 405000 | 392859  |
| Universal Health Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.650% 9/01/26 | 385000 | 371700  |
|  |  | 4391870  |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |  |
| Spectrum Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 3/15/31 (e) | 383000 | 307219  |
| **Insurance — 0.4%**<br>|  |  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.205% 3/08/27 (e) | 135000 | 131401  |
|  Farmers Exchange Capital III 3 mo. USD Term SOFR + 3.454%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.454% VRN 10/15/54 (a) (e) | 970000 | 876963  |
|  Teachers Insurance & Annuity Association of America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.270% 5/15/47 (e) | 130000 | 105536  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Willis North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 9/15/29 | $290000 | $272941  |
|  |  | 1386841  |
| **Internet — 0.2%**<br>|  |  |
| Alphabet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/55 | 355000 | 349628  |
| Getty Images, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.250% 2/21/30 (e) | 12004 | 11914  |
| Snap, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 3/01/33 (e) | 66000 | 67724  |
| Uber Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 9/15/34 | 325000 | 319227  |
|  |  | 748493  |
| **Investment Companies — 0.1%**<br>|  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/15/30 | 240000 | 224423  |
| &nbsp;&nbsp;&nbsp; 9.750% 1/15/29 | 10000 | 9714  |
|  |  | 234137  |
| **Lodging — 0.1%**<br>|  |  |
| Las Vegas Sands Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/14/30 | 390000 | 402352  |
| MGM Resorts International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 4/15/32 (h) | 60000 | 60979  |
|  |  | 463331  |
| **Machinery - Diversified — 0.0%**<br>|  |  |
| Oregon Tool Lux LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 10/15/29 (e) | 38304 | 21881  |
| **Media — 0.6%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.700% 4/01/51 | 180000 | 119900  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/28 | 92000 | 90299  |
| &nbsp;&nbsp;&nbsp; 4.908% 7/23/25 | 48000 | 47996  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/01/48 | 280000 | 254619  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/30 (e) | 99000 | 48964  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/29 (e) | 502000 | 408174  |
| &nbsp;&nbsp;&nbsp; 11.750% 1/31/29 (e) | 100000 | 95116  |
| DISH Network Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.750% 11/15/27 (e) | 36000 | 37110  |
| Sinclair Television Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 2/15/33 (e) | 10000 | 10102  |
| Sirius XM Radio LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 8/01/27 (e) | 20000 | 19829  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **68**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/01/41 | $385000 | $350068  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/40 | 170000 | 163210  |
| VZ Secured Financing BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/32 (e) | 571000 | 507966  |
|  |  | 2153353  |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |  |
| Xerox Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.250% 10/15/30 (e) | 100000 | 104694  |
| **Oil & Gas — 0.1%**<br>|  |  |
| Pertamina Persero PT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 8/27/30 (e) | 200000 | 183534  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 1/28/31 | 50000 | 45202  |
| &nbsp;&nbsp;&nbsp; 6.625% 6/15/35 | 300000 | 252834  |
| Shell Finance US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 9/12/46 | 25000 | 19271  |
| Transocean, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 2/15/30 (e) | 24000 | 24680  |
|  |  | 525521  |
| **Oil & Gas Services — 0.0%**<br>|  |  |
|  USA Compression Partners LP/USA Compression Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 9/01/27 | 65000 | 65131  |
| **Packaging & Containers — 0.5%**<br>|  |  |
| Amcor Finance USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 4/28/26 | 650000 | 644585  |
| Amcor Flexibles North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/17/35 (e) | 375000 | 380462  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/26 (e) (h) | 50000 | 46943  |
| &nbsp;&nbsp;&nbsp; 5.250% 8/15/27 (e) (h) | 295000 | 131549  |
| &nbsp;&nbsp;&nbsp; 5.250% 8/15/27 (e) (h) | 70000 | 31215  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.570% 1/15/26 | 394000 | 386956  |
| &nbsp;&nbsp;&nbsp; 1.650% 1/15/27 | 12000 | 11510  |
| &nbsp;&nbsp;&nbsp; 4.875% 7/15/26 (e) | 154000 | 153800  |
|  |  | 1787020  |
| **Pharmaceuticals — 0.9%**<br>|  |  |
| 1261229 BC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 4/15/32 (e) | 210000 | 211842  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 12/15/28 (e) | 698000 | 691500  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/25/38 (e) | 795000 | 703248  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/25/48 (e) | 75000 | 61461  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.780% 3/25/38 | $65000 | $59652  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/25/48 | 960000 | 828910  |
| &nbsp;&nbsp;&nbsp; 5.700% 6/01/34 | 30000 | 30888  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/53 | 160000 | 152876  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.516% <br>6.750% VRN 12/10/54 (a) | 120000 | 120261  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (a) | 190000 | 195968  |
| Grifols SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 10/15/28 (e) | 30000 | 28840  |
| &nbsp;&nbsp;&nbsp; 7.500% 5/01/30 EUR (e) (f) | 100000 | 123186  |
|  Teva Pharmaceutical Finance Netherlands II BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 6/01/31 EUR (f) | 218000 | 257420  |
|  Teva Pharmaceutical Finance Netherlands III BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 12/01/32 | 38000 | 38807  |
|  Teva Pharmaceutical Finance Netherlands IV BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 12/01/30 | 38000 | 38682  |
|  |  | 3543541  |
| **Pipelines — 0.2%**<br>|  |  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 6/15/28 | 125000 | 126856  |
| &nbsp;&nbsp;&nbsp; 5.150% 3/15/45 | 335000 | 295194  |
| Global Partners LP/GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 1/15/32 (e) | 15000 | 15775  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 6/01/28 (e) | 28000 | 28939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.440% <br>9.000% VRN (a) (e) (g) | 79000 | 76804  |
| &nbsp;&nbsp;&nbsp; 9.875% 2/01/32 (e) | 202000 | 218153  |
|  |  | 761721  |
| **Real Estate — 0.1%**<br>|  |  |
|  CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/27/34 EUR (e) (f) | 140000 | 171944  |
| Vonovia SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.750% 9/01/32 EUR (e) (f) | 100000 | 96718  |
| &nbsp;&nbsp;&nbsp; 2.250% 4/07/30 EUR (e) (f) | 100000 | 113627  |
|  |  | 382289  |
| **Real Estate Investment Trusts (REITS) — 0.8%** | **Real Estate Investment Trusts (REITS) — 0.8%** | **Real Estate Investment Trusts (REITS) — 0.8%** |
| American Assets Trust LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 10/01/34 | 180000 | 179880  |
| American Homes 4 Rent LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 7/15/31 | 155000 | 134969  |
| &nbsp;&nbsp;&nbsp; 3.375% 7/15/51 | 205000 | 135073  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **69**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.300% 9/15/31 | $356000 | $308849  |
| &nbsp;&nbsp;&nbsp; 2.700% 4/15/31 | 80000 | 71740  |
| &nbsp;&nbsp;&nbsp; 4.900% 3/15/30 | 240000 | 243402  |
| Equinix Europe 2 Financing Corp. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 11/22/34 EUR (f) | 190000 | 217852  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.400% 10/15/31 | 76000 | 66033  |
| GLP Capital LP/GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/30 | 32000 | 30752  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/31 | 75000 | 70691  |
| Healthcare Realty Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 2/15/30 | 95000 | 88108  |
| &nbsp;&nbsp;&nbsp; 3.625% 1/15/28 | 45000 | 43903  |
| Hudson Pacific Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 1/15/30 | 376000 | 307421  |
| &nbsp;&nbsp;&nbsp; 3.950% 11/01/27 | 48000 | 46030  |
| &nbsp;&nbsp;&nbsp; 4.650% 4/01/29 (h) | 2000 | 1797  |
| &nbsp;&nbsp;&nbsp; 5.950% 2/15/28 | 10000 | 9747  |
| LXP Industrial Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 10/01/31 | 430000 | 363094  |
| Prologis Euro Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 5/05/34 EUR (f) | 180000 | 216721  |
| Realty Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 7/06/30 EUR (f) | 270000 | 341104  |
| Rexford Industrial Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.150% 9/01/31 | 5000 | 4286  |
| VICI Properties LP/VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 2/15/29 (e) | 60000 | 58041  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/30 (e) | 19000 | 18237  |
|  |  | 2957730  |
| **Retail — 0.5%**<br>|  |  |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.500% 7/01/32 (e) (i) | 60000 | 61379  |
| Ferrellgas LP/Ferrellgas Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/01/26 (e) | 190000 | 188196  |
| &nbsp;&nbsp;&nbsp; 5.875% 4/01/29 (e) | 484000 | 447782  |
| Michaels Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/01/28 (e) | 170000 | 135915  |
| Papa John's International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 9/15/29 (e) | 200000 | 194208  |
| Starbucks Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 5/15/35 | 770000 | 784576  |
|  |  | 1812056  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Semiconductors — 0.1%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (e) | $60000 | $61542  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.050% 8/12/51 | 161000 | 95648  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/15/49 | 230000 | 145671  |
| &nbsp;&nbsp;&nbsp; 3.734% 12/08/47 | 90000 | 63493  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/21/54 | 115000 | 105501  |
| &nbsp;&nbsp;&nbsp; 5.700% 2/10/53 | 65000 | 60492  |
|  |  | 532347  |
| **Software — 0.1%**<br>|  |  |
| Fiserv Funding ULC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 6/15/36 EUR (f) | 165000 | 193782  |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 5/01/29 (e) | 40000 | 41146  |
| Open Text Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.900% 12/01/27 (e) | 50000 | 51765  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 8/03/28 | 235000 | 238861  |
|  |  | 525554  |
| **Telecommunications — 0.3%**<br>|  |  |
| Altice Financing SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/28 (e) | 23000 | 17303  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/15/29 (e) | 45000 | 32858  |
| &nbsp;&nbsp;&nbsp; 9.625% 7/15/27 (e) | 35000 | 30100  |
| Consolidated Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/28 (e) | 125000 | 126311  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/01/28 (e) | 64000 | 65138  |
| EchoStar Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/30/29 | 19000 | 19570  |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp; 8.625% 3/15/31 (e) | 109000 | 115813  |
| Global Switch Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.375% 10/07/30 EUR (e) (f) | 250000 | 275764  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 4/15/27 | 375000 | 371084  |
| Vmed O2 UK Financing I PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 7/15/31 (e) | 21000 | 19426  |
| &nbsp;&nbsp;&nbsp; 7.750% 4/15/32 (e) | 40000 | 41566  |
| Zayo Group Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/01/27 (e) | 75000 | 70333  |
|  |  | 1185266  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **70**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Water — 0.1%**<br>|  |  |
| Severn Trent Utilities Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/04/35 EUR (e) (f) | $170000 | $201436  |
| Suez SACA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.875% 5/24/34 EUR (e) (f) | 200000 | 220361  |
| United Utilities Water Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 5/23/34 EUR (e) (f) | 100000 | 117802  |
|  |  | 539599  |
| **TOTAL CORPORATE DEBT**<br>**(Cost $60,327,312)** |  | **59332213**  |
| **Municipal Obligations — 0.6%** | **Municipal Obligations — 0.6%** |  |
| **California — 0.1%**<br>|  |  |
|  California State University, Revenue Bonds, Series B, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.374% 11/01/35 | 5000 | 3992  |
|  University of California, Revenue Bonds, Series BI,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.247% 5/15/34 | 290000 | 239456  |
|  |  | 243448  |
| **New Jersey — 0.1%**<br>|  |  |
|  Jersey City Municipal Utilities Authority, NJ, Revenue Bonds, Series B, 5.470% 5/15/27 | 275000 | 277487  |
| **New York — 0.4%**<br>|  |  |
|  City of New York, NY, General Obligation, Series G1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.968% 3/01/36 | 500000 | 524200  |
|  New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, Revenue Bonds, Series G3, 2.450% 11/01/34 | 560000 | 461483  |
|  New York State Dormitory Authority, Revenue Bonds, Series H,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.289% 3/15/33 | 677504 | 686318  |
|  |  | 1672001  |
| **TOTAL MUNICIPAL OBLIGATIONS**<br>**(Cost $2,436,762)** |  | **2192936**  |
| **Non-U.S. Government Agency Obligations — 17.7%**<br>|  |  |
| **Automobile Asset-Backed Securities — 0.1%** | **Automobile Asset-Backed Securities — 0.1%** |  |
|  FHF Issuer Trust, Series 2025-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 6/15/32 (e) | 400000 | 401972  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Commercial Mortgage-Backed Securities — 3.0%** | **Commercial Mortgage-Backed Securities — 3.0%** | **Commercial Mortgage-Backed Securities — 3.0%** |
|  BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.227% VRN 8/10/38 (a) (e) (j) | $620000 | $602625  |
| BX Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A, <br>2.843% 3/09/44 (e) | 1160000 | 1056147  |
| &nbsp;&nbsp;&nbsp; Series 2020-VIVA, Class D, <br>3.667% VRN 3/11/44 (a) (e) (j) | 780000 | 710433  |
| &nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class A, 1 mo. USD Term SOFR + 2.115% <br>6.427% FRN 6/15/27 (a) (e) | 692000 | 695028  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, <br>3.202% 12/09/41 (e) | 180000 | 167894  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, <br>4.076% VRN 12/09/41 (a) (e) (j) | 300000 | 273893  |
| &nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% <br>5.892% FRN 1/15/39 (a) (e) | 443000 | 441616  |
|  BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, 1 mo. USD Term SOFR + 3.188%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% FRN 3/15/35 (a) (e) | 894000 | 896235  |
| &nbsp;&nbsp;&nbsp; Century Plaza Towers, Series 2019-CPT, Class A <br>2.865% 11/13/39 (e) | 355000 | 322360  |
|  DC Office Trust, Series 2019-MTC, Class A 2.965% 9/15/45 (e) | 375000 | 345367  |
|  Grace Trust, Series 2020-GRCE, Class A 2.347% 12/10/40 (e) | 900000 | 791224  |
| &nbsp;&nbsp;&nbsp; GWT Trust, Series 2024-WLF2, Class B, 1 mo. USD Term <br>SOFR + 2.141%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.452% FRN 5/15/41 (a) (e) | 601000 | 602504  |
| Hudson Yards Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-55HY, Class A, <br>3.041% VRN 12/10/41 (a) (e) (j) | 375000 | 347112  |
| &nbsp;&nbsp;&nbsp; Series 2019-30HY, Class A, <br>3.228% 7/10/39 (e) | 385000 | 361755  |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.397% 6/05/39 (e) | 385000 | 360663  |
| &nbsp;&nbsp;&nbsp; MKT Mortgage Trust, Series 2020-525M, Class A <br>2.694% 2/12/40 (e) | 255000 | 224047  |
|  NYC Commercial Mortgage Trust, Series 2025-1155, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.833% 6/10/42 (e) | 701000 | 709116  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **71**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  One Bryant Park Trust, Series 2019-OBP, Class A 2.516% 9/15/54 (e) | $490000 | $445340  |
|  SFAVE Commercial Mortgage Securities Trust<br>|  |  |
|  Series 2015-5AVE, Class A1, 3.872% VRN 1/05/43 (a) (e) (j) | 655000 | 551809  |
|  Series 2015-5AVE, Class A2B, 4.144% VRN 1/05/43 (a) (e) (j) | 1000000 | 868765  |
|  SMRT Commercial Mortgage Trust, Series 2022-MINI, Class F, 1 mo. USD Term SOFR + 3.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.662% FRN 1/15/39 (a) (e) | 630000 | 615002  |
|  |  | 11388935  |
| **Home Equity Asset-Backed Securities — 2.1%** | **Home Equity Asset-Backed Securities — 2.1%** | **Home Equity Asset-Backed Securities — 2.1%** |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-4, Class M2, 1 mo. USD Term SOFR + 0.819%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.139% FRN 10/25/35 (a) | 549661 | 516400  |
|  Countrywide Asset-Backed Certificates Trust, Series 2004-7, Class MF2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.649% VRN 10/25/34 (a) (j) | 1311870 | 1265133  |
| FIGRE Trust, Series 2025-HE3, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.560% VRN 5/25/55 (a) (e) (j) | 1411887 | 1413601  |
|  JP Morgan Mortgage Acquisition Trust, Series 2007-HE1, Class AF4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.260% STEP 3/25/47 | 2354534 | 1553526  |
|  Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A2, 1 mo. USD Term SOFR + 0.334%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.654% FRN 10/25/36 (a) | 5715805 | 1790984  |
|  Morgan Stanley Capital I, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.014% FRN 1/25/36 (a) | 609181 | 585492  |
|  Saxon Asset Securities Trust, Series 2007-2, Class A2C, 1 mo. USD Term SOFR + 0.354%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.674% FRN 5/25/47 (a) | 1355968 | 942505  |
|  |  | 8067641  |
| **Other Asset-Backed Securities — 5.4%** | **Other Asset-Backed Securities — 5.4%** |  |
|  AMMC CLO 24 Ltd., Series 2021-24A, Class AR, 3 mo. USD Term SOFR + 1.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.470% FRN 1/20/35 (a) (e) | 950000 | 950277  |
|  Apidos CLO XXX Ltd., Series XXXA, Class A1AR, 3 mo. USD Term SOFR + 1.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% FRN 10/18/31 (a) (e) | 249700 | 249706  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  ARES XXVII CLO Ltd., Series 2013-2A, Class BR3, 3 mo. USD Term SOFR + 1.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.933% FRN 10/28/34 (a) (e) | $790000 | $790318  |
| Bain Capital Credit CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR3, 3 mo. USD Term SOFR + 0.920% <br>5.200% FRN 10/17/32 (a) (e) | 470692 | 469300  |
| &nbsp;&nbsp;&nbsp; Series 2021-6A, Class A1R, 3 mo. USD Term SOFR + 1.090% <br>5.360% FRN 10/21/34 (a) (e) | 825000 | 825495  |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2018-4A, Class A1R, 3 mo. USD Term <br>SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.406% FRN 10/15/30 (a) (e) | 657331 | 657607  |
|  BlueMountain CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.132% FRN 10/25/30 (a) (e) | 800000 | 802186  |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, Series 2021-3A, Class AR, 3 mo. USD Term <br>SOFR + 1.070%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.352% FRN 1/25/35 (a) (e) | 900000 | 900414  |
|  Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.300% 12/26/51 (e) | 1800000 | 1742470  |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 5/20/55 (e) | 355000 | 365719  |
|  CyrusOne Data Centers Issuer I LLC, Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.910% 2/20/50 (e) | 460000 | 468387  |
|  Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 3 mo. USD Term SOFR + 1.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.906% FRN 10/15/30 (a) (e) | 700000 | 700225  |
| &nbsp;&nbsp;&nbsp; Dryden 95 CLO Ltd., Series 2021-95A, Class BR, 3 mo. USD Term <br>SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.922% FRN 8/20/34 (a) (e) | 780000 | 779605  |
|  Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 3 mo. USD Term SOFR + 1.162%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.418% FRN 4/15/29 (a) (e) | 294509 | 294817  |
| FirstKey Homes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E, <br>2.668% 10/19/37 (e) | 390000 | 385508  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F1, <br>3.238% 8/17/38 (e) | 1000000 | 971178  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **72**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Flexential Issuer, Series 2021-1A, Class A2 3.250% 11/27/51 (e) | $460000 | $442705  |
|  HPS Loan Management Ltd., Series 2021-16A, Class A1, 3 mo. USD Term SOFR + 1.402%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.681% FRN 1/23/35 (a) (e) | 1000000 | 1001352  |
| &nbsp;&nbsp;&nbsp; Magnetite XII Ltd., Series 2015-12A, Class AR4, 3 mo. USD Term <br>SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.406% FRN 10/15/31 (a) (e) | 234301 | 234302  |
| &nbsp;&nbsp;&nbsp; Magnetite XXV Ltd., Series 2020-25A, Class A, 3 mo. USD Term <br>SOFR + 1.462%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.743% FRN 1/25/32 (a) (e) | 542877 | 542879  |
|  Progress Residential Trust, Series 2021-SFR10, Class F<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.608% 12/17/40 (e) | 1068979 | 1045620  |
|  Regatta 32 Funding Ltd., Series 2025-4A, Class A1, 3 mo. USD Term SOFR + 1.340%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.628% FRN 7/25/38 (a) (e) | 950000 | 953164  |
| Rockford Tower CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130% <br>5.452% FRN 8/20/32 (a) (e) | 1360504 | 1359796  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 3 mo. USD Term SOFR + 1.432% <br>5.701% FRN 7/20/34 (a) (e) | 850000 | 851333  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class BRR, 3 mo. USD Term SOFR + 1.550% <br>5.820% FRN 1/20/36 (a) (e) | 1000000 | 997563  |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, <br>Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.036% 3/25/55 (e) | 770000 | 759310  |
|  TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 3 mo. USD Term SOFR + 1.140%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.410% FRN 1/20/32 (a) (e) | 524375 | 524612  |
|  Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.645% 9/15/45 (e) | 444000 | 440810  |
|  |  | 20506658  |
| **Student Loans Asset-Backed Securities — 0.8%** | **Student Loans Asset-Backed Securities — 0.8%** | **Student Loans Asset-Backed Securities — 0.8%** |
| &nbsp;&nbsp;&nbsp; Access Group, Inc., Series 2015-1, Class A, 30 day USD SOFR <br>Average + 0.814%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.120% FRN 7/25/56 (a) (e) | 187689 | 185392  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 90 day USD SOFR Average + 0.462%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.802% FRN 3/28/35 (a) | $673094 | $651432  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class A4, 90 day USD SOFR Average + 0.592% <br>4.955% FRN 1/25/22 (a) (k) | 236226 | 231960  |
|  Series 2012-7, Class A3, 30 day USD SOFR Average + 0.764% 5.070% FRN 5/26/26 (a) | 393352 | 381303  |
| &nbsp;&nbsp;&nbsp; Series 2012-2, Class A, 30 day USD SOFR Average + 0.814% 5.120% <br>FRN 1/25/29 (a) | 462542 | 444925  |
| &nbsp;&nbsp;&nbsp; Series 2012-1, Class A3, 30 day USD SOFR Average + 1.064% <br>5.370% FRN 9/25/28 (a) | 360774 | 348267  |
| &nbsp;&nbsp;&nbsp; Series 2008-6, Class A4, 90 day USD SOFR Average + 1.362% <br>5.725% FRN 7/26/83 (a) | 276030 | 273755  |
| &nbsp;&nbsp;&nbsp; Series 2008-5, Class B, 90 day USD SOFR Average + 2.112% 6.475% <br>FRN 7/25/73 (a) | 700000 | 715076  |
|  |  | 3232110  |
| &nbsp;&nbsp;&nbsp; **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.3%**<br>|  |  |
|  American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD Term SOFR + 2.428%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.702% FRN 6/25/45 (a) | 58490 | 58107  |
| Angel Oak Mortgage Trust<br>|  |  |
|  Series 2021-7, Class A1, 1.978% VRN 10/25/66 (a) (e) (j) | 173725 | 150238  |
|  Series 2022-6, Class A1, 4.300% STEP 7/25/67 (e) | 687219 | 682335  |
|  BRAVO Residential Funding Trust, Series 2024-NQM5, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.158% STEP 6/25/64 (e) | 867006 | 871464  |
|  Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.669% VRN 3/25/37 (a) (j) | 164968 | 158415  |
|  Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 yr. CMT + 2.400%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.230% FRN 10/25/35 (a) | 114271 | 116323  |
|  COLT Mortgage Loan Trust, Series 2021-6, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.907% VRN 12/25/66 (a) (e) (j) | 538374 | 488414  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **73**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA6, Class 1A2, 1 mo. USD Term SOFR + 0.534% <br>4.854% FRN 7/25/46 (a) | $680980 | $598118  |
| &nbsp;&nbsp;&nbsp; Series 2005-31, Class 2A1, 1 mo. USD Term SOFR + 0.714% <br>5.034% FRN 8/25/35 (a) | 646495 | 583113  |
|  Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.850% VRN 9/25/57 (a) (e) (j) | 603748 | 582143  |
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, <br>Series 2025-H4, Class A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.778% STEP 6/25/70 (e) | 1179921 | 1183776  |
|  Deephaven Residential Mortgage Trust, Series 2021-4, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.931% VRN 11/25/66 (a) (e) (j) | 1182769 | 1034792  |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 1A3, 1 mo. USD Term <br>SOFR + 0.614%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.934% FRN 2/25/35 (a) | 901552 | 877000  |
|  First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M1, 1 mo. USD Term SOFR + 0.669%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.989% FRN 1/25/36 (a) | 497076 | 487666  |
|  First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.369% VRN 11/25/35 (a) (j) | 165844 | 131926  |
| GCAT Trust<br>|  |  |
|  Series 2024-INV4, Class A2, 5.500% VRN 12/25/54 (a) (e) (j) | 555771 | 552276  |
|  Series 2025-INV2, Class A1, 6.000% VRN 5/25/55 (a) (e) (j) | 1500000 | 1514121  |
|  GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.750% VRN 12/25/60 (a) (e) (j) | 1129621 | 1066808  |
|  GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 10/25/57 (e) | 411389 | 403334  |
|  HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD Term SOFR + 0.514%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.841% FRN 11/19/36 (a) | 1398630 | 1095924  |
| &nbsp;&nbsp;&nbsp; Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD Term <br>SOFR + 0.634%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.954% FRN 4/25/35 (a) | 711120 | 674646  |
| IndyMac Index Mortgage Loan Trust<br>|  |  |
|  Series 2005-AR19, Class A1, 3.678% VRN 10/25/35 (a) (j) | 577076 | 436509  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR27, Class 1A3, 1 mo. USD Term SOFR + 0.654% <br>4.974% FRN 10/25/36 (a) | $1116189 | $454144  |
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, <br>Series 2005-AR1, Class M1, 1 mo. USD Term SOFR + 1.184%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.504% FRN 2/25/35 (a) | 242489 | 239880  |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2021-NQM3, Class A1,<br>1.054% VRN 7/25/61 (a) (e) (j) | 1570747 | 1284358  |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4, Class M2, 1 mo. USD Term SOFR + 0.864% 5.184% FRN 11/25/35 (a) | 1436592 | 1399262  |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, <br>Series 2024-INV1, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% VRN 10/25/59 (a) (e) (j) | 919646 | 915012  |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, <br>Series 2022-AFC2, Class A3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.140% VRN 8/25/57 (a) (e) (j) | 1495997 | 1497404  |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, <br>Series 2025-6, Class A5,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% VRN 7/25/55 (a) (e) (j) | 1500000 | 1505890  |
|  Structured Asset Mortgage Investments II Trust, Series 2006-AR8, Class A2, 1 mo. USD Term SOFR + 0.534%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.854% FRN 10/25/36 (a) | 1384531 | 1229511  |
|  Washington Mutual Mortgage Pass-Through Certificates Trust<br>|  |  |
|  Series 2005-AR15, Class A1A1, 1 mo. USD Term SOFR + 0.634% 4.954% FRN 11/25/45 (a) | 1287934 | 1189781  |
|  Series 2005-AR13, Class A1A1, 1 mo. USD Term SOFR + 0.694% 5.014% FRN 10/25/45 (a) | 217765 | 206957  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A21, 1 mo. USD Term SOFR + 0.774% <br>5.094% FRN 1/25/45 (a) | 166814 | 163807  |
|  Series 2006-1, Class 3A2, 5.750% 2/25/36 | 375912 | 358237  |
|  |  | 24191691  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>**(Cost $68,095,201)** |  | **67789007**  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **74**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Sovereign Debt Obligations — 0.6%** | **Sovereign Debt Obligations — 0.6%** | **Sovereign Debt Obligations — 0.6%** |
|  Brazilian Government International Bond 6.125% 3/15/34 | $200000 | $197912  |
| &nbsp;&nbsp;&nbsp; Israel Government International <br>Bond 5.375% 2/19/30 | 200000 | 203816  |
|  Kazakhstan Government International Bond 5.500% 7/01/37 (e) (i) | 200000 | 200600  |
|  Mexico Government International Bond 4.875% 5/19/33 | 300000 | 282960  |
|  Panama Government International Bond 6.400% 2/14/35 (h) | 200000 | 194200  |
|  Paraguay Government International Bond 4.950% 4/28/31 (e) | 200000 | 198700  |
|  Perusahaan Penerbit SBSN Indonesia III 2.550% 6/09/31 (e) | 200000 | 178306  |
|  Republic of South Africa Government International Bond 5.875% 4/20/32 | 250000 | 244551  |
|  Romanian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 2/14/31 (e) | 110000 | 94064  |
| &nbsp;&nbsp;&nbsp; 5.750% 3/24/35 (e) | 566000 | 522656  |
|  |  | 2317765  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $2,358,302)** |  | **2317765**  |
| **U.S. Government Agency Obligations** <br>**and Instrumentalities (l) — 35.9%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (l) — 35.9%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (l) — 35.9%** |
| **Collateralized Mortgage Obligations — 0.7%** | **Collateralized Mortgage Obligations — 0.7%** |  |
|  Federal Home Loan Mortgage Corp. REMICS<br>|  |  |
|  Series 4818, Class CA, 3.000% 4/15/48 | 116651 | 102921  |
|  Series 4639, Class HZ, 3.250% STEP 4/15/53 | 1749955 | 1402183  |
|  Series 4846, Class PA, 4.000% 6/15/47 | 14844 | 14775  |
|  Federal National Mortgage Association REMICS<br>|  |  |
|  Series 2018-43, Class CT, 3.000% 6/25/48 | 206652 | 182167  |
|  Series 2018-57, Class QA, 3.500% 5/25/46 | 5951 | 5928  |
|  Government National Mortgage Association REMICS<br>|  |  |
|  Series 2018-124, Class NW, 3.500% 9/20/48 | 196753 | 176897  |
|  Series 2019-15, Class GT, 3.500% 2/20/49 | 123655 | 110923  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Series 2024-97, Class FW, 30 day USD SOFR Average + 1.150% 5.452% FRN 6/20/54 (a) | $238804 | $238318  |
|  Series 2024-30, Class AF, 30 day USD SOFR Average + 1.250% 5.552% FRN 2/20/54 (a) | 421878 | 421412  |
|  |  | 2655524  |
| **Pass-Through Securities — 34.9%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #QD7213 2.000% 2/01/52 | 1900809 | 1508359  |
| &nbsp;&nbsp;&nbsp; Pool #QE0312 2.000% 4/01/52 | 670155 | 531792  |
| &nbsp;&nbsp;&nbsp; Pool #SD8194 2.500% 2/01/52 | 1377096 | 1145665  |
| &nbsp;&nbsp;&nbsp; Pool #RA6815 2.500% 2/01/52 | 1843751 | 1545995  |
| &nbsp;&nbsp;&nbsp; Pool #SD8205 2.500% 4/01/52 | 5793160 | 4819577  |
| &nbsp;&nbsp;&nbsp; Pool #SD8212 2.500% 5/01/52 | 2885484 | 2400557  |
| &nbsp;&nbsp;&nbsp; Pool #G08710 3.000% 6/01/46 | 79641 | 70954  |
| &nbsp;&nbsp;&nbsp; Pool #ZM1779 3.000% 9/01/46 | 400998 | 356798  |
| &nbsp;&nbsp;&nbsp; Pool #G08726 3.000% 10/01/46 | 601544 | 535366  |
| &nbsp;&nbsp;&nbsp; Pool #G08732 3.000% 11/01/46 | 219697 | 195527  |
| &nbsp;&nbsp;&nbsp; Pool #G08741 3.000% 1/01/47 | 606882 | 540117  |
| &nbsp;&nbsp;&nbsp; Pool #QD8259 3.000% 3/01/52 | 1704370 | 1476561  |
| &nbsp;&nbsp;&nbsp; Pool #SD8220 3.000% 6/01/52 | 4720422 | 4089482  |
| &nbsp;&nbsp;&nbsp; Pool #G07848 3.500% 4/01/44 | 911872 | 855664  |
| &nbsp;&nbsp;&nbsp; Pool #G60023 3.500% 4/01/45 | 851749 | 793897  |
| &nbsp;&nbsp;&nbsp; Pool #G08711 3.500% 6/01/46 | 259864 | 240025  |
| &nbsp;&nbsp;&nbsp; Pool #G08716 3.500% 8/01/46 | 363559 | 335803  |
| &nbsp;&nbsp;&nbsp; Pool #G67700 3.500% 8/01/46 | 427510 | 395674  |
| &nbsp;&nbsp;&nbsp; Pool #G08722 3.500% 9/01/46 | 63537 | 58686  |
| &nbsp;&nbsp;&nbsp; Pool #G08742 3.500% 1/01/47 | 297272 | 274391  |
| &nbsp;&nbsp;&nbsp; Pool #G08757 3.500% 4/01/47 | 75491 | 69586  |
| &nbsp;&nbsp;&nbsp; Pool #ZA5103 3.500% 12/01/47 | 2876 | 2642  |
| &nbsp;&nbsp;&nbsp; Pool #G67707 3.500% 1/01/48 | 1554315 | 1440509  |
| &nbsp;&nbsp;&nbsp; Pool #G08800 3.500% 2/01/48 | 26336 | 24161  |
| &nbsp;&nbsp;&nbsp; Pool #G08816 3.500% 6/01/48 | 210506 | 193119  |
| &nbsp;&nbsp;&nbsp; Pool #G61556 3.500% 8/01/48 | 356089 | 328125  |
| &nbsp;&nbsp;&nbsp; Pool #G60344 4.000% 12/01/45 | 455403 | 435784  |
| &nbsp;&nbsp;&nbsp; Pool #G67711 4.000% 3/01/48 | 500183 | 476134  |
| &nbsp;&nbsp;&nbsp; Pool #G67713 4.000% 6/01/48 | 2077 | 1976  |
| &nbsp;&nbsp;&nbsp; Pool #SD3246 4.000% 8/01/52 | 1572744 | 1464501  |
| &nbsp;&nbsp;&nbsp; Pool #RA7921 4.000% 9/01/52 | 1413909 | 1317702  |
| &nbsp;&nbsp;&nbsp; Pool #SD5321 4.000% 10/01/52 | 1602285 | 1495264  |
| &nbsp;&nbsp;&nbsp; Pool #SD5323 4.000% 1/01/54 | 825561 | 769387  |
| &nbsp;&nbsp;&nbsp; Pool #G08843 4.500% 10/01/48 | 96178 | 93446  |
| &nbsp;&nbsp;&nbsp; Pool #SD2322 4.500% 9/01/52 | 452525 | 434476  |
| &nbsp;&nbsp;&nbsp; Pool #SD8275 4.500% 12/01/52 | 2024135 | 1942611  |
| &nbsp;&nbsp;&nbsp; Pool #SD8287 4.500% 1/01/53 | 485220 | 465677  |
| &nbsp;&nbsp;&nbsp; Pool #SD2730 4.500% 4/01/53 | 1346410 | 1292182  |
| &nbsp;&nbsp;&nbsp; Pool #G08833 5.000% 7/01/48 | 63398 | 63537  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **75**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #G08844 5.000% 10/01/48 | $58033 | $58161  |
| &nbsp;&nbsp;&nbsp; Pool #SD8491 5.000% 12/01/54 | 934465 | 915989  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4176 2.000% 11/01/40 | 1045169 | 902105  |
| &nbsp;&nbsp;&nbsp; Pool #MA4333 2.000% 5/01/41 | 156652 | 134656  |
| &nbsp;&nbsp;&nbsp; Pool #MA4158 2.000% 10/01/50 | 886166 | 708189  |
| &nbsp;&nbsp;&nbsp; Pool #BQ6913 2.000% 12/01/51 | 1993455 | 1583746  |
| &nbsp;&nbsp;&nbsp; Pool #MA4492 2.000% 12/01/51 | 1523163 | 1210112  |
| &nbsp;&nbsp;&nbsp; Pool #BQ7006 2.000% 1/01/52 | 3139538 | 2494278  |
| &nbsp;&nbsp;&nbsp; Pool #CB2802 2.000% 2/01/52 | 991082 | 790485  |
| &nbsp;&nbsp;&nbsp; Pool #MA4547 2.000% 2/01/52 | 466108 | 369873  |
| &nbsp;&nbsp;&nbsp; Pool #MA4562 2.000% 3/01/52 | 3764150 | 2986987  |
| &nbsp;&nbsp;&nbsp; Pool #FS1598 2.000% 4/01/52 | 1426115 | 1131673  |
| &nbsp;&nbsp;&nbsp; Pool #FS8510 2.000% 10/01/52 | 1041268 | 826283  |
| &nbsp;&nbsp;&nbsp; Pool #MA4512 2.500% 1/01/52 | 1456291 | 1212460  |
| &nbsp;&nbsp;&nbsp; Pool #MA4548 2.500% 2/01/52 | 1398425 | 1163409  |
| &nbsp;&nbsp;&nbsp; Pool #MA4563 2.500% 3/01/52 | 1427390 | 1187507  |
| &nbsp;&nbsp;&nbsp; Pool #MA1607 3.000% 10/01/33 | 195627 | 188026  |
| &nbsp;&nbsp;&nbsp; Pool #MA3811 3.000% 10/01/49 | 180690 | 156369  |
| &nbsp;&nbsp;&nbsp; Pool #CB2430 3.000% 12/01/51 | 2511023 | 2173041  |
| &nbsp;&nbsp;&nbsp; Pool #CB2545 3.000% 1/01/52 | 1440453 | 1246569  |
| &nbsp;&nbsp;&nbsp; Pool #BV8477 3.000% 5/01/52 | 463210 | 403034  |
| &nbsp;&nbsp;&nbsp; Pool #AB4262 3.500% 1/01/32 | 139326 | 136670  |
| &nbsp;&nbsp;&nbsp; Pool #MA1512 3.500% 7/01/33 | 81981 | 80082  |
| &nbsp;&nbsp;&nbsp; Pool #MA1148 3.500% 8/01/42 | 525832 | 492463  |
| &nbsp;&nbsp;&nbsp; Pool #CA0996 3.500% 1/01/48 | 102921 | 94619  |
| &nbsp;&nbsp;&nbsp; Pool #MA3305 3.500% 3/01/48 | 20212 | 18519  |
| &nbsp;&nbsp;&nbsp; Pool #BL1132 3.730% 1/01/29 | 920000 | 909426  |
| &nbsp;&nbsp;&nbsp; Pool #MA1146 4.000% 8/01/42 | 212188 | 203680  |
| &nbsp;&nbsp;&nbsp; Pool #AS9830 4.000% 6/01/47 | 100660 | 95289  |
| &nbsp;&nbsp;&nbsp; Pool #MA3027 4.000% 6/01/47 | 153472 | 145284  |
| &nbsp;&nbsp;&nbsp; Pool #AS9972 4.000% 7/01/47 | 93089 | 88122  |
| &nbsp;&nbsp;&nbsp; Pool #FS4947 4.000% 1/01/53 | 796039 | 741874  |
| &nbsp;&nbsp;&nbsp; Pool #931504 4.500% 7/01/39 | 31606 | 31331  |
| &nbsp;&nbsp;&nbsp; Pool #CA1710 4.500% 5/01/48 | 333675 | 324094  |
| &nbsp;&nbsp;&nbsp; Pool #CA1711 4.500% 5/01/48 | 108575 | 105458  |
| &nbsp;&nbsp;&nbsp; Pool #CA2208 4.500% 8/01/48 | 188311 | 182845  |
| &nbsp;&nbsp;&nbsp; Pool #MA4701 4.500% 8/01/52 | 574453 | 551541  |
| &nbsp;&nbsp;&nbsp; Pool #MA4733 4.500% 9/01/52 | 936568 | 899213  |
| &nbsp;&nbsp;&nbsp; Pool #BW9897 4.500% 10/01/52 | 617580 | 592320  |
| &nbsp;&nbsp;&nbsp; Pool #CB4800 4.500% 10/01/52 | 1428510 | 1370975  |
| &nbsp;&nbsp;&nbsp; Pool #FS4701 4.500% 4/01/53 | 1566034 | 1501492  |
| &nbsp;&nbsp;&nbsp; Pool #FS9508 4.500% 3/01/54 | 1792513 | 1717377  |
| &nbsp;&nbsp;&nbsp; Pool #AD6374 5.000% 5/01/40 | 6284 | 6357  |
| &nbsp;&nbsp;&nbsp; Pool #AI2733 5.000% 5/01/41 | 75414 | 76294  |
| &nbsp;&nbsp;&nbsp; Pool #MA4978 5.000% 4/01/53 | 148043 | 145497  |
| &nbsp;&nbsp;&nbsp; Pool #FS7252 5.000% 11/01/53 | 1151003 | 1130854  |
| &nbsp;&nbsp;&nbsp; Pool #977014 5.500% 5/01/38 | 5756 | 5959  |
| &nbsp;&nbsp;&nbsp; Pool #985524 5.500% 6/01/38 | 11065 | 11458  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #988578 5.500% 8/01/38 | $69353 | $71758  |
| &nbsp;&nbsp;&nbsp; Pool #995482 5.500% 1/01/39 | 42952 | 44481  |
| &nbsp;&nbsp;&nbsp; Pool #MA5107 5.500% 8/01/53 | 2019354 | 2022496  |
|  Government National Mortgage Association II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4126 3.000% 12/20/46 | 463486 | 415002  |
| &nbsp;&nbsp;&nbsp; Pool #MA4718 3.000% 9/20/47 | 50133 | 44779  |
| &nbsp;&nbsp;&nbsp; Pool #MA4836 3.000% 11/20/47 | 176250 | 157428  |
| &nbsp;&nbsp;&nbsp; Pool #MA6209 3.000% 10/20/49 | 151255 | 131604  |
| &nbsp;&nbsp;&nbsp; Pool #MA3521 3.500% 3/20/46 | 178692 | 165082  |
| &nbsp;&nbsp;&nbsp; Pool #MA3597 3.500% 4/20/46 | 55839 | 51586  |
| &nbsp;&nbsp;&nbsp; Pool #MA3663 3.500% 5/20/46 | 81171 | 74989  |
| &nbsp;&nbsp;&nbsp; Pool #MA3937 3.500% 9/20/46 | 67069 | 61960  |
| &nbsp;&nbsp;&nbsp; Pool #MA4127 3.500% 12/20/46 | 246644 | 227781  |
| &nbsp;&nbsp;&nbsp; Pool #MA4262 3.500% 2/20/47 | 248441 | 229440  |
| &nbsp;&nbsp;&nbsp; Pool #MA4382 3.500% 4/20/47 | 63809 | 58929  |
| &nbsp;&nbsp;&nbsp; Pool #MA4719 3.500% 9/20/47 | 77997 | 71982  |
| &nbsp;&nbsp;&nbsp; Pool #MA4837 3.500% 11/20/47 | 161890 | 149306  |
| &nbsp;&nbsp;&nbsp; Pool #MA4900 3.500% 12/20/47 | 585018 | 540823  |
| &nbsp;&nbsp;&nbsp; Pool #MA4653 4.000% 8/20/47 | 30999 | 29288  |
| &nbsp;&nbsp;&nbsp; Pool #MA4838 4.000% 11/20/47 | 127749 | 120620  |
| &nbsp;&nbsp;&nbsp; Pool #MA4901 4.000% 12/20/47 | 56127 | 52995  |
| &nbsp;&nbsp;&nbsp; Pool #MA5078 4.000% 3/20/48 | 189158 | 178425  |
| &nbsp;&nbsp;&nbsp; Pool #MA5466 4.000% 9/20/48 | 211631 | 199424  |
| &nbsp;&nbsp;&nbsp; Pool #MA5399 4.500% 8/20/48 | 380375 | 371009  |
| &nbsp;&nbsp;&nbsp; Pool #MA8347 4.500% 10/20/52 | 1576807 | 1522831  |
| &nbsp;&nbsp;&nbsp; Pool #MA9963 4.500% 10/20/54 | 1224683 | 1174341  |
| &nbsp;&nbsp;&nbsp; Pool #MA3666 5.000% 5/20/46 | 62878 | 63714  |
| &nbsp;&nbsp;&nbsp; Pool #MA4199 5.000% 1/20/47 | 63939 | 64774  |
| &nbsp;&nbsp;&nbsp; Pool #MA4454 5.000% 5/20/47 | 103731 | 104502  |
| &nbsp;&nbsp;&nbsp; Pool #MA4722 5.000% 9/20/47 | 108102 | 108838  |
|  Government National Mortgage Association II, TBA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 7/20/54 (i) | 5225000 | 4440580  |
| &nbsp;&nbsp;&nbsp; 4.000% 7/20/54 (i) | 3950000 | 3670817  |
| &nbsp;&nbsp;&nbsp; 4.500% 7/20/54 (i) | 3175000 | 3037738  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/20/54 (i) | 5625000 | 5523361  |
| &nbsp;&nbsp;&nbsp; 5.500% 7/20/54 (i) | 3325000 | 3328303  |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp; 2.000% 7/01/54 (i) | 6950000 | 5499186  |
| &nbsp;&nbsp;&nbsp; 2.500% 7/01/55 (i) | 1800000 | 1492241  |
| &nbsp;&nbsp;&nbsp; 3.000% 7/01/54 (i) | 1975000 | 1707759  |
| &nbsp;&nbsp;&nbsp; 3.500% 7/01/54 (i) | 9950000 | 8955390  |
| &nbsp;&nbsp;&nbsp; 4.000% 7/01/54 (i) | 7050000 | 6553493  |
| &nbsp;&nbsp;&nbsp; 4.500% 7/01/54 (i) | 4750000 | 4541816  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/01/54 (i) | 4825000 | 4728122  |
| &nbsp;&nbsp;&nbsp; 5.500% 7/01/54 (i) | 3750000 | 3748533  |
|  |  | 133721280  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **76**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Whole Loans — 0.3%**<br>|  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.805% FRN 3/25/42 (a) (e) | $1000000 | $1038930  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES**<br>**(Cost $140,604,027)** |  | **137415734**  |
| **U.S. Treasury Obligations — 36.2%** | **U.S. Treasury Obligations — 36.2%** |  |
| **U.S. Treasury Bonds & Notes — 36.2%** | **U.S. Treasury Bonds & Notes — 36.2%** |  |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 5/15/55 | 18659000 | 18548298  |
| &nbsp;&nbsp;&nbsp; 5.000% 5/15/45 | 12615000 | 12956030  |
| U.S. Treasury Inflation-Indexed Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.125% 1/15/35 | 3501498 | 3557949  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 6/30/27 | 20780000 | 20792985  |
| &nbsp;&nbsp;&nbsp; 3.875% 6/15/28 | 18870000 | 18968766  |
| &nbsp;&nbsp;&nbsp; 3.875% 6/30/30 | 46613000 | 46791374  |
| &nbsp;&nbsp;&nbsp; 4.000% 6/30/32 | 9725000 | 9729581  |
| &nbsp;&nbsp;&nbsp; 4.250% 5/15/35 | 6923000 | 6931681  |
|  |  | 138276664  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $137,118,334)** |  | **138276664**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $417,015,878)** |  | **413176852** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** |  |
| **Equities — 0.1%**<br>|  |  |
| **Common Stock — 0.1%**<br>|  |  |
| **Communication Services — 0.1%**<br>|  |  |
| Intelsat SA (m) | 7225 | 308869  |
| **TOTAL COMMON STOCK**<br>**(Cost $676,994)** |  | **308869**  |
| **TOTAL EQUITIES** <br>**(Cost $676,994)** |  | **308869**  |
| **TOTAL PURCHASED** <br>**OPTIONS (#) — 0.0%** <br>**(Cost $119,392)** |  | **174262**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $417,812,264)** |  | **413659983** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Short-Term Investments — 10.6%** | **Short-Term Investments — 10.6%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 4.340% (n) | 673808 | $673808  |
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 10.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (o) | $38445701 | 38445701  |
| **U.S. Treasury Bill — 0.3%**<br>|  |  |
| U.S. Treasury Bills<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.280% 7/24/25 (p) | 1055000 | 1052195  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $40,171,722)** |  | **40171704**  |
| **TOTAL INVESTMENTS — 118.7%** <br>**(Cost $457,983,986) (q)** |  | **453831687**  |
| **Other Assets/**<br>(Liabilities) — (18.7)% |  | **(71412295)**  |
| **NET ASSETS — 100.0%** |  | **$382419392** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation  |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index  |
| FRN | &nbsp;&nbsp;&nbsp; Floating Rate Note  |
| PIK | &nbsp;&nbsp;&nbsp; Payment in kind  |
| REMICS | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits  |
| SOFR | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate  |
| STEP | &nbsp;&nbsp;&nbsp; Step Coupon Bond  |
| TBA | &nbsp;&nbsp;&nbsp; To Be Announced  |
| VRN | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security represents
 unsettled bank loan commitments at June 30, 2025, where the rate will be determined at time of settlement.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **77**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $46,882 or
 0.01% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At June 30, 2025, the aggregate market value of these securities amounted to $67,618,031 or 17.68% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The principal amount of the security is in foreign
 currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Denotes all or a portion of security on loan.
 The total value of securities on loan as of June 30, 2025, was $1,430,305 or 0.37% of net assets. The Fund received $791,326 of non-cash
 collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the
 Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The maturity date of the security has been extended
 past the date disclosed. The new maturity date is not available as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(m) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents investment of security lending cash
 collateral and 7-day effective yield as of June 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Maturity value of $38,448,638. Collateralized
 by U.S. Government Agency obligations with a rate of 3.375% - 4.125%, maturity date of 9/15/27 – 9/30/27, and an aggregate market
 value, including accrued interest, of $39,214,674.

&nbsp;&nbsp;&nbsp;&nbsp;(p) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(q) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **78**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

**(#) Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Paid by Fund** | **Paid by Fund** | **Received by Fund**  | **Received by Fund**  |  |  |  |  |  |
| **Description** | **Counterparty** | **Expiration** <br>**Date** | **Rate** | **Frequency** | **Rate** | **Frequency** | **Notional Amount** | **Notional Amount** | **Value** | **Premium** <br>**Paid/** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
|  2-Year Interest Rate Swap, 1/05/28<br>| Goldman Sachs <br>International\*  | 12/31/25 | 3.86%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 10020000 | $25401 | $30060 | $(4659)  |
| &nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, <br>1/05/28 | Goldman Sachs <br>International\* | 12/31/25 | 4.09%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 10290000 | 12718 | 30870 | (18152)  |
|  5-Year Interest Rate Swap, 1/05/31 | Goldman Sachs <br>International\* | 12/31/25 | 4.23%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 4340000 | 14175 | 29838 | (15663)  |
|  5-Year Interest Rate Swap, 1/05/31 | JP Morgan <br>Chase Bank N.A.\* | 12/31/25 | 4.01%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 4225000 | 25743 | 28624 | (2881)  |
|  5-Year Interest Rate Swap, 1/05/31 | JP Morgan <br>Chase Bank N.A.\* | 12/31/25 | 4.20%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 13690000 | 53993 |  | 53993  |
|  2-Year Interest Rate Swap, 1/05/28 | Morgan Stanley <br>Capital Services <br>LLC\* | 12/31/25 | 4.11%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 32140000 | 42232 |  | 42232  |
|  2-Year Interest Rate Swap, 1/05/28 | Morgan Stanley <br>Capital Services <br>LLC\* | 12/31/25 | 4.11%## | Semi-Annually | 3-Month <br>USD SOFR+0BP | Quarterly | USD | 32140000 | $174262 | $119392 | $54870 |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Citibank N.A.\* | 7/11/25 | USD | 4845828 | EUR | 4464000 | $(415658)  |
| Citibank N.A.\* | 7/11/25 | EUR | 264400 | USD | 298862 | 12773  |
| Goldman Sachs International\* | 7/11/25 | USD | 139950 | GBP | 108000 | (8303)  |
| Goldman Sachs International\* | 7/11/25 | USD | 3614939 | EUR | 3238720 | (202374)  |
| Goldman Sachs International\* | 7/11/25 | EUR | 1423257 | USD | 1630914 | 46606  |
|  |  |  |  |  |  | $(566956) |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **79**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Total Return Bond Fund – Portfolio of Investments (Continued)**<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration** <br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Value/Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 9/19/25 | 16 | $1817000 | $30500  |
| U.S. Treasury Ultra Bond | 9/19/25 | 21 | 2474441 | 27184  |
| U.S. Treasury Note 2 Year | 9/30/25 | 416 | 86204797 | 332953  |
| U.S. Treasury Note 5 Year | 9/30/25 | 112 | 12078537 | 129463  |
|  |  |  |  | $520100  |
| **Short**<br>|  |  |  |  |
| Euro-BOBL | 9/08/25 | 9 | (1251713) | $4122  |
| Euro-Bund | 9/08/25 | 25 | (3855103) | 22346  |
| Euro-Buxl 30 Year Bond | 9/08/25 | 4 | (566070) | 6591  |
| U.S. Treasury Ultra 10 Year | 9/19/25 | 36 | (4049555) | (64008)  |
|  |  |  |  | $(30949) |

---

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

## Exercise Rate.

**Currency Legend** 

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;&nbsp; Euro |
| GBP | &nbsp;&nbsp;&nbsp; British Pound |
| USD | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **80**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Conservative** <br>**Allocation** <br>**Fund** | **MML** <br>**Balanced** <br>**Allocation** <br>**Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - unaffiliated issuers *(Note 2)* (a) | $9850037 | $11171858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - affiliated issuers *(Notes 2 & 7)* (b) | 218030264 | 271057618  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (c) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (d) | 227880301 | 282229476  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | 96439  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 103595 | 733  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 13170 | 14047  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 227997066 | 282340695  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 78385 | 14047  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 34693 | 92589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 32970 | 39894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 19105 | 23631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 106103 | 129700  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 33429 | 34215  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 304685 | 334076  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$227692381** | **$282006619**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $247657878 | $285730099  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (19965497) | (3723480)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$227692381** | **$282006619**  |
| (a)Cost of investments - unaffiliated issuers: | $9748227 | $11135727  |
| (b)Cost of investments - affiliated issuers: | $212652738 | $263781950  |
| (c)Cost of repurchase agreements: | $— | $—  |
| (d)Securities on loan with market value of: | $— | $—  |
| (e)This represents the market value of investments in the Master Fund. Identified cost of investments in the Master Fund was $232,717,258. | (e)This represents the market value of investments in the Master Fund. Identified cost of investments in the Master Fund was $232,717,258. | (e)This represents the market value of investments in the Master Fund. Identified cost of investments in the Master Fund was $232,717,258. |
| (f)This represents Receivables for Investments sold in the Master Fund. | (f)This represents Receivables for Investments sold in the Master Fund. | (f)This represents Receivables for Investments sold in the Master Fund. |
| (g)This represents Payables for Investments purchased in the Master Fund. | (g)This represents Payables for Investments purchased in the Master Fund. | (g)This represents Payables for Investments purchased in the Master Fund. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **81**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Moderate** <br>**Allocation** <br>**Fund** | **MML** <br>**Growth** <br>**Allocation** <br>**Fund** | **MML** <br>**Aggressive** <br>**Allocation** <br>**Fund** | **MML** <br>**American** <br>**Funds Growth** <br>**Fund** | **MML** <br>**American** <br>**Funds Core** <br>**Allocation** <br>**Fund** | **MML** <br>**Blue Chip** <br>**Growth Fund** | **MML Equity** <br>**Income Fund**  |
| $34906713 | $28895637 | $3460092 | $311,957,976 (e) | $568754711 | $489225116 | $460440877  |
| 922015570 | 873454645 | 120968773 |  |  |  | —  |
|  — |  |  |  |  | 2537487 | 3804512  |
| 956922283 | 902350282 | 124428865 | 311957976 | 568754711 | 491762603 | 464245389  |
| 752614 | 308432 | 114799 | 2,645,441 (f) | 1115724 |  | 1751536  |
| 6537 | 8501 | 29827 | 85856 |  | 59307 | 3473415  |
| 41222 | 27356 | 2424 |  |  | 103919 | 804517  |
|  — |  |  |  |  |  | 215249  |
| 957722656 | 902694571 | 124575915 | 314689273 | 569870435 | 491925829 | 470490106  |
| 41222 | 27356 | 2424 | — (g) |  |  | 7236  |
| 743694 | 302572 | 142685 | 2726640 | 1106655 | 812581 | 147593  |
| 147709 | 116839 | 10609 | 14196 | 64091 | 37123 | 45061  |
|  — |  |  | 64226 | 118775 | 1017 | 1017  |
| 80420 | 75575 | 10337 | 38536 | 95020 | 298609 | 291732  |
| 465042 | 340836 | 38080 | 177237 | 342579 | 106448 | 48209  |
|  — |  |  |  |  |  | 3391593  |
|  — |  |  |  |  |  | 160904  |
| 50449 | 41491 | 30141 | 26523 | 34942 | 40795 | 44199  |
| 1528536 | 904669 | 234276 | 3047358 | 1762062 | 1296573 | 4137544  |
| **$956194120** | **$901789902** | **$124341639** | **$311641915** | **$568108373** | **$490629256** | **$466352562**  |
| $961300616 | $833573919 | $115454330 | $180308196 | $464524353 | $154651296 | $325116048  |
| (5106496) | 68215983 | 8887309 | 131333719 | 103584020 | 335977960 | 141236514  |
| **$956194120** | **$901789902** | **$124341639** | **$311641915** | **$568108373** | **$490629256** | **$466352562**  |
| $33389578 | $28023241 | $3253988 | $232717258 | $523423000 | $268832886 | $398580513  |
| $875905345 | $815270934 | $110494922 | $— | $— | $— | $—  |
|  $— | $— | $— | $— | $— | $2537487 | $3804512  |
|  $— | $— | $— | $— | $— | $— | $10108802 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **82**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Conservative** <br>**Allocation** <br>**Fund** | **MML** <br>**Balanced** <br>**Allocation** <br>**Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $54265722 | $70440571  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 6192194 | 7700523  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.76 | $9.15  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $173426659 | $211566048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 20085565 | 23432928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.63 | $9.03  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| (a) Authorized unlimited number of shares with no par value.<br>|  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **83**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Moderate** <br>**Allocation** <br>**Fund** | **MML** <br>**Growth** <br>**Allocation** <br>**Fund** | **MML** <br>**Aggressive** <br>**Allocation** <br>**Fund** | **MML** <br>**American** <br>**Funds Growth** <br>**Fund** | **MML** <br>**American** <br>**Funds Core** <br>**Allocation** <br>**Fund** | **MML** <br>**Blue Chip** <br>**Growth Fund** | **MML** <br>**Equity** <br>**Income Fund**  |
| $192542561 | $335395823 | $59768914 |  |  | $303708977 | $379095748  |
| 20080777 | 40020623 | 6117372 |  |  | 13976736 | 35371994  |
| $9.59 | $8.38 | $9.77 |  |  | $21.73 | $10.72  |
| $763651559 | $566394079 | $64572725 |  |  | $186920279 | $87256814  |
| 80991804 | 68529904 | 6790097 |  |  | 9459685 | 8326246  |
| $9.43 | $8.26 | $9.51 |  |  | $19.76 | $10.48  |
|  |  |  | $311641915 | $568108373 |  |  |
|  |  |  | 16756216 | 48815632 |  |  |
|  |  |  | $18.60 | $11.64 |  |  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **84**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Equity** <br>**Index Fund** | **MML** <br>**Focused** <br>**Equity Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $636362713 | $242146648  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 4119869 | 2280103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 640482582 | 244426751  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2219 | 17845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* | 23452 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 321296 | 139650  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums for options written |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)*  | 383000  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 641212549 | 244584246  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closed written options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 440599 | 126194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 63720 | 13732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 54885 | 31911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 50755 | 144174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 16464 | 12299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options outstanding, at value *(Note 2)* (e) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 74048 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 1783 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 54654 | 36427  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 756908 | 364737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$640455641** | **$244219509**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $134745128 | $162706237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 505710513 | 81513272  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$640455641** | **$244219509**  |
| (a) Cost of investments: | $267822554 | $194549727  |
| (b) Cost of repurchase agreements: | $4119869 | $2280103  |
| (c) Securities on loan with market value of: | $872841 | $—  |
| (d) Cost of foreign currency: | $— | $—  |
| (e) Premiums received on written options: | $— | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **85**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Foreign** <br>**Fund** | **MML** <br>**Fundamental** <br>**Equity Fund** | **MML** <br>**Global Fund** | **MML** <br>**Income &** <br>**Growth Fund** | **MML** <br>**International** <br>**Equity Fund** | **MML** <br>**Large Cap** <br>**Growth Fund** | **MML** <br>**Managed** <br>**Volatility Fund**  |
| $172149778 | $138265640 | $385756059 | $131914425 | $249929267 | $216868649 | &nbsp;&nbsp; $92839087  |
|  — | 219035 | 5352296 | 2522351 | 2602498 | 2827445 | &nbsp;&nbsp; 903897  |
| 172149778 | 138484675 | 391108355 | 134436776 | 252531765 | 219696094 | &nbsp;&nbsp; 93742984  |
|  — | 12851 |  | 32 |  |  | &nbsp;&nbsp; —  |
| 45955 | 186 | 123418 |  | 148242 |  | &nbsp;&nbsp; 29148  |
| 275852 |  |  |  | 556019 | 494919 | &nbsp;&nbsp; 1820841  |
| 2372 | 2037 | 2192 | 95528 | 9674 | 127248 | &nbsp;&nbsp; 1282169  |
| 235217 | 74311 | 34752 | 192761 | 233691 | 76275 | &nbsp;&nbsp; 47091  |
| 1148519 | 8370 | 455645 | 1734 | 1748016 | 176814 | &nbsp;&nbsp; —  |
|  — |  |  |  |  |  | &nbsp;&nbsp; 109829  |
| 173857693 | 138582430 | 391724362 | 134726831 | 255227407 | 220571350 | &nbsp;&nbsp; 97032062  |
| 384 |  |  |  | 263671 |  | &nbsp;&nbsp; —  |
|  — |  |  |  |  |  | &nbsp;&nbsp; 318167  |
| 1215093 | 80315 | 2613832 | 53224 | 145312 | 228496 | &nbsp;&nbsp; 7194  |
| 30699 | 13236 | 18418 | 21081 | 12768 | 14956 | &nbsp;&nbsp; 25720  |
| 1017 | 18088 | 48046 | 1017 | 32914 | 1017 | &nbsp;&nbsp; 7722  |
| 124786 | 68283 | 188117 | 71396 | 170060 | 116321 | &nbsp;&nbsp; 58894  |
| 5708 | 15999 | 35025 | 17514 | 11079 | 25179 | &nbsp;&nbsp; 9590  |
|  — |  |  |  |  |  | &nbsp;&nbsp; 1992465  |
| 356408 |  | 11965146 | 3015348 | 1178193 | 1785397 | &nbsp;&nbsp; 3008  |
| 181965 |  |  |  |  |  | &nbsp;&nbsp; —  |
| 55648 | 46139 | 48405 | 43287 | 91099 | 35002 | &nbsp;&nbsp; 303772  |
| 1971708 | 242060 | 14916989 | 3222867 | 1905096 | 2206368 | &nbsp;&nbsp; 2726532  |
| **$171885985** | **$138340370** | **$376807373** | **$131503964** | **$253322311** | **$218364982** | &nbsp;&nbsp; **$94305530**  |
| $121656583 | $78353574 | $299037372 | $76438394 | $208732863 | $86548241 | &nbsp;&nbsp; $39516419  |
| 50229402 | 59986796 | 77770001 | 55065570 | 44589448 | 131816741 | &nbsp;&nbsp; 54789111  |
| **$171885985** | **$138340370** | **$376807373** | **$131503964** | **$253322311** | **$218364982** | &nbsp;&nbsp; **$94305530**  |
| $136744028 | $96857611 | $337748866 | $110580251 | $214141652 | $127838992 | &nbsp;&nbsp; $49719843  |
|  $— | $219035 | $5352296 | $2522351 | $2602498 | $2827445 | &nbsp;&nbsp; $903897  |
| $2460205 | $— | $12030796 | $3248982 | $3271944 | $1743061 | &nbsp;&nbsp; $2945  |
| $45768 | $187 | $122207 | $— | $148069 | $— | &nbsp;&nbsp; $30165  |
|  $— | $— | $— | $— | $— | $— | &nbsp;&nbsp; $1106325 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **86**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Equity** <br>**Index Fund** | **MML** <br>**Focused** <br>**Equity Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $55842573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1465990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $38.09 |  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $267448171 | $224004176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7028189 | 28964954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $38.05 | $7.73  |
| Class III shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $289849624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7631438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $37.98 |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $27315273 | $20215333  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 762372 | 2763355  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $35.83 | $7.32  |
| (a) Authorized unlimited number of shares with no par value.<br>|  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **87**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Foreign** <br>**Fund** | **MML** <br>**Fundamental** <br>**Equity Fund** | **MML** <br>**Global Fund** | **MML** <br>**Income &** <br>**Growth Fund** | **MML** <br>**International** <br>**Equity Fund** | **MML** <br>**Large Cap** <br>**Growth Fund** | **MML** <br>**Managed** <br>**Volatility Fund**  |
| $162290871 |  |  | $102467542 |  | $173188536 | $79113554  |
| 14043135 |  |  | 9942185 |  | 9356536 | 5677934  |
| $11.56 |  |  | $10.31 |  | $18.51 | $13.93  |
|  |  | $189539761 |  |  |  |  |
|  |  | 39391802 |  |  |  |  |
|  |  | $4.81 |  |  |  |  |
|  | $110559944 | $112179287 |  | $231620495 |  |  |
|  | 8966108 | 21384694 |  | 19117117 |  |  |
|  | $12.33 | $5.25 |  | $12.12 |  |  |
| $9595114 |  |  | $29036422 |  | $45176446 | $15191976  |
| 837046 |  |  | 2896875 |  | 2624503 | 1101389  |
| $11.46 |  |  | $10.02 |  | $17.21 | $13.79  |
|  | $27780426 | $75088325 |  | $21701816 |  |  |
|  | 2394853 | 16668943 |  | 1815245 |  |  |
|  | $11.60 | $4.50 |  | $11.96 |  |  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **88**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Mid Cap Growth Fund** | **MML** <br>**Mid Cap** <br>**Value Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $294642777 | $232257210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2) (b)* | 9124574 | 2156220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 303767351 | 234413430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 986 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | 102  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 1087304 | 982105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 23777 | 3723015  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 60408 | 571490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 25580  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for when-issued securities *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 304939826 | 239715722  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 1708485 | 425204  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 215591 | 49686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 38299 | 40125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 1017 | 1017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 194708 | 166118  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 44034 | 25430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | 376680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 781772 | 827109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for when-issued securities *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 54187 | 51327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3038093 | 1962696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$301901733** | **$237753026**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $187836051 | $210497199  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 114065682 | 27255827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$301901733** | **$237753026**  |
| (a) Cost of investments: | $242346582 | $232606234  |
| (b) Cost of repurchase agreements: | $9124574 | $2156220  |
| (c) Securities on loan with market value of: | $14888323 | $3086248  |
| (d) Cost of foreign currency: | $— | $102 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **89**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML Small** <br>**Cap Growth** <br>**Equity Fund** | **MML Small** <br>**Company** <br>**Value Fund** | **MML** <br>**Small/Mid** <br>**Cap Value** <br>**Fund** | **MML** <br>**Sustainable** <br>**Equity Fund** | **MML** <br>**Total Return** <br>**Bond Fund**  |
| $135627661 | $57098439 | $120106758 | $136970436 | $415385986  |
| 1730459 | 178558 | 987049 | 356084 | 38445701  |
| 137358120 | 57276997 | 121093807 | 137326520 | 453831687  |
|  — | 28 | 1 | 5 | —  |
| 12 | 42 |  |  | 48  |
| 24819 | 69154 | 798247 |  | 2841159  |
|  — |  |  |  | 529071  |
| 1133644 | 69866 | 1890216 |  | 271743  |
|  — |  |  |  | 65193  |
| 92351 | 83780 | 176819 | 56537 | 1837417  |
|  — |  |  | 3863 | 1040  |
|  — |  |  |  | 59379  |
|  — |  |  |  | 863800  |
|  — |  |  |  | 10000  |
| 138608946 | 57499867 | 123959090 | 137386925 | 460310537  |
| 351389 | 44732 | 564035 |  | 6893594  |
|  — |  |  |  | 57391590  |
| 11654 | 21768 | 13234 | 92834 | 184873  |
| 23728 | 8385 | 19533 | 15732 | 29598  |
| 1017 | 8046 | 1017 | 1017 | 51832  |
| 119466 | 32296 | 75157 | 56938 | 128988  |
| 13818 | 11851 | 12741 | 28902 | 26271  |
|  — | 9793 |  | 14295 | 626335  |
| 168441 | 1382944 | 1570124 |  | 673808  |
|  — |  |  |  | 280000  |
|  — |  |  |  | 11515806  |
| 42017 | 46204 | 53826 | 37565 | 88446  |
|  — |  |  |  | 4  |
| 731530 | 1566019 | 2309667 | 247283 | 77891145  |
| **$137877416** | **$55933848** | **$121649423** | **$137139642** | **$382419392**  |
| $119027691 | $57947627 | $102389064 | $71490815 | $424306497  |
| 18849725 | (2013779) | 19260359 | 65648827 | (41887105)  |
| **$137877416** | **$55933848** | **$121649423** | **$137139642** | **$382419392**  |
| $115521734 | $59598046 | $114209971 | $94949909 | $419538285  |
| $1730459 | $178558 | $987049 | $356084 | $38445701  |
| $18523476 | $11753320 | $4229461 | $— | $1430305  |
| $11 | $42 | $— | $— | $42 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **90**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Mid Cap** <br>**Growth Fund** | **MML** <br>**Mid Cap** <br>**Value Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $228155957 | $196198210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 19800634 | 23541997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $11.52 | $8.33  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $73745776 | $41554816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7236072 | 5178553  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $10.19 | $8.02  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| (a) Authorized unlimited number of shares with no par value.<br>|  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **91**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML Small** <br>**Cap Growth** <br>**Equity Fund** | **MML Small** <br>**Company** <br>**Value Fund** | **MML** <br>**Small/Mid** <br>**Cap Value** <br>**Fund** | **MML** <br>**Sustainable** <br>**Equity Fund** | **MML** <br>**Total Return** <br>**Bond Fund**  |
| &nbsp;&nbsp; $114742207 |  | $100258148 | &nbsp;&nbsp; $87829422 |  |
| &nbsp;&nbsp; 10920754 |  | 11107596 | &nbsp;&nbsp; 5140168 |  |
| &nbsp;&nbsp; $10.51 |  | $9.03 | &nbsp;&nbsp; $17.09 |  |
|  | &nbsp;&nbsp; $36262576 |  |  | $339155105  |
|  | &nbsp;&nbsp; 4307364 |  |  | 37234428  |
|  | &nbsp;&nbsp; $8.42 |  |  | $9.11  |
| &nbsp;&nbsp; $23135209 |  | $21391275 | &nbsp;&nbsp; $49310220 |  |
| &nbsp;&nbsp; 2580862 |  | 2428565 | &nbsp;&nbsp; 2945131 |  |
| &nbsp;&nbsp; $8.96 |  | $8.81 | &nbsp;&nbsp; $16.74 |  |
|  | &nbsp;&nbsp; $19671272 |  |  | $43264287  |
|  | &nbsp;&nbsp; 2567444 |  |  | 4825281  |
|  | &nbsp;&nbsp; $7.66 |  |  | $8.97 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **92**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Conservative** <br>**Allocation** <br>**Fund** | **MML** <br>**Balanced** <br>**Allocation** <br>**Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - unaffiliated issuers (a) | $56051 | $60469  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - affiliated issuers *(Note 7)* | 1812087 | 1965720  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1868138 | 2026189  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 114048 | 140840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 720 | 731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15443 | 15460  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4995 | 6008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1642 | 1642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 11852 | 12995  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8822 | 10719  |
|  | 157522 | 188395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 217235 | 264667  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 374757 | 453062  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **1493381** | **1573127**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | (68897) | (52050)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | (11822290) | (11970401)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - unaffiliated issuers |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - affiliated issuers *(Note 7)* | 2268328 | 3577927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **(9622859)** | **(8444524)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | 672230 | 768093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | 19111462 | 21332994  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **19783692** | **22101087**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **10160833** | **13656563**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$11654214** | **$15229690**  |
| (a) Net of foreign withholding tax of: | $— | $—  |
| (b) <br> Amounts shown for Dividends and Realized gain distributions are from the Master Fund. Amounts shown for Net realized gain (loss) and Net change in unrealized appreciation (depreciation) on Investment transactions are for investments in the Master Fund.<br>|  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **93**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Moderate** <br>**Allocation** <br>**Fund** | **MML** <br>**Growth** <br>**Allocation** <br>**Fund** | **MML** <br>**Aggressive** <br>**Allocation** <br>**Fund** | **MML** <br>**American** <br>**Funds Growth** <br>**Fund (b)** | **MML** <br>**American** <br>**Funds Core** <br>**Allocation** <br>**Fund** | **MML** <br>**Blue Chip** <br>**Growth Fund** | **MML** <br>**Equity** <br>**Income Fund**  |
| &nbsp;&nbsp; $184747 | &nbsp;&nbsp; $128592 | &nbsp;&nbsp; $12797 | &nbsp;&nbsp; $593184 | &nbsp;&nbsp; $2740009 | &nbsp;&nbsp; $1137855 | &nbsp;&nbsp; $5082747  |
| &nbsp;&nbsp; 5512990 | &nbsp;&nbsp; 3524859 | &nbsp;&nbsp; 262863 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81213 | &nbsp;&nbsp; 51801  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 8971  |
| &nbsp;&nbsp; 5697737 | &nbsp;&nbsp; 3653451 | &nbsp;&nbsp; 275660 | &nbsp;&nbsp; 593184 | &nbsp;&nbsp; 2740009 | &nbsp;&nbsp; 1221003 | &nbsp;&nbsp; 5143519  |
| &nbsp;&nbsp; 478773 | &nbsp;&nbsp; 441738 | &nbsp;&nbsp; 59817 | &nbsp;&nbsp; 215797 | &nbsp;&nbsp; 560543 | &nbsp;&nbsp; 1710189 | &nbsp;&nbsp; 1365145  |
| &nbsp;&nbsp; 748 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 1333 | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 11775 | &nbsp;&nbsp; 12919  |
| &nbsp;&nbsp; 15633 | &nbsp;&nbsp; 15683 | &nbsp;&nbsp; 15422 | &nbsp;&nbsp; 15507 | &nbsp;&nbsp; 15539 | &nbsp;&nbsp; 18598 | &nbsp;&nbsp; 18123  |
| &nbsp;&nbsp; 21052 | &nbsp;&nbsp; 18151 | &nbsp;&nbsp; 2465 | &nbsp;&nbsp; 5986 | &nbsp;&nbsp; 12094 | &nbsp;&nbsp; 9226 | &nbsp;&nbsp; 7849  |
| &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232  |
| &nbsp;&nbsp; 27520 | &nbsp;&nbsp; 24524 | &nbsp;&nbsp; 9533 | &nbsp;&nbsp; 11952 | &nbsp;&nbsp; 18218 | &nbsp;&nbsp; 17967 | &nbsp;&nbsp; 16651  |
| &nbsp;&nbsp; 37182 | &nbsp;&nbsp; 32910 | &nbsp;&nbsp; 4464 | &nbsp;&nbsp; 9916 | &nbsp;&nbsp; 21502 | &nbsp;&nbsp; 17110 | &nbsp;&nbsp; 11911  |
| &nbsp;&nbsp; 582550 | &nbsp;&nbsp; 535374 | &nbsp;&nbsp; 94054 | &nbsp;&nbsp; 262133 | &nbsp;&nbsp; 630793 | &nbsp;&nbsp; 1787739 | &nbsp;&nbsp; 1435472  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 359661 | &nbsp;&nbsp; 700679 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 955072 | &nbsp;&nbsp; 693657 | &nbsp;&nbsp; 77564 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 218333 | &nbsp;&nbsp; 89881  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 359661 | &nbsp;&nbsp; 700679 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 1537622 | &nbsp;&nbsp; 1229031 | &nbsp;&nbsp; 171618 | &nbsp;&nbsp; 981455 | &nbsp;&nbsp; 2032151 | &nbsp;&nbsp; 2006072 | &nbsp;&nbsp; 1525353  |
| &nbsp;&nbsp; **4160115** | &nbsp;&nbsp; **2424420** | &nbsp;&nbsp; **104042** | &nbsp;&nbsp; **(388271)** | &nbsp;&nbsp; **707858** | &nbsp;&nbsp; **(785069)** | &nbsp;&nbsp; **3618166**  |
| &nbsp;&nbsp; (136238) | &nbsp;&nbsp; (44360) | (843) | &nbsp;&nbsp; 7563503 | &nbsp;&nbsp; 5063237 | &nbsp;&nbsp; 29818136 | &nbsp;&nbsp; 30546680  |
| &nbsp;&nbsp; (36476901) | &nbsp;&nbsp; (30287688) | &nbsp;&nbsp; (3761809) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2823  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23864800 | &nbsp;&nbsp; 36394606 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 14628304 | &nbsp;&nbsp; 16814515 | &nbsp;&nbsp; 2761564 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **(21984835)** | &nbsp;&nbsp; **(13517533)** | &nbsp;&nbsp; **(1001088)** | &nbsp;&nbsp; **31428303** | &nbsp;&nbsp; **41457843** | &nbsp;&nbsp; **29818136** | &nbsp;&nbsp; **30549503**  |
| &nbsp;&nbsp; 2461572 | &nbsp;&nbsp; 2161158 | &nbsp;&nbsp; 277867 | &nbsp;&nbsp; (2986068) | &nbsp;&nbsp; (3948382) | &nbsp;&nbsp; 5302219 | &nbsp;&nbsp; (4752805)  |
| &nbsp;&nbsp; 70120072 | &nbsp;&nbsp; 64668309 | &nbsp;&nbsp; 8870000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4645  |
| &nbsp;&nbsp; **72581644** | &nbsp;&nbsp; **66829467** | &nbsp;&nbsp; **9147867** | &nbsp;&nbsp; **(2986068)** | &nbsp;&nbsp; **(3948382)** | &nbsp;&nbsp; **5302219** | &nbsp;&nbsp; **(4748160)**  |
| &nbsp;&nbsp; **50596809** | &nbsp;&nbsp; **53311934** | &nbsp;&nbsp; **8146779** | &nbsp;&nbsp; **28442235** | &nbsp;&nbsp; **37509461** | &nbsp;&nbsp; **35120355** | &nbsp;&nbsp; **25801343**  |
| &nbsp;&nbsp; **$54756924** | &nbsp;&nbsp; **$55736354** | &nbsp;&nbsp; **$8250821** | &nbsp;&nbsp; **$28053964** | &nbsp;&nbsp; **$38217319** | &nbsp;&nbsp; **$34335286** | &nbsp;&nbsp; **$29419509**  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6233 | &nbsp;&nbsp; $161643 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **94**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Equity** <br>**Index Fund** | **MML** <br>**Focused** <br>**Equity Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $4158613 | $1728938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 51052 | 61353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 426 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4210091 | 1790291  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 297223 | 852966  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 32808 | 6915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18738 | 18107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15289 | 5394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1642 | 1642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 1232 | 1232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 23195 | 12720  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 23664 | 9488  |
|  | 413791 | 908464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 81657 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | 189324 | 167975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | 40896 | 15071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | 34080 | 25119  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 759748 | 1116629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 759748 | 1116629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **3450343** | **673662**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 24618993 | 2713460  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (258565) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **24360428** | **2713460**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions \* | 8907665 | 4846870  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 224118 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **9131783** | **4846870**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **33492211** | **7560330**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$36942554** | **$8233992**  |
| (a) Net of foreign withholding tax of: | $952 | $—  |
| \* <br> Net of increase (decrease) in accrued foreign capital gains tax of:<br>| $— | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **95**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Foreign** <br>**Fund** | **MML** <br>**Fundamental** <br>**Equity Fund** | **MML** <br>**Global Fund** | **MML** <br>**Income &** <br>**Growth Fund** | **MML** <br>**International** <br>**Equity Fund** | **MML** <br>**Large Cap** <br>**Growth Fund** | **MML** <br>**Managed** <br>**Volatility Fund**  |
| &nbsp;&nbsp; $3426626 | &nbsp;&nbsp; $809328 | &nbsp;&nbsp; $1494526 | &nbsp;&nbsp; $1696426 | &nbsp;&nbsp; $4385592 | &nbsp;&nbsp; $591957 | &nbsp;&nbsp; $622068  |
| &nbsp;&nbsp; 23436 | &nbsp;&nbsp; 13113 | &nbsp;&nbsp; 40630 | &nbsp;&nbsp; 17109 | &nbsp;&nbsp; 38480 | &nbsp;&nbsp; 24491 | &nbsp;&nbsp; 23796  |
| &nbsp;&nbsp; 11391 | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 10121 | &nbsp;&nbsp; 10086 | &nbsp;&nbsp; 12630 | &nbsp;&nbsp; 4711 | &nbsp;&nbsp; 7  |
| &nbsp;&nbsp; 3461453 | &nbsp;&nbsp; 823463 | &nbsp;&nbsp; 1545277 | &nbsp;&nbsp; 1723621 | &nbsp;&nbsp; 4436702 | &nbsp;&nbsp; 621159 | &nbsp;&nbsp; 645871  |
| &nbsp;&nbsp; 715443 | &nbsp;&nbsp; 397470 | &nbsp;&nbsp; 610904 | &nbsp;&nbsp; 425236 | &nbsp;&nbsp; 934304 | &nbsp;&nbsp; 658689 | &nbsp;&nbsp; 349540  |
| &nbsp;&nbsp; 6051 | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 5738 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 25568 | &nbsp;&nbsp; 3184 | &nbsp;&nbsp; 4208  |
| &nbsp;&nbsp; 20811 | &nbsp;&nbsp; 18066 | &nbsp;&nbsp; 18994 | &nbsp;&nbsp; 18433 | &nbsp;&nbsp; 23809 | &nbsp;&nbsp; 18120 | &nbsp;&nbsp; 16551  |
| &nbsp;&nbsp; 3309 | &nbsp;&nbsp; 2783 | &nbsp;&nbsp; 12915 | &nbsp;&nbsp; 3459 | &nbsp;&nbsp; 4569 | &nbsp;&nbsp; 4154 | &nbsp;&nbsp; 9127  |
| &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 701  |
| &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 3795  |
| &nbsp;&nbsp; 11678 | &nbsp;&nbsp; 7136 | &nbsp;&nbsp; 10772 | &nbsp;&nbsp; 10740 | &nbsp;&nbsp; 10271 | &nbsp;&nbsp; 11381 | &nbsp;&nbsp; 15029  |
| &nbsp;&nbsp; 6113 | &nbsp;&nbsp; 5038 | &nbsp;&nbsp; 4452 | &nbsp;&nbsp; 5063 | &nbsp;&nbsp; 8319 | &nbsp;&nbsp; 7407 | &nbsp;&nbsp; 3131  |
| &nbsp;&nbsp; 766279 | &nbsp;&nbsp; 435419 | &nbsp;&nbsp; 666649 | &nbsp;&nbsp; 468305 | &nbsp;&nbsp; 1009714 | &nbsp;&nbsp; 705809 | &nbsp;&nbsp; 402082  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 79678 | &nbsp;&nbsp; 34649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164759 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 19690 | &nbsp;&nbsp; 28861 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10435 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 11366 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50101 | &nbsp;&nbsp; 19674  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 32817 | &nbsp;&nbsp; 48101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17391 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 777645 | &nbsp;&nbsp; 567604 | &nbsp;&nbsp; 867477 | &nbsp;&nbsp; 504124 | &nbsp;&nbsp; 1202299 | &nbsp;&nbsp; 755910 | &nbsp;&nbsp; 421756  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (136) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (129) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (116796) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 777645 | &nbsp;&nbsp; 567604 | &nbsp;&nbsp; 867477 | &nbsp;&nbsp; 504124 | &nbsp;&nbsp; 1085503 | &nbsp;&nbsp; 755645 | &nbsp;&nbsp; 421756  |
| &nbsp;&nbsp; **2683808** | &nbsp;&nbsp; **255859** | &nbsp;&nbsp; **677800** | &nbsp;&nbsp; **1219497** | &nbsp;&nbsp; **3351199** | &nbsp;&nbsp; **(134486)** | &nbsp;&nbsp; **224115**  |
| &nbsp;&nbsp; 2304587 | &nbsp;&nbsp; 4198447 | &nbsp;&nbsp; 19733601 | &nbsp;&nbsp; 6055383 | &nbsp;&nbsp; 5039152 | &nbsp;&nbsp; 7025203 | &nbsp;&nbsp; 8375157  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1492041)  |
| &nbsp;&nbsp; 50038 | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; 58794 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 3716 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **2354625** | &nbsp;&nbsp; **4200519** | &nbsp;&nbsp; **19792395** | &nbsp;&nbsp; **6055543** | &nbsp;&nbsp; **5042868** | &nbsp;&nbsp; **7025203** | &nbsp;&nbsp; **6883116**  |
| &nbsp;&nbsp; 26402309 | &nbsp;&nbsp; 4803196 | &nbsp;&nbsp; 26669280 | &nbsp;&nbsp; (1210842) | &nbsp;&nbsp; 32215194 | &nbsp;&nbsp; 8342228 | &nbsp;&nbsp; (2895756)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1469679)  |
| &nbsp;&nbsp; 137878 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 51154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 207160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535  |
| &nbsp;&nbsp; **26540187** | &nbsp;&nbsp; **4804156** | &nbsp;&nbsp; **26720434** | &nbsp;&nbsp; **(1210842)** | &nbsp;&nbsp; **32422354** | &nbsp;&nbsp; **8342228** | &nbsp;&nbsp; **(4363900)**  |
| &nbsp;&nbsp; **28894812** | &nbsp;&nbsp; **9004675** | &nbsp;&nbsp; **46512829** | &nbsp;&nbsp; **4844701** | &nbsp;&nbsp; **37465222** | &nbsp;&nbsp; **15367431** | &nbsp;&nbsp; **2519216**  |
| &nbsp;&nbsp; **$31578620** | &nbsp;&nbsp; **$9260534** | &nbsp;&nbsp; **$47190629** | &nbsp;&nbsp; **$6064198** | &nbsp;&nbsp; **$40816421** | &nbsp;&nbsp; **$15232945** | &nbsp;&nbsp; **$2743331**  |
| &nbsp;&nbsp; $389154 | &nbsp;&nbsp; $9647 | &nbsp;&nbsp; $135438 | &nbsp;&nbsp; $35194 | &nbsp;&nbsp; $586633 | &nbsp;&nbsp; $24568 | &nbsp;&nbsp; $139  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15904) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **96**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Mid Cap** <br>**Growth Fund** | **MML** <br>**Mid Cap** <br>**Value Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $818843 | $3474266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 113438 | 54947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 11511 | 1891  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 943792 | 3531104  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1154828 | 1004367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 11183 | 8344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18522 | 18478  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 6319 | 6016  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1642 | 1642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 1232 | 1232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 19105 | 14715  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 11474 | 9076  |
|  | 1224305 | 1063870  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 92699 | 52508  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1317004 | 1116378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1317004 | 1116378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **(373212)** | **2414726**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 15824896 | 5808560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1 | (1516)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | (1358701)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **15824897** | **4448343**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (11393874) | (214024)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 4376  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | (607244)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(11393874)** | **(816892)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **4431023** | **3631451**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$4057811** | **$6046177**  |
| (a) Net of foreign withholding tax of: | $6208 | $47128 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **97**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML Small** <br>**Cap Growth** <br>**Equity Fund** | **MML Small** <br>**Company** <br>**Value Fund** | **MML** <br>**Small/Mid** <br>**Cap Value** <br>**Fund** | **MML** <br>**Sustainable** <br>**Equity Fund** | **MML** <br>**Total Return** <br>**Bond Fund**  |
| &nbsp;&nbsp; $587086 | &nbsp;&nbsp; $662566 | &nbsp;&nbsp; $1058675 | &nbsp;&nbsp; $836714 | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp; 18906 | &nbsp;&nbsp; 3164 | &nbsp;&nbsp; 15025 | &nbsp;&nbsp; 3623 | &nbsp;&nbsp; 7496779  |
| &nbsp;&nbsp; 13936 | &nbsp;&nbsp; 7475 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16287  |
| &nbsp;&nbsp; 619928 | &nbsp;&nbsp; 673205 | &nbsp;&nbsp; 1075420 | &nbsp;&nbsp; 840337 | &nbsp;&nbsp; 7513066  |
| &nbsp;&nbsp; 711670 | &nbsp;&nbsp; 233763 | &nbsp;&nbsp; 448342 | &nbsp;&nbsp; 334358 | &nbsp;&nbsp; 656636  |
| &nbsp;&nbsp; 6881 | &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 6629 | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 15122  |
| &nbsp;&nbsp; 18461 | &nbsp;&nbsp; 18428 | &nbsp;&nbsp; 18074 | &nbsp;&nbsp; 18084 | &nbsp;&nbsp; 19592  |
| &nbsp;&nbsp; 2887 | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 2551 | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 8479  |
| &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1642  |
| &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 4189  |
| &nbsp;&nbsp; 12533 | &nbsp;&nbsp; 9058 | &nbsp;&nbsp; 11122 | &nbsp;&nbsp; 10586 | &nbsp;&nbsp; 16478  |
| &nbsp;&nbsp; 5205 | &nbsp;&nbsp; 2335 | &nbsp;&nbsp; 4564 | &nbsp;&nbsp; 5092 | &nbsp;&nbsp; 11077  |
| &nbsp;&nbsp; 760511 | &nbsp;&nbsp; 269132 | &nbsp;&nbsp; 494156 | &nbsp;&nbsp; 375064 | &nbsp;&nbsp; 733215  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 28688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 214869  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 15142 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31369  |
| &nbsp;&nbsp; 29127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26490 | &nbsp;&nbsp; 59767 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 25237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52282  |
| &nbsp;&nbsp; 789638 | &nbsp;&nbsp; 338199 | &nbsp;&nbsp; 520646 | &nbsp;&nbsp; 434831 | &nbsp;&nbsp; 1031735  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (15475) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (8206) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (20529) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 769109 | &nbsp;&nbsp; 314518 | &nbsp;&nbsp; 520646 | &nbsp;&nbsp; 434831 | &nbsp;&nbsp; 1031735  |
| &nbsp;&nbsp; **(149181)** | &nbsp;&nbsp; **358687** | &nbsp;&nbsp; **554774** | &nbsp;&nbsp; **405506** | &nbsp;&nbsp; **6481331**  |
| &nbsp;&nbsp; 1381786 | &nbsp;&nbsp; 659028 | &nbsp;&nbsp; (1106910) | &nbsp;&nbsp; 8297534 | &nbsp;&nbsp; (2743138)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 686833  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 199759  |
| &nbsp;&nbsp; 183 | (202) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(993) | &nbsp;&nbsp; (22803)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (40638) | &nbsp;&nbsp; — | &nbsp;&nbsp; (84227) | &nbsp;&nbsp; 137572  |
| &nbsp;&nbsp; **1381969** | &nbsp;&nbsp; **618188** | &nbsp;&nbsp; **(1106910)** | &nbsp;&nbsp; **8212314** | &nbsp;&nbsp; **(1741777)**  |
| &nbsp;&nbsp; (6028836) | &nbsp;&nbsp; (5272051) | &nbsp;&nbsp; (1836093) | &nbsp;&nbsp; (5351484) | &nbsp;&nbsp; 9563075  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(4)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 396444  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (161415)  |
| &nbsp;&nbsp; 1 | (4) | &nbsp;&nbsp; — | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 9537  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (14423) | &nbsp;&nbsp; — | &nbsp;&nbsp; (32290) | &nbsp;&nbsp; (880281)  |
| &nbsp;&nbsp; **(6028835)** | &nbsp;&nbsp; **(5286478)** | &nbsp;&nbsp; **(1836093)** | &nbsp;&nbsp; **(5383355)** | &nbsp;&nbsp; **8927356**  |
| &nbsp;&nbsp; **(4646866)** | &nbsp;&nbsp; **(4668290)** | &nbsp;&nbsp; **(2943003)** | &nbsp;&nbsp; **2828959** | &nbsp;&nbsp; **7185579**  |
| &nbsp;&nbsp; **$(4796047)** | &nbsp;&nbsp; **$(4309603)** | &nbsp;&nbsp; **$(2388229)** | &nbsp;&nbsp; **$3234465** | &nbsp;&nbsp; **$13666910**  |
| &nbsp;&nbsp; $420 | &nbsp;&nbsp; $4564 | &nbsp;&nbsp; $2441 | &nbsp;&nbsp; $1914 | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **98**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Conservative Allocation Fund**  | **MML Conservative Allocation Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1493381 | &nbsp;&nbsp;&nbsp; $6879117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9622859) | &nbsp;&nbsp;&nbsp; (2909905)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19783692 | &nbsp;&nbsp;&nbsp; 12489681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **11654214** | &nbsp;&nbsp;&nbsp; **16458893**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp;&nbsp; (1584538)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp;&nbsp; (4619386)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp;&nbsp; **(6203924)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (6549670) | &nbsp;&nbsp;&nbsp; (9927432)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (17535685) | &nbsp;&nbsp;&nbsp; (38193187)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(24085355)** | &nbsp;&nbsp;&nbsp; **(48120619)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(12431141)** | &nbsp;&nbsp;&nbsp; **(37865650)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 240123522 | &nbsp;&nbsp;&nbsp; 277989172  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$227692381** | &nbsp;&nbsp;&nbsp; **$240123522** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **99**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Balanced Allocation Fund** | **MML Balanced Allocation Fund** | **MML Moderate Allocation Fund** | **MML Moderate Allocation Fund** | **MML Growth Allocation Fund**  | **MML Growth Allocation Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $1573127 | &nbsp;&nbsp;&nbsp; $7361207 | &nbsp;&nbsp;&nbsp; $4160115 | &nbsp;&nbsp; $21897443 | &nbsp;&nbsp;&nbsp; $2424420 | &nbsp;&nbsp;&nbsp; $15136119  |
| &nbsp;&nbsp;&nbsp; (8444524) | &nbsp;&nbsp;&nbsp; 6924979 | &nbsp;&nbsp;&nbsp; (21984835) | &nbsp;&nbsp; 13333980 | &nbsp;&nbsp;&nbsp; (13517533) | &nbsp;&nbsp;&nbsp; 33966662  |
| &nbsp;&nbsp;&nbsp; 22101087 | &nbsp;&nbsp;&nbsp; 8836274 | &nbsp;&nbsp;&nbsp; 72581644 | &nbsp;&nbsp; 58747324 | &nbsp;&nbsp;&nbsp; 66829467 | &nbsp;&nbsp;&nbsp; 47359367  |
| &nbsp;&nbsp;&nbsp; **15229690** | &nbsp;&nbsp;&nbsp; **23122460** | &nbsp;&nbsp;&nbsp; **54756924** | &nbsp;&nbsp; **93978747** | &nbsp;&nbsp;&nbsp; **55736354** | &nbsp;&nbsp;&nbsp; **96462148**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1752341) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4409963) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5718438)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4897445) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (16257753) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8395177)  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(6649786)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp; **(20667716)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(14113615)**  |
| &nbsp;&nbsp;&nbsp; (5246144) | &nbsp;&nbsp;&nbsp; (9151974) | &nbsp;&nbsp;&nbsp; (19027131) | &nbsp;&nbsp; (24271838) | &nbsp;&nbsp;&nbsp; (25749235) | &nbsp;&nbsp;&nbsp; (35616447)  |
| &nbsp;&nbsp;&nbsp; (19163810) | &nbsp;&nbsp;&nbsp; (45578911) | &nbsp;&nbsp;&nbsp; (82855979) | &nbsp;&nbsp; (212730715) | &nbsp;&nbsp;&nbsp; (39048823) | &nbsp;&nbsp;&nbsp; (85682626)  |
| &nbsp;&nbsp;&nbsp; **(24409954)** | &nbsp;&nbsp;&nbsp; **(54730885)** | &nbsp;&nbsp;&nbsp; **(101883110)** | &nbsp;&nbsp; **(237002553)** | &nbsp;&nbsp;&nbsp; **(64798058)** | &nbsp;&nbsp;&nbsp; **(121299073)**  |
| &nbsp;&nbsp;&nbsp; **(9180264)** | &nbsp;&nbsp;&nbsp; **(38258211)** | &nbsp;&nbsp;&nbsp; **(47126186)** | &nbsp;&nbsp; **(163691522)** | &nbsp;&nbsp;&nbsp; **(9061704)** | &nbsp;&nbsp;&nbsp; **(38950540)**  |
| &nbsp;&nbsp;&nbsp; 291186883 | &nbsp;&nbsp;&nbsp; 329445094 | &nbsp;&nbsp;&nbsp; 1003320306 | &nbsp;&nbsp; 1167011828 | &nbsp;&nbsp;&nbsp; 910851606 | &nbsp;&nbsp;&nbsp; 949802146  |
| &nbsp;&nbsp;&nbsp; **$282006619** | &nbsp;&nbsp;&nbsp; **$291186883** | &nbsp;&nbsp;&nbsp; **$956194120** | &nbsp;&nbsp; **$1003320306** | &nbsp;&nbsp;&nbsp; **$901789902** | &nbsp;&nbsp;&nbsp; **$910851606** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **100**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Aggressive Allocation Fund** | **MML Aggressive Allocation Fund** |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $104042 | &nbsp;&nbsp; $1378724  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1001088) | &nbsp;&nbsp; 4115433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9147867 | &nbsp;&nbsp; 9969141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **8250821** | &nbsp;&nbsp; **15463298**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp; (1775525)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp; (1892264)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp; **(3667789)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2932316) | &nbsp;&nbsp; (5400440)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3363253) | &nbsp;&nbsp; (13152166)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(6295569)** | &nbsp;&nbsp; **(18552606)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **1955252** | &nbsp;&nbsp; **(6757097)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 122386387 | &nbsp;&nbsp; 129143484  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$124341639** | &nbsp;&nbsp; **$122386387** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **101**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML American Funds Growth Fund** | **MML American Funds Growth Fund** | **MML American Funds** <br>**Core Allocation Fund** | **MML American Funds** <br>**Core Allocation Fund** | **MML Blue Chip Growth Fund**  | **MML Blue Chip Growth Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $(388271) | &nbsp;&nbsp;&nbsp; $(281129) | &nbsp;&nbsp;&nbsp; $707858 | &nbsp;&nbsp;&nbsp; $10392207 | &nbsp;&nbsp;&nbsp; $(785069) | &nbsp;&nbsp;&nbsp; $(1536225)  |
| &nbsp;&nbsp;&nbsp; 31428303 | &nbsp;&nbsp;&nbsp; 21288685 | &nbsp;&nbsp;&nbsp; 41457843 | &nbsp;&nbsp;&nbsp; 28369603 | &nbsp;&nbsp;&nbsp; 29818136 | &nbsp;&nbsp;&nbsp; 89551485  |
| &nbsp;&nbsp;&nbsp; (2986068) | &nbsp;&nbsp;&nbsp; 51295446 | &nbsp;&nbsp;&nbsp; (3948382) | &nbsp;&nbsp;&nbsp; 33010275 | &nbsp;&nbsp;&nbsp; 5302219 | &nbsp;&nbsp;&nbsp; 59362495  |
| &nbsp;&nbsp;&nbsp; **28053964** | &nbsp;&nbsp;&nbsp; **72303002** | &nbsp;&nbsp;&nbsp; **38217319** | &nbsp;&nbsp;&nbsp; **71772085** | &nbsp;&nbsp;&nbsp; **34335286** | &nbsp;&nbsp;&nbsp; **147377755**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22068122)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13955171)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20251569) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21532629) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(20251569)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(21532629)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(36023293)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23890626) | &nbsp;&nbsp;&nbsp; (64652053)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10742869) | &nbsp;&nbsp;&nbsp; (8498476)  |
| &nbsp;&nbsp;&nbsp; (10121370) | &nbsp;&nbsp;&nbsp; (5748932) | &nbsp;&nbsp;&nbsp; (51566561) | &nbsp;&nbsp;&nbsp; (140744195) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(10121370)** | &nbsp;&nbsp;&nbsp; **(5748932)** | &nbsp;&nbsp;&nbsp; **(51566561)** | &nbsp;&nbsp;&nbsp; **(140744195)** | &nbsp;&nbsp;&nbsp; **(34633495)** | &nbsp;&nbsp;&nbsp; **(73150529)**  |
| &nbsp;&nbsp;&nbsp; **17932594** | &nbsp;&nbsp;&nbsp; **46302501** | &nbsp;&nbsp;&nbsp; **(13349242)** | &nbsp;&nbsp;&nbsp; **(90504739)** | &nbsp;&nbsp;&nbsp; **(298209)** | &nbsp;&nbsp;&nbsp; **38203933**  |
| &nbsp;&nbsp;&nbsp; 293709321 | &nbsp;&nbsp;&nbsp; 247406820 | &nbsp;&nbsp;&nbsp; 581457615 | &nbsp;&nbsp;&nbsp; 671962354 | &nbsp;&nbsp;&nbsp; 490927465 | &nbsp;&nbsp;&nbsp; 452723532  |
| &nbsp;&nbsp;&nbsp; **$311641915** | &nbsp;&nbsp;&nbsp; **$293709321** | &nbsp;&nbsp;&nbsp; **$568108373** | &nbsp;&nbsp;&nbsp; **$581457615** | &nbsp;&nbsp;&nbsp; **$490629256** | &nbsp;&nbsp;&nbsp; **$490927465** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **102**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Equity Income Fund**  | **MML Equity Income Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3618166 | &nbsp;&nbsp; $5707997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30549503 | &nbsp;&nbsp; 40808056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4748160) | &nbsp;&nbsp; (7816446)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **29419509** | &nbsp;&nbsp; **38699607**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp; (23787262)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class III |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp; (5992116)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp; **(29779378)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 98155842 | &nbsp;&nbsp; (28465686)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class III |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14731032 | &nbsp;&nbsp; (5800195)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **112886874** | &nbsp;&nbsp; **(34265881)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **142306383** | &nbsp;&nbsp; **(25345652)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 324046179 | &nbsp;&nbsp; 349391831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$466352562** | &nbsp;&nbsp; **$324046179** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **103**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Equity Index Fund** | **MML Equity Index Fund** | **MML Focused Equity Fund** | **MML Focused Equity Fund** | **MML Foreign Fund**  | **MML Foreign Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $3450343 | &nbsp;&nbsp;&nbsp; $7906205 | &nbsp;&nbsp;&nbsp; $673662 | &nbsp;&nbsp;&nbsp; $2063231 | &nbsp;&nbsp;&nbsp; $2683808 | &nbsp;&nbsp;&nbsp; $3731055  |
| &nbsp;&nbsp;&nbsp; 24360428 | &nbsp;&nbsp;&nbsp; 104818109 | &nbsp;&nbsp;&nbsp; 2713460 | &nbsp;&nbsp;&nbsp; 29041905 | &nbsp;&nbsp;&nbsp; 2354625 | &nbsp;&nbsp;&nbsp; 7657650  |
| &nbsp;&nbsp;&nbsp; 9131783 | &nbsp;&nbsp;&nbsp; 38194346 | &nbsp;&nbsp;&nbsp; 4846870 | &nbsp;&nbsp;&nbsp; (3019524) | &nbsp;&nbsp;&nbsp; 26540187 | &nbsp;&nbsp;&nbsp; (4890793)  |
| &nbsp;&nbsp;&nbsp; **36942554** | &nbsp;&nbsp;&nbsp; **150918660** | &nbsp;&nbsp;&nbsp; **8233992** | &nbsp;&nbsp;&nbsp; **28085612** | &nbsp;&nbsp;&nbsp; **31578620** | &nbsp;&nbsp;&nbsp; **6497912**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4989052)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2346847) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10423066) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13979743) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16642273) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (259227)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1218781) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1237630) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(30630967)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(15217373)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(5248279)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21564034) | &nbsp;&nbsp;&nbsp; (17571500)  |
| &nbsp;&nbsp;&nbsp; (4640743) | &nbsp;&nbsp;&nbsp; (8320878) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (13196158) | &nbsp;&nbsp;&nbsp; (7662574) | &nbsp;&nbsp;&nbsp; (20776895) | &nbsp;&nbsp;&nbsp; (41462698) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (18865896) | &nbsp;&nbsp;&nbsp; (104178073) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (782622) | &nbsp;&nbsp;&nbsp; (634645)  |
| &nbsp;&nbsp;&nbsp; (2639825) | &nbsp;&nbsp;&nbsp; (10573823) | &nbsp;&nbsp;&nbsp; (1754435) | &nbsp;&nbsp;&nbsp; (2586800) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(39342622)** | &nbsp;&nbsp;&nbsp; **(130735348)** | &nbsp;&nbsp;&nbsp; **(22531330)** | &nbsp;&nbsp;&nbsp; **(44049498)** | &nbsp;&nbsp;&nbsp; **(22346656)** | &nbsp;&nbsp;&nbsp; **(18206145)**  |
| &nbsp;&nbsp;&nbsp; **(2400068)** | &nbsp;&nbsp;&nbsp; **(10447655)** | &nbsp;&nbsp;&nbsp; **(14297338)** | &nbsp;&nbsp;&nbsp; **(31181259)** | &nbsp;&nbsp;&nbsp; **9231964** | &nbsp;&nbsp;&nbsp; **(16956512)**  |
| &nbsp;&nbsp;&nbsp; 642855709 | &nbsp;&nbsp;&nbsp; 653303364 | &nbsp;&nbsp;&nbsp; 258516847 | &nbsp;&nbsp;&nbsp; 289698106 | &nbsp;&nbsp;&nbsp; 162654021 | &nbsp;&nbsp;&nbsp; 179610533  |
| &nbsp;&nbsp;&nbsp; **$640455641** | &nbsp;&nbsp;&nbsp; **$642855709** | &nbsp;&nbsp;&nbsp; **$244219509** | &nbsp;&nbsp;&nbsp; **$258516847** | &nbsp;&nbsp;&nbsp; **$171885985** | &nbsp;&nbsp;&nbsp; **$162654021** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **104**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Fundamental Equity Fund**  | **MML Fundamental Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $255859 | &nbsp;&nbsp; $683416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4200519 | &nbsp;&nbsp; 13948840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4804156 | &nbsp;&nbsp; 16445033  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **9260534** | &nbsp;&nbsp; **31077289**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | &nbsp;&nbsp; (10794188)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp; (2369835)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp; **(13164023)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | (9139215) | &nbsp;&nbsp; (22179727)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | (149169) | &nbsp;&nbsp; 793341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(9288384)** | &nbsp;&nbsp; **(21386386)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(27850)** | &nbsp;&nbsp; **(3473120)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 138368220 | &nbsp;&nbsp; 141841340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$138340370** | &nbsp;&nbsp; **$138368220** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **105**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Global Fund** | **MML Global Fund** | **MML Income & Growth Fund** | **MML Income & Growth Fund** | **MML International Equity Fund**  | **MML International Equity Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $677800 | &nbsp;&nbsp;&nbsp; $973974 | &nbsp;&nbsp;&nbsp; $1219497 | &nbsp;&nbsp;&nbsp; $2301326 | &nbsp;&nbsp;&nbsp; $3351199 | &nbsp;&nbsp;&nbsp; $3485494  |
| &nbsp;&nbsp;&nbsp; 19792395 | &nbsp;&nbsp;&nbsp; 9707087 | &nbsp;&nbsp;&nbsp; 6055543 | &nbsp;&nbsp;&nbsp; 25713597 | &nbsp;&nbsp;&nbsp; 5042868 | &nbsp;&nbsp;&nbsp; 7894222  |
| &nbsp;&nbsp;&nbsp; 26720434 | &nbsp;&nbsp;&nbsp; (3544084) | &nbsp;&nbsp;&nbsp; (1210842) | &nbsp;&nbsp;&nbsp; (6745307) | &nbsp;&nbsp;&nbsp; 32422354 | &nbsp;&nbsp;&nbsp; (8664202)  |
| &nbsp;&nbsp;&nbsp; **47190629** | &nbsp;&nbsp;&nbsp; **7136977** | &nbsp;&nbsp;&nbsp; **6064198** | &nbsp;&nbsp;&nbsp; **21269616** | &nbsp;&nbsp;&nbsp; **40816421** | &nbsp;&nbsp;&nbsp; **2715514**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18300690) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5650370) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (869718) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3481078)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4499439) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1377848) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (143734)  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(7897936)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(22800129)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(3624812)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8403012) | &nbsp;&nbsp;&nbsp; (20744329) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 79379437 | &nbsp;&nbsp;&nbsp; (6516843) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 84000615 | &nbsp;&nbsp;&nbsp; (1282478) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20198226) | &nbsp;&nbsp;&nbsp; (25090943)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1473272) | &nbsp;&nbsp;&nbsp; 1519997 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 45137585 | &nbsp;&nbsp;&nbsp; (862521) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9150486 | &nbsp;&nbsp;&nbsp; 15087  |
| &nbsp;&nbsp;&nbsp; **208517637** | &nbsp;&nbsp;&nbsp; **(8661842)** | &nbsp;&nbsp;&nbsp; **(9876284)** | &nbsp;&nbsp;&nbsp; **(19224332)** | &nbsp;&nbsp;&nbsp; **(11047740)** | &nbsp;&nbsp;&nbsp; **(25075856)**  |
| &nbsp;&nbsp;&nbsp; **255708266** | &nbsp;&nbsp;&nbsp; **(9422801)** | &nbsp;&nbsp;&nbsp; **(3812086)** | &nbsp;&nbsp;&nbsp; **(20754845)** | &nbsp;&nbsp;&nbsp; **29768681** | &nbsp;&nbsp;&nbsp; **(25985154)**  |
| &nbsp;&nbsp;&nbsp; 121099107 | &nbsp;&nbsp;&nbsp; 130521908 | &nbsp;&nbsp;&nbsp; 135316050 | &nbsp;&nbsp;&nbsp; 156070895 | &nbsp;&nbsp;&nbsp; 223553630 | &nbsp;&nbsp;&nbsp; 249538784  |
| &nbsp;&nbsp;&nbsp; **$376807373** | &nbsp;&nbsp;&nbsp; **$121099107** | &nbsp;&nbsp;&nbsp; **$131503964** | &nbsp;&nbsp;&nbsp; **$135316050** | &nbsp;&nbsp;&nbsp; **$253322311** | &nbsp;&nbsp;&nbsp; **$223553630** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **106**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Large Cap Growth Fund**  | **MML Large Cap Growth Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(134486) | &nbsp;&nbsp; $(454912)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7025203 | &nbsp;&nbsp; 37619869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8342228 | &nbsp;&nbsp; 25781201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **15232945** | &nbsp;&nbsp; **62946158**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp; (12952977)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp; (2929260)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp; **(15882237)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (14208693) | &nbsp;&nbsp; (44518699)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2054092 | &nbsp;&nbsp; 3878678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(12154601)** | &nbsp;&nbsp; **(40640021)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **3078344** | &nbsp;&nbsp; **6423900**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 215286638 | &nbsp;&nbsp; 208862738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$218364982** | &nbsp;&nbsp; **$215286638** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **107**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Managed Volatility Fund** | **MML Managed Volatility Fund** | **MML Mid Cap Growth Fund** | **MML Mid Cap Growth Fund** | **MML Mid Cap Value Fund**  | **MML Mid Cap Value Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $224115 | &nbsp;&nbsp;&nbsp; $167237 | &nbsp;&nbsp;&nbsp; $(373212) | &nbsp;&nbsp;&nbsp; $(1083706) | &nbsp;&nbsp;&nbsp; $2414726 | &nbsp;&nbsp;&nbsp; $4781625  |
| &nbsp;&nbsp;&nbsp; 6883116 | &nbsp;&nbsp;&nbsp; 6547563 | &nbsp;&nbsp;&nbsp; 15824897 | &nbsp;&nbsp;&nbsp; 51075867 | &nbsp;&nbsp;&nbsp; 4448343 | &nbsp;&nbsp;&nbsp; 17756473  |
| &nbsp;&nbsp;&nbsp; (4363900) | &nbsp;&nbsp;&nbsp; 7307215 | &nbsp;&nbsp;&nbsp; (11393874) | &nbsp;&nbsp;&nbsp; (14716572) | &nbsp;&nbsp;&nbsp; (816892) | &nbsp;&nbsp;&nbsp; (514632)  |
| &nbsp;&nbsp;&nbsp; **2743331** | &nbsp;&nbsp;&nbsp; **14022015** | &nbsp;&nbsp;&nbsp; **4057811** | &nbsp;&nbsp;&nbsp; **35275589** | &nbsp;&nbsp;&nbsp; **6046177** | &nbsp;&nbsp;&nbsp; **22023466**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3142943) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13408823) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11955281)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (613168) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5152696) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2432394)  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(3756111)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(18561519)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(14387675)**  |
| &nbsp;&nbsp;&nbsp; (4845042) | &nbsp;&nbsp;&nbsp; (7740938) | &nbsp;&nbsp;&nbsp; (18791697) | &nbsp;&nbsp;&nbsp; (20541121) | &nbsp;&nbsp;&nbsp; (16180876) | &nbsp;&nbsp;&nbsp; (22402587)  |
| &nbsp;&nbsp;&nbsp; (1938307) | &nbsp;&nbsp;&nbsp; (2455241) | &nbsp;&nbsp;&nbsp; (8043316) | &nbsp;&nbsp;&nbsp; (10565872) | &nbsp;&nbsp;&nbsp; (3372592) | &nbsp;&nbsp;&nbsp; (3359023)  |
| &nbsp;&nbsp;&nbsp; **(6783349)** | &nbsp;&nbsp;&nbsp; **(10196179)** | &nbsp;&nbsp;&nbsp; **(26835013)** | &nbsp;&nbsp;&nbsp; **(31106993)** | &nbsp;&nbsp;&nbsp; **(19553468)** | &nbsp;&nbsp;&nbsp; **(25761610)**  |
| &nbsp;&nbsp;&nbsp; **(4040018)** | &nbsp;&nbsp;&nbsp; **69725** | &nbsp;&nbsp;&nbsp; **(22777202)** | &nbsp;&nbsp;&nbsp; **(14392923)** | &nbsp;&nbsp;&nbsp; **(13507291)** | &nbsp;&nbsp;&nbsp; **(18125819)**  |
| &nbsp;&nbsp;&nbsp; 98345548 | &nbsp;&nbsp;&nbsp; 98275823 | &nbsp;&nbsp;&nbsp; 324678935 | &nbsp;&nbsp;&nbsp; 339071858 | &nbsp;&nbsp;&nbsp; 251260317 | &nbsp;&nbsp;&nbsp; 269386136  |
| &nbsp;&nbsp;&nbsp; **$94305530** | &nbsp;&nbsp;&nbsp; **$98345548** | &nbsp;&nbsp;&nbsp; **$301901733** | &nbsp;&nbsp;&nbsp; **$324678935** | &nbsp;&nbsp;&nbsp; **$237753026** | &nbsp;&nbsp;&nbsp; **$251260317** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **108**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Small Cap Growth Equity Fund** | **MML Small Cap Growth Equity Fund** |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(149181) | &nbsp;&nbsp;&nbsp; $(137028)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1381969 | &nbsp;&nbsp;&nbsp; 10819512  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6028835) | &nbsp;&nbsp;&nbsp; 4021891  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(4796047)** | &nbsp;&nbsp;&nbsp; **14704375**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class |  | &nbsp;&nbsp;&nbsp; (58539)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp;&nbsp; **(58539)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4529372) | &nbsp;&nbsp;&nbsp; (15188308)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1396550) | &nbsp;&nbsp;&nbsp; (2027231)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(5925922)** | &nbsp;&nbsp;&nbsp; **(17215539)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(10721969)** | &nbsp;&nbsp;&nbsp; **(2569703)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 148599385 | &nbsp;&nbsp;&nbsp; 151169088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$137877416** | &nbsp;&nbsp;&nbsp; **$148599385** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **109**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Small Company Value Fund** | **MML Small Company Value Fund** | **MML Small/Mid Cap Value Fund** | **MML Small/Mid Cap Value Fund** | **MML Sustainable Equity Fund**  | **MML Sustainable Equity Fund**  |
| **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $358687 | &nbsp;&nbsp;&nbsp; $808455 | &nbsp;&nbsp;&nbsp; $554774 | &nbsp;&nbsp;&nbsp; $1059829 | &nbsp;&nbsp;&nbsp; $405506 | &nbsp;&nbsp;&nbsp; $1011665  |
| &nbsp;&nbsp;&nbsp; 618188 | &nbsp;&nbsp;&nbsp; 3904254 | &nbsp;&nbsp;&nbsp; (1106910) | &nbsp;&nbsp;&nbsp; 13195054 | &nbsp;&nbsp;&nbsp; 8212314 | &nbsp;&nbsp;&nbsp; 14225779  |
| &nbsp;&nbsp;&nbsp; (5286478) | &nbsp;&nbsp;&nbsp; 60454 | &nbsp;&nbsp;&nbsp; (1836093) | &nbsp;&nbsp;&nbsp; (1235808) | &nbsp;&nbsp;&nbsp; (5383355) | &nbsp;&nbsp;&nbsp; 11339465  |
| &nbsp;&nbsp;&nbsp; **(4309603)** | &nbsp;&nbsp;&nbsp; **4773163** | &nbsp;&nbsp;&nbsp; **(2388229)** | &nbsp;&nbsp;&nbsp; **13019075** | &nbsp;&nbsp;&nbsp; **3234465** | &nbsp;&nbsp;&nbsp; **26576909**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7909972) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5474934)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (560114) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1664515) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2890763)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (258844) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(818958)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(9574487)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(8365697)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4075854) | &nbsp;&nbsp;&nbsp; (9039275) | &nbsp;&nbsp;&nbsp; (7521531) | &nbsp;&nbsp;&nbsp; (10342148)  |
| &nbsp;&nbsp;&nbsp; (3598635) | &nbsp;&nbsp;&nbsp; (9966960) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (716896) | &nbsp;&nbsp;&nbsp; (2643981) | &nbsp;&nbsp;&nbsp; (2984761) | &nbsp;&nbsp;&nbsp; (5727001)  |
| &nbsp;&nbsp;&nbsp; (1131770) | &nbsp;&nbsp;&nbsp; (4341869) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(4730405)** | &nbsp;&nbsp;&nbsp; **(14308829)** | &nbsp;&nbsp;&nbsp; **(4792750)** | &nbsp;&nbsp;&nbsp; **(11683256)** | &nbsp;&nbsp;&nbsp; **(10506292)** | &nbsp;&nbsp;&nbsp; **(16069149)**  |
| &nbsp;&nbsp;&nbsp; **(9040008)** | &nbsp;&nbsp;&nbsp; **(10354624)** | &nbsp;&nbsp;&nbsp; **(7180979)** | &nbsp;&nbsp;&nbsp; **(8238668)** | &nbsp;&nbsp;&nbsp; **(7271827)** | &nbsp;&nbsp;&nbsp; **2142063**  |
| &nbsp;&nbsp;&nbsp; 64973856 | &nbsp;&nbsp;&nbsp; 75328480 | &nbsp;&nbsp;&nbsp; 128830402 | &nbsp;&nbsp;&nbsp; 137069070 | &nbsp;&nbsp;&nbsp; 144411469 | &nbsp;&nbsp;&nbsp; 142269406  |
| &nbsp;&nbsp;&nbsp; **$55933848** | &nbsp;&nbsp;&nbsp; **$64973856** | &nbsp;&nbsp;&nbsp; **$121649423** | &nbsp;&nbsp;&nbsp; **$128830402** | &nbsp;&nbsp;&nbsp; **$137139642** | &nbsp;&nbsp;&nbsp; **$144411469** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **110**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Total Return Bond Fund**  | **MML Total Return Bond Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6481331 | &nbsp;&nbsp; $12506072  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1741777) | &nbsp;&nbsp; (1682578)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8927356 | &nbsp;&nbsp; (9146069)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **13666910** | &nbsp;&nbsp; **1677425**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | &nbsp;&nbsp; (10741672)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | &nbsp;&nbsp; (1469882)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **—** | &nbsp;&nbsp; **(12211554)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | 62755269 | &nbsp;&nbsp; (20521897)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | (116504) | &nbsp;&nbsp; 4625988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **62638765** | &nbsp;&nbsp; **(15895909)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **76305675** | &nbsp;&nbsp; **(26430038)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 306113717 | &nbsp;&nbsp; 332543755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$382419392** | &nbsp;&nbsp; **$306113717** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **111**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Conservative Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup> | **$8.32** | $0.06 | $0.38 | $0.44 | $— | $— | $— | **$8.76** | 5.29% <sup>b</sup> | $54266 | 0.14% <sup>a</sup> | 1.50% <sup>a</sup>  |
| 12/31/24 | 8.01 | 0.23 | 0.30 | 0.53 | (0.22) |  | (0.22) | 8.32 | 6.61% | 57989 | 0.14% | 2.83%  |
| 12/31/23 <br>| 8.05  | 0.19  | 0.68  | 0.87  | (0.28)  | (0.63)  | (0.91)  | 8.01  | 11.65%  | 65534  | 0.13%  | 2.30%  |
| 12/31/22 <br>| 10.77  | 0.18  | (1.72)  | (1.54)  | (0.38)  | (0.80)  | (1.18)  | 8.05  | (14.74%)  | 67320  | 0.13%  | 1.94%  |
| 12/31/21 <br>| 10.34  | 0.22  | 0.66  | 0.88  | (0.13)  | (0.32)  | (0.45)  | 10.77  | 8.60%  | 86161  | 0.12%  | 2.05%  |
| 12/31/20 <br>| 9.95  | 0.09  | 0.86  | 0.95  | (0.27)  | (0.29)  | (0.56)  | 10.34  | 9.93%  | 96649  | 0.12%  | 0.95%  |
| **Service Class**  | **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$8.21** | $0.05 | $0.37 | $0.42 | $— | $— | $— | **$8.63** | 5.12% <sup>b</sup> | $173427 | 0.39% <sup>a</sup> | 1.25% <sup>a</sup> |
| 12/31/24 | 7.90 | 0.21 | 0.30 | 0.51 | (0.20) |  | (0.20) | 8.21 | 6.41% | 182135 | 0.39% | 2.58%  |
| 12/31/23 <br>| 7.95  | 0.16  | 0.68  | 0.84  | (0.26)  | (0.63)  | (0.89)  | 7.90  | 11.32%  | 212455  | 0.38%  | 2.06%  |
| 12/31/22 <br>| 10.64  | 0.15  | (1.69)  | (1.54)  | (0.35)  | (0.80)  | (1.15)  | 7.95  | (14.91%)  | 232827  | 0.38%  | 1.66%  |
| 12/31/21 <br>| 10.22  | 0.19  | 0.65  | 0.84  | (0.10)  | (0.32)  | (0.42)  | 10.64  | 8.33%  | 314582  | 0.37%  | 1.75%  |
| 12/31/20 <br>| 9.84  | 0.07  | 0.85  | 0.92  | (0.25)  | (0.29)  | (0.54)  | 10.22  | 9.67%  | 338181  | 0.37%  | 0.72% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 19% | 14%  | 14%  | 21%  | 28%  | 43% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **112**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Balanced Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup> | **$8.65** | $0.06 | $0.44 | $0.50 | $— | $— | $— | **$9.15** | 5.78% <sup>b</sup> | $70441 | 0.13%<sup>a</sup> | 1.31%<sup>a</sup>  |
| 12/31/24 | 8.22 | 0.22 | 0.41 | 0.63 | (0.20) |  | (0.20) | 8.65 | 7.70% | 71830 | 0.13% | 2.57%  |
| 12/31/23 <br>| 8.26  | 0.17  | 0.79  | 0.96  | (0.28)  | (0.72)  | (1.00)  | 8.22  | 12.47%  | 77063  | 0.13%  | 2.10%  |
| 12/31/22 <br>| 10.88  | 0.16  | (1.72)  | (1.56)  | (0.36)  | (0.70)  | (1.06)  | 8.26  | (14.73%)  | 80987  | 0.13%  | 1.76%  |
| 12/31/21 <br>| 10.32  | 0.20  | 0.82  | 1.02  | (0.14)  | (0.32)  | (0.46)  | 10.88  | 9.98%  | 106757  | 0.12%  | 1.88%  |
| 12/31/20 <br>| 9.89  | 0.09  | 0.94  | 1.03  | (0.26)  | (0.34)  | (0.60)  | 10.32  | 10.93%  | 109924  | 0.12%  | 0.97%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$8.55** | $0.05 | $0.43 | $0.48 | $— | $— | $— | **$9.03** | 5.61% <sup>b</sup> | $211566 | 0.38%<sup>a</sup> | 1.05%<sup>a</sup> |
| 12/31/24 | 8.13 | 0.19 | 0.41 | 0.60 | (0.18) |  | (0.18) | 8.55 | 7.37% | 219357 | 0.38% | 2.28%  |
| 12/31/23 <br>| 8.17  | 0.15  | 0.78  | 0.93  | (0.25)  | (0.72)  | (0.97)  | 8.13  | 12.26%  | 252382  | 0.38%  | 1.85%  |
| 12/31/22 <br>| 10.77  | 0.14  | (1.71)  | (1.57)  | (0.33)  | (0.70)  | (1.03)  | 8.17  | (14.97%)  | 267476  | 0.38%  | 1.52%  |
| 12/31/21 <br>| 10.22  | 0.17  | 0.81  | 0.98  | (0.11)  | (0.32)  | (0.43)  | 10.77  | 9.70%  | 363021  | 0.37%  | 1.62%  |
| 12/31/20 <br>| 9.80  | 0.07  | 0.92  | 0.99  | (0.23)  | (0.34)  | (0.57)  | 10.22  | 10.65%  | 373144  | 0.37%  | 0.72% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 18% | 14%  | 12%  | 16%  | 25%  | 22% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **113**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Moderate Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup> | **$9.04** | $0.05 | $0.50 | $0.55 | $— | $— | $— | **$9.59** | 6.08%<sup>b</sup> | $192543 | 0.12% <sup>a</sup> | 1.08%<sup>a</sup>  |
| 12/31/24 | 8.48 | 0.20 | 0.55 | 0.75 | (0.19) |  | (0.19) | 9.04 | 8.87% | 200430 | 0.12% | 2.24%  |
| 12/31/23 <br>| 8.59  | 0.16  | 0.94  | 1.10  | (0.30)  | (0.91)  | (1.21)  | 8.48  | 13.90%  | 211139  | 0.12%  | 1.88%  |
| 12/31/22 <br>| 11.54  | 0.16  | (1.84)  | (1.68)  | (0.34)  | (0.93)  | (1.27)  | 8.59  | (14.97%)  | 212502  | 0.12%  | 1.64%  |
| 12/31/21 <br>| 10.84  | 0.18  | 1.11  | 1.29  | (0.16)  | (0.43)  | (0.59)  | 11.54  | 11.99%  | 284654  | 0.11%  | 1.60%  |
| 12/31/20 <br>| 10.53  | 0.10  | 0.95  | 1.05  | (0.26)  | (0.48)  | (0.74)  | 10.84  | 10.54%  | 303037  | 0.11%  | 1.04%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$8.90** | $0.04 | $0.49 | $0.53 | $— | $— | $— | **$9.43** | 5.96% <sup>b</sup> | $763652 | 0.37% <sup>a</sup> | 0.82%<sup>a</sup> |
| 12/31/24 | 8.35 | 0.17 | 0.55 | 0.72 | (0.17) |  | (0.17) | 8.90 | 8.58% | 802890 | 0.37% | 1.93%  |
| 12/31/23 <br>| 8.47  | 0.14  | 0.93  | 1.07  | (0.28)  | (0.91)  | (1.19)  | 8.35  | 13.62%  | 955873  | 0.37%  | 1.60%  |
| 12/31/22 <br>| 11.38  | 0.13  | (1.80)  | (1.67)  | (0.31)  | (0.93)  | (1.24)  | 8.47  | (15.12%)  | 1044314  | 0.37%  | 1.37%  |
| 12/31/21 <br>| 10.70  | 0.15  | 1.09  | 1.24  | (0.13)  | (0.43)  | (0.56)  | 11.38  | 11.67%  | 1461553  | 0.36%  | 1.36%  |
| 12/31/20 <br>| 10.41  | 0.08  | 0.92  | 1.00  | (0.23)  | (0.48)  | (0.71)  | 10.70  | 10.16%  | 1575805  | 0.36%  | 0.76% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 16% | 12%  | 13%  | 15%  | 21%  | 19% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **114**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Growth Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup> | **$7.87** | $0.03 | $0.48 | $0.51 | $— | $— | $— | **$8.38** | 6.48%<sup>b</sup> | $335396 | 0.12%<sup>a</sup> | 0.71%<sup>a</sup>  |
| 12/31/24 | 7.21 | 0.14 | 0.65 | 0.79 | (0.12) | (0.01) | (0.13) | 7.87 | 10.93% | 340085 | 0.12% | 1.76%  |
| 12/31/23 <br>| 7.38  | 0.11  | 0.97  | 1.08  | (0.23)  | (1.02)  | (1.25)  | 7.21  | 15.98%  | 345439  | 0.12%  | 1.52%  |
| 12/31/22 <br>| 10.11  | 0.11  | (1.61)  | (1.50)  | (0.24)  | (0.99)  | (1.23)  | 7.38  | (15.30%)  | 337615  | 0.12%  | 1.35%  |
| 12/31/21 <br>| 9.38  | 0.14  | 1.19  | 1.33  | (0.16)  | (0.44)  | (0.60)  | 10.11  | 14.33%  | 443650  | 0.12%  | 1.36%  |
| 12/31/20 <br>| 9.04  | 0.09  | 0.98  | 1.07  | (0.18)  | (0.55)  | (0.73)  | 9.38  | 12.76%  | 456817  | 0.11%  | 1.07%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$7.77** | $0.02 | $0.47 | $0.49 | $— | $— | $— | **$8.26** | 6.31%<sup>b</sup> | $566394 | 0.37%<sup>a</sup> | 0.46%<sup>a</sup> |
| 12/31/24 | 7.13 | 0.11 | 0.64 | 0.75 | (0.10) | (0.01) | (0.11) | 7.77 | 10.50% | 570767 | 0.37% | 1.50%  |
| 12/31/23 <br>| 7.30  | 0.09  | 0.97  | 1.06  | (0.21)  | (1.02)  | (1.23)  | 7.13  | 15.83%  | 604363  | 0.37%  | 1.27%  |
| 12/31/22 <br>| 10.00  | 0.09  | (1.59)  | (1.50)  | (0.21)  | (0.99)  | (1.20)  | 7.30  | (15.45%)  | 583458  | 0.37%  | 1.10%  |
| 12/31/21 <br>| 9.29  | 0.11  | 1.17  | 1.28  | (0.13)  | (0.44)  | (0.57)  | 10.00  | 13.93%  | 763680  | 0.37%  | 1.10%  |
| 12/31/20 <br>| 8.96  | 0.07  | 0.97  | 1.04  | (0.16)  | (0.55)  | (0.71)  | 9.29  | 12.47%  | 788627  | 0.36%  | 0.82% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 15% | 14%  | 11%  | 15%  | 27%  | 18% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **115**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Aggressive Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup> | **$9.12** | $0.01 | $0.64 | $0.65 | $— | $— | $— | **$9.77** | 7.13%<sup>b</sup> | $59769 | 0.16%<sup>a</sup> | 0.30%<sup>a</sup>  |
| 12/31/24 <br>| 8.33 | 0.11 | 0.95 | 1.06 | (0.10) | (0.17) | (0.27) | 9.12 | 12.74% | 58693 | 0.16% | 1.21%  |
| 12/31/23 <br>| 8.26  | 0.09  | 1.32  | 1.41  | (0.26)  | (1.08)  | (1.34)  | 8.33  | 18.32%  | 58623  | 0.15%  | 1.09%  |
| 12/31/22 <br>| 11.70  | 0.10  | (1.90)  | (1.80)  | (0.21)  | (1.43)  | (1.64)  | 8.26  | (15.90%)  | 54729  | 0.16%  | 1.02%  |
| 12/31/21 <br>| 10.58  | 0.12  | 1.63  | 1.75  | (0.15)  | (0.48)  | (0.63)  | 11.70  | 16.65%  | 73193  | 0.14%  | 1.05%  |
| 12/31/20 <br>| 10.16  | 0.10  | 1.15  | 1.25  | (0.16)  | (0.67)  | (0.83)  | 10.58  | 13.35%  | 66655  | 0.15%  | 1.08%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$8.89** | $0.00<sup>d</sup> | $0.62 | $0.62 | $— | $— | $— | **$9.51** | 6.97%<sup>b</sup> | $64573 | 0.41%<sup>a</sup> | 0.05%<sup>a</sup> |
| 12/31/24 <br>| 8.12 | 0.08 | 0.94 | 1.02 | (0.08) | (0.17) | (0.25) | 8.89 | 12.54% | 63694 | 0.41% | 0.95%  |
| 12/31/23 <br>| 8.08  | 0.07  | 1.29  | 1.36  | (0.24)  | (1.08)  | (1.32)  | 8.12  | 17.97%  | 70520  | 0.40%  | 0.81%  |
| 12/31/22 <br>| 11.48  | 0.07  | (1.86)  | (1.79)  | (0.18)  | (1.43)  | (1.61)  | 8.08  | (16.13%)  | 68519  | 0.41%  | 0.79%  |
| 12/31/21 <br>| 10.39  | 0.09  | 1.60  | 1.69  | (0.12)  | (0.48)  | (0.60)  | 11.48  | 16.40%  | 95028  | 0.39%  | 0.78%  |
| 12/31/20 <br>| 9.99  | 0.07  | 1.13  | 1.20  | (0.13)  | (0.67)  | (0.80)  | 10.39  | 13.08%  | 93621  | 0.40%  | 0.80% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 14% | 18%  | 15%  | 23%  | 37%  | 17% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **116**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML American Funds Growth Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of**<br>**expenses to average daily net assets<sup>u</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$16.93** | $(0.02) | $1.69 | $1.67 | $— | $— | $— | **$18.60** | 9.86%<sup>b</sup> | $311642 | 0.68%<sup>a</sup> | (0.27%)<sup>a</sup> |
| 12/31/24 <br>| 13.96 | (0.02) | 4.23 | 4.21 |  | (1.24) | (1.24) | 16.93 | 31.11% | 293709 | 0.68% | (0.10%)  |
| 12/31/23 <br>| 12.15  | (0.01)  | 4.29  | 4.28  | (0.21)  | (2.26)  | (2.47)  | 13.96  | 37.96%  | 247407  | 0.68%  | (0.08%)  |
| 12/31/22 <br>| 22.52  | (0.02)  | (6.38)  | (6.40)  | (0.08)  | (3.89)  | (3.97)  | 12.15  | (30.29%)  | 195283  | 0.69%  | (0.11%)  |
| 12/31/21 <br>| 19.56  | (0.05)  | 4.20  | 4.15  | —  | (1.19)  | (1.19)  | 22.52  | 21.48%  | 292504  | 0.68%  | (0.21%)  |
| 12/31/20 <br>| 14.33  | (0.02)  | 7.11  | 7.09  | (0.12)  | (1.74)  | (1.86)  | 19.56  | 51.49%  | 257464  | 0.68%  | (0.12%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 7% | 9%  | 11%  | 10%  | 13%  | 8% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

r Unaudited.

u The fund does not directly bear expenses of the Master Fund (as defined in Note 1) which are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x Amount does not include the portfolio activity of the Master Fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **117**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML American Funds Core Allocation Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets**<br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$10.87** | $0.01 | $0.76 | $0.77 | $— | $— | $— | **$11.64** | 7.08%<sup>b</sup> | $568108 | 0.73%<sup>a</sup> | N/A | 0.25%<sup>a</sup> |
| 12/31/24 <br>| 10.06 | 0.18 | 1.02 | 1.20 | (0.20) | (0.19) | (0.39) | 10.87 | 11.87% | 581458 | 0.72% | 0.72%<sup>l</sup> | 1.64%  |
| 12/31/23 <br>| 10.38  | 0.17  | 1.19  | 1.36  | (0.43)  | (1.25)  | (1.68)  | 10.06  | 14.37%  | 671962  | 0.72%  | 0.72%<sup>l</sup>  | 1.63%  |
| 12/31/22 <br>| 13.22  | 0.19  | (1.98)  | (1.79)  | (0.26)  | (0.79)  | (1.05)  | 10.38  | (13.70%)  | 704868  | 0.72%  | 0.61%  | 1.62%  |
| 12/31/21 <br>| 12.16  | 0.13  | 1.42  | 1.55  | (0.17)  | (0.32)  | (0.49)  | 13.22  | 12.85%  | 933788  | 0.71%  | 0.65%  | 1.00%  |
| 12/31/20 <br>| 11.72  | 0.12  | 1.15  | 1.27  | (0.20)  | (0.63)  | (0.83)  | 12.16  | 11.39%  | 943728  | 0.71%  | N/A  | 1.08% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 9% | 10%  | 8%  | 19%  | 11%  | 14% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **118**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Blue Chip Growth Fund</u>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$20.15** | $(0.02) | $1.60 | $1.58 | $— | $— | **$21.73** | 7.84%<sup>b</sup> | $303709 | 0.78%<sup>a</sup> | (0.25%)<sup>a</sup> |
| 12/31/24 <br>| 16.00 | (0.04) | 5.62 | 5.58 | (1.43) | (1.43) | 20.15 | 35.63% | 306266 | 0.77% | (0.23%)  |
| 12/31/23 <br>| 10.70  | (0.02)  | 5.32  | 5.30  | —  | —  | 16.00  | 49.53%  | 297761  | 0.78%  | (0.18%)  |
| 12/31/22 <br>| 21.62  | (0.04)  | (8.02)  | (8.06)  | (2.86)  | (2.86)  | 10.70  | (39.50%)  | 243726  | 0.78%  | (0.28%)  |
| 12/31/21 <br>| 20.51  | (0.10)  | 3.48  | 3.38  | (2.27)  | (2.27)  | 21.62  | 16.34%  | 425249  | 0.77%  | (0.44%)  |
| 12/31/20 <br>| 16.49  | (0.06)  | 5.68  | 5.62  | (1.60)  | (1.60)  | 20.51  | 34.40%  | 351504  | 0.78%  | (0.35%)  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$18.35** | $(0.04) | $1.45 | $1.41 | $— | $— | **$19.76** | 7.68%<sup>b</sup> | $186920 | 1.03%<sup>a</sup> | (0.50%)<sup>a</sup> |
| 12/31/24 <br>| 14.70 | (0.08) | 5.16 | 5.08 | (1.43) | (1.43) | 18.35 | 35.38% | 184661 | 1.02% | (0.48%)  |
| 12/31/23 <br>| 9.86  | (0.05)  | 4.89  | 4.84  | —  | —  | 14.70  | 49.09%  | 154963  | 1.03%  | (0.43%)  |
| 12/31/22 <br>| 20.28  | (0.07)  | (7.49)  | (7.56)  | (2.86)  | (2.86)  | 9.86  | (39.65%)  | 116192  | 1.03%  | (0.53%)  |
| 12/31/21 <br>| 19.40  | (0.14)  | 3.29  | 3.15  | (2.27)  | (2.27)  | 20.28  | 16.08%  | 203439  | 1.02%  | (0.69%)  |
| 12/31/20 <br>| 15.71  | (0.10)  | 5.39  | 5.29  | (1.60)  | (1.60)  | 19.40  | 34.00%  | 181728  | 1.03%  | (0.60%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 10% | 16%  | 10%  | 24%  | 41%  | 26% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **119**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Equity Income Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waiver<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$10.10** | $0.10 | $0.52 | $0.62 | $— | $— | $— | **$10.72** | 6.14%<sup>b</sup> | $379096 | 0.79%<sup>a</sup> | 0.79%<sup>a,l</sup> | 2.05%<sup>a</sup> |
| 12/31/24 <br>| 9.89 | 0.18 | 0.98 | 1.16 | (0.22) | (0.73) | (0.95) | 10.10 | 11.67% | 256858 | 0.79% | 0.78% | 1.71%  |
| 12/31/23 <br>| 10.10  | 0.20  | 0.68  | 0.88  | (0.24)  | (0.85)  | (1.09)  | 9.89  | 9.54%  | 278158  | 0.79%  | 0.76%  | 2.01%  |
| 12/31/22 <br>| 12.38  | 0.22  | (0.64)  | (0.42)  | (0.21)  | (1.65)  | (1.86)  | 10.10  | (3.57%)  | 305370  | 0.79%  | 0.76%  | 1.92%  |
| 12/31/21 <br>| 10.28  | 0.18  | 2.43  | 2.61  | (0.27)  | (0.24)  | (0.51)  | 12.38  | 25.58%  | 368999  | 0.78%  | 0.75%  | 1.57%  |
| 12/31/20 <br>| 11.18  | 0.22  | (0.22)  | 0.00<sup>d</sup>  | (0.23)  | (0.67)  | (0.90)  | 10.28  | 1.34%  | 365382  | 0.79%  | 0.76%  | 2.32%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$9.89** | $0.09 | $0.50 | $0.59 | $— | $— | $— | **$10.48** | 5.97%<sup>b</sup> | $87257 | 1.04%<sup>a</sup> | 1.04%<sup>a,l</sup> | 1.75%<sup>a</sup> |
| 12/31/24 <br>| 9.70 | 0.15 | 0.97 | 1.12 | (0.20) | (0.73) | (0.93) | 9.89 | 11.41% | 67189 | 1.04% | 1.03% | 1.46%  |
| 12/31/23 <br>| 9.92  | 0.17  | 0.67  | 0.84  | (0.21)  | (0.85)  | (1.06)  | 9.70  | 9.28%  | 71234  | 1.04%  | 1.01%  | 1.77%  |
| 12/31/22 <br>| 12.19  | 0.19  | (0.63)  | (0.44)  | (0.18)  | (1.65)  | (1.83)  | 9.92  | (3.82%)  | 78419  | 1.04%  | 1.01%  | 1.67%  |
| 12/31/21 <br>| 10.14  | 0.15  | 2.39  | 2.54  | (0.25)  | (0.24)  | (0.49)  | 12.19  | 25.18%  | 88588  | 1.03%  | 1.00%  | 1.32%  |
| 12/31/20 <br>| 11.03  | 0.19  | (0.20)  | (0.01)  | (0.21)  | (0.67)  | (0.88)  | 10.14  | 1.17%  | 82671  | 1.04%  | 1.01%  | 2.06% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 23% | 19%  | 15%  | 15%  | 21%  | 32% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **120**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Equity Index Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$35.95** | $0.16 | $1.98 | $2.14 | $— | $— | $— | **$38.09** | 5.95%<sup>b</sup> | $55843 | 0.43%<sup>a</sup> | 0.93%<sup>a</sup> |
| 12/31/24 <br>| 30.08 | 0.32 | 6.96 | 7.28 | (0.34) | (1.07) | (1.41) | 35.95 | 24.44% | 57424 | 0.42% | 0.96% |
| 12/31/23 <br>| 26.73  | 0.35  | 6.22  | 6.57  | (0.38)  | (2.84)  | (3.22)  | 30.08  | 25.75%  | 55380  | 0.43%  | 1.23%  |
| 12/31/22 <br>| 35.26  | 0.35  | (6.73)  | (6.38)  | (0.31)  | (1.84)  | (2.15)  | 26.73  | (18.50%)  | 47938  | 0.43%  | 1.18%  |
| 12/31/21 <br>| 29.07  | 0.31  | 7.77  | 8.08  | (0.43)  | (1.46)  | (1.89)  | 35.26  | 28.19%  | 65271  | 0.42%  | 0.96%  |
| 12/31/20 <br>| 32.46  | 0.42  | 4.71  | 5.13  | (0.55)  | (7.97)  | (8.52)  | 29.07  | 18.06%  | 61002  | 0.43%  | 1.43%  |
| **Class II** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$35.88** | $0.19 | $1.98 | $2.17 | $— | $— | $— | **$38.05** | 6.05%<sup>b</sup> | $267448 | 0.28%<sup>a</sup> | 1.08%<sup>a</sup> |
| 12/31/24 <br>| 30.03 | 0.37 | 6.94 | 7.31 | (0.39) | (1.07) | (1.46) | 35.88 | 24.59% | 265152 | 0.27% | 1.10% |
| 12/31/23 <br>| 26.69  | 0.40  | 6.21  | 6.61  | (0.43)  | (2.84)  | (3.27)  | 30.03  | 25.93%  | 229066  | 0.28%  | 1.38%  |
| 12/31/22 <br>| 35.22  | 0.39  | (6.70)  | (6.31)  | (0.38)  | (1.84)  | (2.22)  | 26.69  | (18.35%)  | 191941  | 0.28%  | 1.32%  |
| 12/31/21 <br>| 29.04  | 0.36  | 7.76  | 8.12  | (0.48)  | (1.46)  | (1.94)  | 35.22  | 28.37%  | 299922  | 0.27%  | 1.11%  |
| 12/31/20 <br>| 32.45  | 0.46  | 4.71  | 5.17  | (0.61)  | (7.97)  | (8.58)  | 29.04  | 18.21%  | 239890  | 0.28%  | 1.58%  |
| **Class III** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$35.79** | $0.22 | $1.97 | $2.19 | $— | $— | $— | **$37.98** | 6.12%<sup>b</sup> | $289850 | 0.13%<sup>a</sup> | 1.23%<sup>a</sup>  |
| 12/31/24 <br>| 29.94 | 0.42 | 6.94 | 7.36 | (0.44) | (1.07) | (1.51) | 35.79 | 24.82% | 291824 | 0.12% | 1.26% |
| 12/31/23 <br>| 26.63  | 0.44  | 6.19  | 6.63  | (0.48)  | (2.84)  | (3.32)  | 29.94  | 26.10%  | 335587  | 0.13%  | 1.53%  |
| 12/31/22 <br>| 35.15  | 0.44  | (6.70)  | (6.26)  | (0.42)  | (1.84)  | (2.26)  | 26.63  | (18.23%)  | 274717  | 0.13%  | 1.48%  |
| 12/31/21 <br>| 28.98  | 0.41  | 7.74  | 8.15  | (0.52)  | (1.46)  | (1.98)  | 35.15  | 28.54%  | 359612  | 0.12%  | 1.26%  |
| 12/31/20 <br>| 32.39  | 0.50  | 4.71  | 5.21  | (0.65)  | (7.97)  | (8.62)  | 28.98  | 18.41%  | 307589  | 0.13%  | 1.72%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$33.85** | $0.11 | $1.87 | $1.98 | $— | $— | $— | **$35.83** | 5.85%<sup>b</sup> | $27315 | 0.68%<sup>a</sup> | 0.68%<sup>a</sup> |
| 12/31/24 <br>| 28.38 | 0.22 | 6.55 | 6.77 | (0.23) | (1.07) | (1.30) | 33.85 | 24.09% | 28455 | 0.67% | 0.71%  |
| 12/31/23 <br>| 25.35  | 0.27  | 5.88  | 6.15  | (0.28)  | (2.84)  | (3.12)  | 28.38  | 25.44%  | 33270  | 0.68%  | 0.97%  |
| 12/31/22 <br>| 33.55  | 0.26  | (6.39)  | (6.13)  | (0.23)  | (1.84)  | (2.07)  | 25.35  | (18.69%)  | 34664  | 0.68%  | 0.92%  |
| 12/31/21 <br>| 27.76  | 0.22  | 7.40  | 7.62  | (0.37)  | (1.46)  | (1.83)  | 33.55  | 27.86%  | 52483  | 0.67%  | 0.71%  |
| 12/31/20 <br>| 31.35  | 0.33  | 4.52  | 4.85  | (0.47)  | (7.97)  | (8.44)  | 27.76  | 17.74%  | 44361  | 0.68%  | 1.18% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 1% | 2%  | 2%  | 2%  | 3%  | 5% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **121**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Focused Equity Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gain**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of**<br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$7.47** | $0.02 | $0.24 | $0.26 | $— | $— | $— | **$7.73** | 3.48%<sup>b</sup> | $224004 | 0.89%<sup>a</sup> | 0.57%<sup>a</sup> |
| 12/31/24 <br>| 7.16 | 0.06 | 0.68 | 0.74 | (0.08) | (0.35) | (0.43) | 7.47 | 10.09% | 237220 | 0.88% | 0.75%  |
| 12/31/23 <br>| 7.24  | 0.07  | 0.59  | 0.66  | (0.07)  | (0.67)  | (0.74)  | 7.16  | 9.88%  | 266763  | 0.87%  | 0.93%  |
| 12/31/22 <br>| 8.30  | 0.06  | (0.45)  | (0.39)  | (0.07)  | (0.60)  | (0.67)  | 7.24  | (4.69%)  | 288336  | 0.86%  | 0.85%  |
| 12/31/21 <br>| 7.25  | 0.07  | 1.51  | 1.58  | (0.08)  | (0.45)  | (0.53)  | 8.30  | 22.25%  | 338277  | 0.87%  | 0.89%  |
| 12/31/20 <br>| 6.77  | 0.07  | 0.76  | 0.83  | (0.05)  | (0.30)  | (0.35)  | 7.25  | 12.76%  | 277370  | 0.87%  | 1.10%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$7.07** | $0.01 | $0.24 | $0.25 | $— | $— | $— | **$7.32** | 3.54%<sup>b</sup> | $20215 | 1.14%<sup>a</sup> | 0.32%<sup>a</sup> |
| 12/31/24 <br>| 6.80 | 0.04 | 0.64 | 0.68 | (0.06) | (0.35) | (0.41) | 7.07 | 9.78% | 21297 | 1.13% | 0.50%  |
| 12/31/23 <br>| 6.91  | 0.05  | 0.57  | 0.62  | (0.06)  | (0.67)  | (0.73)  | 6.80  | 9.69%  | 22935  | 1.12%  | 0.68%  |
| 12/31/22 <br>| 7.96  | 0.04  | (0.44)  | (0.40)  | (0.05)  | (0.60)  | (0.65)  | 6.91  | (5.02%)  | 22509  | 1.12%  | 0.60%  |
| 12/31/21 <br>| 6.98  | 0.05  | 1.45  | 1.50  | (0.07)  | (0.45)  | (0.52)  | 7.96  | 21.88%  | 22988  | 1.12%  | 0.64%  |
| 12/31/20 <br>| 6.53  | 0.05  | 0.74  | 0.79  | (0.04)  | (0.30)  | (0.34)  | 6.98  | 12.54%  | 19686  | 1.12%  | 0.85% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 24% | 44%  | 15%  | 24%  | 34%  | 36% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **122**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Foreign Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$9.57** | $0.17 | $1.82 | $1.99 | $— | $— | $— | **$11.56** | 20.79%<sup>b</sup> | $162291 | 0.92%<sup>a</sup> | N/A | 3.24%<sup>a</sup> |
| 12/31/24 <br>| 9.53 | 0.21 | 0.14 | 0.35 | (0.31) |  | (0.31) | 9.57 | 3.46% | 153983 | 0.96% | 0.96%<sup>k</sup> | 2.16%  |
| 12/31/23 <br>| 8.32  | 0.20  | 1.14  | 1.34  | (0.13)  | —  | (0.13)  | 9.53  | 16.22%  | 170360  | 0.95%  | 0.94%  | 2.22%  |
| 12/31/22 <br>| 11.04  | 0.22  | (1.88)  | (1.66)  | (0.37)  | (0.69)  | (1.06)  | 8.32  | (14.58%)  | 175988  | 0.95%  | 0.93%  | 2.40%  |
| 12/31/21 <br>| 10.02  | 0.22  | 1.09  | 1.31  | (0.29)  | —  | (0.29)  | 11.04  | 13.04%  | 237547  | 0.94%  | 0.92%  | 1.99%  |
| 12/31/20 <br>| 10.10  | 0.14  | 0.37  | 0.51  | (0.27)  | (0.32)  | (0.59)  | 10.02  | 5.93%  | 266506  | 0.92%  | 0.88%  | 1.61%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$9.50** | $0.16 | $1.80 | $1.96 | $— | $— | $— | **$11.46** | 20.63%<sup>b</sup> | $9595 | 1.17%<sup>a</sup> | N/A | 3.02%<sup>a</sup> |
| 12/31/24 <br>| 9.47 | 0.19 | 0.12 | 0.31 | (0.28) |  | (0.28) | 9.50 | 3.12% | 8671 | 1.21% | 1.21%<sup>k</sup> | 1.91% |
| 12/31/23 <br>| 8.27  | 0.18  | 1.13  | 1.31  | (0.11)  | —  | (0.11)  | 9.47  | 15.97%  | 9250  | 1.20%  | 1.19%  | 1.98%  |
| 12/31/22 <br>| 10.98  | 0.19  | (1.87)  | (1.68)  | (0.34)  | (0.69)  | (1.03)  | 8.27  | (14.87%)  | 8819  | 1.20%  | 1.19%  | 2.06%  |
| 12/31/21 <br>| 9.95  | 0.19  | 1.10  | 1.29  | (0.26)  | —  | (0.26)  | 10.98  | 12.95%  | 8063  | 1.19%  | 1.17%  | 1.72%  |
| 12/31/20 <br>| 10.04  | 0.12  | 0.36  | 0.48  | (0.25)  | (0.32)  | (0.57)  | 9.95  | 5.57%  | 8323  | 1.17%  | 1.13%  | 1.36% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 6% | 12%  | 14%  | 10%  | 16%  | 106% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;k Amount waived had no impact on the ratio
 of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **123**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Fundamental Equity Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$11.49** | $0.02 | $0.82 | $0.84 | $— | $— | $— | **$12.33** | $7.31%<sup>b</sup> | $110560 | 0.81%<sup>a</sup> | N/A | 0.44%<sup>a</sup>  |
| 12/31/24 <br>| 10.19 | 0.06 | 2.32 | 2.38 | (0.09) | (0.99) | (1.08) | 11.49 | 23.71% | 112239 | 0.81% | N/A | 0.51% |
| 12/31/23 <br>| 8.36  | 0.07  | 1.85  | 1.92  | (0.09)  | —  | (0.09)  | 10.19  | 23.00%  | 119336  | 0.81%  | N/A  | 0.71%  |
| 12/31/22 <br>| 12.55  | 0.07  | (2.50)  | (2.43)  | (0.06)  | (1.70)  | (1.76)  | 8.36  | (20.24%)  | 147522  | 0.81%  | N/A  | 0.75%  |
| 12/31/21 <br>| 10.73  | 0.09  | 2.81  | 2.90  | (0.06)  | (1.02)  | (1.08)  | 12.55  | 27.67%  | 220586  | 0.81%  | N/A  | 0.77%  |
| 12/31/20 <br>| 10.02  | 0.07  | 1.85  | 1.92  | (0.00)<sup>d</sup>  | (1.21)  | (1.21)  | 10.73  | 20.02%  | 161496  | 0.82%  | 0.82%<sup>k</sup>  | 0.73%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup> | **$10.82** | $0.01 | $0.77 | $0.78 | $— | $— | $— | 11.60 | 7.21%<sup>b</sup> | $27780 | 1.06%<sup>a</sup> | N/A | 0.19%<sup>a</sup> |
| 12/31/24 <br>| 9.66 | 0.03 | 2.19 | 2.22 | (0.07) | (0.99) | (1.06) | 10.82 | 23.36% | 26129 | 1.06% | N/A | 0.26% |
| 12/31/23 <br>| 7.93  | 0.04  | 1.76  | 1.80  | (0.07)  | —  | (0.07)  | 9.66  | 22.76%  | 22506  | 1.06%  | N/A  | 0.46%  |
| 12/31/22 <br>| 12.01  | 0.05  | (2.39)  | (2.34)  | (0.04)  | (1.70)  | (1.74)  | 7.93  | (20.44%)  | 19691  | 1.06%  | N/A  | 0.50%  |
| 12/31/21 <br>| 10.31  | 0.06  | 2.70  | 2.76  | (0.04)  | (1.02)  | (1.06)  | 12.01  | 27.38%  | 25154  | 1.06%  | N/A  | 0.52%  |
| 12/31/20 <br>| 9.70  | 0.05  | 1.77  | 1.82  | —  | (1.21)  | (1.21)  | 10.31  | 19.59%  | 19931  | 1.08%  | 1.07%  | 0.48% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 25% | 40%  | 61%  | 56%  | 56%  | 113% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;k Amount waived had no impact on the ratio
 of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **124**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Global Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup><sup>,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I**  | **Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$4.21**  | $0.02  | $0.58  | $0.60  | $—  | $—  | $—  | **$4.81**  | 14.25%<sup>b</sup>  | $189540  | 0.81%<sup>a</sup>  | 0.81%<sup>a,l</sup>  | 0.76%<sup>a</sup>  |
| 12/31/24 <br>| 4.25 | 0.03 | 0.22 | 0.25 | (0.05) | (0.24) | (0.29) | 4.21 | 5.60% | 86182 | 0.87% | N/A | 0.80% |
| 12/31/23 <br>| 4.00  | 0.04  | 0.52  | 0.56  | (0.04)  | (0.27)  | (0.31)  | 4.25  | 14.51%  | 93239  | 0.83%  | N/A  | 0.99%  |
| 12/31/22 <br>| 14.85  | 0.06  | (2.61)  | (2.55)  | (0.19)  | (8.11)  | (8.30)  | 4.00  | (17.78%)  | 103424  | 0.85%  | N/A  | 0.80%  |
| 12/31/21 <br>| 13.96  | 0.09  | 2.30  | 2.39  | (0.14)  | (1.36)  | (1.50)  | 14.85  | 17.32%  | 151785  | 0.80%  | N/A  | 0.61%  |
| 12/31/20 <br>| 12.86  | 0.11  | 1.61  | 1.72  | (0.14)  | (0.48)  | (0.62)  | 13.96  | 14.02%  | 361660  | 0.80%  | N/A  | 0.88%  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$4.59**  | $0.01  | $0.65  | $0.66  | $—  | $—  | $—  | **$5.25**  | 14.38%<sup>b</sup>  | $112179  | 0.80%<sup>a</sup>  | 0.80%<sup>a,l</sup>  | 0.60%<sup>a</sup>  |
| 12/31/24 <br>| 4.61 | 0.04 | 0.23 | 0.27 | (0.05) | (0.24) | (0.29) | 4.59 | 5.59% | 14337 | 0.87% | N/A | 0.81% |
| 12/31/23 <br>| 4.32  | 0.04  | 0.56  | 0.60  | (0.04)  | (0.27)  | (0.31)  | 4.61  | 14.37%  | 15621  | 0.83%  | N/A  | 0.99%  |
| 12/31/22 <br>| 15.27  | 0.06  | (2.68)  | (2.62)  | (0.22)  | (8.11)  | (8.33)  | 4.32  | (17.71%)  | 15307  | 0.85%  | N/A  | 0.81%  |
| 12/31/21 <br>| 14.31  | 0.09  | 2.37  | 2.46  | (0.14)  | (1.36)  | (1.50)  | 15.27  | 17.42%  | 20021  | 0.80%  | N/A  | 0.57%  |
| 12/31/20 <br>| 13.17  | 0.11  | 1.64  | 1.75  | (0.13)  | (0.48)  | (0.61)  | 14.31  | 13.96%  | 18461  | 0.80%  | N/A  | 0.86%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$3.95**  | $0.01  | $0.54  | $0.55  | $—  | $—  | $—  | **$4.50**  | 13.92%<sup>b</sup>  | $75088  | 1.05%<sup>a</sup>  | 1.05%<sup>a,l</sup>  | 0.45%<sup>a</sup>  |
| 12/31/24 <br>| 4.00 | 0.02 | 0.21 | 0.23 | (0.04) | (0.24) | (0.28) | 3.95 | 5.46% | 20580 | 1.12% | N/A | 0.55% |
| 12/31/23 <br>| 3.79  | 0.03  | 0.48  | 0.51  | (0.03)  | (0.27)  | (0.30)  | 4.00  | 14.08%  | 21662  | 1.08%  | N/A  | 0.74%  |
| 12/31/22 <br>| 14.62  | 0.04  | (2.58)  | (2.54)  | (0.18)  | (8.11)  | (8.29)  | 3.79  | (18.00%)  | 19731  | 1.10%  | N/A  | 0.54%  |
| 12/31/21 <br>| 13.76  | 0.05  | 2.28  | 2.33  | (0.11)  | (1.36)  | (1.47)  | 14.62  | 17.16%  | 19585  | 1.05%  | N/A  | 0.32%  |
| 12/31/20 <br>| 12.69  | 0.07  | 1.59  | 1.66  | (0.11)  | (0.48)  | (0.59)  | 13.76  | 13.70%  | 18086  | 1.05%  | N/A  | 0.60% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 62% | 19%  | 10%  | 14%  | 9%  | 13% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **125**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Income & Growth Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$9.83**  | $0.09  | $0.39  | $0.48  | $—  | $—  | $—  | **$10.31**  | 4.88%<sup>b</sup>  | $102468  | 0.72%<sup>a</sup>  | 1.92%<sup>a</sup>  |
| 12/31/24 <br>| 10.06 | 0.17 | 1.32 | 1.49 | (0.24) | (1.48) | (1.72) | 9.83 | 14.90% | 106081 | 0.73% | 1.59% |
| 12/31/23 <br>| 10.82  | 0.19  | 0.67  | 0.86  | (0.23)  | (1.39)  | (1.62)  | 10.06  | 9.19%  | 127837  | 0.71%  | 1.80%  |
| 12/31/22 <br>| 12.41  | 0.18  | (0.25)  | (0.07)  | (0.18)  | (1.34)  | (1.52)  | 10.82  | (0.31%)  | 188904  | 0.70%  | 1.59%  |
| 12/31/21 <br>| 10.00  | 0.15  | 2.47  | 2.62  | (0.21)  | —  | (0.21)  | 12.41  | 26.27%  | 221734  | 0.69%  | 1.29%  |
| 12/31/20 <br>| 9.94  | 0.15  | 0.12<sup>aa</sup>  | 0.27  | (0.18)  | (0.03)  | (0.21)  | 10.00  | 3.03%  | 241441  | 0.70%  | 1.75%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$9.57**  | $0.08  | $0.37  | $0.45  | $—  | $—  | $—  | **$10.02**  | 4.70%<sup>b</sup>  | $29036  | 0.97%<sup>a</sup>  | 1.67%<sup>a</sup>  |
| 12/31/24 <br>| 9.84 | 0.14 | 1.28 | 1.42 | (0.21) | (1.48) | (1.69) | 9.57 | 14.55% | 29236 | 0.98% | 1.35% |
| 12/31/23 <br>| 10.61  | 0.16  | 0.66  | 0.82  | (0.20)  | (1.39)  | (1.59)  | 9.84  | 8.98%  | 28234  | 0.96%  | 1.59%  |
| 12/31/22 <br>| 12.20  | 0.15  | (0.25)  | (0.10)  | (0.15)  | (1.34)  | (1.49)  | 10.61  | (0.59%)  | 28427  | 0.95%  | 1.35%  |
| 12/31/21 <br>| 9.84  | 0.12  | 2.43  | 2.55  | (0.19)  | —  | (0.19)  | 12.20  | 25.94%  | 31557  | 0.94%  | 1.07%  |
| 12/31/20 <br>| 9.78  | 0.13  | 0.11<sup>aa</sup>  | 0.24  | (0.15)  | (0.03)  | (0.18)  | 9.84  | 2.79%  | 26998  | 0.95%  | 1.50% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 16% | 29%  | 26%  | 21%  | 28%  | 49% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **126**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML International Equity Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$10.20**  | $0.16  | $1.76  | $1.92  | $—  | $—  | $—  | **$12.12**  | 18.82%<sup>b</sup>  | $231620  | 1.01%<sup>a</sup>  | 0.91%<sup>a,l</sup> | 2.86%<sup>a</sup>  |
| 12/31/24 <br>| 10.27 | 0.16 | (0.06) | 0.10 | (0.17) |  | (0.17) | 10.20 | 0.84% | 213641 | 1.06% | 0.96% | 1.48%  |
| 12/31/23 <br>| 8.78  | 0.15  | 1.47  | 1.62  | (0.13)  | —  | (0.13)  | 10.27  | 18.51%  | 239571  | 1.05%  | 0.95%  | 1.56%  |
| 12/31/22 <br>| 11.08  | 0.13  | (1.83)  | (1.70)  | (0.11)  | (0.49)  | (0.60)  | 8.78  | (15.10%)  | 204861  | 1.08%  | 0.98%  | 1.39%  |
| 12/31/21 <br>| 9.98  | 0.14  | 1.03  | 1.17  | (0.07)  | —  | (0.07)  | 11.08  | 11.77%  | 249038  | 1.05%  | 0.97%  | 1.32%  |
| 12/31/20 <br>| 10.10  | 0.03  | 0.38  | 0.41  | (0.28)  | (0.25)  | (0.53)  | 9.98  | 5.37%  | 159694  | 1.07%  | 1.00%  | 0.39%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$10.08**  | $0.17  | $1.71  | $1.88  | $—  | $—  | $—  | **$11.96**  | 18.65%<sup>b</sup>  | $21702  | 1.26%<sup>a</sup>  | 1.16%<sup>a,l</sup> | 3.00%<sup>a</sup>  |
| 12/31/24 <br>| 10.15 | 0.13 | (0.05) | 0.08 | (0.15) |  | (0.15) | 10.08 | 0.66% | 9913 | 1.31% | 1.21% | 1.21%  |
| 12/31/23 <br>| 8.68  | 0.12  | 1.46  | 1.58  | (0.11)  | —  | (0.11)  | 10.15  | 18.27%  | 9967  | 1.30%  | 1.20%  | 1.28%  |
| 12/31/22 <br>| 10.96  | 0.10  | (1.81)  | (1.71)  | (0.08)  | (0.49)  | (0.57)  | 8.68  | (15.35%)  | 8051  | 1.33%  | 1.23%  | 1.12%  |
| 12/31/21 <br>| 9.88  | 0.12  | 1.02  | 1.14  | (0.06)  | —  | (0.06)  | 10.96  | 11.49%  | 8452  | 1.29%  | 1.22%  | 1.09%  |
| 12/31/20 <br>| 10.01  | 0.01  | 0.37  | 0.38  | (0.26)  | (0.25)  | (0.51)  | 9.88  | 5.07%  | 7021  | 1.32%  | 1.25%  | 0.10% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 18% | 19%  | 23%  | 19%  | 75%  | 49% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **127**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Large Cap Growth Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup><sup>,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets**<br>**before** <br>**expense** <br>**waivers<sup>q</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,</sup><sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$17.20**  | $(0.01)  | $1.32  | $1.31  | $—  | $—  | $—  | **$18.51**  | 7.62%<sup>b</sup>  | $173189  | 0.70%<sup>a</sup>  | 0.70%<sup>a,k</sup> | (0.08%)<sup>a</sup>  |
| 12/31/24 <br>| 13.90 | (0.03) | 4.60 | 4.57 |  | (1.27) | (1.27) | 17.20 | 34.09% | 175412 | 0.70% | N/A | (0.17%)  |
| 12/31/23 <br>| 9.81  | (0.02)  | 4.99  | 4.97  | —  | (0.88)  | (0.88)  | 13.90  | 51.71%  | 180077  | 0.69%  | N/A | (0.20%)  |
| 12/31/22 <br>| 15.04  | (0.01)  | (4.04)  | (4.05)  | —  | (1.18)  | (1.18)  | 9.81  | (27.55%)  | 132218  | 0.72%  | N/A | (0.12%)  |
| 12/31/21 <br>| 13.98  | (0.01)  | 2.59  | 2.58  | (0.01)  | (1.51)  | (1.52)  | 15.04  | 18.41%  | 196928  | 0.70%  | N/A | (0.10%)  |
| 12/31/20 <br>| 11.09  | 0.01  | 3.49  | 3.50  | (0.04)  | (0.57)  | (0.61)  | 13.98  | 31.78%  | 120464  | 0.72%  | N/A | 0.10%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$16.02**  | $(0.03)  | $1.22  | $1.19  | $—  | $—  | $—  | **$17.21**  | 7.43%<sup>b</sup>  | $45176  | 0.95%<sup>a</sup>  | 0.95%<sup>a,k</sup> | (0.33%)<sup>a</sup>  |
| 12/31/24 <br>| 13.05 | (0.06) | 4.30 | 4.24 |  | (1.27) | (1.27) | 16.02 | 33.77% | 39875 | 0.95% | N/A  | (0.43%)  |
| 12/31/23 <br>| 9.27  | (0.05)  | 4.71  | 4.66  | —  | (0.88)  | (0.88)  | 13.05  | 51.37%  | 28785  | 0.94%  | N/A  | (0.45%)  |
| 12/31/22 <br>| 14.33  | (0.04)  | (3.84)  | (3.88)  | —  | (1.18)  | (1.18)  | 9.27  | (27.73%)  | 17968  | 0.98%  | N/A  | (0.37%)  |
| 12/31/21 <br>| 13.41  | (0.05)  | 2.48  | 2.43  | —  | (1.51)  | (1.51)  | 14.33  | 18.08%  | 25902  | 0.95%  | N/A  | (0.33%)  |
| 12/31/20 <br>| 10.66  | (0.02)<sup>bb</sup>  | 3.36  | 3.34  | (0.02)  | (0.57)  | (0.59)  | 13.41  | 31.53%  | 22226  | 0.97%  | N/A  | (0.15%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 2% | 14%  | 8%  | 25%  | 21%  | 32% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;k Amount waived had no impact on the ratio
 of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

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

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **128**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Managed Volatility Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$13.51**  | $0.03  | $0.39  | $0.42  | $—  | $—  | $—  | **$13.93**  | 3.08%<sup>b</sup>  | $79114  | 0.86%<sup>a</sup>  | 0.52%<sup>a</sup>  |
| 12/31/24 <br>| 12.23 | 0.03 | 1.76 | 1.79 | (0.08) | (0.43) | (0.51) | 13.51 | 14.85% | 81661 | 1.18% | 0.21%  |
| 12/31/23 <br>| 13.33  | 0.08  | 1.52  | 1.60  | (0.08)  | (2.62)  | (2.70)  | 12.23  | 12.87%  | 80913  | 1.06%  | 0.61%  |
| 12/31/22 <br>| 15.23  | 0.07  | (1.90)  | (1.83)  | (0.07)  | —  | (0.07)  | 13.33  | (12.05%)  | 83308  | 1.08%  | 0.50%  |
| 12/31/21 <br>| 13.78  | 0.06  | 1.53  | 1.59  | (0.14)  | —  | (0.14)  | 15.23  | 11.54%  | 114646  | 0.99%  | 0.39%  |
| 12/31/20 <br>| 13.10  | 0.10  | 0.76  | 0.86  | (0.18)  | —  | (0.18)  | 13.78  | 6.68%  | 116694  | 1.06%  | 0.78%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$13.40**  | $0.02  | $0.37  | $0.39  | $—  | $—  | $—  | **$13.79**  | 2.95%<sup>b</sup>  | $15192  | 1.11%<sup>a</sup>  | 0.27%<sup>a</sup>  |
| 12/31/24 <br>| 12.12 | (0.01)<sup>bb</sup> | 1.77 | 1.76 | (0.05) | (0.43) | (0.48) | 13.40 | 14.56% | 16685 | 1.43% | (0.04%)  |
| 12/31/23 <br>| 13.22  | 0.05  | 1.51  | 1.56  | (0.04)  | (2.62)  | (2.66)  | 12.12  | 12.59%  | 17363  | 1.31%  | 0.36%  |
| 12/31/22 <br>| 15.10  | 0.03  | (1.88)  | (1.85)  | (0.03)  | —  | (0.03)  | 13.22  | (12.27%)  | 19280  | 1.34%  | 0.25%  |
| 12/31/21 <br>| 13.67  | 0.02  | 1.52  | 1.54  | (0.11)  | —  | (0.11)  | 15.10  | 11.26%  | 25982  | 1.24%  | 0.14%  |
| 12/31/20 <br>| 12.99  | 0.07  | 0.76  | 0.83  | (0.15)  | —  | (0.15)  | 13.67  | 6.42%  | 26901  | 1.31%  | 0.53% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 1% | 6%  | 2%  | 8%  | 5%  | 20% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

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

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **129**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Mid Cap Growth Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$11.33**  | $(0.01)  | $0.20  | $0.19  | $—  | $—  | $—  | **$11.52**  | 1.68%<sup>b</sup>  | $228156  | 0.82%<sup>a</sup>  | (0.19%)<sup>a</sup>  |
| 12/31/24 <br>| 10.78 | (0.03) | 1.21 | 1.18 |  | (0.63) | (0.63) | 11.33 | 11.16% | 243733 | 0.83% | (0.26%)  |
| 12/31/23 <br>| 8.79  | (0.01)  | 2.00  | 1.99  | —  | —  | —  | 10.78  | 22.64%  | 251300  | 0.82%  | (0.15%)  |
| 12/31/22 <br>| 16.52  | (0.03)  | (3.89)  | (3.92)  | —  | (3.81)  | (3.81)  | 8.79  | (25.11%)  | 229303  | 0.82%  | (0.23%)  |
| 12/31/21 <br>| 18.10  | (0.07)  | 2.48  | 2.41  | —  | (3.99)  | (3.99)  | 16.52  | 13.21%  | 343781  | 0.80%  | (0.38%)  |
| 12/31/20 <br>| 15.88  | (0.03)  | 3.83  | 3.80  | (0.01)  | (1.57)  | (1.58)  | 18.10  | 25.57%  | 434830  | 0.81%  | (0.19%)  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$10.03**  | $(0.02)  | $0.18  | $0.16  | $—  | $—  | $—  | **$10.19**  | 1.60%<sup>b</sup>  | $73746  | 1.07%<sup>a</sup>  | (0.44%)<sup>a</sup>  |
| 12/31/24 <br>| 9.64 | (0.05) | 1.07 | 1.02 |  | (0.63) | (0.63) | 10.03 | 10.82% | 80946 | 1.08% | (0.51%) |
| 12/31/23 <br>| 7.88  | (0.03)  | 1.79  | 1.76  | —  | —  | —  | 9.64  | 22.34%  | 87772  | 1.07%  | (0.40%)  |
| 12/31/22 <br>| 15.34  | (0.05)  | (3.60)  | (3.65)  | —  | (3.81)  | (3.81)  | 7.88  | (25.31%)  | 81012  | 1.07%  | (0.47%)  |
| 12/31/21 <br>| 17.09  | (0.11)  | 2.35  | 2.24  | —  | (3.99)  | (3.99)  | 15.34  | 12.99%  | 118139  | 1.05%  | (0.63%)  |
| 12/31/20 <br>| 15.10  | (0.06)  | 3.62  | 3.56  | —  | (1.57)  | (1.57)  | 17.09  | 25.25%  | 117808  | 1.06%  | (0.44%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 39% | 44%  | 39%  | 32%  | 33%  | 66% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **130**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Mid Cap Value Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$8.12**  | $0.08  | $0.13  | $0.21  | $—  | $—  | $—  | **$8.33**  | 2.59%<sup>b</sup>  | $196198  | 0.89%<sup>a</sup>  | 2.06%<sup>a</sup>  |
| 12/31/24 <br>| 7.90 | 0.15 | 0.53 | 0.68 | (0.15) | (0.31) | (0.46) | 8.12 | 8.53% | 207331 | 0.89% | 1.86% |
| 12/31/23 <br>| 9.17  | 0.16  | 0.27  | 0.43  | (0.24)  | (1.46)  | (1.70)  | 7.90  | 5.97%  | 223312  | 0.89%  | 1.88%  |
| 12/31/22 <br>| 12.58  | 0.19  | (0.38)  | (0.19)  | (0.26)  | (2.96)  | (3.22)  | 9.17  | (1.33%)  | 247316  | 0.90%  | 1.76%  |
| 12/31/21 <br>| 10.59  | 0.17  | 2.28  | 2.45  | (0.18)  | (0.28)  | (0.46)  | 12.58  | 23.31%  | 295384  | 0.88%  | 1.39%  |
| 12/31/20 <br>| 10.60  | 0.15  | 0.01  | 0.16  | (0.17)  | —  | (0.17)  | 10.59  | 1.71%  | 348614  | 0.89%  | 1.62%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/25<sup>r</sup>  | **$7.83**  | $0.07  | $0.12  | $0.19  | $—  | $—  | $—  | **$8.02**  | 2.43%<sup>b</sup>  | $41555  | 1.14%<sup>a</sup>  | 1.81%<sup>a</sup>  |
| 12/31/24 <br>| 7.63 | 0.13 | 0.51 | 0.64 | (0.13) | (0.31) | (0.44) | 7.83 | 8.29% | 43930 | 1.14% | 1.61% |
| 12/31/23 <br>| 8.91  | 0.14  | 0.26  | 0.40  | (0.22)  | (1.46)  | (1.68)  | 7.63  | 5.70%  | 46075  | 1.14%  | 1.63%  |
| 12/31/22 <br>| 12.31  | 0.16  | (0.37)  | (0.21)  | (0.23)  | (2.96)  | (3.19)  | 8.91  | (1.56%)  | 50294  | 1.15%  | 1.52%  |
| 12/31/21 <br>| 10.38  | 0.14  | 2.22  | 2.36  | (0.15)  | (0.28)  | (0.43)  | 12.31  | 22.95%  | 55704  | 1.13%  | 1.16%  |
| 12/31/20 <br>| 10.39  | 0.13  | 0.00<sup>d</sup>  | 0.13  | (0.14)  | —  | (0.14)  | 10.38  | 1.48%  | 51269  | 1.14%  | 1.37% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 38% | 53%  | 44%  | 70%  | 46%  | 74% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **131**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Small Cap Growth Equity Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions** <br>**to shareholders**  | **Less distributions** <br>**to shareholders**  | | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net**<br>**investment**<br>**income**  | **From net** <br>**realized** <br>**gains**  | <br>**Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup>  | **$10.85**  | $(0.01)  | $(0.33)  | $(0.34)  | $—  | $—  | $—  | **$10.51**  | (3.15%)<sup>b</sup>  | $114742  | 1.11%<sup>a</sup>  | 1.08%<sup>a</sup> | (0.18%)<sup>a</sup>  |
| 12/31/24 <br>| 9.84 | (0.01) | 1.03 | 1.02 | (0.01) |  | (0.01) | 10.85 | 10.29% | 123205 | 1.11% | 1.08% | (0.05%)  |
| 12/31/23 <br>| 8.42  | 0.01  | 1.41  | 1.42 | —  | —  | —  | 9.84  | 16.84%  | 126158  | 1.11%  | 1.08%  | 0.13%  |
| 12/31/22 <br>| 15.26  | (0.01)  | (3.26)  | (3.27) | —  | (3.57)  | (3.57)  | 8.42  | (23.15%)  | 116615  | 1.13%  | 1.10%  | (0.07%)  |
| 12/31/21 <br>| 16.86  | (0.09)  | 1.31  | 1.22 | —  | (2.82)  | (2.82)  | 15.26  | 7.31%  | 165781  | 1.10%  | 1.07%  | (0.50%)  |
| 12/31/20 <br>| 14.13  | (0.04)  | 4.55  | 4.51 | —  | (1.78)  | (1.78)  | 16.86  | 35.62%  | 180047  | 1.11%  | 1.08%  | (0.27%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |  |
| 6/30/25<sup>r</sup>  | **$9.27**  | $(0.02)  | $(0.29)  | $(0.31)  | $—  | $—  | $—  | **$8.96**  | (3.27%)<sup>b</sup>  | $23135  | 1.36%<sup>a</sup>  | 1.33%<sup>a</sup> | (0.43%)<sup>a</sup>  |
| 12/31/24 <br>| 8.42 | (0.03) | 0.88 | 0.85 |  |  |  | 9.27 | 10.01% | 25394 | 1.36% | 1.33% | (0.30%)  |
| 12/31/23 <br>| 7.23  | (0.01)<sup>bb</sup>  | 1.20  | 1.19 | —  | —  | —  | 8.42  | 16.55%  | 25011  | 1.36%  | 1.33%  | (0.12%)  |
| 12/31/22 <br>| 13.73  | (0.03)  | (2.90)  | (2.93) | —  | (3.57)  | (3.57)  | 7.23  | (23.35%)  | 22650  | 1.38%  | 1.35%  | (0.32%)  |
| 12/31/21 <br>| 15.48  | (0.11)  | 1.18  | 1.07 | —  | (2.82)  | (2.82)  | 13.73  | 7.04%  | 32665  | 1.35%  | 1.32%  | (0.75%)  |
| 12/31/20 <br>| 13.14  | (0.06)  | 4.18  | 4.12 | —  | (1.78)  | (1.78)  | 15.48  | 35.29%  | 31165  | 1.36%  | 1.33%  | (0.52%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 29% | 46%  | 39%  | 68%  | 73%  | 79% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

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

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **132**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Small Company Value Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  |
| 6/30/25<sup>r</sup>  | **$9.02**  | $0.06  | $(0.66)  | $(0.60)  | $—  | $—  | $—  | **$8.42**  | (6.65%)<sup>b</sup>  | $36263  | 1.07%<sup>a</sup>  | 0.99%<sup>a</sup> | 1.31%<sup>a</sup>  |
| 12/31/24 <br>| 8.52 | 0.11 | 0.50 | 0.61 | (0.11) |  | (0.11) | 9.02 | 7.18% | 42682 | 1.10% | 0.97% | 1.25%  |
| 12/31/23 <br>| 7.43  | 0.09  | 1.10  | 1.19  | (0.08)  | (0.02)  | (0.10)  | 8.52  | 16.14%  | 49994  | 1.07%  | 0.92%  | 1.20%  |
| 12/31/22 <br>| 17.91  | 0.10  | (2.20)  | (2.10)  | (0.03)  | (8.35)  | (8.38)  | 7.43  | (14.78%)  | 51032  | 1.08%  | 0.93%  | 0.87%  |
| 12/31/21 <br>| 15.25  | 0.03  | 3.77  | 3.80  | (0.06)  | (1.08)  | (1.14)  | 17.91  | 25.47%  | 67627  | 1.05%  | 0.98%  | 0.16%  |
| 12/31/20 <br>| 14.75  | 0.04  | 1.15  | 1.19  | (0.03)  | (0.66)  | (0.69)  | 15.25  | 9.16%  | 65955  | 1.06%  | 1.01%  | 0.33%  |
| **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  |
| 6/30/25<sup>r</sup>  | **$8.22**  | $0.04  | $(0.60)  | $(0.56)  | $—  | $—  | $—  | **$7.66**  | (6.81%)<sup>b</sup>  | $19671  | 1.32%<sup>a</sup>  | 1.24%<sup>a</sup> | 1.07%<sup>a</sup>  |
| 12/31/24 <br>| 7.77 | 0.08 | 0.46 | 0.54 | (0.09) |  | (0.09) | 8.22 | 6.97% | 22292 | 1.35% | 1.22% | 1.00%  |
| 12/31/23 <br>| 6.78  | 0.07  | 1.00  | 1.07  | (0.06)  | (0.02)  | (0.08)  | 7.77  | 15.92%  | 25335  | 1.32%  | 1.17%  | 0.95%  |
| 12/31/22 <br>| 17.15  | 0.07  | (2.09)  | (2.02)  | —  | (8.35)  | (8.35)  | 6.78  | (15.06%)  | 24640  | 1.33%  | 1.18%  | 0.63%  |
| 12/31/21 <br>| 14.66  | (0.01)<sup>bb</sup>  | 3.61  | 3.60  | (0.03)  | (1.08)  | (1.11)  | 17.15  | 25.12%  | 30943  | 1.30%  | 1.23%  | (0.08%)  |
| 12/31/20 <br>| 14.21  | 0.01  | 1.11  | 1.12  | (0.01)  | (0.66)  | (0.67)  | 14.66  | 8.92%  | 26467  | 1.31%  | 1.26%  | 0.07% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 17% | 39%  | 44%  | 42%  | 127%  | 29% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

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

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **133**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Small/Mid Cap Value Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 6/30/25<sup>r</sup>  | **$9.20**  | $0.04  | $(0.21)  | $(0.17)  | $—  | $—  | $—  | **$9.03**  | (1.85%)<sup>b</sup>  | $100258  | 0.83%<sup>a</sup>  | 0.97%<sup>a</sup>  |
| 12/31/24 <br>| 8.97 | 0.08 | 0.84 | 0.92 | (0.08) | (0.61) | (0.69) | 9.20 | 10.29% | 106271 | 0.83% | 0.84%  |
| 12/31/23 <br>| 8.88  | 0.08  | 1.30  | 1.38  | (0.10)  | (1.19)  | (1.29)  | 8.97  | 17.12%  | 112463  | 0.82%  | 0.90%  |
| 12/31/22 <br>| 14.72  | 0.12  | (2.23)  | (2.11)  | (0.16)  | (3.57)  | (3.73)  | 8.88  | (15.69%)  | 109598  | 0.83%  | 1.06%  |
| 12/31/21 <br>| 10.94  | 0.13  | 3.79  | 3.92  | (0.14)  | —  | (0.14)  | 14.72  | 35.94%  | 149280  | 0.81%  | 0.99%  |
| 12/31/20 <br>| 11.06  | 0.09  | 0.30  | 0.39  | (0.10)  | (0.41)  | (0.51)  | 10.94  | 4.65%  | 164145  | 0.81%  | 0.98%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 6/30/25<sup>r</sup>  | **$8.98**  | $0.03  | $(0.20)  | $(0.17)  | $—  | $—  | $—  | **$8.81**  | (1.89%)<sup>b</sup>  | $21391  | 1.08%<sup>a</sup>  | 0.73%<sup>a</sup>  |
| 12/31/24 <br>| 8.78 | 0.05 | 0.82 | 0.87 | (0.06) | (0.61) | (0.67) | 8.98 | 9.89% | 22559 | 1.08% | 0.59%  |
| 12/31/23 <br>| 8.71  | 0.06  | 1.28  | 1.34  | (0.08)  | (1.19)  | (1.27)  | 8.78  | 16.89%  | 24607  | 1.07%  | 0.65%  |
| 12/31/22 <br>| 14.51  | 0.09  | (2.19)  | (2.10)  | (0.13)  | (3.57)  | (3.70)  | 8.71  | (15.89%)  | 23434  | 1.08%  | 0.81%  |
| 12/31/21 <br>| 10.79  | 0.10  | 3.74  | 3.84  | (0.12)  | —  | (0.12)  | 14.51  | 35.64%  | 29951  | 1.06%  | 0.77%  |
| 12/31/20 <br>| 10.92  | 0.07  | 0.28  | 0.35  | (0.07)  | (0.41)  | (0.48)  | 10.79  | 4.32%  | 22302  | 1.06%  | 0.73% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 37% | 55%  | 49%  | 42%  | 50%  | 60% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **134**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Sustainable Equity Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets** |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 6/30/25<sup>r</sup>  | **$16.65**  | $0.06  | $0.38  | $0.44  | $—  | $—  | $—  | **$17.09**  | 2.64%<sup>b</sup>  | $87829  | 0.56%<sup>a</sup>  | 0.70%<sup>a</sup>  |
| 12/31/24 <br>| 14.72 | 0.13 | 2.78 | 2.91 | (0.17) | (0.81) | (0.98) | 16.65 | 19.94% | 93268 | 0.57% | 0.78% |
| 12/31/23<br>| 17.25 | 0.18 | 3.46 | 3.64 | (0.19) | (5.98) | (6.17) | 14.72 | 24.51% | 91796 | 0.56% | 1.09% |
| 12/31/22<br>| 24.54 | 0.18 | (4.18) | (4.00) | (0.20) | (3.09) | (3.29) | 17.25 | (17.01%) | 83958 | 0.57% | 0.90% |
| 12/31/21<br>| 20.53 | 0.17 | 5.35 | 5.52 | (0.20) | (1.31) | (1.51) | 24.54 | 27.14% | 112894 | 0.56% | 0.74% |
| 12/31/20<br>| 19.43 | 0.19 | 2.50 | 2.69 | (0.18) | (1.41) | (1.59) | 20.53 | 14.51% | 105573 | 0.57% | 1.03% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 6/30/25<sup>r</sup>  | **$16.33**  | $0.04  | $0.37  | $0.41  | $—  | $—  | $—  | **$16.74**  | 2.51%<sup>b</sup>  | $49310  | 0.81%<sup>a</sup>  | 0.45%<sup>a</sup>  |
| 12/31/24 <br>| 14.46 | 0.08 | 2.73 | 2.81 | (0.13) | (0.81) | (0.94) | 16.33 | 19.60% | 51143 | 0.82% | 0.53%  |
| 12/31/23<br>| 17.03 | 0.14 | 3.40 | 3.54 | (0.13) | (5.98) | (6.11) | 14.46 | 24.20% | 50474 | 0.81% | 0.84% |
| 12/31/22<br>| 24.26 | 0.13 | (4.12) | (3.99) | (0.15) | (3.09) | (3.24) | 17.03 | (17.20%) | 46580 | 0.82% | 0.66% |
| 12/31/21<br>| 20.33 | 0.10 | 5.29 | 5.39 | (0.15) | (1.31) | (1.46) | 24.26 | 26.78% | 60966 | 0.81% | 0.44% |
| 12/31/20<br>| 19.26 | 0.14 | 2.47 | 2.61 | (0.13) | (1.41) | (1.54) | 20.33 | 14.24% | 49786 | 0.82% | 0.78% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months Ended** <br>**June 30, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 16% | 29% | 29% | 81% | 12% | 17% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **135**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Total Return Bond Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return<sup>m</sup><sup>,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**<br>|
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 6/30/25<sup>r</sup>  | **$8.73**  | $0.18  | $0.20  | $0.38  | $—  | $—  | $—  | **$9.11**  | 4.35%<sup>b</sup>  | $339155  | 0.60%<sup>a</sup>  | N/A | 3.98%<sup>a</sup>  |
| 12/31/24 <br>| 9.03 | 0.35 | (0.30) | 0.05 | (0.35) |  | (0.35) | 8.73 | 0.47% | 264460 | 0.63% | N/A | 3.93%  |
| 12/31/23<br>| 8.78 | 0.34 | 0.13 | 0.47 | (0.22) |  | (0.22) | 9.03 | 5.45% | 294153 | 0.63% | N/A | 3.82% |
| 12/31/22<br>| 10.47 | 0.22 | (1.75) | (1.53) | (0.16) |  | (0.16) | 8.78 | (14.70%) | 256760 | 0.64% | N/A | 2.37% |
| 12/31/21<br>| 11.28 | 0.12 | (0.25) | (0.13) | (0.20) | (0.48) | (0.68) | 10.47 | (1.19%) | 354653 | 0.61% | N/A | 1.12% |
| 12/31/20<br>| 10.74 | 0.20 | 0.74 | 0.94 | (0.35) | (0.05) | (0.40) | 11.28 | 8.79% | 288005 | 0.62% | 0.61% | 1.77% |
| **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** |
| 6/30/25<sup>r</sup>  | **$8.61**  | $0.16  | $0.20  | $0.36  | $—  | $—  | $—  | **$8.97**  | 4.18%<sup>b</sup>  | $43264  | 0.85%<sup>a</sup>  | N/A | 3.72%<sup>a</sup>  |
| 12/31/24 <br>| 8.91 | 0.32 | (0.29) | 0.03 | (0.33) |  | (0.33) | 8.61 | 0.26% | 41653 | 0.88% | N/A | 3.68%  |
| 12/31/23<br>| 8.66 | 0.31 | 0.13 | 0.44 | (0.19) |  | (0.19) | 8.91 | 5.20% | 38390 | 0.88% | N/A | 3.56% |
| 12/31/22<br>| 10.32 | 0.20 | (1.73) | (1.53) | (0.13) |  | (0.13) | 8.66 | (14.90%) | 37985 | 0.89% | N/A | 2.13% |
| 12/31/21<br>| 11.14 | 0.09 | (0.25) | (0.16) | (0.18) | (0.48) | (0.66) | 10.32 | (1.51%) | 50391 | 0.86% | N/A | 0.87% |
| 12/31/20<br>| 10.62 | 0.16 | 0.75 | 0.91 | (0.34) | (0.05) | (0.39) | 11.14 | 8.60% | 51252 | 0.87% | 0.86% | 1.47% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>276%<sup>t</sup><br> 514%<sup>t</sup> | 492% | 417% | 441% | 328% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the period ended June 30, 2025 was 224% and for the fiscal year ended December 31, 2024 was 380%. |

---

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **136**<br>|  |

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MML Series Investment Fund (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MML Conservative Allocation Fund ("Conservative Allocation Fund")

MML Balanced Allocation Fund ("Balanced Allocation Fund")

MML Moderate Allocation Fund ("Moderate Allocation Fund")

MML Growth Allocation Fund ("Growth Allocation Fund")

MML Aggressive Allocation Fund ("Aggressive Allocation Fund")

MML American Funds Growth Fund

MML American Funds Core Allocation Fund

MML Blue Chip Growth Fund ("Blue Chip Growth Fund")

MML Equity Income Fund ("Equity Income Fund")

MML Equity Index Fund ("Equity Index Fund")

MML Focused Equity Fund ("Focused Equity Fund")

MML Foreign Fund ("Foreign Fund")

MML Fundamental Equity Fund ("Fundamental Equity Fund")

MML Global Fund ("Global Fund")

MML Income & Growth Fund ("Income & Growth Fund")

MML International Equity Fund ("International Equity Fund")

MML Large Cap Growth Fund ("Large Cap Growth Fund")

MML Managed Volatility Fund ("Managed Volatility Fund")

MML Mid Cap Growth Fund ("Mid Cap Growth Fund")

MML Mid Cap Value Fund ("Mid Cap Value Fund")

MML Small Cap Growth Equity Fund ("Small Cap Growth Equity Fund")

MML Small Company Value Fund ("Small Company Value Fund")

MML Small/Mid Cap Value Fund ("Small/Mid Cap Value Fund")

MML Sustainable Equity Fund ("Sustainable Equity Fund")

MML Total Return Bond Fund ("Total Return Bond Fund")

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company ("MassMutual") and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the Allocation Funds (as defined below), which are "funds of funds" series of the Trust, are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectuses.

The Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the "Allocation Funds") invest their investable assets in shares of series of the Trust and MML Series Investment Fund II advised by MML Investment Advisers, LLC ("MML Advisers") and non-affiliated mutual funds (together, the "MML Underlying Funds"). The financial statements included herein are those of the Funds. The financial statements of the applicable MML Underlying Funds that are not Funds of the Trust are presented separately and can be obtained from the Securities and Exchange Commission's ("SEC") EDGAR database on its website at http://www.sec.gov or by calling MML Advisers at 1-888-309-3539.

MML American Funds Growth Fund (the "Feeder Fund") invests all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series (the "Master Fund"). The Master Fund is an open-end investment company and organized as a Massachusetts business trust. The Feeder Fund has an investment objective that is consistent with the Master Fund. The Master

**137**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Fund is directly affected by the performance of the Master Fund. The financial statements of the Master Fund, including the Summary Investment Portfolio, are provided separately and should be read in conjunction with the Feeder Fund's financial statements. As of June 30, 2025, the MML American Funds Growth Fund owned 0.61% of the Master Fund. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the "American Underlying Funds" and collectively with the MML Underlying Funds, the "Underlying Funds"). The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Fund's and American Underlying Funds' financial reports can be located on the SEC's EDGAR database on its website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Advisers acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark(s) and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

Investment Valuation

The net asset value of each Fund's shares is determined once daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund's net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund or an Underlying Fund or the Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each of the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund is based upon the net asset value(s) of the Master Fund or Underlying Funds, as applicable. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

**138**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The Prospectuses and Statements of Additional Information ("SAIs") for the Underlying Funds and the Master Fund, as applicable, explain the valuation methods for the Underlying Funds and the Master Fund, including the circumstances under which the Underlying Funds or the Master Fund, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the SEC's EDGAR database on its website at http://www.sec.gov.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board of Trustees ("Trustees") have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds and certain Underlying Funds or the Master Fund may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:

Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.

Cost approach: considers factors including the value of the security's underlying assets and liabilities.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method ("CVM"), an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company's capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

**140**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund characterized all investments at Level 1, as of June 30, 2025. The Focused Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2025. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2025, for the remaining Funds' investments:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Blue Chip Growth Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $487109119  | $959957  | $—  | $488069076  |
| &nbsp;&nbsp;&nbsp; Corporate Debt  | —  | 1155925  | —  | 1155925  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 115  | 2537487  | —  | 2537602  |
| Total Investments  | $487109234  | $4653369  | $—  | $491762603  |
| **Equity Income Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $436159330  | $17,895,635\*  | $—  | $454054965  |
| &nbsp;&nbsp;&nbsp; Preferred Stock  | 2978284  | —  | —  | 2978284  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 3407628  | 3804512  | —  | 7212140  |
| Total Investments  | $442545242  | $21700147  | $—  | $464245389  |
| **Equity Index Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $635920809  | $—  | $—  | $635920809  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 74048  | 4487725  | —  | 4561773  |
| Total Investments  | $635994857  | $4487725  | $—  | $640482582  |
| **Asset Derivatives**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $155782  | $—  | $—  | $155782  |
| **Foreign Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia  | $—  | $6546123  | $—  | $6546123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium  | —  | 3947989  | —  | 3947989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada  | 1944602  | —  | —  | 1944602  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China  | —  | 1887770  | —  | 1887770  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark  | —  | 831395  | —  | 831395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France  | —  | 18750571  | —  | 18750571  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  | —  | 21453684  | —  | 21453684  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong  | —  | 3236737  | —  | 3236737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland  | 2503800  | 2215506  | —  | 4719306  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel  | 1836375  | —  | —  | 1836375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy  | —  | 1295558  | —  | 1295558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan  | —  | 34751315  | —  | 34751315  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg  | —  | 3299318  | —  | 3299318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | —  | 6722331  | —  | 6722331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway  | —  | 3730363  | —  | 3730363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea  | —  | 1791119  | —  | 1791119  |

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Foreign Fund (Continued)**  | **Foreign Fund (Continued)**  | **Foreign Fund (Continued)**  | **Foreign Fund (Continued)**  | **Foreign Fund (Continued)**  |
| **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  |
| &nbsp;&nbsp;&nbsp; Common Stock\* (Continued) | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued) | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued) | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued) | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore  | $—  | $2813186  | $—  | $2813186  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden  | —  | 4250654  | —  | 4250654  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | —  | 3019370  | —  | 3019370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | —  | 23256278  | —  | 23256278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States  | 3782604  | 16811725  | —  | 20594329  |
| &nbsp;&nbsp;&nbsp; Preferred Stock\*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  | —  | 1114997  | —  | 1114997  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 356408  | —  | —  | 356408  |
| Total Investments  | $10423789  | $161725989  | $—  | $172149778  |
| **Fundamental Equity Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $135287156  | $2,978,484\*  | $—  | $138265640  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | —  | 219035  | —  | 219035  |
| Total Investments  | $135287156  | $3197519  | $—  | $138484675  |
| **Global Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada  | $5646959  | $—  | $—  | $5646959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China  | 8921230  | 2883797  | —  | 11805027  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark  | —  | 4243548  | —  | 4243548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France  | —  | 21299390  | —  | 21299390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  | —  | 20274234  | —  | 20274234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India  | 14866133  | —  | —  | 14866133  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel  | 3707237  | —  | —  | 3707237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy  | —  | 6270060  | —  | 6270060  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan  | —  | 12225011  | —  | 12225011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | —  | 9568581  | —  | 9568581  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain  | —  | 5749129  | —  | 5749129  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden  | —  | 6174801  | —  | 6174801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | —  | 5143730  | —  | 5143730  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan  | —  | 3610601  | —  | 3610601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States  | 243206472  | —  | —  | 243206472  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 11965146  | 5352296  | —  | 17317442  |
| Total Investments  | $288313177  | $102795178  | $—  | $391108355  |
| **Income & Growth Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $128899077  | $—  | $—  | $128899077  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 3015348  | 2522351  | —  | 5537699  |
| Total Investments  | $131914425  | $2522351  | $—  | $134436776  |
| **International Equity Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia  | $—  | $3689941  | $—  | $3689941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada  | 6236778  | —  | —  | 6236778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China  | —  | 6334159  | —  | 6334159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark  | —  | 5829896  | —  | 5829896  |

---

**142**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **International Equity Fund (Continued)**  | **International Equity Fund (Continued)**  | **International Equity Fund (Continued)**  | **International Equity Fund (Continued)**  | **International Equity Fund (Continued)**  |
| **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  |
| &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France  | $—  | $42318477  | $—  | $42318477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  | —  | 33177771  | —  | 33177771  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong  | —  | 5057623  | —  | 5057623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India  | 1496657  | 778170  | —  | 2274827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia  | —  | 1527990  | —  | 1527990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland  | —  | 2235810  | —  | 2235810  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel  | 1862704  | —  | —  | 1862704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy  | 3648435  | 5187952  | —  | 8836387  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan  | —  | 37267136  | —  | 37267136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg  | —  | 1546340  | —  | 1546340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | 917592  | 6611897  | —  | 7529489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal  | —  | 1352931  | —  | 1352931  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea  | —  | 2393130  | —  | 2393130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore  | —  | 1890308  | —  | 1890308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain  | —  | 3113639  | —  | 3113639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden  | —  | 2787383  | —  | 2787383  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | —  | 11660549  | —  | 11660549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan  | 3643318  | —  | —  | 3643318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | 1015020  | 27834041  | —  | 28849061  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States  | 3952374  | 21945516  | —  | 25897890  |
| &nbsp;&nbsp;&nbsp; Preferred Stock\*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea  | —  | 1437537  | —  | 1437537  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 1178193  | 2602498  | —  | 3780691  |
| Total Investments  | $23951071  | $228580694  | $—  | $252531765  |
| **Large Cap Growth Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $215083252  | $—  | $—  | $215083252  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 1785397  | 2827445  | —  | 4612842  |
| Total Investments  | $216868649  | $2827445  | $—  | $219696094  |
| **Managed Volatility Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $92222074  | $—  | $—  | $92222074  |
| &nbsp;&nbsp;&nbsp; Corporate Debt  | —  | —  | —<sup>+</sup>  | —  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 614005  | —  | —  | 614005  |
| &nbsp;&nbsp;&nbsp; Rights  | —  | —  | —<sup>+</sup>  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 3008  | 903897  | —  | 906905  |
| Total Investments  | $92839087  | $903897  | $—  | $93742984  |
| **Liability Derivatives**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $(1992465)  | $—  | $—  | $(1992465)  |
| **Mid Cap Growth Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $293860889  | $—  | $—  | $293860889  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 781888  | 9124574  | —  | 9906462  |
| Total Investments  | $294642777  | $9124574  | $—  | $303767351  |

---

**143**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Mid Cap Value Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock  | $211298641  | $18,358,457\*  | $—  | $229657098  |
| &nbsp;&nbsp;&nbsp; Preferred Stock  | —  | 1,773,003\*  | —  | 1773003  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 827109  | 2156220  | —  | 2983329  |
| Total Investments  | $212125750  | $22287680  | $—  | $234413430  |
| **Liability Derivatives**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts  | $—  | $(376680)  | $—  | $(376680)  |
| **Small Cap Growth Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $134806585 | $287,504\* | $— | $135094089 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 365131 |  |  | 365131 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 168441 | 1730459 |  | 1898900 |
| Total Investments | $135340157 | $2017963 | $— | $137358120 |
| **Small Company Value Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $55221121 | $494,374\* | $— | $55715495 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1382944 | 178558 |  | 1561502 |
| Total Investments | $56604065 | $672932 | $— | $57276997 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(9793) | $— | $(9793) |
| **Small/Mid Cap Value Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $118536634 | $— | $— | $118536634 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1570124 | 987049 |  | 2557173 |
| Total Investments | $120106758 | $987049 | $— | $121093807 |
| **Sustainable Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $136113090 | $807,053\* | $— | $136920143 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 50293 |  |  | 50293 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 356084 |  | 356084 |
| Total Investments | $136163383 | $1163137 | $— | $137326520 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(14295) | $— | $(14295) |
| **Total Return Bond Fund**  |  |  |  |  |
| **Asset Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans  | $—  | $5852533  | $—  | $5852533  |
| &nbsp;&nbsp;&nbsp; Corporate Debt  | —  | 59332213  | —  | 59332213  |
| &nbsp;&nbsp;&nbsp; Municipal Obligations  | —  | 2192936  | —  | 2192936  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations  | —  | 67789007  | —  | 67789007  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations  | —  | 2317765  | —  | 2317765  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities  | —  | 137415734  | —  | 137415734  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations  | —  | 138276664  | —  | 138276664  |
| &nbsp;&nbsp;&nbsp; Common Stock  | 308869  | —  | —  | 308869  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | —  | 174262  | —  | 174262  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 673808  | 39497896  | —  | 40171704  |
| Total Investments  | $982677  | $452849010  | $—  | $453831687  |

---

**144**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Total Return Bond Fund (Continued)** |  |  |  |  |
| **Liability Investments**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Loan Commitments\*\*  | $—  | $(4)  | $—  | $(4)  |
| **Asset Derivatives**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts  | $—  | $59379  | $—  | $59379  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 553159  | —  | —  | 553159  |
| Total  | $553159  | $59379  | $—  | $612538  |
| **Liability Derivatives**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts  | $—  | $(626335)  | $—  | $(626335)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (64008)  | —  | —  | (64008)  |
| Total  | $(64008)  | $(626335)  | $—  | $(690343) |

---

\* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

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

---

| | |
|:---|:---|
| +<br>| Represents a security at $0 value as of June 30, 2025.  |

---

For certain Funds the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, as well as any applicable liabilities for investments purchased on a delayed delivery basis and amounts due to custodian. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2025.

The Funds had no Level 3 transfers during the period ended June 30, 2025.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

**145**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

At June 30, 2025, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Equity Index Fund**<br>|  |  |  |  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $155782 | $— | $— | $155782  |
| **Realized Gain (Loss)#**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(258565) | $— | $— | $(258565)  |
| **Change in Appreciation (Depreciation)##**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $224118 | $— | $— | $224118  |
| **Managed Volatility Fund**<br>|  |  |  |  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*,^^^</sup> | $614005 | $— | $— | $614005  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options<sup>^,^^^</sup> | $(1992465) | $— | $— | $(1992465)  |
| **Realized Gain (Loss)#**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $1167616 | $— | $— | $1167616  |
| &nbsp;&nbsp;&nbsp; Written Options | (1492041) |  |  | (1492041)  |
| Total Realized Gain (Loss) | $(324425) | $— | $— | $(324425)  |
| **Change in Appreciation (Depreciation)##**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $(650149) | $— | $— | $(650149)  |
| &nbsp;&nbsp;&nbsp; Written Options | (1469679) |  |  | (1469679)  |
| Total Change in Appreciation (Depreciation) | $(2119828) | $— | $— | $(2119828)  |
| **Mid Cap Value Fund**<br>|  |  |  |  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^,^^^</sup> | $— | $(376680) | $— | $(376680)  |
| **Realized Gain (Loss)#**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(1358701) | $— | $(1358701)  |
| **Change in Appreciation (Depreciation)##**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(607244) | $— | $(607244)  |
| **Small Company Value Fund**<br>|  |  |  |  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^,^^^</sup> | $— | $(9793) | $— | $(9793)  |
| **Realized Gain (Loss)#**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(40638) | $— | $(40638)  |
| **Change in Appreciation (Depreciation)##**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(14423) | $— | $(14423)  |

---

**146**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Sustainable Equity Fund**<br>|  |  |  |  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^,^^^</sup> | $— | $(14295) | $— | $(14295)  |
| **Realized Gain (Loss)#**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(84227) | $— | $(84227) |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(32290) | $— | $(32290)  |
| **Total Return Bond Fund**<br>|  |  |  |  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*</sup> | $— | $— | $174262 | $174262  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> |  | 59379 |  | 59379  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  |  | 553159 | 553159  |
| Total Value | $— | $59379 | $727421 | $786800  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $— | $(626335) | $— | $(626335)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  |  | (64008) | (64008)  |
| Total Value | $— | $(626335) | $(64008) | $(690343)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $— | $(190738) | $(190738)  |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  | 137572 |  | 137572  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 686833 | 686833  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 199759 | 199759  |
| Total Realized Gain (Loss) | $— | $137572 | $695854 | $833426  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $— | $54870 | $54870  |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  | (880281) |  | (880281)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 396444 | 396444  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (161415) | (161415)  |
| Total Change in Appreciation (Depreciation) | $— | $(880281) | $289899 | $(590382) |

---

\* Statements of Assets and Liabilities location: Investments, at value, or open forward contracts, as applicable.

^ Statements of Assets and Liabilities location: Open forward contracts, or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in "Futures Contracts" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents exchange-traded purchased and written options or forward contracts, which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.  |

---

**147**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

For the period ended June 30, 2025, the average balances for each derivative type were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Equity** <br>**Index Fund** | **Managed** <br>**Volatility** <br>**Fund** | **Mid Cap** <br>**Value Fund** | **Small Company Value Fund** | **Sustainable Equity Fund**  | **Total Return Bond Fund** |
| **Futures Contracts:**  | **Futures Contracts:**  | **Futures Contracts:**  | **Futures Contracts:**  | **Futures Contracts:**  | **Futures Contracts:**  | **Futures Contracts:**  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 15 |  |  |  |  | 573 |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short |  |  |  |  |  | 67 |
| **Forward Contracts:**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD |  |  | $1704236 | $75926 | $447546 | $1732936  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD |  |  | $18749996 | $416724 | $1358229 | $7856242  |
| **Swap Agreements:**  | **Swap Agreements:**  | **Swap Agreements:**  | **Swap Agreements:**  | **Swap Agreements:**  | **Swap Agreements:**  | **Swap Agreements:**  |
| **Interest Rate Swaps:**  | **Interest Rate Swaps:**  | **Interest Rate Swaps:**  | **Interest Rate Swaps:**  | **Interest Rate Swaps:**  | **Interest Rate Swaps:**  | **Interest Rate Swaps:**  |
| &nbsp;&nbsp;&nbsp; Average notional amounts |  |  |  |  |  | $2201000 |
| **Options:**  | **Options:**  | **Options:**  | **Options:**  | **Options:**  | **Options:**  | **Options:**  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Purchased Options |  | 142 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts of Purchased Swaptions |  |  |  |  |  | $33985000 |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Written Options |  | 158 |  |  |  |  |

---

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of June 30, 2025. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Assets Subject** <br>**to an MNA by Counterparty†**  | **Financial Instruments Available for** <br>**Offset**  | **Collateral Received\*\*\***  | **Net Amount\***  |
| **Total Return Bond Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | $12773  | $(12773)  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 98900  | (98900)  | —  | —  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A. | 79736  |  |  | 79736  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC  | 42232  | —  | —  | 42232  |
|  | $233641  | $(111673)  | $—  | $121968 |

---

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Liabilities Subject to an MNA by Counterparty†**  | **Financial Instruments Available for** <br>**Offset**  | **Collateral Pledged\*\*\***  | **Net Amount\*\***  |
| **Total Return Bond Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | $(415658)  | $12773  | $—  | $(402885)  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | (210677)  | 98900  | —  | (111777)  |
|  | $(626335)  | $111673  | $—  | $(514662) |

---

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\* *Represents the net amount receivable from the counterparty in the event of default*.

\*\* Represents the net amount payable to the counterparty in the event of default.

\*\*\* The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

&nbsp;&nbsp;&nbsp;&nbsp;† *The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.* 

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2025, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund's exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund's current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts.

A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities

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and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

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

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

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

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a

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central clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of its original counterparty. The Fund will be required to post amounts ("initial margin") with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund's Statement of Assets and Liabilities. Swap agreements are marked to market daily and subsequent payments ("variation margin") are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund's Statement of Assets and Liabilities ("Variation margin on open derivative instruments") and as a component of net change in unrealized appreciation (depreciation) on a Fund's Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund's current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

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

Writing put and call options. A Fund may write call options on a security it owns, in a "directional" strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

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When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon

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the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Inflation-Linked Securities

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

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

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

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

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

The Total Return Bond Fund entered into certain bank loan agreements which are unfunded ("commitments"). The Total Return Bond Fund is obligated to fund these commitments at the borrower's discretion. At June 30, 2025, the Total Return Bond Fund had sufficient cash and/or securities to cover these commitments.

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Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities. Any change in the unrealized appreciation (depreciation) is shown in the Statement of Operations. At June 30, 2025, the Total Return Bond Fund had the following commitments:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Borrower** | **Par** | **Commitment**<br>**Amount** | **Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Total Return Bond Fund<br>| Amspec Parent LLC | $1881 | $1892 | $1888 | $(4) |

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Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Due to the short-term nature of repurchase agreements, face value approximates fair value.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced ("TBA") transactions (collectively, the "Forward Transactions") in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund's use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund's obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

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A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of June 30, 2025.

Securities Lending

Each Fund, other than the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended June 30, 2025, is reflected as securities lending income on the Statement of Operations.

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Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

In addition, each of the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or the Master Fund. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and International Equity Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund, may also invest in foreign securities. In addition, certain Underlying Funds or the Master Fund may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

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Market Risk

The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

Federal Income Tax

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Code applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory Fee**  | **Investment Subadviser(s)** |
| Conservative Allocation Fund | 0.10%  | N/A |
| Balanced Allocation Fund | 0.10% | N/A |
| Moderate Allocation Fund | 0.10% | N/A |
| Growth Allocation Fund | 0.10% | N/A |
| Aggressive Allocation Fund | 0.10% | N/A |
| MML American Funds Growth Fund | 0.15% on the first $500 million; and 0.125% on any excess over $500 million | N/A |
| MML American Funds Core Allocation Fund | 0.20% on the first $750 million; and 0.175% on any excess over $750 million | N/A |
| Blue Chip Growth Fund | 0.75% on the first $400 million; and <br>0.70% on any excess over $400 million | T. Rowe Price Associates, Inc. |
| Equity Income Fund | 0.75% on the first $500 million; and <br>0.70% on any excess over $500 million | T. Rowe Price Associates, Inc. |
| Equity Index Fund\* | 0.10% on the first $500 million; and <br>0.08% on any excess over $500 million | BlackRock Investment Management, LLC |
| Focused Equity Fund | 0.70% on the first $250 million; and <br>0.60% on any excess over $250 million | Wellington Management Company LLP |
| Foreign Fund | 0.86% on the first $500 million; and <br>0.82% on any excess over $500 million | Thompson, Siegel & Walmsley LLC |

---

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---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory Fee**  | **Investment Subadviser(s)** |
| Fundamental Equity Fund | 0.60% on the first $250 million; and <br>0.58% on any excess over $250 million | Invesco Advisers, Inc.  |
| Global Fund\*\* | 0.60% on the first $500 million; and <br>0.55% on any excess over $500 million | Invesco Advisers, Inc. |
| Income & Growth Fund | 0.65% on the first $500 million; and <br>0.60% on any excess over $500 million | Barrow, Hanley, Mewhinney & Strauss, LLC |
| International Equity Fund | 0.80% on the first $250 million; and <br>0.75% on any excess over $250 million | Harris Associates L.P.; and Massachusetts Financial Services Company |
| Large Cap Growth Fund | 0.65% on the first $500 million; and <br>0.60% on any excess over $500 million | Loomis, Sayles & Company, L.P. |
| Managed Volatility Fund | 0.75% on the first $500 million; and <br>0.70% on any excess over $500 million | Gateway Investment Advisers, LLC |
| Mid Cap Growth Fund\*\*\*<sup>,</sup>\*\*\*\* | 0.77% on the first $500 million; and <br>0.75% on any excess over $500 million <br>| T. Rowe Price Associates, Inc.  |
| Mid Cap Value Fund  | 0.84% on the first $500 million; and 0.80% on any excess over $500 million  | American Century Investment Management, Inc.  |
| Small Cap Growth Equity Fund  | 1.04% on the first $200 million; and 1.00% on any excess over $200 million  | Wellington Management Company LLP  |
| Small Company Value Fund  | 0.80% on the first $150 million; and 0.70% on any excess over $150 million  | American Century Investment Management, Inc.  |
| Small/Mid Cap Value Fund  | 0.75% on the first $500 million; and 0.70% on any excess over $500 million  | AllianceBernstein L.P.  |
| Sustainable Equity Fund  | 0.50% on the first $500 million; and 0.475% on any excess over $500 million  | American Century Investment Management, Inc. |
| Total Return Bond Fund  | 0.40% on the first $500 million; and 0.38% on any excess over $500 million  | Metropolitan West Asset Management, LLC |

---

\* *Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc.* 

\*\* *Effective April 25, 2025, Invesco Advisers, Inc. replaced Massachusetts Financial Services Company.* 

\*\*\* *Effective April 25, 2025, Wellington Management Company LLP was removed as a subadviser to the Fund.*

\*\*\*\* *T. Rowe Price Investment Management, Inc. serves as a sub-subadviser to the Fund.* 

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the preceding table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

The applicable Funds' subadvisory fees are paid monthly by MML Advisers out of the advisory fees.

Administration Fees

For the Funds noted below, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some Fund-specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class II**  | **Class III**  | **Service** <br>**Class I**  |
| MML American Funds Growth Fund <br>| N/A  | N/A  | N/A  | 0.25%  |
| MML American Funds Core Allocation Fund <br>| N/A  | N/A  | N/A  | 0.25%  |
| Equity Index Fund <br>| 0.30%  | 0.15%  |  | 0.30%  |
| Focused Equity Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Fundamental Equity Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class II**  | **Class III**  | **Service** <br>**Class I**  |
| Global Fund <br>| 0.15%  | 0.15%  | N/A  | 0.15%  |
| International Equity Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Small Company Value Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Total Return Bond Fund <br>| N/A  | 0.15%  | N/A  | 0.15% |

---

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2026, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service** <br>**Class I**  |
| Small Company Value Fund <br>| 0.99%  | 1.24%  |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

Effective April 25, 2025, MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Initial** <br>**Class**  | **Service** <br>**Class**  | **Class II**  | **Service** <br>**Class I**  |
| Equity Income Fund <br>| 0.80%  | 1.05%  | N/A  | N/A  |
| International Equity Fund <br>| N/A  | N/A  | 1.25%  | 1.50%  |
| Large Cap Growth Fund <br>| 0.70%  | 0.95%  | N/A  | N/A |

---

Effective April 25, 2025, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I**  | **Class II**  | **Service** <br>**Class I**  |
| Global Fund <br>| 0.81%  | 0.81%  | 1.06% |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

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MML Advisers has agreed to waive 0.10% of the investment advisory fee of the International Equity Fund through April 30, 2026.

MML Advisers has agreed to waive 0.03% of the investment advisory fee of the Small Cap Growth Equity Fund through April 30, 2026.

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

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Blue Chip Growth Fund | $131 |
| Equity Income Fund | 1044 |
| Focused Equity Fund | 450 |
| Fundamental Equity Fund | 1352 |
| Global Fund | 3 |
| Mid Cap Growth Fund | 1080 |
| Small Cap Growth Fund | 2336 |

---

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended June 30, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Focused Equity Fund  | $52  |
| Foreign Fund  | 963 |
| Fundamental Equity Fund  | 752 |
| Income & Growth Fund  | 1 |
| Large Cap Growth Fund  | 738  |
| Mid Cap Growth Fund  | 489 |
| Small Cap Growth Equity Fund  | 389 |
| Small/Mid Cap Value Fund  | 4710 |

---

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) and in Underlying Funds or the Master Fund, for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** | **Long-Term U.S. Government Securities** | **Other Long-Term Securities**  |
| Conservative Allocation Fund | $— | $44661656 | $— | $65020374  |
| Balanced Allocation Fund |  | 52014780 |  | 71310995  |
| Moderate Allocation Fund |  | 154043362 |  | 237258953  |
| Growth Allocation Fund |  | 130277761 |  | 175916694  |
| Aggressive Allocation Fund |  | 17424892 |  | 20871917  |
| MML American Funds Growth Fund |  | 33840199 |  | 20502629  |
| MML American Funds Core Allocation Fund |  | 49524850 |  | 64066137  |
| Blue Chip Growth Fund |  | 46075883 |  | 83338904  |
| Equity Income Fund |  | 200006892 |  | 88181730  |
| Equity Index Fund |  | 3713881 |  | 40609260  |
| Focused Equity Fund |  | 57630743 |  | 76798037  |
| Foreign Fund |  | 10129627 |  | 21921939  |
| Fundamental Equity Fund |  | 33409308 |  | 41198299  |
| Global Fund |  | 346555395 |  | 139074984  |
| Income & Growth Fund |  | 20756967 |  | 29768267  |
| International Equity Fund |  | 40950183 |  | 49953462  |
| Large Cap Growth Fund |  | 3470147 |  | 17954861  |
| Managed Volatility Fund |  | 604144 |  | 11849461  |
| Mid Cap Growth Fund |  | 116310068 |  | 145108306  |
| Mid Cap Value Fund |  | 91219404 |  | 109466290  |
| Small Cap Growth Equity Fund |  | 39466247 |  | 46735375  |
| Small Company Value Fund |  | 10287029 |  | 14829626  |
| Small/Mid Cap Value Fund |  | 45097425 |  | 51887099  |
| Sustainable Equity Fund |  | 21427219 |  | 32167041  |
| Total Return Bond Fund | 1046562534 | 56342532 | 1006462033 | 29989305 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases**  | **Sales**  | **Realized Gains/Losses**  |
| Mid Cap Growth Fund  | $—  | $65947  | $(35761)  |
| Mid Cap Value Fund  | 35185  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11434  | (7113)  |
| Small Cap Growth Equity Fund  | 175963  | 99078  | (57790) |

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&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Conservative Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 197138 | $1679946 | 176374 | $1477401  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 188411 | 1584538  |
| &nbsp;&nbsp;&nbsp; Redeemed | (975690) | (8229616) | (1576025) | (12989371)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (778552) | $(6549670) | (1211240) | $(9927432)  |
| **Conservative Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 660126 | $5462717 | 1151525 | $9386379  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 556553 | 4619386  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2768467) | (22998402) | (6401548) | (52198952)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2108341) | $(17535685) | (4693470) | $(38193187)  |
| **Balanced Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 164425 | $1448351 | 549617 | $4655558  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 200726 | 1752341  |
| &nbsp;&nbsp;&nbsp; Redeemed | (763892) | (6694495) | (1822164) | (15559873)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (599467) | $(5246144) | (1071821) | $(9151974)  |
| **Balanced Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 539914 | $4676237 | 991486 | $8419395  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 567491 | 4897445  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2755804) | (23840047) | (6965949) | (58895751)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2215890) | $(19163810) | (5406972) | $(45578911) |
| **Moderate Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 171016 | $1585939 | 676316 | $6007591  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 484611 | 4409963  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2255741) | (20613070) | (3896193) | (34689392)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2084725) | $(19027131) | (2735266) | $(24271838)  |
| **Moderate Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 216965 | $1955145 | 1571848 | $13626952  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1814481 | 16257753  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9407274) | (84811124) | (27698262) | (242615420)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (9190309) | $(82855979) | (24311933) | $(212730715)  |
| **Growth Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 137021 | $1098474 | 585732 | $4496529  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 725690 | 5718438  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3353825) | (26847709) | (5958679) | (45831414)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3216804) | $(25749235) | (4647257) | $(35616447)  |
| **Growth Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 511634 | $4012564 | 1334499 | $10156092  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1077686 | 8395177  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5471738) | (43061387) | (13742587) | (104233895)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4960104) | $(39048823) | (11330402) | $(85682626)  |

---

**162**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Aggressive Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 155642 | $1454230 | 431966 | $3862898  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 195113 | 1775525  |
| &nbsp;&nbsp;&nbsp; Redeemed | (474080) | (4386546) | (1229963) | (11038863)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (318438) | $(2932316) | (602884) | $(5400440)  |
| **Aggressive Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 151475 | $1378517 | 344215 | $2991386  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 213093 | 1892264  |
| &nbsp;&nbsp;&nbsp; Redeemed | (527954) | (4741770) | (2072506) | (18035816)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (376479) | $(3363253) | (1515198) | $(13152166) |
| **MML American Funds Growth Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 975264 | $16525841 | 2119827 | $33858785  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1325364 | 20251569  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1571809) | (26647211) | (3817617) | (59859286)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (596545) | $(10121370) | (372426) | $(5748932)  |
|  **MML American Funds Core Allocation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 856398 | $9432257 | 1843560 | $19851303  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1984574 | 21532629  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5534867) | (60998818) | (17105497) | (182128127)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4678469) | $(51566561) | (13277363) | $(140744195)  |
| **Blue Chip Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 218691 | $4285008 | 874900 | $16041640  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1188375 | 22068122  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1438151) | (28175634) | (5480252) | (102761815)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1219460) | $(23890626) | (3416977) | $(64652053)  |
| **Blue Chip Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 305341 | $5573020 | 602152 | $10371883  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 824774 | 13955171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (909062) | (16315889) | (1902784) | (32825530)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (603721) | $(10742869) | (475858) | $(8498476)  |
| **Equity Income Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12845645 | $128327046 | 1351577 | $13975279  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 2322975 | 23787262  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2911862) | (30171204) | (6361617) | (66228227)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 9933783 | $98155842 | (2687065) | $(28465686)  |
| **Equity Income Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2271646 | $22257896 | 324501 | $3316700  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 597419 | 5992116  |
| &nbsp;&nbsp;&nbsp; Redeemed | (740828) | (7526864) | (1469727) | (15109011)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1530818 | $14731032 | (547807) | $(5800195) |
| **Equity Index Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 22290 | $797358 | 53743 | $1825354  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 68561 | 2346847  |
| &nbsp;&nbsp;&nbsp; Redeemed | (153852) | (5438101) | (365890) | (12493079)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (131562) | $(4640743) | (243586) | $(8320878)  |

---

**163**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Equity Index Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 92399 | $3245623 | 382612 | $12791800  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 305214 | 10423066  |
| &nbsp;&nbsp;&nbsp; Redeemed | (453712) | (16441781) | (927097) | (30877440)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (361313) | $(13196158) | (239271) | $(7662574)  |
| **Equity Index Fund Class III** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 335106 | $11700882 | 264078 | $8918444  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 488903 | 16642273  |
| &nbsp;&nbsp;&nbsp; Redeemed | (858121) | (30566778) | (3806586) | (129738790)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (523015) | $(18865896) | (3053605) | $(104178073)  |
| **Equity Index Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 57542 | $1959971 | 83684 | $2613495  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 37780 | 1218781  |
| &nbsp;&nbsp;&nbsp; Redeemed | (135742) | (4599796) | (453372) | (14406099)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (78200) | $(2639825) | (331908) | $(10573823)  |
| **Focused Equity Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 118401 | $878688 | 1149333 | $8665017  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1834612 | 13979743  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2913548) | (21655583) | (8500462) | (64107458)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2795147) | $(20776895) | (5516517) | $(41462698)  |
| **Focused Equity Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 96803 | $684385 | 193242 | $1390683  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 171417 | 1237630  |
| &nbsp;&nbsp;&nbsp; Redeemed | (343983) | (2438820) | (727696) | (5215113)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (247180) | $(1754435) | (363037) | $(2586800)  |
| **Foreign Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 138820 | $1429787 | 1288371 | $12542527  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 489603 | 4989052  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2188944) | (22993821) | (3551581) | (35103079)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2050124) | $(21564034) | (1773607) | $(17571500)  |
| **Foreign Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 30743 | $330515 | 80941 | $779360  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 25590 | 259227  |
| &nbsp;&nbsp;&nbsp; Redeemed | (106148) | (1113137) | (170671) | (1673232)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (75405) | $(782622) | (64140) | $(634645) |
| **Fundamental Equity Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 35826 | $405531 | 286189 | $3214381  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 973326 | 10794188  |
| &nbsp;&nbsp;&nbsp; Redeemed | (837915) | (9544746) | (3201488) | (36188296)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (802089) | $(9139215) | (1941973) | $(22179727)  |
| **Fundamental Equity Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 272680 | $2980228 | 292702 | $3086083  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 226778 | 2369835  |
| &nbsp;&nbsp;&nbsp; Redeemed | (292117) | (3129397) | (435152) | (4662577)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (19437) | $(149169) | 84328 | $793341 |

---

**164**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Global Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 21634051 | $91520170 | 1313563 | $5727678  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1310991 | 5650370  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2704259) | (12140733) | (4104560) | (17894891)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 18929792 | $79379437 | (1480006) | $(6516843)  |
| **Global Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 18978007 | $87491067 | 82383 | $389405  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 185046 | 869718  |
| &nbsp;&nbsp;&nbsp; Redeemed | (715128) | (3490452) | (534728) | (2541601)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 18262879 | $84000615 | (267299) | $(1282478)  |
| **Global Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12419988 | $49197446 | 280589 | $1139169  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 340209 | 1377848  |
| &nbsp;&nbsp;&nbsp; Redeemed | (960806) | (4059861) | (823020) | (3379538)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 11459182 | $45137585 | (202222) | $(862521)  |
| **Income & Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 148079 | $1475327 | 467313 | $4687977  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1871236 | 18300690  |
| &nbsp;&nbsp;&nbsp; Redeemed | (995651) | (9878339) | (4252630) | (43732996)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (847572) | $(8403012) | (1914081) | $(20744329)  |
| **Income & Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 150756 | $1474114 | 204619 | $2055625  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 472134 | 4499439  |
| &nbsp;&nbsp;&nbsp; Redeemed | (307671) | (2947386) | (492444) | (5035067)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (156915) | $(1473272) | 184309 | $1519997 |
| **International Equity Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 179370 | $1992621 | 2205055 | $23267491  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 320246 | 3481078  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2006405) | (22190847) | (4906787) | (51839512)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1827035) | $(20198226) | (2381486) | $(25090943)  |
| **International Equity Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1002557 | $11041778 | 124350 | $1291193  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 13383 | 143734  |
| &nbsp;&nbsp;&nbsp; Redeemed | (171087) | (1891292) | (135612) | (1419840)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 831470 | $9150486 | 2121 | $15087 |
| **Large Cap Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 107341 | $1785099 | 1002892 | $15093507  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 854418 | 12952977  |
| &nbsp;&nbsp;&nbsp; Redeemed | (946920) | (15993792) | (4612328) | (72565183)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (839579) | $(14208693) | (2755018) | $(44518699)  |
| **Large Cap Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 351797 | $5504251 | 531089 | $7665424  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 207308 | 2929260  |
| &nbsp;&nbsp;&nbsp; Redeemed | (216576) | (3450159) | (454615) | (6716006)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 135221 | $2054092 | 283782 | $3878678 |

---

**165**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Managed Volatility Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 120986 | $1673091 | 505454 | $6399026  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 240451 | 3142943  |
| &nbsp;&nbsp;&nbsp; Redeemed | (485338) | (6518133) | (1321328) | (17282907)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (364352) | $(4845042) | (575423) | $(7740938)  |
| **Managed Volatility Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 34579 | $456861 | 92519 | $1171062  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 47287 | 613168  |
| &nbsp;&nbsp;&nbsp; Redeemed | (178736) | (2395168) | (326797) | (4239471)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (144157) | $(1938307) | (186991) | $(2455241) |
| **Mid Cap Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 145625 | $1600752 | 1062231 | $11880246  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1220093 | 13408823  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1854341) | (20392449) | (4074622) | (45830190)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1708716) | $(18791697) | (1792298) | $(20541121)  |
| **Mid Cap Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 100363 | $999808 | 286498 | $2858056  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 529024 | 5152696  |
| &nbsp;&nbsp;&nbsp; Redeemed | (930879) | (9043124) | (1852554) | (18576624)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (830516) | $(8043316) | (1037032) | $(10565872)  |
| **Mid Cap Value Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 544186 | $4520661 | 1616648 | $13059944  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1457961 | 11955281  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2524528) | (20701537) | (5808079) | (47417812)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1980342) | $(16180876) | (2733470) | $(22402587)  |
| **Mid Cap Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 143876 | $1144260 | 384510 | $3019568  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 307509 | 2432394  |
| &nbsp;&nbsp;&nbsp; Redeemed | (574734) | (4516852) | (1118536) | (8810985)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (430858) | $(3372592) | (426517) | $(3359023) |
| **Small Cap Growth Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 484729 | $4927599 | 1333599 | $13758774  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 5379 | 58539  |
| &nbsp;&nbsp;&nbsp; Redeemed | (920293) | (9456971) | (2801909) | (29005621)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (435564) | $(4529372) | (1462931) | $(15188308)  |
| **Small Cap Growth Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 100985 | $893024 | 240724 | $2174228  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (260185) | (2289574) | (469680) | (4201459)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (159200) | $(1396550) | (228956) | $(2027231) |
| **Small Company Value Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 21336 | $182748 | 229372 | $2015573  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 61960 | 560114  |
| &nbsp;&nbsp;&nbsp; Redeemed | (445538) | (3781383) | (1427273) | (12542647)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (424202) | $(3598635) | (1135941) | $(9966960)  |

---

**166**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Small Company Value Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 65733 | $507951 | 124648 | $1002057  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 31375 | 258844  |
| &nbsp;&nbsp;&nbsp; Redeemed | (210319) | (1639721) | (702992) | (5602770)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (144586) | $(1131770) | (546969) | $(4341869) |
| **Small/Mid Cap Value Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 558094 | $4880915 | 824458 | $7551127  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 865424 | 7909972  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1007952) | (8956769) | (2664134) | (24500374)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (449858) | $(4075854) | (974252) | $(9039275)  |
| **Small/Mid Cap Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 147487 | $1283990 | 160127 | $1434583  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 186187 | 1664515  |
| &nbsp;&nbsp;&nbsp; Redeemed | (229889) | (2000886) | (636931) | (5743079)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (82402) | $(716896) | (290617) | $(2643981) |
| **Sustainable Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 22492 | $364724 | 58853 | $956010  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 337959 | 5474934  |
| &nbsp;&nbsp;&nbsp; Redeemed | (484540) | (7886255) | (1031732) | (16773092)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (462048) | $(7521531) | (634920) | $(10342148)  |
| **Sustainable Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 110833 | $1748124 | 61437 | $951324  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 181809 | 2890763  |
| &nbsp;&nbsp;&nbsp; Redeemed | (296883) | (4732885) | (603168) | (9569088)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (186050) | $(2984761) | (359922) | $(5727001) |
| **Total Return Bond Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 10400651 | $93426687 | 3859996 | $34324584  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 1192194 | 10741672  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3445230) | (30671418) | (7342849) | (65588153)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 6955421 | $62755269 | (2290659) | $(20521897)  |
| **Total Return Bond Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 470139 | $4116098 | 952729 | $8341166  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  | 165341 | 1469882  |
| &nbsp;&nbsp;&nbsp; Redeemed | (483528) | (4232602) | (588602) | (5185060)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (13389) | $(116504) | 529468 | $4625988 |

---

**167**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At June 30, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| Conservative Allocation Fund | $222400965 | $11437508 | $(5958172) | $5479336  |
| Balanced Allocation Fund | 274917677 | 15946617 | (8634818) | 7311799  |
| Moderate Allocation Fund | 909294923 | 67174538 | (19547178) | 47627360  |
| Growth Allocation Fund | 843294175 | 76301640 | (17245533) | 59056107  |
| Aggressive Allocation Fund | 113748910 | 11697630 | (1017675) | 10679955  |
| MML American Funds Growth Fund | 232717258 | 79240718 |  | 79240718  |
| MML American Funds Core Allocation Fund | 523423000 | 65370063 | (20038352) | 45331711  |
| Blue Chip Growth Fund | 271370373 | 226133409 | (5741179) | 220392230  |
| Equity Income Fund | 402385025 | 76410621 | (14550257) | 61860364  |
| Equity Index Fund | 271942423 | 383026048 | (14485889) | 368540159  |
| Focused Equity Fund | 196829830 | 48972934 | (1376013) | 47596921  |
| Foreign Fund | 136744028 | 45550522 | (10144772) | 35405750  |
| Fundamental Equity Fund | 97076646 | 43471008 | (2062979) | 41408029  |
| Global Fund | 343101162 | 50921324 | (2914131) | 48007193  |
| Income & Growth Fund | 113102602 | 27036079 | (5701905) | 21334174  |
| International Equity Fund | 216744150 | 54259203 | (18471588) | 35787615  |
| Large Cap Growth Fund | 130666437 | 94543911 | (5514254) | 89029657  |
| Managed Volatility Fund | 50623740 | 46026372 | (2907128) | 43119244  |
| Mid Cap Growth Fund | 251471156 | 60947743 | (8651548) | 52296195  |
| Mid Cap Value Fund | 234762454 | 15637825 | (15986849) | (349024)  |
| Small Cap Growth Equity Fund | 117252193 | 30930051 | (10824124) | 20105927  |
| Small Company Value Fund | 59776604 | 6207857 | (8707464) | (2499607)  |
| Small/Mid Cap Value Fund | 115197020 | 13802414 | (7905627) | 5896787  |
| Sustainable Equity Fund | 95305993 | 45640591 | (3620064) | 42020527  |
| Total Return Bond Fund | 457983986 | 4849175 | (9001474) | (4152299) |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term** <br>**Capital Loss** <br>**Carryforward** | **Long Term** <br>**Capital Loss** <br>**Carryforward**  |
| Conservative Allocation Fund | $(2160842) | $(6952637)  |
| Moderate Allocation Fund |  | (7239074)  |
| Small Cap Growth Equity Fund | (1034119) | —  |
| Small Company Value Fund |  | (96755)  |
| Total Return Bond Fund | (25998961) | (28031764) |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

**168**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain**  |
| Conservative Allocation Fund | $6203924 | $—  |
| Balanced Allocation Fund | 6649786 | —  |
| Moderate Allocation Fund | 20667716 | —  |
| Growth Allocation Fund | 13516698 | 596917  |
| Aggressive Allocation Fund | 1327116 | 2340673  |
| MML American Funds Growth Fund |  | 20251569  |
| MML American Funds Core Allocation Fund | 11093247 | 10439382  |
| Blue Chip Growth Fund |  | 36023293  |
| Equity Income Fund | 8582564 | 21196814  |
| Equity Index Fund | 8863111 | 21767856  |
| Focused Equity Fund | 2678099 | 12539274  |
| Foreign Fund | 5248279 | —  |
| Fundamental Equity Fund | 3382692 | 9781331  |
| Global Fund | 1273234 | 6624702  |
| Income & Growth Fund | 3079534 | 19720595  |
| International Equity Fund | 3624812 | —  |
| Large Cap Growth Fund |  | 15882237  |
| Managed Volatility Fund | 557925 | 3198186  |
| Mid Cap Growth Fund | 288102 | 18273417  |
| Mid Cap Value Fund | 7221451 | 7166224  |
| Small Cap Growth Equity Fund | 58539 | —  |
| Small Company Value Fund | 818958 | —  |
| Small/Mid Cap Value Fund | 2529045 | 7045442  |
| Sustainable Equity Fund | 1347593 | 7018104  |
| Total Return Bond Fund | 12211554 |  |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2024:

---

| | |
|:---|:---|
|  | **Amount**  |
| Conservative Allocation Fund | $59287  |
| Balanced Allocation Fund | 87091  |
| Moderate Allocation Fund | 360717  |
| Growth Allocation Fund | 394164  |
| Aggressive Allocation Fund | 64354  |
| MML American Funds Core Allocation Fund | 199763  |
| Foreign Fund | 362495  |
| Global Fund | 118139  |
| International Equity Fund | 555412 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2024, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

**169**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

At December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary Income** | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss)** <br>**Carryover** | **Other** <br>**Temporary** <br>**Differences** | **Unrealized** <br>**Appreciation** <br>(Depreciation) | **Total**  |
| Conservative Allocation Fund | $7107845 | $(9113479) | $(38050) | $(29576027) | $(31619711)  |
| Balanced Allocation Fund | 7702161 | 12406 | (46041) | (26621696) | (18953170)  |
| Moderate Allocation Fund | 23256371 | (7239074) | (171733) | (75708984) | (59863420)  |
| Growth Allocation Fund | 16655828 | 36170346 | (134273) | (40212272) | 12479629  |
| Aggressive Allocation Fund | 1633060 | 3557783 | (11389) | (4542966) | 636488  |
| MML American Funds Growth Fund |  | 21170331 | (13460) | 82122884 | 103279755  |
| MML American Funds Core Allocation Fund | 10567731 | 29298423 | (71589) | 25572136 | 65366701  |
| Blue Chip Growth Fund | 974856 | 87299700 | (39311) | 213407429 | 301642674  |
| Equity Income Fund | 6803393 | 39479671 | (52148) | 65586089 | 111817005  |
| Equity Index Fund | 8100114 | 103762100 | (70202) | 356975947 | 468767959  |
| Focused Equity Fund | 2898339 | 29165201 | (12608) | 41228348 | 73279280  |
| Foreign Fund | 4302552 | 6802024 | (36614) | 7582820 | 18650782  |
| Fundamental Equity Fund | 1340508 | 13097250 | (14509) | 36303013 | 50726262  |
| Global Fund | 1224707 | 9235127 | (21546) | 20141084 | 30579372  |
| Income & Growth Fund | 3284396 | 24476348 | (24647) | 21265275 | 49001372  |
| International Equity Fund | 3426184 | 3516548 | (12075) | (3157630) | 3773027  |
| Large Cap Growth Fund |  | 39679322 | (15559) | 76920033 | 116583796  |
| Managed Volatility Fund | 20589457 | 4986076 | (26853) | 26497100 | 52045780  |
| Mid Cap Growth Fund | 7334656 | 41423297 | (43722) | 61293640 | 110007871  |
| Mid Cap Value Fund | 10194605 | 12686447 | (47301) | (1624101) | 21209650  |
| Small Cap Growth Equity Fund | 425004 | (1034119) | (28142) | 24283029 | 23645772  |
| Small Company Value Fund | 832824 | (96755) | (9649) | 1569404 | 2295824  |
| Small/Mid Cap Value Fund | 4505533 | 10051095 | (22981) | 7114941 | 21648588  |
| Sustainable Equity Fund | 1111824 | 14140953 | (17757) | 47179342 | 62414362  |
| Total Return Bond Fund | 12771393 | (54030725) | (32450) | (14262233) | (55554015) |

---

The Funds did not have any unrecognized tax benefits at June 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

**170**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;7. Investment in Affiliated Issuers

A summary of the Funds' transactions in the securities of affiliated issuers during the period ended June 30, 2025, was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value** <br>**as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**6/30/25** | **Number of**<br>**Shares Held as of**<br>**6/30/25** | **Dividend**<br>**Income** | **Realized** <br>**Gains Distributions**  |
| **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  |
|  MassMutual High Yield Fund, Class I | $— | $667235 | $— | $16666 | $— | $683901 | 84017 | $8146 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 10029055 | 153812 | (1146658) | 840361 | (166778) | 9709792 | 446838 |  | —  |
|  MML Dynamic Bond Fund, Class II | 28570219 | 1998037 | (29433604) | 4748515 | (5883167) |  |  | 1651560 | —  |
|  MML Equity Income Fund, Initial Class | 7909812 | 7009534 | (1166149) | 991374 | (27295) | 14717276 | 1372880 |  | —  |
|  MML Focused Equity Fund, Class II | 13961032 | 225499 | (1681082) | 483129 | (55707) | 12932871 | 1673075 |  | —  |
|  MML Foreign Fund, Initial Class | 4148633 | 66477 | (495469) | 730537 | 80830 | 4531008 | 391956 |  | —  |
|  MML Fundamental Equity Fund, Class II | 6456067 | 99559 | (742207) | 496884 | (77067) | 6233236 | 505534 |  | —  |
|  MML Fundamental Value Fund, Class II | 7835030 | 2455153 | (7563571) | (634648) | (2091964) |  |  | 93680 | 2268328  |
| MML Global Fund, Class I | 4892138 | 75967 | (566210) | 605619 | 41082 | 5048596 | 1049604 |  | —  |
|  MML High Yield Fund, Class II | 718258 | 64539 | (724920) | 7168 | (65045) |  |  | 55950 | —  |
|  MML Income & Growth Fund, Initial Class | 3466644 | 54483 | (406162) | 182455 | (26557) | 3270863 | 317252 |  | —  |
|  MML Inflation-Protected and Income Fund, Initial Class | 5528256 | 93453 | (697180) | 454721 | (210558) | 5168692 | 576863 |  | —  |
|  MML International Equity Fund, Class II | 12499318 | 199391 | (1886130) | 2227306 | (56068) | 12983817 | 1071272 |  | —  |
|  MML Large Cap Growth Fund, Initial Class | 7860423 | 117567 | (1276455) | 355909 | 152409 | 7209853 | 389511 |  | —  |
|  MML Managed Bond Fund, Initial Class | 46799818 | 14505344 | (6041588) | 3320414 | (1281343) | 57302645 | 5113040 |  | —  |
|  MML Mid Cap Growth Fund, Initial Class | 5993996 | 91183 | (679786) | 467151 | (392644) | 5479900 | 475686 |  | —  |
|  MML Mid Cap Value Fund, Initial Class | 4527100 | 69164 | (515612) | 197073 | (87784) | 4189941 | 502994 |  | —  |
|  MML Short-Duration Bond Fund, Class II | 13138882 | 210270 | (1568654) | 446144 | (68312) | 12158330 | 1293439 |  | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 1325768 | 21219 | (158189) | (38763) | (5105) | 1144930 | 108970 |  | —  |
|  MML Small Company Value Fund, Class II | 2487541 | 39455 | (294147) | (42173) | (118541) | 2072135 | 246097 |  | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 1484274 | 22024 | (164175) | (32839) | 3103 | 1312387 | 145336 |  | —  |
|  MML Strategic Emerging Markets Fund, Class II | 1780980 | 25113 | (1811841) | 84718 | (78970) |  |  | 2751 | —  |
|  MML Total Return Bond Fund, Class II | 40809285 | 14610896 | (5337022) | 3203741 | (1406809) | 51880091 | 5701109 |  | —  |
|  | $232222529 | $42875374 | $(64356811) | $19111462 | $(11822290) | $218030264 |  | $1812087 | $2268328 |

---

**171**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**6/30/25** | **Number of**<br>**Shares Held**<br>**as of**<br>**6/30/25** | **Dividend**<br>**Income** | **Realized**<br>**Gains**<br>**Distributions**  |
| **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  | **Balanced Allocation Fund**  |
|  MassMutual High Yield Fund, Class I | $— | $693235 | $— | $17315 | $— | $710550 | 87291 | $8463 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 15078360 | 168423 | (1430238) | 1316380 | (288636) | 14844289 | 683124 |  | —  |
|  MML Dynamic Bond Fund, Class II | 29069571 | 2058330 | (29910375) | 5023713 | (6241239) |  |  | 1746905 | —  |
|  MML Equity Income Fund, Initial Class | 11887507 | 10927968 | (1673174) | 1183020 | 290199 | 22615520 | 2109657 |  | —  |
|  MML Focused Equity Fund, Class II | 21275560 | 247356 | (2100529) | 613335 | 46482 | 20082204 | 2597957 |  | —  |
|  MML Foreign Fund, Initial Class | 6247624 | 72926 | (619009) | 1185519 | 59485 | 6946545 | 600912 |  | —  |
|  MML Fundamental Equity Fund, Class II | 9748872 | 108847 | (924318) | 536043 | 103194 | 9572638 | 776370 |  | —  |
|  MML Fundamental Value Fund, Class II | 11901323 | 3851595 | (11445095) | (1144492) | (3163331) |  |  | 147765 | 3577927  |
| MML Global Fund, Class I | 7382406 | 83245 | (706597) | 935603 | 52349 | 7747006 | 1610604 |  | —  |
|  MML High Yield Fund, Class II | 720418 | 66015 | (725898) | 17902 | (78437) |  |  | 58275 | —  |
|  MML Income & Growth Fund, Initial Class | 5058330 | 59325 | (503785) | 262196 | (34720) | 4841346 | 469578 |  | —  |
|  MML Inflation-Protected and Income Fund, Initial Class | 5545550 | 68330 | (582279) | 409618 | (160886) | 5280333 | 589323 |  | —  |
|  MML International Equity Fund, Class II | 19119650 | 218411 | (2253912) | 2958909 | 449373 | 20492431 | 1690795 |  | —  |
|  MML Large Cap Growth Fund, Initial Class | 11827910 | 128831 | (1494025) | 727703 | 49725 | 11240144 | 607247 |  | —  |
|  MML Managed Bond Fund, Initial Class | 47324218 | 14994001 | (5301157) | 2901120 | (807679) | 59110503 | 5274353 |  | —  |
|  MML Mid Cap Growth Fund, Initial Class | 9020485 | 99923 | (848537) | 516771 | (407959) | 8380683 | 727490 |  | —  |
|  MML Mid Cap Value Fund, Initial Class | 6825302 | 75915 | (644672) | 85775 | 76886 | 6419206 | 770613 |  | —  |
|  MML Short-Duration Bond Fund, Class II | 13179181 | 153745 | (1310130) | 455707 | (69944) | 12408559 | 1320060 |  | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 1985693 | 23253 | (197460) | (90189) | 21552 | 1742849 | 165878 |  | —  |
|  MML Small Company Value Fund, Class II | 3735955 | 43237 | (367166) | (12505) | (237599) | 3161922 | 375525 |  | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 2208598 | 24008 | (203864) | (32332) | (14696) | 1981714 | 219459 |  | —  |
|  MML Strategic Emerging Markets Fund, Class II | 2683209 | 34483 | (2725000) | 434879 | (427571) |  |  | 4312 | —  |
|  MML Total Return Bond Fund, Class II | 41225757 | 15125330 | (4715966) | 3031004 | (1186949) | 53479176 | 5876832 |  | —  |
|  | $283051479 | $49326732 | $(70683186) | $21332994 | $(11970401) | $271057618 |  | $1965720 | $3577927 |

---

**172**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**6/30/25** | **Number of**<br>**Shares Held**<br>**as of**<br>**6/30/25** | **Dividend**<br>**Income** | **Realized**<br>**Gains**<br>**Distributions**  |
| **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  |
|  MassMutual High Yield Fund, Class I | $— | $1838615 | $— | $45924 | $— | $1884539 | 231516 | $22448 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 62985575 | 1467 | (6287608) | 5038823 | (842678) | 60895579 | 2802374 |  | —  |
|  MML Dynamic Bond Fund, Class II | 80240124 | 4715730 | (81703979) | 12918208 | (16170083) |  |  | 4713733 | —  |
|  MML Equity Income Fund, Initial Class | 49895527 | 43817750 | (6796257) | 5090032 | 1016248 | 93023300 | 8677547 |  | —  |
|  MML Focused Equity Fund, Class II | 87549326 | 2155 | (9234338) | 1642471 | 1020359 | 80979973 | 10476064 |  | —  |
|  MML Foreign Fund, Initial Class | 25393996 | 636 | (2724661) | 4787154 | 206183 | 27663308 | 2393020 |  | —  |
|  MML Fundamental Equity Fund, Class II | 40665545 | 950 | (4072869) | 3145358 | (517489) | 39221495 | 3180981 |  | —  |
|  MML Fundamental Value Fund, Class II | 49718738 | 15233649 | (47363266) | (6057530) | (11531591) |  |  | 604136 | 14628304  |
| MML Global Fund, Class I | 30144600 | 725 | (3107150) | 3749193 | 236827 | 31024195 | 6449937 |  | —  |
|  MML High Yield Fund, Class II | 1967478 | 155452 | (1962048) | 14207 | (175089) |  |  | 155402 | —  |
|  MML Income & Growth Fund, Initial Class | 21622955 | 517 | (2214740) | 636077 | 332249 | 20377058 | 1976436 |  | —  |
|  MML Inflation-Protected and Income Fund, Initial Class | 15143874 | 398 | (1708033) | 1135851 | (464025) | 14108065 | 1574561 |  | —  |
|  MML International Equity Fund, Class II | 78236609 | 1905 | (9163317) | 12515020 | 1316006 | 82906223 | 6840447 |  | —  |
|  MML Large Cap Growth Fund, Initial Class | 48592556 | 1122 | (5809551) | 2506463 | 633634 | 45924224 | 2481049 |  | —  |
|  MML Managed Bond Fund, Initial Class | 130225649 | 38925903 | (15035739) | 7869697 | (2155935) | 159829575 | 14261384 |  | —  |
|  MML Mid Cap Growth Fund, Initial Class | 37078361 | 870 | (3730335) | 2132709 | (1701126) | 33780479 | 2932333 |  | —  |
|  MML Mid Cap Value Fund, Initial Class | 27713150 | 662 | (2838808) | 1152192 | (491603) | 25535593 | 3065497 |  | —  |
|  MML Short-Duration Bond Fund, Class II | 36068483 | 895 | (3843075) | 1239036 | (197048) | 33268291 | 3539180 |  | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 8115416 | 203 | (868065) | (65945) | (211245) | 6970364 | 663413 |  | —  |
|  MML Small Company Value Fund, Class II | 15303354 | 377 | (1614132) | 85976 | (1093397) | 12682178 | 1506197 |  | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 9114865 | 208 | (891527) | (35007) | (155792) | 8032747 | 889562 |  | —  |
|  MML Strategic Emerging Markets Fund, Class II | 11011296 | 17561 | (11066459) | 2217658 | (2180056) |  |  | 17271 | —  |
|  MML Total Return Bond Fund, Class II | 113318136 | 38925509 | (13340516) | 8356505 | (3351250) | 143908384 | 15814108 |  | —  |
|  | $980105613 | $143643259 | $(235376473) | $70120072 | $(36476901) | $922015570 |  | $5512990 | $14628304 |

---

**173**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**6/30/25** | **Number of**<br>**Shares Held**<br>**as of**<br>**6/30/25** | **Dividend**<br>**Income** | **Realized**<br>**Gains**<br>**Distributions**  |
| **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  | **Growth Allocation Fund**  |
|  MassMutual High Yield Fund, Class I | $— | $1059547 | $— | $26465 | $— | $1086012 | 133417 | $12935 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 71892087 | 53273 | (5075301) | 5753357 | (663478) | 71959938 | 3311548 |  | —  |
|  MML Dynamic Bond Fund, Class II | 45090292 | 2738219 | (45945220) | 8882195 | (10765486) |  |  | 2707112 | —  |
|  MML Equity Income Fund, Initial Class | 56250756 | 50675180 | (5682973) | 6512596 | 557917 | 108313476 | 10103869 |  | —  |
|  MML Focused Equity Fund, Class II | 98370327 | 78279 | (7457661) | 1868660 | 1286749 | 94146354 | 12179347 |  | —  |
|  MML Foreign Fund, Initial Class | 28311869 | 22932 | (2193545) | 5796724 | (122281) | 31815699 | 2752223 |  | —  |
|  MML Fundamental Equity Fund, Class II | 45806514 | 34470 | (3283796) | 3472856 | (374472) | 45655572 | 3702804 |  | —  |
|  MML Fundamental Value Fund, Class II | 55939577 | 17546693 | (53263583) | (5966162) | (14256525) |  |  | 694425 | 16814515  |
| MML Global Fund, Class I | 33784043 | 26195 | (2505505) | 4380393 | 207066 | 35892192 | 7461994 |  | —  |
|  MML High Yield Fund, Class II | 1103691 | 89877 | (1101161) | (12011) | (80396) |  |  | 89095 | —  |
|  MML Income & Growth Fund, Initial Class | 25038269 | 18767 | (1787719) | 823072 | 335924 | 24428313 | 2369380 |  | —  |
|  MML Inflation-Protected and Income Fund, Initial Class | 8500178 | 7406 | (695530) | 598683 | (215773) | 8194964 | 914617 |  | —  |
|  MML International Equity Fund, Class II | 88758633 | 68783 | (7579404) | 13524143 | 2497070 | 97269225 | 8025514 |  | —  |
|  MML Large Cap Growth Fund, Initial Class | 55325105 | 40750 | (3882226) | 3751312 | 74432 | 55309373 | 2988081 |  | —  |
|  MML Managed Bond Fund, Initial Class | 74032292 | 21947045 | (6151275) | 4559564 | (1261085) | 93126541 | 8309560 |  | —  |
|  MML Mid Cap Growth Fund, Initial Class | 42051922 | 31606 | (3011092) | 813455 | (239011) | 39646880 | 3441569 |  | —  |
|  MML Mid Cap Value Fund, Initial Class | 31114752 | 24012 | (2287673) | 963448 | (197537) | 29617002 | 3555462 |  | —  |
|  MML Short-Duration Bond Fund, Class II | 20636779 | 16665 | (1564942) | 690469 | (82347) | 19696624 | 2095386 |  | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 9104442 | 7355 | (700694) | (133230) | (166803) | 8111070 | 771981 |  | —  |
|  MML Small Company Value Fund, Class II | 18081170 | 13676 | (1302913) | (531198) | (658883) | 15601852 | 1852952 |  | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 10212788 | 7595 | (723420) | (130325) | (72908) | 9293730 | 1029206 |  | —  |
|  MML Strategic Emerging Markets Fund, Class II | 13223503 | 30355 | (13296280) | 4713991 | (4671569) |  |  | 21292 | —  |
|  MML Total Return Bond Fund, Class II | 63914377 | 22939639 | (5455748) | 4309852 | (1418292) | 84289828 | 9262618 |  | —  |
|  | $896543366 | $117478319 | $(174947661) | $64668309 | $(30287688) | $873454645 |  | $3524859 | $16814515 |

---

**174**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**6/30/25** | **Number of**<br>**Shares Held**<br>**as of**<br>**6/30/25** | **Dividend**<br>**Income** | **Realized**<br>**Gains**<br>**Distributions**  |
| **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  |
|  MassMutual High Yield Fund, Class I | $— | $56322 | $— | $1407 | $— | $57729 | 7092 | $688 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 11699911 | 154096 | (744941) | 929443 | (89995) | 11948514 | 549863 |  | —  |
|  MML Dynamic Bond Fund, Class II | 2311925 | 167566 | (2382158) | 363239 | (460572) |  |  | 139862 | —  |
|  MML Equity Income Fund, Initial Class | 8946976 | 8448738 | (759515) | 996787 | 151812 | 17784798 | 1659030 |  | —  |
|  MML Focused Equity Fund, Class II | 15525892 | 226713 | (1095993) | 379751 | 122452 | 15158815 | 1961037 |  | —  |
|  MML Foreign Fund, Initial Class | 4844134 | 66726 | (322499) | 958297 | 23550 | 5570208 | 481852 |  | —  |
|  MML Fundamental Equity Fund, Class II | 7630305 | 99777 | (482348) | 581574 | (58091) | 7771217 | 630269 |  | —  |
|  MML Fundamental Value Fund, Class II | 9103233 | 2977351 | (8758719) | (783686) | (2538179) |  |  | 114050 | 2761564  |
| MML Global Fund, Class I | 5369649 | 76210 | (368338) | 722096 | 13306 | 5812923 | 1208508 |  | —  |
|  MML High Yield Fund, Class II | 58378 | 5473 | (58926) | (3174) | (1751) |  |  | 4748 | —  |
|  MML Income & Growth Fund, Initial Class | 3929935 | 54551 | (263706) | 128806 | 54778 | 3904364 | 378697 |  | —  |
|  MML Inflation-Protected and Income Fund, Initial Class | 449338 | 7257 | (35122) | 26400 | (5989) | 441884 | 49317 |  | —  |
|  MML International Equity Fund, Class II | 14361166 | 199991 | (966594) | 2640946 | (8344) | 16227165 | 1338875 |  | —  |
|  MML Large Cap Growth Fund, Initial Class | 9230947 | 117845 | (569695) | 595572 | 53289 | 9427958 | 509344 |  | —  |
|  MML Managed Bond Fund, Initial Class | 3844298 | 1187111 | (288576) | 247546 | (74676) | 4915703 | 438622 |  | —  |
|  MML Mid Cap Growth Fund, Initial Class | 6728418 | 91491 | (442292) | 358403 | (265992) | 6470028 | 561634 |  | —  |
|  MML Mid Cap Value Fund, Initial Class | 4949912 | 69395 | (335474) | 165957 | (43307) | 4806483 | 577009 |  | —  |
|  MML Short-Duration Bond Fund, Class II | 1043250 | 16327 | (79025) | 34984 | (4048) | 1011488 | 107605 |  | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 1450603 | 21292 | (102924) | (23387) | (24792) | 1320792 | 125708 |  | —  |
|  MML Small Company Value Fund, Class II | 2738297 | 39590 | (191383) | (37888) | (143715) | 2404901 | 285618 |  | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 1635848 | 21981 | (106262) | (33520) | 799 | 1518846 | 168200 |  | —  |
|  MML Strategic Emerging Markets Fund, Class II | 2161423 | 27916 | (2196638) | 409005 | (401706) |  |  | 3515 | —  |
|  MML Total Return Bond Fund, Class II | 3339147 | 1180217 | (255211) | 211442 | (60638) | 4414957 | 485160 |  | —  |
|  | $121352985 | $15313936 | $(20806339) | $8870000 | $(3761809) | $120968773 |  | $262863 | $2761564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

**175**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;9. New Accounting Pronouncements

In December 2023, FASB issued Accounting Standards Update 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.

**176**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

Financial Statements and Financial Highlights for the American Funds Insurance Series — Growth Fund (Master Fund of the MML American Funds Growth Fund) are included in the document titled "American Funds Insurance Series<sup>®</sup> Financial Statements and Other Information N-CSR Items 7-11 for the period ended June 30, 2025, that is filed herewith.

**177**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

![](img40df88c61.jpg)

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

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, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 97.78% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| 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 |

---

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

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

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1128850 | $20053 |
| LyondellBasell Industries NV  | 250227 | 14478 |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 2549209 | 14445 |
|  |  | 183049 |
| **Utilities 0.52%** |  |  |
| Torrent Power, Ltd.  | 1918769 | 32836 |
| FirstEnergy Corp.  | 286296 | 11526 |
|  |  | 44362 |
| **Real estate 0.10%** |  |  |
| Mirvac Group REIT  | 5948947 | 8614 |
| **Total common stocks** (cost: $4,866,714,000) |  | 8400515 |
| Preferred securities 0.19% |  |  |
| **Information technology 0.19%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 460450 | 16888 |
| **Total preferred securities** (cost: $12,816,000) |  | 16888 |
| Short-term securities 2.77% |  |  |
| **Money market investments 2.77%** | **Money market investments 2.77%** | **Money market investments 2.77%** |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup>  | 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)<br>|
| **Net assets 100.00%** |  | $8591452 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.77%** |  |  |  |  |  |  |  |
| **Money market investments 2.77%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | $283574 | &nbsp;&nbsp; $775998 | &nbsp;&nbsp; $821926 | &nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp; $(39)<br>| &nbsp;&nbsp; $237566 | &nbsp;&nbsp; $5913 |

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> 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. 

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> CDI = CREST Depository Interest <br> EUR = Euros

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> GDR = Global Depositary Receipts <br> REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

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

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

------

Global Small Capitalization Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 94.90% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

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

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

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

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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% |  |  |
| **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<br> (000)<br>|  |
| **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 |  |
| **Money market investments 4.64%** | **Money market investments 4.64%** | **Money market investments 4.64%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup>  | 1423124 | 142312 |

---

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

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **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>  | 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)<br>|
| **Net assets 100.00%** |  | $3066477 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Lands' End, Inc. <sup>(a)(i)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 5.09%** |  |  |  |  |  |  |  |
| **Money market investments 4.64%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)</sup>  | 16001 | &nbsp;&nbsp; 418610 | &nbsp;&nbsp; 292289 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 142312 | &nbsp;&nbsp; 2399 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.45%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)(h)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 156122 |  |
| **Total 5.09%** |  |  |  | &nbsp;&nbsp; $2156 | &nbsp;&nbsp; $(12779)<br>| &nbsp;&nbsp; $156122 | &nbsp;&nbsp; $2399 |

---

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

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> 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. 

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

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

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

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

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

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

<sup>(l)</sup> Amount less than 0.01%.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| EUR = Euros |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

American Funds Insurance Series<sub>12</sub>

------

Growth Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 97.18% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 <sup>(a)(c)(d)</sup>  | 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 |

---

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

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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% |  |  |
| **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 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $13,741,000) |  | 22672 |
| 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 |

---

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

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 3.06% | Shares | Value<br> (000)<br>|
| **Money market investments 2.81%** | **Money market investments 2.81%** | **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%** | **Money market investments purchased with collateral from securities on loan 0.25%** | **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)<br>|
| **Net assets 100.00%** |  | $51289768 |

---

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

------

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

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

<sup>(e)</sup> 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. 

<sup>(f)</sup> Amount less than one thousand.

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

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

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

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

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

<sup>(l)</sup> Amount less than 0.01%.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

International Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 95.66% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.46% | Shares | Value<br> (000)<br>|
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4838084 | $32903 |
| **Information technology 0.01%** |  |  |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 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% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 7730 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(d)</sup><br>|
| Short-term securities 4.59% |  |  |
| **Money market investments 4.59%** | **Money market investments 4.59%** | **Money market investments 4.59%** |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup>  | 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)<br>|
| **Net assets 100.00%** |  | $7208704 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 4.59%** |  |  |  |  |  |  |  |
| **Money market investments 4.59%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | $396476 | &nbsp;&nbsp; $948672 | &nbsp;&nbsp; $1014187 | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $330868 | &nbsp;&nbsp; $6773 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | 1000 |  | &nbsp;&nbsp; 1000 <br><sup>(g)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total 4.59%** |  |  |  | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $330868 | &nbsp;&nbsp; $6773 |

---

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

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

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

<sup>(d)</sup> Amount less than one thousand.

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

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

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

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

<sup>(i)</sup> Amount less than 0.01%.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| GBP = British pounds |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

New World Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 92.43% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 183568 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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% |  |  |
| **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 |

---

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

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities (continued) | Shares | Value<br> (000)<br>|
| **Information technology 0.14%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 140739 | $5162 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(d)</sup>  | 34 | 44 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(d)</sup>  | 1 | 1 |
|  |  | 5207 |
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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) | **Total convertible stocks** (cost: $286,000) | 183 |
| Bonds, notes & other debt instruments 3.42% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 3.03%** | **Bonds & notes of governments & government agencies outside the U.S. 3.03%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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 |

---

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

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 + <br> 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 <br> 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 |

---

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

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | USD200 | $204 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup>  | 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>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup>  | 420 | 423 |
|  |  |  | 828 |
| **Health care 0.02%** | **Health care 0.02%** |  |  |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup>  | Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup>  | 260 | 247 |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 480 | 456 |
|  |  |  | 703 |
| **Total corporate bonds, notes & loans** | **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 |  |
| **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup>  | 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>  | 4305789 | 4306 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.357<br> %<br>| EGP11,900 | 228 |
| Egypt (Arab Republic of) 1/6/2026  | 19.531 | 12600 | 222 |
|  |  |  | 450 |
| **Total short-term securities** (cost: $152,427,000) | **Total short-term securities** (cost: $152,427,000) | **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) | **Total investment securities 100.68%** (cost: $2,412,085,000) | 3752924 |
| Other assets less liabilities (0.68)% | Other assets less liabilities (0.68)% |  | (25264)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $3727660 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(416)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| 5 Year Euro-Bobl Futures | Short | 14 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1941)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| 5 Year U.S. Treasury Note Futures | Short | 3 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Euro-Bund Futures | Short | 15 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| CNH | 6810 | USD | 952 | Standard Chartered Bank | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>|
| USD | 471 | MYR | 1995 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| INR | 1695 | USD | 20 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 962 | EUR | 839 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| EUR | 490 | USD | 560 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| MXN | 1228 | USD | 64 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 64 | MXN | 1228 | Bank of New York Mellon | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| THB | 39695 | USD | 1226 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 297 | THB | 9665 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| CNH | 7185 | USD | 1003 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1371 | ZAR | 24367 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2447 | EUR | 2127 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 38 | IDR | 622415 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 861 | BRL | 4817 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 717 | COP | 3027600 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 47 | MYR | 201 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 98 | PLN | 360 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1285 | MYR | 5447 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| IDR | 3560000 | USD | 217 | HSBC Bank | 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| EUR | 76 | USD | 88 | Morgan Stanley | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| INR | 12140 | USD | 141 | BNP Paribas | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 98 | MXN | 1875 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| CZK | 31590 | USD | 1496 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| HUF | 348902 | USD | 1021 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CZK | 20855 | USD | 947 | Citibank | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| USD | 653 | ZAR | 11850 | Goldman Sachs | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(78)<br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.96%** |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(j)</sup>  | $94686 | &nbsp;&nbsp; $320134 | &nbsp;&nbsp; $267116 | &nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $147681 | &nbsp;&nbsp; $2879 |

---

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

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund (continued)

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

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

<sup>(e)</sup> 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. 

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

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

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

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

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

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

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

<sup>(m)</sup> Amount less than 0.01%.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |

---

---

| |
|:---|
| HUF = Hungarian forints |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| PLN = Polish zloty |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

Washington Mutual Investors Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 96.21% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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.  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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% |  |  |
| **Money market investments 3.14%** | **Money market investments 3.14%** | **Money market investments 3.14%** |
| Capital Group Central Cash Fund 4.35% <sup>(d)(e)</sup>  | 3667823 | 366782 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **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>  | 4082 | $4 |
| **Total short-term securities** (cost: $366,736,000) |  | 366786 |
| **Total investment securities 99.85%** (cost: $7,285,100,000) |  | 11654518 |
| Other assets less liabilities 0.15% |  | 17171 |
| **Net assets 100.00%** |  | $11671689 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.14%** |  |  |  |  |  |  |  |
| **Money market investments 3.14%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)</sup>  | $245250 | &nbsp;&nbsp; $902891 | &nbsp;&nbsp; $781291 | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $366782 | &nbsp;&nbsp; $7099 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(g)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total 3.14%** |  |  |  | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $366782 | &nbsp;&nbsp; $7099 |

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> 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. 

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

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

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

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 96.54% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

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

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

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

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 1.46%** |  |  |
| International Paper Co.  | 3154 | $148 |
| Element Solutions, Inc.  | 2825 | 64 |
| Albemarle Corp.  | 295 | 18 |
|  |  | 230 |
| **Utilities 0.10%** |  |  |
| FirstEnergy Corp.  | 364 | 15 |
| **Total common stocks** (cost: $14,596,000) |  | 15209 |
| Short-term securities 3.28% |  |  |
| **Money market investments 3.24%** | **Money market investments 3.24%** | **Money market investments 3.24%** |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup>  | 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%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup>  | 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>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.24%** |  |  |  |  |  |  |  |
| **Money market investments 3.24%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | $288 | &nbsp;&nbsp; $2214 | &nbsp;&nbsp; $1992 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $510 | &nbsp;&nbsp; $7 |

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> 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. 

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

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

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

<sup>(f)</sup> Amount less than one thousand.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 95.96% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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.  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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<br> (000)<br>|  |
| **Corporate bonds, notes & loans 0.04%** | **Corporate bonds, notes & loans 0.04%** | **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 + <br> 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%** | **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 |  |
| **Money market investments 3.82%** | **Money market investments 3.82%** | **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%** | **Money market investments purchased with collateral from securities on loan 0.40%** | **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) | **Total short-term securities** (cost: $84,370,000) | 84375 |
| **Total investment securities 100.51%** (cost: $1,234,206,000) | **Total investment securities 100.51%** (cost: $1,234,206,000) | 2007988 |
| Other assets less liabilities (0.51)% |  | (10284)<br>|
| **Net assets 100.00%** |  | $1997704 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

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

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 97.21% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 1.77%** |  |  |
| VICI Properties, Inc. REIT  | 10163137 | $331319 |
| Equinix, Inc. REIT  | 235188 | 187085 |
| American Tower Corp. REIT  | 428106 | 94620 |
| Prologis, Inc. REIT  | 866060 | 91040 |
| Welltower, Inc. REIT  | 306310 | 47089 |
|  |  | 751153 |
| **Total common stocks** (cost: $22,661,815,000) |  | 41373463 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds, notes & loans 0.00%** | **Corporate bonds, notes & loans 0.00%** | **Corporate bonds, notes & loans 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 4.30% 7/13/2025  | USD160 | 160 |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | 827 | 828 |
| **Total corporate bonds, notes & loans** |  | 988 |
| **Total bonds, notes & other debt instruments** (cost: $969,000) |  | 988 |
| Short-term securities 2.96% | Shares |  |
| **Money market investments 2.96%** | **Money market investments 2.96%** | **Money market investments 2.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(b)(c)</sup>  | 12613746 | 1261375 |
| **Total short-term securities** (cost: $1,261,311,000) |  | 1261375 |
| **Total investment securities 100.17%** (cost: $23,924,095,000) |  | 42635826 |
| Other assets less liabilities (0.17)% |  | (73509)<br>|
| **Net assets 100.00%** |  | $42562317 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.90%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.90%** |  |  |  |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(101452)<br>| &nbsp;&nbsp; $381943 | &nbsp;&nbsp; $3857 |
| **Short-term securities 2.96%** |  |  |  |  |  |  |  |
| **Money market investments 2.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 3884821 | &nbsp;&nbsp; 4095042 | &nbsp;&nbsp; (247)<br>| &nbsp;&nbsp; (121)<br>| &nbsp;&nbsp; 1261375 | &nbsp;&nbsp; 33418 |
| **Total 3.86%** |  |  |  | &nbsp;&nbsp; $6213 | &nbsp;&nbsp; $(101573)<br>| &nbsp;&nbsp; $1643318 | &nbsp;&nbsp; $37275 |

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 95.81% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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 | — <br><sup>(d)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Veolia Environnement SA  | 18018 | $642 |
| National Grid PLC  | 42387 | 618 |
| CPFL Energia SA  | 58911 | 443 |
| NTPC, Ltd.  | 81979 | 320 |
|  |  | 10944 |
| **Real estate 1.05%** |  |  |
| Mitsubishi Estate Co., Ltd.  | 42900 | 805 |
| Prologis Property Mexico, SA de CV, REIT  | 186799 | 706 |
| CK Asset Holdings, Ltd.  | 124000 | 547 |
| Link REIT  | 93568 | 500 |
| Sun Hung Kai Properties, Ltd.  | 34000 | 390 |
| CapitaLand Integrated Commercial Trust REIT  | 222900 | 380 |
| Henderson Land Development Co., Ltd.  | 92000 | 322 |
| Longfor Group Holdings, Ltd.  | 248742 | 293 |
| Goodman Logistics (HK), Ltd. REIT  | 10467 | 236 |
|  |  | 4179 |
| **Total common stocks** (cost: $274,155,000) |  | 379472 |
| Preferred securities 0.04% |  |  |
| **Materials 0.04%** |  |  |
| Gerdau SA, preferred nominative shares  | 58932 | 174 |
| **Total preferred securities** (cost: $222,000) |  | 174 |
| Short-term securities 4.17% |  |  |
| **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup>  | 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%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup>  | 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)<br>|
| **Net assets 100.00%** |  | $396065 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.96%** |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $48655 | &nbsp;&nbsp; $44653 | &nbsp;&nbsp; $— <br><sup>(d)</sup><br>| &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $15675 | &nbsp;&nbsp; $272 |

---

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

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

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> Security did not produce income during the last 12 months.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

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

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

Capital Income Builder

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 74.97% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| First American Financial Corp.  | 6638 | $408 |
| Bank Mandiri (Persero) Tbk PT  | 1301701 | 391 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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<br> (000)<br>|  |
| **Mortgage-backed obligations 5.57%** | **Mortgage-backed obligations 5.57%** | **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— <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| 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>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(e)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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% <br> 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 |

---

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

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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 <br> 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 <br> 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 <br> 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 <br> 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, <br>(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% <br> 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%) <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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 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%** | **Corporate bonds, notes & loans 2.47%** |
| **Financials 0.47%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br>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 |

---

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

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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%** | **Asset-backed obligations 0.95%** |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(e)(h)</sup>  | 215 | 216 |

---

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

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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%** | **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%** | **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 |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | 3819323 | 32235 |
| **Total Investment funds** (cost: $35,212,000) |  | 32235 |
| Short-term securities 8.35% |  |  |
| **Money market investments 7.34%** | **Money market investments 7.34%** | **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%** | **Money market investments purchased with collateral from securities on loan 1.01%** | **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 |

---

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

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Futures contracts**

------

---

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

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>|
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD690 | &nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $243 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $243 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,015 | &nbsp;&nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $12 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.06%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $565 | &nbsp;&nbsp; $32235 | &nbsp;&nbsp; $750 |
| **Short-term securities 7.34%** |  |  |  |  |  |  |  |
| **Money market investments 7.34%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(m)</sup>  | 60575 | &nbsp;&nbsp; 199935 | &nbsp;&nbsp; 145437 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 115069 | &nbsp;&nbsp; 1854 |
| **Total 9.40%** |  |  |  | &nbsp;&nbsp; $— <br><sup>(c)</sup><br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $147304 | &nbsp;&nbsp; $2604 |

---

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

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Security did not produce income during the last 12 months.

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

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(g)</sup> Represents securities transacted on a TBA basis.

<sup>(h)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $40,844,000, which represented 2.61% of the net assets of the fund. 

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> 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. 

<sup>(k)</sup> 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. 

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

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

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

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CME = CME Group |
| CPI = Consumer Price Index |
| DAC = Designated Activity Company |
| Fncg. = Financing |
| GBP = British pounds |

---

---

| |
|:---|
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Asset Allocation Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 67.14% | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
| Party City Holdco, Inc. <sup>(a)(b)(d)</sup>  | 681 | — <br><sup>(c)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
| 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 | — <br><sup>(c)</sup><br>|
|  |  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Altera Infrastructure, LP <sup>(b)</sup>  | 16129 | $498 |
| Expand Energy Corp.  | 277 | 32 |
| Bighorn Permian Resources, LLC <sup>(b)</sup>  | 4392 | — <br><sup>(c)</sup><br>|
|  |  | 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% |  |  |
| **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% |  |  |
| **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 | — <br><sup>(c)</sup><br>|
| **Total rights & warrants** (cost: $313,000) |  | 54 |
| 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<br> (000)<br>|  |
| **Mortgage-backed obligations 10.51%** | **Mortgage-backed obligations 10.51%** | **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— <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AH0829 4.00% 1/1/2026 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(g)</sup>  | 2 | 2 |

---

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

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(g)</sup>  | USD— <br><sup>(c)</sup><br>| $— <br><sup>(c)</sup><br>|
| 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>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae, 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 |

---

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

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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% <br> 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% <br> 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% <br> 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% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1105 | 1106 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% <br> 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%) <br> 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% <br> 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% <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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% <br> 1/5/2039 <sup>(d)(g)(h)</sup>  | 100 | 85 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 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 + <br> 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%) <br> 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%) <br> 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 + <br> 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%) <br> 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 + <br> 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 <br>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 <br> 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 <br> 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% <br> 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 <br> 5/1/2029) <sup>(d)(g)(k)</sup>  | 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%) <br> 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%) <br> 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 |

---

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

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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%** | **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%) <br>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 + <br> 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 <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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% <br> 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 <br> 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 |

---

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

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 <br>(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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>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 + <br> 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 |

---

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

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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% <br> 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 |

---

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

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>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% <br>3/11/2030 <sup>(b)(h)(l)</sup>  | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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% <br> 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% <br>3/29/2029 <sup>(h)(l)</sup>  | 3816 | 3823 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(d)</sup>  | 5703 | 5560 |

---

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

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(d)(k)</sup>  | 1475 | 1667 |

---

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

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> + 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>1/16/2026 <sup>(b)(h)(l)(n)</sup>  | 766 | 421 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br>7/16/2026 <sup>(b)(h)(l)(n)</sup>  | 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 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 |

---

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

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | 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%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br>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 |

---

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

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br>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% <br>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%) <br> 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%) <br> 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%) <br> 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% <br>9/15/2039 <sup>(d)(g)(h)</sup>  | 598 | 599 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 5.458% <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) <br> 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% <br> 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%** | **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 |

---

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

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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%** | **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), <br> 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 |  |
| Capital Group Central Corporate Bond Fund <sup>(q)</sup>  | 91567012 | 772826 |
| **Total Investment funds** (cost: $797,018,000) |  | 772826 |
| Short-term securities 4.79% |  |  |
| **Money market investments 4.78%** | **Money market investments 4.78%** | **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%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 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)<br>|
| **Net assets 100.00%** |  | $27675581 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 6165 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,282,465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5037 |
| 5 Year U.S. Treasury Note Futures | Long | 7067 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8745 |
| 10 Year U.S. Treasury Note Futures | Long | 3299 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7122 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 995 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113694)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2796)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 841 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 624 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74334)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2725)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18738 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps**

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,557 | &nbsp;&nbsp;&nbsp;&nbsp; $(211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 68375 | &nbsp;&nbsp;&nbsp;&nbsp; (5132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (838)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(860)<br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.79%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $28182 | &nbsp;&nbsp; $634717 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $148057 | &nbsp;&nbsp; $772826 | &nbsp;&nbsp; $28182 |
| **Short-term securities 4.78%** |  |  |  |  |  |  |  |
| **Money market investments 4.78%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(r)</sup>  | 855747 | &nbsp;&nbsp; 3621866 | &nbsp;&nbsp; 3154023 | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; 1323502 | &nbsp;&nbsp; 29602 |
| **Total 7.57%** |  |  |  | &nbsp;&nbsp; $(136762)<br>| &nbsp;&nbsp; $148001 | &nbsp;&nbsp; $2096328 | &nbsp;&nbsp; $57784 |

---

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

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,496,397,000, which represented 5.41% of the net assets of the fund. 

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

<sup>(f)</sup> 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. 

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

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> 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. 

<sup>(j)</sup> Represents securities transacted on a TBA basis.

<sup>(k)</sup> Step bond; coupon rate may change at a later date.

<sup>(l)</sup> 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. 

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

<sup>(n)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

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

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

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

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

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

<sup>(t)</sup> Amount less than 0.01%.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CMO = Collateralized Mortgage Obligations |
| CMS = Constant Maturity Swap |
| DAC = Designated Activity Company |
| EUR = Euros |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| LIBOR = London Interbank Offered Rate |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

American Funds Global Balanced Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Common stocks 61.95% | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **Financials 0.33%** |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 18365 | 1375 |

---

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

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **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<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.98%** | **Bonds & notes of governments & government agencies outside the U.S. 13.98%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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 |

---

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

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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%** | **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 <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 + <br> 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 <br> 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 |

---

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

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 + <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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%) <br>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%) <br> 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%) <br> 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%) <br> 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%) <br> 5.405% 5/25/2044 <sup>(d)(h)(j)</sup>  | 63 | 63 |

---

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

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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%) <br> 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%) <br> 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%) <br> 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 <br> 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%) <br> 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%) <br> 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% <br>3/15/2042 <sup>(d)(h)(j)</sup>  | 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% <br>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%) <br> 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%) <br> 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%) <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes 4.78%** | **U.S. Treasury bonds & notes 4.78%** | **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%** | **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% <br>1/20/2033 <sup>(d)(h)(j)</sup>  | 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%) <br>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% <br>7/15/2032 <sup>(d)(h)(j)</sup>  | 230 | 230 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(h)</sup>  | 219 | 219 |
|  |  | 2436 |

---

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

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR9,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(9,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5)<br>|

---

**Futures contracts**

------

---

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

---

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

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| GBP | 275 | USD | 371 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |
| GBP | 110 | USD | 148 | UBS AG | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 240 | GBP | 175 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 284 | GBP | 210 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| JPY | 86895 | USD | 599 | Goldman Sachs | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| JPY | 16970 | USD | 118 | Barclays Bank PLC | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| EUR | 2380 | USD | 2713 | Goldman Sachs | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| USD | 91 | EUR | 80 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 138 | EUR | 120 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 232 | EUR | 200 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 907 | EUR | 820 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60)<br>|
| USD | 187 | MYR | 790 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| EUR | 980 | USD | 1127 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 122 | EUR | 107 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 912 | EUR | 790 | JPMorgan Chase | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| EUR | 430 | USD | 493 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CNH | 22979 | USD | 3206 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| CHF | 130 | USD | 159 | UBS AG | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 49 | AUD | 75 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 21 | CLP | 19505 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 18 | BRL | 105 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 202 | CNH | 1450 | Goldman Sachs | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 785 | INR | 67415 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 70 | RON | 310 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 86 | ILS | 300 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 591 | IDR | 9648911 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1438 | AUD | 2195 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| EUR | 1615 | USD | 1847 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| USD | 278 | MXN | 5330 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| EUR | 780 | USD | 905 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 423 | GBP | 360 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CNH | 4590 | USD | 641 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 12 | USD | 14 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| NZD | 47 | USD | 29 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 227 | JPY | 32750 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 9685 | CNH | 69313 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 10308 | JPY | 1480084 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 1950 | CAD | 2660 | Bank of New York Mellon | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 71 | COP | 300000 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1728 | KRW | 2363730 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 1570 | BRL | 8781 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| USD | 5670 | GBP | 4190 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82)<br>|
| MYR | 2435 | USD | 573 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| MYR | 915 | USD | 216 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 92 | SEK | 870 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 64 | MYR | 281 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 95 | MYR | 418 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 165 | MYR | 727 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 234 | MYR | 1031 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 249 | MYR | 1091 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 281 | MYR | 1234 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 388 | MYR | 1698 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 326 | JPY | 47140 | Bank of America | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| JPY | 68730 | USD | 486 | Standard Chartered Bank | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| EUR | 110 | USD | 126 | Goldman Sachs | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

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

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | Payment <br>frequency<br>| Rate | Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $(2)<br>| $— | $(2)<br>|
| 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 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 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)<br>|  | (3)<br>|
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP375 | 44 |  | 44 |
|  |  |  |  |  |  | $121 | $— | $121 |

---

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

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>6/30/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>6/30/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp; $(20)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL740 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL3,810 | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (42)<br>|
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL9,330 | &nbsp;&nbsp; (222)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (222)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(224)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(224)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR2,260 | &nbsp;&nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(32)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.43 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR1,130 | &nbsp;&nbsp;&nbsp;&nbsp; $124 | &nbsp;&nbsp;&nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,073 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $192 | &nbsp;&nbsp;&nbsp;&nbsp; $184 | &nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

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

------

---

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

---

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

------

---

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

---

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

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,223,000, which represented 2.68% of the net assets of the fund. 

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

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

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

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

<sup>(i)</sup> Represents securities transacted on a TBA basis.

<sup>(j)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(k)</sup> 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. 

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

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

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

<sup>(o)</sup> Amount less than one thousand.

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

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

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

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| 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 |

---

---

| |
|:---|
| 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 |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

The Bond Fund of America<sup>®</sup>

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.24% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 34.58%** | **Mortgage-backed obligations 34.58%** | **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 |

---

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

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae, 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 |

---

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

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 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% <br> 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% <br> 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% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 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 |

---

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

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| | |
|:---|:---|
| **161** | American Funds Insurance Series |

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------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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% <br> 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% <br> 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% <br> 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%) <br> 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% <br>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% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 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% <br> 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%) <br> 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 + <br> 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%) <br> 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%) <br> 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 |

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

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| | |
|:---|:---|
| American Funds Insurance Series | **162** |

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------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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%) <br>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%) <br> 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%) <br>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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br>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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 |

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

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| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **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) <br> <sup>(a)(e)(f)</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%) <br> 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%** | **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%) <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 + <br> 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 <br> 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 |

---

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

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 <br>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 <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 <br> 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 <br>1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1650 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 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 <br>(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 <br> 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 <br> Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2149 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 <br>(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 <br>(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 + <br> 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 + <br> 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 + <br> 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 |

---

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

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>(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 <br> 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 <br>(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 <br>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 <br>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 <br>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 <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 <br> 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 |

---

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

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 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 |

---

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

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 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>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| 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, <br> 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, <br> 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 |

---

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

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| 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% <br> 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% <br>4/20/2062 <sup>(a)(b)(e)</sup>  | 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% <br>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% <br> 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 + <br> 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%) <br>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 |

---

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

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| 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%** | **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% <br> 11/1/2029  | 65 | 64 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 28815 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8386 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Qualified School Construction Bonds), <br>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, <br>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%** | **Bonds & notes of governments & government agencies outside the U.S. 1.06%** |
| Chile (Republic of) 4.00% 1/31/2052  | 580 | 448 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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%** | **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% |  |  |
| **Money market investments 6.80%** | **Money market investments 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) | **Total short-term securities** (cost: $745,710,000) | 745797 |
| **Total investment securities 102.04%** (cost: $11,296,676,000) |  | 11189570 |
| Other assets less liabilities (2.04)% |  | (224007)<br>|
| **Net assets 100.00%** |  | $10965563 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 33 | 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD13,156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| 30 Day Federal Funds Futures | Long | 380 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| 3 Month SOFR Futures | Long | 3768 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| 3 Month SOFR Futures | Short | 7493 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1804502)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2876)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 7288 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3980 |
| 5 Year U.S. Treasury Note Futures | Long | 14759 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16573 |
| 10 Year Euro-Bund Futures | Short | 399 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61171)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| 10 Year Japanese Government Bond Futures | Short | 76 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73369)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249)<br>|

---

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

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

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

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 5413 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11168 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 472 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986 |
| 20 Year U.S. Treasury Bond Futures | Long | 17 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2688 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11557 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41339 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| EUR | 15927 | USD | 18685 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78 |
| USD | 18048 | EUR | 15927 | BNP Paribas | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (715)<br>|
| BRL | 24015 | USD | 4192 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| USD | 39177 | EUR | 34264 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1228)<br>|
| JPY | 7850983 | USD | 54424 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| JPY | 1271230 | USD | 8809 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| USD | 7336 | EUR | 6377 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| JPY | 3901364 | EUR | 23501 | JPMorgan Chase | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (571)<br>|
| USD | 84956 | JPY | 12198797 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| JPY | 1414255 | USD | 9801 | Goldman Sachs | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| USD | 8718 | JPY | 1259985 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| USD | 11977 | JPY | 1738295 | UBS AG | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
| USD | 18735 | EUR | 15927 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2327)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

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

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; $(684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(684)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
| SOFR | Annual | 3.762% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,088 | &nbsp;&nbsp;&nbsp;&nbsp; (412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (412)<br>|
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.871% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD25,128 | &nbsp;&nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (459)<br>|
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1925)<br>|

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp; $1615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1615 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 773 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 |
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 |
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 |
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (123)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp; (174)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (174)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp; (176)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (176)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp; (191)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (191)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp; (351)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (351)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp; (357)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (357)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp; (378)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (378)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $1045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1045 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD94,715 | &nbsp;&nbsp;&nbsp;&nbsp; $(7109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2599)<br>|

---

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

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

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** 

---

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

---

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

------

---

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

---

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

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

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,833,396,000, which represented 16.72% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> 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. 

<sup>(i)</sup> 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. 

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

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

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

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CMO = Collateralized Mortgage Obligations |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| JPY = Japanese yen |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 96.14% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **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 <br> 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 + <br> 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 <br> 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 <br> 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 + <br>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 <br> 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 |

---

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

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

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

---

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

---

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

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

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

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

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

---

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

---

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

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

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

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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%) <br>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% <br>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% <br> 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 |

---

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

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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 <br> 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 <br> 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 <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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 <br>(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% <br>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 |

---

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

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br>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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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 <br> 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 <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 339 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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 |

---

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

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **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%) <br> 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 |

---

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

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

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

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br>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%) <br>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% <br>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 |

---

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

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **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%) <br> 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 + <br> 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% <br>7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 564 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **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%) <br> 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 |

---

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

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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 | — <br><sup>(l)</sup><br>|
| 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 <br> + 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 <br> 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% <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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%) <br>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%) <br> 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% <br>7/15/2032 <sup>(d)(e)(h)</sup>  | 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 |

---

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

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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 <br>1/16/2026 <sup>(f)(g)(h)(i)</sup>  | 32 | 18 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br>7/16/2026 <sup>(f)(g)(h)(i)</sup>  | 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) | **Total bonds, notes & other debt instruments** (cost: $1,425,802,000) | 1415113 |
| 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% |  |  |
| **Norwegian kroner 0.12%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(n)</sup>  | 3958470 | 1767 |

---

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

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) |  | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.00%** | **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup>  | Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | $45 |
| New Fortress Energy, Inc., Class A <sup>(n)</sup>  | New Fortress Energy, Inc., Class A <sup>(n)</sup>  | 4095 | 14 |
| DSG TopCo, Inc. <sup>(n)</sup>  | DSG TopCo, Inc. <sup>(n)</sup>  | 420 | 6 |
| Bighorn Permian Resources, LLC <sup>(f)</sup>  | Bighorn Permian Resources, LLC <sup>(f)</sup>  | 531 | — <br><sup>(l)</sup><br>|
| Party City Holdco, Inc. <sup>(f)(n)</sup>  | Party City Holdco, Inc. <sup>(f)(n)</sup>  | 80 | — <br><sup>(l)</sup><br>|
| Party City Holdco, Inc. <sup>(e)(f)(n)</sup>  | Party City Holdco, Inc. <sup>(e)(f)(n)</sup>  | 1 | — <br><sup>(l)</sup><br>|
| Venator Materials PLC <sup>(f)(n)</sup>  | Venator Materials PLC <sup>(f)(n)</sup>  | 232 | — <br><sup>(l)</sup><br>|
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup>  | Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup>  | 205000 | — <br><sup>(l)</sup><br>|
|  |  |  | 65 |
| **Total common stocks** (cost: $2,070,000) | **Total common stocks** (cost: $2,070,000) | **Total common stocks** (cost: $2,070,000) | 1832 |
| Investment funds 1.50% |  |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2612163 | 22047 |
| **Total investment funds** (cost: $20,457,000) | **Total investment funds** (cost: $20,457,000) | **Total investment funds** (cost: $20,457,000) | 22047 |
| Short-term securities 2.54% |  |  |  |
| **Money market investments 2.34%** | **Money market investments 2.34%** | **Money market investments 2.34%** | **Money market investments 2.34%** |
| Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup>  | 345182 | 34518 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.356<br> %<br>| EGP150,475 | 2878 |
| **Total short-term securities** (cost: $37,370,000) | **Total short-term securities** (cost: $37,370,000) | **Total short-term securities** (cost: $37,370,000) | 37396 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style) \* | Options purchased (equity style) \* |  | 35 |
| **Total options purchased (equity style)** (cost: $21,000) | **Total options purchased (equity style)** (cost: $21,000) | **Total options purchased (equity style)** (cost: $21,000) | 35 |
| **Total investment securities 100.31%** (cost: $1,485,769,000) | **Total investment securities 100.31%** (cost: $1,485,769,000) | **Total investment securities 100.31%** (cost: $1,485,769,000) | 1476491 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $121,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $121,000) |  | (12)<br>|
| Other assets less liabilities (0.31)% | Other assets less liabilities (0.31)% |  | (4525)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1471954 |

---

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

------

**Options on foreign currencies** 

---

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

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

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

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

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP(3,625)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12)<br>|

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR81,700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64 |

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (817)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(81,700)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(39)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Long | 141 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD46,637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $158 |
| 2 Year Italy Government Bond Futures | Long | 239 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| 2 Year Euro-Schatz Futures | Short | 300 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37900)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| 2 Year Canadian Government Bond Futures | Long | 394 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 2 Year U.S. Treasury Note Futures | Long | 260 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| 3 Year Australian Treasury Bond Futures | Short | 1 | 9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| 5 Year Euro-Bobl Futures | Long | 403 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| 5 Year Canadian Government Bond Futures | Long | 268 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| 5 Year U.S. Treasury Note Futures | Long | 760 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| 10 Year French Government Bond Futures | Long | 46 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 10 Year Italy Government Bond Futures | Short | 12 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Short | 683 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104711)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |

---

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

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

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

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Short | 118 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(8,901)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>|
| 10 Year Japanese Government Bond Futures | Short | 106 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102331)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348)<br>|
| 10 Year Canadian Government Bond Futures | Long | 21 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 275 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 |
| 10 Year UK Gilt Futures | Long | 220 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| 10 Year U.S. Treasury Note Futures | Long | 217 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| 20 Year U.S. Treasury Bond Futures | Long | 115 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| 30 Year Euro-Buxl Futures | Short | 46 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6434)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3339 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| GBP | 3740 | USD | 5131 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 5044 | GBP | 3740 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| JPY | 772730 | USD | 5329 | Goldman Sachs | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| USD | 1689 | JPY | 245540 | BNP Paribas | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| EUR | 14600 | USD | 16776 | Citibank | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| USD | 1028 | EUR | 890 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| USD | 1739 | EUR | 1510 | Morgan Stanley | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|
| USD | 9018 | EUR | 8155 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594)<br>|
| EUR | 18217 | USD | 20946 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| USD | 583 | EUR | 505 | JPMorgan Chase | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 487 | EUR | 427 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 2802 | ZAR | 50000 | UBS AG | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| CNH | 269622 | USD | 37612 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| EUR | 2692 | USD | 3085 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| GBP | 800 | USD | 1082 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| AUD | 2600 | USD | 1696 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| TRY | 7670 | USD | 189 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| INR | 25000 | USD | 291 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| USD | 858 | NOK | 8645 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| SEK | 11225 | USD | 1191 | BNP Paribas | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1731 | CLP | 1623750 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 1483 | BRL | 8200 | UBS AG | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 3273 | IDR | 53437025 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 14248 | AUD | 21747 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|
| USD | 2353 | BRL | 13480 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| EUR | 5075 | USD | 5803 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| CAD | 5525 | USD | 4039 | Bank of New York Mellon | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| USD | 863 | EUR | 745 | Barclays Bank PLC | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| EUR | 34176 | USD | 39311 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992 |
| USD | 3474 | NOK | 34365 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| EUR | 4922 | GBP | 4185 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| CNH | 368432 | USD | 51481 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| JPY | 1690218 | USD | 11717 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| CNH | 68468 | USD | 9559 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| NZD | 2799 | USD | 1704 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| NOK | 34365 | USD | 3412 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

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

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2711 | EUR | 2330 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(37)<br>|
| USD | 16932 | EUR | 14600 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (285)<br>|
| CAD | 16013 | USD | 11740 | Bank of New York Mellon | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| JPY | 2279574 | USD | 15876 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 15723 | JPY | 2244750 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| JPY | 1135410 | USD | 7835 | Bank of New York Mellon | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| COP | 2800000 | USD | 663 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| GBP | 1535 | USD | 2090 | Standard Chartered Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| IDR | 14450980 | USD | 887 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 10414 | KRW | 14246054 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| USD | 10075 | GBP | 7445 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| USD | 13205 | BRL | 73862 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>|
| MYR | 20815 | USD | 4902 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| THB | 190470 | USD | 5839 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SEK | 32900 | USD | 3466 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| MYR | 3215 | USD | 758 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| PLN | 6680 | EUR | 1567 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 273 | PLN | 1000 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3109 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 899 | MYR | 3934 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | 1343 | MYR | 5889 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| USD | 1304 | MYR | 5740 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58)<br>|
| USD | 1618 | MYR | 7113 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
| USD | 2922 | MYR | 12851 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| USD | 3562 | MYR | 15578 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137)<br>|
| USD | 3587 | MYR | 15720 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| JPY | 388645 | USD | 2751 | Standard Chartered Bank | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5272 | EUR | 4580 | HSBC Bank | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| GBP | 3981 | EUR | 4620 | BNP Paribas | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| USD | 5494 | EUR | 4805 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>|
| CHF | 3497 | USD | 4361 | Barclays Bank PLC | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| MXN | 35424 | USD | 1859 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| DKK | 46980 | EUR | 6299 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| USD | 5237 | NOK | 52916 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 11415 | DKK | 73090 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| CZK | 18000 | USD | 852 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| SGD | 1400 | USD | 1102 | Bank of America | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| CZK | 47290 | EUR | 1908 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| HUF | 1284310 | EUR | 3202 | Goldman Sachs | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1812 | HUF | 619035 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 3156 | EUR | 2710 | UBS AG | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| EUR | 5100 | CAD | 8144 | Citibank | 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 5132 | GBP | 3740 | Morgan Stanley | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 4535 | USD | 5211 | HSBC Bank | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| EUR | 1760 | USD | 2053 | UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 1567 | EUR | 1362 | UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

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

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

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

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | Payment <br>frequency<br>| Rate | Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 5.298% | Annual | 6-month PLN-WIBOR | Semi-annual | 2/14/2026 | PLN14,940 | $3 | $— | $3 |
| 6-month CZK-PRIBOR | Semi-annual | 3.875% | Annual | 2/14/2026 | CZK83,740 | (8)<br>|  | (8)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR9,730 | (33)<br>|  | (33)<br>|
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR9,720 | (33)<br>|  | (33)<br>|
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP4,083 | 62 |  | 62 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD25,620 | 21 |  | 21 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD24,180 | 25 |  | 25 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP13,830 | 226 |  | 226 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR5,930 | (172)<br>|  | (172)<br>|
| 3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP5,260 | (35)<br>|  | (35)<br>|
| SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD16,910 | (39)<br>|  | (39)<br>|
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK32,270 | 26 |  | 26 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR2,690 | (1)<br>|  | (1)<br>|
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR2,690 | (1)<br>|  | (1)<br>|
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR2,690 | (2)<br>|  | (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR2,500 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK26,280 | 47 |  | 47 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,900 | 31 |  | 31 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,890 | 30 |  | 30 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK62,070 | 112 |  | 112 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,330 | (17)<br>|  | (17)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,350 | (18)<br>|  | (18)<br>|
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK67,510 | (67)<br>|  | (67)<br>|
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK67,510 | (68)<br>|  | (68)<br>|
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP3,550 | 412 |  | 412 |
|  |  |  |  |  |  | $508 | $— | $508 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(255)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(255)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (321)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (542)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (542)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (870)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (870)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL52,510 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 316 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (389)<br>|
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL55,145 | &nbsp;&nbsp; (1313)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1313)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(3168)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3168)<br>|

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

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

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,037 | &nbsp;&nbsp;&nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4)<br>|
| CDX.EM.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11405 | &nbsp;&nbsp;&nbsp;&nbsp; (856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| ITRAXX.EUR.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR15,490 | &nbsp;&nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(424)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.43 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR3,520 | &nbsp;&nbsp;&nbsp;&nbsp; $386 | &nbsp;&nbsp;&nbsp;&nbsp; $371 | &nbsp;&nbsp;&nbsp;&nbsp; $15 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 1.50%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $22047 | &nbsp;&nbsp; $513 |
| **Short-term securities 2.34%** |  |  |  |  |  |  |  |
| **Money market investments 2.34%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 269520 | &nbsp;&nbsp; 258213 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 34518 | &nbsp;&nbsp; 858 |
| **Total 3.84%** |  |  |  | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $385 | &nbsp;&nbsp; $56565 | &nbsp;&nbsp; $1371 |

---

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

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5770 | $6058 | 0.41<br> %<br>|
| Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2040 | 2280 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 1971 | 2043 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1338 | 1318 | 0.09 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(a)(i)</sup> <br>| 6/23/2023-3/24/2025 | 104 | 107 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 94 | 96 | 0.01 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023-6/13/2025 | 2 | 2 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $11319 | $11904 | 0.81<br> %<br>|

---

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

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $11,904,000, which represented 0.81% of the net assets of the fund. 

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

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $155,722,000, which represented 10.58% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,037,000, which represented 0.14% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Amount less than one thousand.

<sup>(m)</sup> 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. 

<sup>(n)</sup> Security did not produce income during the last 12 months.

<sup>(o)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

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

<sup>(s)</sup> Amount less than 0.01%.

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EGP = Egyptian pounds |

---

---

| |
|:---|
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NDR = Norwegian Depositary Receipts |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PIK = Payment In Kind |
| PLN = Polish zloty |

---

---

| |
|:---|
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RSC = Restricted Scope Company |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

American High-Income Trust

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.27% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans 88.17%** | **Corporate bonds, notes & loans 88.17%** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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% <br>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 |

---

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

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>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% <br>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% <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% <br>3/11/2030 <sup>(b)(c)(f)</sup>  | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 | — <br><sup>(i)</sup><br>|
| 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% <br> 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 |

---

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

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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% <br> 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 |

---

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

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br>1/16/2026 <sup>(b)(c)(d)(f)</sup>  | 540 | 297 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br>7/16/2026 <sup>(b)(c)(d)(f)</sup>  | 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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% <br>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 |

---

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

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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 <br> 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 <br> + 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% <br>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 <br> + 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 <br> + 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 |

---

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

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **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%** | **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%** | **Municipals 0.04%** | **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% |  |  |
| **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 |  |
| **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 | — <br><sup>(i)</sup><br>|
| Endo, Inc., 1L 6.875% Escrow <sup>(f)(h)</sup>  | 520000 | — <br><sup>(i)</sup><br>|
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(h)</sup>  | 525000 | — <br><sup>(i)</sup><br>|
| 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 | — <br><sup>(i)</sup><br>|
|  |  | 10348 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary 0.35%** |  |  |
| Aimbridge Topco, LLC <sup>(f)(h)</sup>  | 46955 | $3535 |
| Party City Holdco, Inc. <sup>(f)(h)</sup>  | 126254 | — <br><sup>(i)</sup><br>|
| Party City Holdco, Inc. <sup>(a)(f)(h)</sup>  | 1260 | — <br><sup>(i)</sup><br>|
| NMG Parent, LLC <sup>(f)(h)</sup>  | 8350 | — <br><sup>(i)</sup><br>|
|  |  | 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 | — <br><sup>(i)</sup><br>|
| **Total common stocks** (cost: $41,230,000) |  | 59119 |
| 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% |  |  |
| **Energy 0.01%** |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(h)</sup>  | 457 | 47 |
| **Total rights & warrants** (cost: $275,000) | **Total rights & warrants** (cost: $275,000) | 47 |
| Short-term securities 4.54% |  |  |
| **Money market investments 4.54%** | **Money market investments 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) | **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 |

---

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

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 89 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD18,514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73 |
| 5 Year U.S. Treasury Note Futures | Long | 101 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 8 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (914)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 13 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1458)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138 |

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,570 | &nbsp;&nbsp;&nbsp;&nbsp; $(1994)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(482)<br>|

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(i)</sup><br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 4.54%** |  |  |  |  |  |  |  |
| **Money market investments 4.54%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(l)</sup>  | $45641 | &nbsp;&nbsp; $122689 | &nbsp;&nbsp; $123157 | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $45169 | &nbsp;&nbsp; $863 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust (continued)

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(f)(h)</sup> <br>| 9/26/2013 | $4331 | $15193 | 1.53<br> %<br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(d)(g)</sup> <br>| 6/23/2023-3/24/2025 | 3077 | 3174 | 0.32 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/23/2026) <sup>(d)(g)</sup> <br>| 10/22/2024-3/24/2025 | 523 | 553 | 0.06 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023 | 3554 | 3638 | 0.36 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023-6/13/2025 | 75 | 76 | 0.01 |
| Ascent Resources, LLC, Class A <sup>(f)</sup> <br>| 11/15/2016 | 302 | 3113 | 0.31 |
| **Total** |  | $11862 | $25747 | 2.59<br> %<br>|

---

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

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $639,255,000, which represented 64.25% of the net assets of the fund. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(d)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(e)</sup> Scheduled interest and/or principal payment was not received.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Security did not produce income during the last 12 months.

<sup>(i)</sup> Amount less than one thousand.

<sup>(j)</sup> 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. 

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

<sup>(l)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(m)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

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

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

---

| |
|:---|
| **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.

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

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.97% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 89.32%** | **Mortgage-backed obligations 89.32%** | **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— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)(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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #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% <br> 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| 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 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%** | **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% <br>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 |

---

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

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 17.02% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 11.82%** | **Commercial paper 11.82%** | **Commercial paper 11.82%** | **Commercial paper 11.82%** |
| ADP Tax Services, Inc. 7/1/2025 <sup>(d)</sup>  | 4.330<br> %<br>| USD1,400 | $1400 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(d)</sup>  | 4.340 | 1500 | 1500 |
| Apple, Inc. 8/13/2025 <sup>(d)</sup>  | 4.300 | 2400 | 2387 |
| CAFCO, LLC 8/19/2025 <sup>(d)</sup>  | 4.350 | 1200 | 1193 |
| Chevron Corp. 7/22/2025 <sup>(d)</sup>  | 4.310 | 1000 | 997 |
| Chevron Corp. 9/12/2025 <sup>(d)</sup>  | 4.320 | 1500 | 1487 |
| Johnson & Johnson 7/3/2025 <sup>(d)</sup>  | 4.260 | 1000 | 1000 |
| Novartis Finance Corp. 7/7/2025 <sup>(d)</sup>  | 4.320 | 500 | 500 |
| Paccar Financial Corp. 7/10/2025  | 4.360 | 1500 | 1498 |
| Prudential Funding, LLC 7/2/2025  | 4.340 | 2000 | 1999 |
|  |  |  | 13961 |
| **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** | **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) | **Total short-term securities** (cost: $20,108,000) | **Total short-term securities** (cost: $20,108,000) | 20107 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style)\* | 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)% | Other assets less liabilities (11.99)% |  | (14171)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $118141 |

---

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

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| **Put** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD95.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SOFR Futures | Long | 62 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 212 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 5 Year U.S. Treasury Note Futures | Long | 191 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| 10 Year U.S. Treasury Note Futures | Long | 45 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 17 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 5 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $579 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,300 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $100 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $100 |

---

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

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

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,564,000, which represented 11.48% of the net assets of the fund. 

<sup>(e)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CME = CME Group |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 101.39% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 72.15%** | **Commercial paper 72.15%** | **Commercial paper 72.15%** | **Commercial paper 72.15%** |
| ADP Tax Services, Inc. 7/02/2025 <sup>(a)</sup>  | 0.027<br> %<br>| USD3,000 | $2999 |
| Alphabet,Inc. 9/23/2025 <sup>(a)</sup>  | 0.924 | 12000 | 11878 |
| Apple, Inc. 8/04/2025 <sup>(a)</sup>  | 0.495 | 5000 | 4979 |
| Apple, Inc. 9/15/2025 <sup>(a)</sup>  | 0.963 | 7000 | 6936 |
| Chariot Funding, LLC 9/04/2025 <sup>(a)</sup>  | 0.969 | 5000 | 4960 |
| Chariot Funding, LLC 9/15/2025 <sup>(a)</sup>  | 0.964 | 3500 | 3467 |
| Chevron Corp. 7/22/2025 <sup>(a)</sup>  | 1.025 | 3300 | 3291 |
| Cisco Systems, Inc. 7/10/2025 <sup>(a)</sup>  | 0.213 | 7000 | 6992 |
| Cisco Systems, Inc. 8/01/2025 <sup>(a)</sup>  | 1.001 | 5000 | 4981 |
| DBS Bank, Ltd. 8/18/2025 <sup>(a)</sup>  | 0.583 | 12000 | 11929 |
| Honeywell International, Inc. 7/01/2025 <sup>(a)</sup>  | 1.976 | 10000 | 9999 |
| Johnson & Johnson 7/03/2025 <sup>(a)</sup>  | 0.850 | 7000 | 6997 |
| Johnson & Johnson 8/13/2025 <sup>(a)</sup>  | 0.964 | 5000 | 4974 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(a)</sup>  | 0.802 | 1600 | 1586 |
| Linde, Inc. 7/01/2025  | 0.576 | 5500 | 5499 |
| Linde, Inc. 8/27/2025  | 0.678 | 7000 | 6952 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/01/2025 <sup>(a)</sup>  | 0.961 | 8900 | 8800 |
| Nestle Finance International, Ltd. 7/30/2025 <sup>(a)</sup>  | 0.671 | 11600 | 11558 |
| Novartis Finance Corp. 7/21/2025 <sup>(a)</sup>  | 0.297 | 10000 | 9975 |
| Novartis Finance Corp. 7/22/2025 <sup>(a)</sup>  | 0.423 | 1400 | 1396 |
| NRW.Bank 8/15/2025 <sup>(a)</sup>  | 1.141 | 12000 | 11934 |
| OMERS Finance Trust 7/22/2025  | 1.031 | 7000 | 6981 |
| Procter & Gamble Co. 9/22/2025 <sup>(a)</sup>  | 1.050 | 2200 | 2178 |
| Procter & Gamble Co. 9/24/2025 <sup>(a)</sup>  | 1.064 | 10000 | 9898 |
| Prudential Funding, LLC 7/02/2025  | 0.385 | 12000 | 11997 |
| Roche Holdings, Inc. 9/03/2025 <sup>(a)</sup>  | 0.756 | 10000 | 9922 |
| Sanofi 8/28/2025 <sup>(a)</sup>  | 0.983 | 6000 | 5957 |
| Sanofi 9/17/2025 <sup>(a)</sup>  | 0.924 | 5000 | 4953 |
| Siemens Capital Co., LLC 7/01/2025 <sup>(a)</sup>  | 0.399 | 10000 | 9999 |
| Sumitomo Mitsui Trust Bank, Ltd. 7/18/2025 <sup>(a)</sup>  | 1.101 | 7000 | 6985 |
| Victory Receivables Corp. 7/11/2025 <sup>(a)</sup>  | 1.041 | 10000 | 9987 |
| Wal-Mart Stores, Inc. 7/07/2025 <sup>(a)</sup>  | 0.566 | 7000 | 6994 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(a)</sup>  | 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%** | **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>  | 0.319 | 4800 | 4799 |
| Alberta (Province of) 7/21/2025 <sup>(a)</sup>  | 0.455 | 3400 | 3391 |
| Alberta (Province of) 8/20/2025 <sup>(a)</sup>  | 0.620 | 3400 | 3379 |
| European Investment Bank 7/17/2025  | 0.816 | 11500 | 11477 |
| KfW 9/03/2025 <sup>(a)</sup>  | 1.724 | 7000 | 6946 |
| KfW 9/17/2025 <sup>(a)</sup>  | 0.871 | 6000 | 5944 |
| Ontario (Province of) 7/18/2025  | 0.269 | 4100 | 4091 |
| Ontario (Province of) 7/21/2025  | 0.616 | 2500 | 2494 |
| Ontario (Province of) 9/16/2025  | 0.906 | 5000 | 4953 |
| Quebec (Province of) 7/09/2025 <sup>(a)</sup>  | 0.341 | 6000 | 5993 |
| Quebec (Province of) 7/31/2025 <sup>(a)</sup>  | 0.499 | 4100 | 4085 |
| Swedish Export Credit Corp. 9/10/2025  | 0.943 | 10000 | 9913 |
|  |  |  | 67465 |
| **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** |
| Federal Farm Credit Banks 8/11/2025  | 0.563 | 3400 | 3384 |
| Federal Farm Credit Banks 8/21/2025  | 0.662 | 2400 | 2386 |
| Federal Home Loan Bank 7/09/2025  | 0.801 | 4600 | 4596 |
| Federal Home Loan Bank 8/11/2025  | 0.512 | 1800 | 1791 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 8/22/2025  | 1.426<br> %<br>| USD6,400 | $6361 |
| Federal Home Loan Bank 8/27/2025  | 0.913 | 3900 | 3874 |
| Federal Home Loan Bank 9/17/2025  | 0.852 | 5000 | 4954 |
|  |  |  | 27346 |
| **Total short-term securities** (cost: $328,764,000) | **Total short-term securities** (cost: $328,764,000) | **Total short-term securities** (cost: $328,764,000) | 328734 |
| **Total investment securities 101.39%** (cost: $328,764,000) | **Total investment securities 101.39%** (cost: $328,764,000) | **Total investment securities 101.39%** (cost: $328,764,000) | 328734 |
| Other assets less liabilities (1.39)% |  |  | (4504)<br>|
| **Net assets 100.00%** |  |  | $324230 |

---

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

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $237,031,000, which represented 73.11% of the net assets of the fund. 

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 87.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 46.44%** | **Mortgage-backed obligations 46.44%** | **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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| 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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| 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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 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 |

---

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

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| 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 |

---

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

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #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 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 |

---

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

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (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 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 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%** | **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 |

---

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

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 16.90% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 13.73%** | **Commercial paper 13.73%** | **Commercial paper 13.73%** | **Commercial paper 13.73%** |
| ADP Tax Services, Inc. 7/1/2025 <sup>(c)</sup>  | 4.330<br> %<br>| USD1,757 | $1757 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(c)</sup>  | 4.340 | 5500 | 5499 |
| Alphabet,Inc. 9/23/2025 <sup>(c)</sup>  | 4.340 | 20000 | 19796 |
| Apple, Inc. 8/4/2025 <sup>(c)</sup>  | 4.300 | 11900 | 11850 |
| Apple, Inc. 8/13/2025 <sup>(c)</sup>  | 4.300 | 22500 | 22382 |
| CAFCO, LLC 8/19/2025 <sup>(c)</sup>  | 4.350 | 15300 | 15207 |
| Chariot Funding, LLC 8/25/2025 <sup>(c)</sup>  | 4.370 | 10000 | 9931 |
| Chariot Funding, LLC 9/4/2025 <sup>(c)</sup>  | 4.370 | 7000 | 6943 |
| Chariot Funding, LLC 9/15/2025 <sup>(c)</sup>  | 4.370 | 500 | 495 |
| Cisco Systems, Inc. 8/1/2025 <sup>(c)</sup>  | 4.270 | 10000 | 9962 |
| Cisco Systems, Inc. 8/5/2025 <sup>(c)</sup>  | 4.270 | 10000 | 9957 |
| Coca-Cola Co. 7/17/2025 <sup>(c)</sup>  | 4.310 | 5000 | 4990 |
| Eli Lilly and Co. 7/25/2025 <sup>(c)</sup>  | 4.330 | 8700 | 8674 |
| Johnson & Johnson 7/3/2025 <sup>(c)</sup>  | 4.260 | 22000 | 21992 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(c)</sup>  | 4.330 | 17400 | 17247 |
| Linde, Inc. 8/27/2025  | 4.300 | 5000 | 4966 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/1/2025 <sup>(c)</sup>  | 4.310 | 5000 | 4944 |
| Novartis Finance Corp. 7/7/2025 <sup>(c)</sup>  | 4.320 | 3600 | 3597 |
| Paccar Financial Corp. 7/10/2025  | 4.360 | 8400 | 8390 |
| Paccar Financial Corp. 7/24/2025  | 4.340 | 8150 | 8126 |
| Prudential Funding, LLC 7/2/2025  | 4.340 | 16000 | 15996 |
| Wal-Mart Stores, Inc. 7/7/2025 <sup>(c)</sup>  | 4.323 | 16800 | 16786 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(c)</sup>  | 4.310 | 10000 | 9983 |
| Wal-Mart Stores, Inc. 7/21/2025 <sup>(c)</sup>  | 4.310 | 10000 | 9975 |
|  |  |  | 249445 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** |
| Ontario (Province of) 7/18/2025  | 4.360 | 5000 | 4989 |
| **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** |
| U.S. Treasury 7/1/2025  | 4.100 | 2700 | 2700 |
| **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** | **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) | **Total short-term securities** (cost: $307,049,000) | **Total short-term securities** (cost: $307,049,000) | 307019 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

---

| | |
|:---|:---|
| Options purchased (equity style) 0.01% | Value<br> (000)<br>|
| Options purchased (equity style)\* | $206 |
| **Total options purchased (equity style)** (cost: $626,000) | 206 |
| **Total investment securities 103.92%** (cost: $1,920,972,000) | 1888566 |
| Other assets less liabilities (3.92)% | (71188)<br>|
| **Net assets 100.00%** | $1817378 |

---

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

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD151,750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;96.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;97.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $125 |
| **Put** |  |  |  |  |  |
| 10 Year U.S. Treasury Note Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD111.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;95.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $206 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 111 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD44,274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month SOFR Futures | Long | 2584 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302)<br>|
| 3 Month SOFR Futures | Long | 139 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 3136 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220 |
| 5 Year U.S. Treasury Note Futures | Long | 4330 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5219 |
| 10 Year U.S. Treasury Note Futures | Long | 866 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 99 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11312)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 146 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 10 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9479 |

---

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

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.916% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD46,800 | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7 |
| 4.225% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,550 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.63358% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,381 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| SOFR | Annual | 3.62% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,849 | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp;&nbsp; 6039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6039 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp;&nbsp; (1141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1141)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11516 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11516 |

---

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

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

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $212,930,000, which represented 11.72% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,617,000, which represented 0.80% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| EFFR = Effective Federal Funds Rate |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3422976 | $441872 |
| **Total growth funds** (cost: $324,437,000) |  | 441872 |
| Fixed income funds 10.00% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5428526 | 52005 |
| **Total fixed income funds** (cost: $51,791,000) |  | 52005 |
| Short-term securities 4.58% |  |  |
| 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) |  | 23814 |
| Options purchased (equity style) 0.63% |  |  |
| Options purchased (equity style)\* |  | 3271 |
| **Total options purchased** (cost: $3,943,000) |  | 3271 |
| **Total investment securities 100.20**% (cost: $403,985,000) |  | 520962 |
| Other assets less liabilities (0.20)% |  | (1017)<br>|
| **Net assets 100.00%** |  | $519945 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD6,205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3271 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| British Pound Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| Euro Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| S&P 500 E-mini Index Futures | Long | 92 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60 |

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

Managed Risk Growth Fund (continued)

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $110570 | &nbsp;&nbsp; $123574 | &nbsp;&nbsp; $45855 | &nbsp;&nbsp; $(36541)<br>| &nbsp;&nbsp; $441872 | &nbsp;&nbsp; $852 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 30401 | &nbsp;&nbsp; 32858 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 52005 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $45859 | &nbsp;&nbsp; $(34869)<br>| &nbsp;&nbsp; $493877 | &nbsp;&nbsp; $1309 | &nbsp;&nbsp; $34295 |

---

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

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

Managed Risk International Fund

**Investment portfolio** June 30, 2025unaudited

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

---

| | | |
|:---|:---|:---|
| Growth funds 84.91% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4843208 | $96864 |
| **Total growth funds** (cost: $76,504,000) |  | 96864 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190005 | 11400 |
| **Total fixed income funds** (cost: $11,262,000) |  | 11400 |
| Short-term securities 4.13% |  |  |
| 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) |  | 4708 |
| Options purchased (equity style) 0.42% |  |  |
| Options purchased (equity style)\* |  | 481 |
| **Total options purchased** (cost: $718,000) |  | 481 |
| **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)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD34,862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD64.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $481 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Short | 8 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,073)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(24)<br>|
| S&P 500 E-mini Index Futures | Short | 5 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1563)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| Mini MSCI Emerging Market Index Futures | Short | 45 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(126)<br>|

---

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

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

Managed Risk International Fund (continued)

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.91%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $9227 | &nbsp;&nbsp; $20142 | &nbsp;&nbsp; $2798 | &nbsp;&nbsp; $8280 | &nbsp;&nbsp; $96864 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; 4220 | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 435 | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — |
| **Total 94.90%** |  |  |  | &nbsp;&nbsp; $2768 | &nbsp;&nbsp; $8715 | &nbsp;&nbsp; $108264 | &nbsp;&nbsp; $163 | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

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

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.02% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 15813911 | $270418 |
| **Total growth-and-income funds** (cost: $211,011,000) |  | 270418 |
| Fixed income funds 9.98% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3179864 | 31735 |
| **Total fixed income funds** (cost: $31,329,000) |  | 31735 |
| Short-term securities 4.61% |  |  |
| 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) |  | 14661 |
| Options purchased (equity style) 0.38% |  |  |
| Options purchased (equity style)\* |  | 1203 |
| **Total options purchased** (cost: $1,977,000) |  | 1203 |
| **Total investment securities 99.99**% (cost: $258,978,000) |  | 318017 |
| Other assets less liabilities 0.01% |  | 47 |
| **Net assets 100.00%** |  | $318064 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD155,124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $215 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1203 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 38 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD11,882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 85.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $42783 | &nbsp;&nbsp; $50322 | &nbsp;&nbsp; $10456 | &nbsp;&nbsp; $(5605)<br>| &nbsp;&nbsp; $270418 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; 11805 | &nbsp;&nbsp; (345)<br>| &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 31735 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; — |
| **Total 95.00%** |  |  |  | &nbsp;&nbsp; $10111 | &nbsp;&nbsp; $(3939)<br>| &nbsp;&nbsp; $302153 | &nbsp;&nbsp; $1190 | &nbsp;&nbsp; $17905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.76% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 27136375 | $1693310 |
| **Total growth-and-income funds** (cost: $1,467,670,000) |  | 1693310 |
| Fixed income funds 14.96% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 33142813 | 317508 |
| **Total fixed income funds** (cost: $314,557,000) |  | 317508 |
| Short-term securities 4.69% |  |  |
| 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) |  | 99642 |
| Options purchased (equity style) 0.69% |  |  |
| Options purchased (equity style)\* |  | 14515 |
| **Total options purchased** (cost: $22,680,000) |  | 14515 |
| **Total investment securities 100.10**% (cost: $1,904,549,000) |  | 2124975 |
| Other assets less liabilities (0.10)% |  | (2020)<br>|
| **Net assets 100.00%** |  | $2122955 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7155 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 460 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD143,836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3205 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 79.76%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $409049 | &nbsp;&nbsp; $302039 | &nbsp;&nbsp; $54771 | &nbsp;&nbsp; $(205377)<br>| &nbsp;&nbsp; $1693310 | &nbsp;&nbsp; $4029 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 82741 | &nbsp;&nbsp; 102164 | &nbsp;&nbsp; (557)<br>| &nbsp;&nbsp; 11805 | &nbsp;&nbsp; 317508 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; — |
| **Total 94.72%** |  |  |  | &nbsp;&nbsp; $54214 | &nbsp;&nbsp; $(193572)<br>| &nbsp;&nbsp; $2010818 | &nbsp;&nbsp; $6829 | &nbsp;&nbsp; $278792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.10% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 71278050 | $1858219 |
| **Total asset allocation funds** (cost: $1,681,795,000) |  | 1858219 |
| Short-term securities 4.82% |  |  |
| 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) |  | 94151 |
| Options purchased (equity style) 0.15% |  |  |
| Options purchased (equity style)\* |  | 2833 |
| **Total options purchased** (cost: $3,627,000) |  | 2833 |
| **Total investment securities 100.07**% (cost: $1,779,573,000) |  | 1955203 |
| Other assets less liabilities (0.07)% |  | (1334)<br>|
| **Net assets 100.00%** |  | $1953869 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD12,410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2833 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 81 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD25,328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Asset allocation funds 95.10%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $243681 | &nbsp;&nbsp; $317008 | &nbsp;&nbsp; $(5123)<br>| &nbsp;&nbsp; $13191 | &nbsp;&nbsp; $1858219 | &nbsp;&nbsp; $8184 | &nbsp;&nbsp; $127660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

Financial statements unaudited

**Statements of assets and liabilities** at June 30, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $8417403 | $2956588 | $50144089 | $6929119 | $3605243 |
| 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 |  |  |  |  |  |
| 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: |  |  |  |  |  |
| Sales of investments |  | 2449 |  | 23471 | 4758 |
| Sales of fund's shares | 4270 | 814 | 35214 | 2867 | 4264 |
| Dividends and interest | 11835 | 4669 | 17251 | 16811 | 9797 |
| Variation margin on futures contracts |  |  |  |  | 22 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 3 | 33 | 36 | 5 | 3 |
| 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: |  |  |  |  |  |
| Purchases of investments | 31663 | 5973 | 14198 | 47280 | 10534 |
| Repurchases of fund's shares | 38493 | 10483 | 187437 | 20823 | 6332 |
| Investment advisory services | 2580 | 1465 | 12329 | 2765 | 1514 |
| Insurance administrative fees | 619 | 196 | 3597 | 296 | 525 |
| Services provided by related parties | 1145 | 504 | 6608 | 959 | 437 |
| Trustees' deferred compensation | 124 | 68 | 683 | 195 | 57 |
| Variation margin on futures contracts |  |  |  |  | 2 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes | 6022 | 16925 |  | 28851 | 22200 |
| 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 |  |  |  |  |  |
| Unaffiliated issuers | 4879530 | 2155395 | 20971807 | 5063863 | 2264412 |
| 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 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $11287736 | $15216 | $1931702 | $40992508 | $380489 |
| 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 |  |  |  |  |  |
| 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: |  |  |  |  |  |
| Sales of investments | 19690 |  | 3968 |  | 621 |
| Sales of fund's shares | 6995 | 16 | 2215 | 6034 | 627 |
| Dividends and interest | 14672 | 12 | 4292 | 42203 | 1442 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 11 | — <br><sup>†</sup><br>| 1 | 10 | 2 |
| 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: |  |  |  |  |  |
| Purchases of investments | 9997 | 36 | 5744 | 25347 | 729 |
| Repurchases of fund's shares | 9657 | — <br><sup>†</sup><br>| 5926 | 82681 | 902 |
| Investment advisory services | 2096 | 6 | 601 | 8480 | 152 |
| Insurance administrative fees | 1177 | — <br><sup>†</sup><br>| 182 | 1699 | 114 |
| Services provided by related parties | 1296 |  | 324 | 4431 | 81 |
| Trustees' deferred compensation | 153 | — <br><sup>†</sup><br>| 33 | 704 | 14 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes | 154 |  | 863 | 1045 | 253 |
| Other | 4 | — <br><sup>†</sup><br>| 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 |  |  |  |  |  |
| Unaffiliated issuers | 6918368 | 14602 | 1157926 | 22366500 | 275220 |
| 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 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $1415891 | $26082288 | $394091 | $10443773 | $1419926 |
| 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 |  |  | 280 | 637 | 3338 |
| Bilateral swaps, at value |  |  | 60 | 2806 | 522 |
| Unrealized appreciation on unfunded commitments\* |  | 2 |  |  | — <br><sup>†</sup><br>|
| Receivables for: |  |  |  |  |  |
| Sales of investments | 32413 | 1054925 | 3625 | 580724 | 523 |
| Sales of fund's shares | 18606 | 6351 | 436 | 39402 | 2634 |
| Dividends and interest | 5662 | 81500 | 2051 | 84545 | 14704 |
| Variation margin on futures contracts | 248 | 3148 | 102 | 8173 | 1130 |
| Variation margin on centrally cleared swap contracts | 6 |  | 23 | 223 | 218 |
| Variation margin on options (futures style) |  |  | 9 |  | 77 |
| Securities lending income | 3 | 22 | — <br><sup>†</sup><br>|  |  |
| 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: |  |  |  |  |  |
| Purchases of investments | 36269 | 1593478 | 4947 | 924089 | 18908 |
| Repurchases of fund's shares | 1300 | 39578 | 418 | 6595 | 1783 |
| Investment advisory services | 284 | 5882 | 143 | 1795 | 514 |
| Insurance administrative fees | 431 | 4051 | 99 | 913 | 62 |
| Services provided by related parties | 184 | 2924 | 73 | 1074 | 206 |
| Trustees' deferred compensation | 15 | 431 | 6 | 178 | 32 |
| Variation margin on futures contracts | 17 | 1321 | 33 | 463 | 346 |
| Variation margin on centrally cleared swap contracts | 18 | 234 | 14 | 1126 | 230 |
| Variation margin on options (futures style) |  |  | 7 |  | 58 |
| Non-U.S. taxes | 717 | 800 | 182 |  | 20 |
| 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)<br>| (195689)<br>|
| **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| Investment securities on loan, at value | $16714 | $2306 | $1472 | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 1052673 | 18416741 | 317156 | 10550966 | 1430793 |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $941867 | $132312 | $328734 | $1888566 | $27085 |
| Affiliated issuers | 45169 |  |  |  | 493877 |
| Cash | 493 | 148 | 106 | 2239 |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 257 |  |  |  | 967 |
| Cash collateral pledged for swap contracts | 1348 |  |  |  |  |
| 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: |  |  |  |  |  |
| Sales of investments | 897 | 19309 |  | 198469 | 1981 |
| Sales of fund's shares | 1131 | 536 | 71 | 8809 | 40 |
| Dividends and interest | 14530 | 455 |  | 10099 | 79 |
| Variation margin on futures contracts | 18 | 74 |  | 1211 | 92 |
| Variation margin on centrally cleared swap contracts |  | 1 |  | 546 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income |  |  |  |  |  |
| 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: |  |  |  |  |  |
| Purchases of investments | 8748 | 34514 |  | 287995 | 2850 |
| Repurchases of fund's shares | 1378 | 80 | 4484 | 2734 | 829 |
| Investment advisory services | 229 | 21 | 70 | 315 | 42 |
| Insurance administrative fees | 117 | 36 | 46 | 320 | 304 |
| Services provided by related parties | 175 | 22 | 69 | 302 | 99 |
| Trustees' deferred compensation | 33 | 4 | 12 | 48 | 6 |
| Variation margin on futures contracts | 9 | 8 |  | 104 | 46 |
| Variation margin on centrally cleared swap contracts | 91 | 10 |  | 742 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |  |
| 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)<br>| (10614)<br>| 6545 | (242644)<br>| 83111 |
| **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 925675 | 132614 | 328764 | 1920972 | 27757 |
| Affiliated issuers | 45164 |  |  |  | 376228 |
| Cash denominated in currencies other than U.S. dollars, at cost | 2 |  |  |  |  |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| Unaffiliated issuers | $5189 | $15864 | $114157 | $96984 |
| 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 |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| Sales of investments | 593 | 585 | 13194 | 2675 |
| Sales of fund's shares | 7 | 6 | 22 | 162 |
| Dividends and interest | 18 | 53 | 357 | 347 |
| Variation margin on futures contracts | — <br><sup>†</sup><br>| 112 | 1112 | 234 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Securities lending income |  |  |  |  |
| 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: |  |  |  |  |
| Purchases of investments | 502 | 800 | 13902 | 1501 |
| Repurchases of fund's shares | 60 | 292 | 6786 | 2977 |
| Investment advisory services | 9 | 26 | 171 | 158 |
| Insurance administrative fees | 68 | 190 | 1257 | 1177 |
| Services provided by related parties | 22 | 62 | 53 | 390 |
| Trustees' deferred compensation | 2 | 5 | 26 | 38 |
| Variation margin on futures contracts |  | 56 | 556 | 117 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |
| 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)<br>| 29787 | 428824 | 221484 |
| **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| Unaffiliated issuers | 5426 | 16638 | 122322 | 97778 |
| Affiliated issuers | 87766 | 242340 | 1782227 | 1681795 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $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.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $78930 | $22148 | $127325 | $103236 | $40021 |
| Affiliated issuers |  | 2399 | 28944 | 6773 | 2879 |
|  | 78930 | 24547 | 156269 | 110009 | 42900 |
| Interest from unaffiliated issuers | 322 | 544 | 47 | 326 | 5531 |
| Securities lending income (net of fees) | 24 | 170 | 101 | 30 | 33 |
|  | 79276 | 25261 | 156417 | 110365 | 48464 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 18949 | 9266 | 71060 | 16287 | 9926 |
| Distribution services | 5501 | 2468 | 31424 | 4641 | 2023 |
| Insurance administrative services | 1233 | 392 | 7157 | 592 | 1046 |
| Transfer agent services | 1 | — <br><sup>†</sup><br>| 5 | 1 | — <br><sup>†</sup><br>|
| Administrative services | 1197 | 430 | 7012 | 1022 | 516 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 32 | 15 | 216 | 27 | 10 |
| Registration statement and prospectus | 10 | 4 | 74 | 11 | 4 |
| Trustees' compensation | 14 | 5 | 81 | 12 | 6 |
| Auditing and legal | 18 | 38 | 45 | 23 | 16 |
| Custodian | 340 | 210 | 358 | 480 | 564 |
| Other | 5 | 22 | 24 | 4 | 25 |
| Total fees and expenses before waivers and/or reimbursements | 27300 | 12850 | 117456 | 23100 | 14136 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 4251 | 622 |  |  | 1204 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 212755 | 98985 | 2508111 | 442791 | 117197 |
| Affiliated issuers | (41)<br>| 2156 | (73)<br>| (59)<br>| (15)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 50 |
| Forward currency contracts |  |  |  |  | (253)<br>|
| Swap contracts |  |  |  |  | (88)<br>|
| Currency transactions | (1087)<br>| 51 | 454 | 2634 | (175)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 211627 | 101192 | 2508492 | 445366 | 116716 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 616756 | 126975 | 2234698 | 259557 | 355998 |
| Affiliated issuers | (39)<br>| (12779)<br>| (7)<br>| (34)<br>| (8)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 50 |
| Forward currency contracts |  |  |  |  | (158)<br>|
| Swap contracts |  |  |  |  | 104 |
| Currency translations | 501 | 219 | 142 | 1164 | 458 |
|  | 617218 | 114415 | 2234833 | 260687 | 356444 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 828845 | 215607 | 4743325 | 706053 | 473160 |
| **Net increase (decrease) in net assets resulting from operations** | $885072 | $228640 | $4782286 | $793318 | $508692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small** <br>**and Mid** <br>**Cap Equity** <br>**Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $105376 | $85 | $22810 | $272732 | $7423 |
| Affiliated issuers | 7099 | 7 | 1606 | 37275 | 272 |
|  | 112475 | 92 | 24416 | 310007 | 7695 |
| Interest from unaffiliated issuers | 14 | 1 | 80 | 83 | 2 |
| Securities lending income (net of fees) | 66 | 1 | 8 | 29 | 5 |
|  | 112555 | 94 | 24504 | 310119 | 7702 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 20532 | 33 | 4458 | 49976 | 841 |
| Distribution services | 5985 | — <br><sup>†</sup><br>| 1600 | 20214 | 403 |
| Insurance administrative services | 2337 | — <br><sup>†</sup><br>| 361 | 3435 | 218 |
| Transfer agent services | 1 |  | — <br><sup>†</sup><br>| 5 | — <br><sup>†</sup><br>|
| Administrative services | 1647 | 2 | 282 | 6001 | 53 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 11 | 2 | 5 | 186 | 6 |
| Registration statement and prospectus | 6 | 2 | 1 | 64 | — <br><sup>†</sup><br>|
| Trustees' compensation | 19 | — <br><sup>†</sup><br>| 4 | 69 | — <br><sup>†</sup><br>|
| Auditing and legal | 24 | 21 | 15 | 41 | 14 |
| Custodian | 111 | — <br><sup>†</sup><br>| 69 | 150 | 34 |
| Other | 6 | — <br><sup>†</sup><br>| 1 | 22 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 30679 | 60 | 6796 | 80163 | 1569 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 7873 |  | 939 |  |  |
| Miscellaneous fee reimbursement |  | 21 |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 466620 | 1 | 94134 | 1545351 | 3484 |
| Affiliated issuers | (31)<br>| — <br><sup>†</sup><br>| (8)<br>| 6213 | — <br><sup>†</sup><br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (19)<br>|
| Swap contracts |  |  |  |  |  |
| Currency transactions | (10)<br>|  | 146 | (671)<br>| 26 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 466579 | 1 | 94272 | 1550893 | 3491 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 422904 | 1052 | 120534 | 1519959 | 58509 |
| Affiliated issuers | (37)<br>| — <br><sup>†</sup><br>| (2)<br>| (101573)<br>| (1)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (10)<br>|
| Swap contracts |  |  |  |  |  |
| Currency translations | 8 |  | 261 | 696 | 100 |
|  | 422875 | 1052 | 120793 | 1419082 | 58598 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 889454 | 1053 | 215065 | 2969975 | 62089 |
| **Net increase (decrease) in net assets resulting from operations** | $979203 | $1108 | $233712 | $3199931 | $68222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br> **Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $22301 | $115625 | $3666 | $— | $87 |
| Affiliated issuers | 2604 | 57784 | 637 | 16350 | 1371 |
|  | 24905 | 173409 | 4303 | 16350 | 1458 |
| Interest from unaffiliated issuers | 4788 | 173336 | 2702 | 250561 | 32199 |
| Securities lending income (net of fees) | 19 | 67 | 1 |  |  |
|  | 29712 | 346812 | 7006 | 266911 | 33657 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 2550 | 35056 | 884 | 19253 | 3116 |
| Distribution services | 854 | 13524 | 374 | 4906 | 1018 |
| Insurance administrative services | 847 | 8266 | 196 | 1815 | 126 |
| Transfer agent services | — <br><sup>†</sup><br>| 3 | — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Administrative services | 214 | 3972 | 60 | 1641 | 217 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 6 | 58 | 5 | 48 | 6 |
| Registration statement and prospectus | 7 | 35 | 1 | 42 | 1 |
| Trustees' compensation | 3 | 45 | 1 | 18 | 3 |
| Auditing and legal | 29 | 39 | 20 | 8 | 1 |
| Custodian | 50 | 102 | 51 | 79 | 119 |
| Other | 1 | 17 | — <br><sup>†</sup><br>| 6 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 4561 | 61117 | 1592 | 27817 | 4608 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 929 |  | 27 | 8204 |  |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 32418 | 1657001 | 10337 | (28295)<br>| (17007)<br>|
| Affiliated issuers |  | (136762)<br>| (3)<br>| 94 | (1)<br>|
| Options purchased (futures style) |  |  | (44)<br>|  | (399)<br>|
| Options written |  |  | 27 |  | 297 |
| Futures contracts | (329)<br>| 5194 | (227)<br>| (29364)<br>| (425)<br>|
| Forward currency contracts |  |  | (4788)<br>| (8500)<br>| 1112 |
| Swap contracts | 60 | (455)<br>| 6 | 5186 | 404 |
| Currency transactions | 4 | (536)<br>| (66)<br>| 22 | (406)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 32153 | 1524442 | 5242 | (60857)<br>| (16425)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 106144 | 112140 | 25483 | 205102 | 97958 |
| Affiliated issuers | 561 | 148001 | 70 | (208)<br>| 385 |
| Options purchased (futures style) |  |  | 7 |  | 64 |
| Options written |  |  | (5)<br>|  | 15 |
| Futures contracts | 2387 | 21662 | 519 | 71589 | 5267 |
| Forward currency contracts |  |  | (140)<br>| (4153)<br>| 118 |
| Swap contracts | (216)<br>| (884)<br>| 204 | 3548 | 3041 |
| Currency translations | 179 | 646 | 96 | 133 | 753 |
|  | 109055 | 281565 | 26234 | 276011 | 107601 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 141208 | 1806007 | 31476 | 215154 | 91176 |
| **Net increase (decrease) in net assets resulting from operations** | $167288 | $2091702 | $36917 | $462452 | $120225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $789 | $— | $— | $— | $421 |
| Affiliated issuers | 863 |  |  |  | 1309 |
|  | 1652 |  |  |  | 1730 |
| Interest from unaffiliated issuers | 33248 | 3012 | 7558 | 42463 |  |
| Securities lending income (net of fees) |  |  |  |  |  |
|  | 34900 | 3012 | 7558 | 42463 | 1730 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 1918 | 168 | 439 | 2661 | 333 |
| Distribution services | 888 | 117 | 382 | 1571 | 608 |
| Insurance administrative services | 225 | 69 | 88 | 638 | 625 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services | 143 | 17 | 51 | 271 |  |
| Accounting and administrative services |  |  |  |  | 30 |
| Reports to shareholders | 7 | 5 | 6 | 8 |  |
| Registration statement and prospectus | 2 | 1 | 1 | 3 | 5 |
| Trustees' compensation | 1 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 3 | 1 |
| Auditing and legal | 9 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Custodian | 12 | 8 | — <br><sup>†</sup><br>| 17 | 4 |
| Other | 10 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 3215 | 385 | 967 | 5174 | 1606 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 570 | 44 |  | 661 | 83 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 730 | (49)<br>|  | 454 | (2283)<br>|
| Affiliated issuers | (6)<br>|  |  |  | 45859 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts | 160 | 243 |  | 6752 | (15006)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (1)<br>| 9 |  | 2638 |  |
| Currency transactions | 9 |  |  |  | 123 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | 892 | 203 |  | 9844 | 62988 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 5595 | 1749 | (53)<br>| 23033 | 15 |
| Affiliated issuers | 2 |  |  |  | (34869)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts | 214 | 920 |  | 16396 | (403)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (525)<br>| (41)<br>|  | (2276)<br>|  |
| Currency translations | 3 |  |  |  |  |
|  | 5289 | 2628 | (53)<br>| 37153 | (35257)<br>|
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 6181 | 2831 | (53)<br>| 46997 | 27731 |
| **Net increase (decrease) in net assets resulting from operations** | $38436 | $5502 | $6538 | $84947 | $27938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br> **Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |
| Dividends: |  |  |  |  |
| Unaffiliated issuers | $100 | $280 | $1932 | $1845 |
| Affiliated issuers | 163 | 1190 | 6829 | 8184 |
|  | 263 | 1470 | 8761 | 10029 |
| Interest from unaffiliated issuers |  |  |  |  |
| Securities lending income (net of fees) |  |  |  |  |
|  | 263 | 1470 | 8761 | 10029 |
| Fees and expenses\*: |  |  |  |  |
| Investment advisory services | 75 | 208 | 1390 | 1290 |
| Distribution services | 138 | 388 | 327 | 2402 |
| Insurance administrative services | 141 | 391 | 2602 | 2416 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services |  |  |  |  |
| Accounting and administrative services | 26 | 28 | 45 | 44 |
| Reports to shareholders |  |  |  |  |
| Registration statement and prospectus | 5 | 5 | 4 | 5 |
| Trustees' compensation | — <br><sup>†</sup><br>| 1 | 3 | 3 |
| Auditing and legal | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 2 | 1 |
| Custodian | 4 | 3 | 4 | 4 |
| Other | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 389 | 1024 | 4378 | 6166 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| Investment advisory services waivers | 19 | 52 | 349 | 324 |
| Miscellaneous fee reimbursement | — <br><sup>†</sup><br>|  |  |  |
| 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)<br>| 498 | 4732 | 4187 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (561)<br>| (1416)<br>| (14007)<br>| (1782)<br>|
| Affiliated issuers | 2768 | 10111 | 54214 | (5123)<br>|
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (6387)<br>| (9931)<br>| (54893)<br>| (49874)<br>|
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency transactions | 33 | 47 | 205 | 177 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (4147)<br>| 16716 | 264311 | 71058 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (152)<br>| (135)<br>| (1473)<br>| (299)<br>|
| Affiliated issuers | 8715 | (3939)<br>| (193572)<br>| 13191 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (227)<br>| 372 | 4222 | 1361 |
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency translations |  |  |  |  |
|  | 8336 | (3702)<br>| (190823)<br>| 14253 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 4189 | 13014 | 73488 | 85311 |
| **Net increase (decrease) in net assets resulting from operations** | $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.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br>**Capitalization Fund** | **Global Small** <br>**Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>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)<br>| 114415 | (6037)<br>| 2234833 | 7880200 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 885072 | 1035544 | 228640 | 75615 | 4782286 | 11993618 |
| **Distributions paid to shareholders** | (1069091)<br>| (362247)<br>| (65735)<br>| (145595)<br>| (4035332)<br>| (1183768)<br>|
| **Net capital share transactions** | 717148 | (305156)<br>| (86887)<br>| (124117)<br>| 2839871 | (2405717)<br>|
| **Total increase (decrease) in net assets** | 533129 | 368141 | 76018 | (194097)<br>| 3586825 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of period | $8591452 | $8058323 | $3066477 | $2990459 | $51289768 | $47702943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br>**Investors Fund** | **Washington Mutual** <br>**Investors Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>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)<br>| 356444 | 26354 | 422875 | 937617 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 793318 | 256609 | 508692 | 224440 | 979203 | 1900984 |
| **Distributions paid to shareholders** | (2865)<br>| (91320)<br>| (152884)<br>| (66666)<br>| (812730)<br>| (270276)<br>|
| **Net capital share transactions** | (368267)<br>| (557783)<br>| (39747)<br>| (124462)<br>| 439202 | (851035)<br>|
| **Total increase (decrease) in net assets** | 422186 | (392494)<br>| 316061 | 33312 | 605675 | 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of period | $7208704 | $6786518 | $3727660 | $3411599 | $11671689 | $11066014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br>**Cap Equity Fund** | **U.S. Small and Mid** <br>**Cap Equity Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Period <br>ended <br>December 31,<br>2024<sup>2</sup> | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>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)<br>| 120793 | 78887 | 1419082 | 1206283 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1108 | (421)<br>| 233712 | 251111 | 3199931 | 8670332 |
| **Distributions paid to shareholders** | (5)<br>| (13)<br>| (75167)<br>| (32476)<br>| (7076713)<br>| (2264497)<br>|
| **Net capital share transactions** | 73 | 15013 | (49160)<br>| (191651)<br>| 5184105 | (2602817)<br>|
| **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $6133 | $7648 | $26080 | $42544 | $285695 | $590761 |
| Net realized gain (loss) | 3491 | (1592)<br>| 32153 | 24024 | 1524442 | 1925378 |
| Net unrealized appreciation (depreciation) | 58598 | 5162 | 109055 | 61325 | 281565 | 1576776 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 68222 | 11218 | 167288 | 127893 | 2091702 | 4092915 |
| **Distributions paid to shareholders** | (1423)<br>| (8098)<br>| (16131)<br>| (45676)<br>| (2025651)<br>| (1743267)<br>|
| **Net capital share transactions** | 6613 | (9047)<br>| 46498 | 35182 | 523850 | (949298)<br>|
| **Total increase (decrease) in net assets** | 73412 | (5927)<br>| 197655 | 117399 | 589901 | 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of period | $396065 | $322653 | $1566323 | $1368668 | $27675581 | $27085680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Global Balanced Fund** | **American Funds** <br>**Global Balanced Fund** | **The Bond Fund** <br>**of America** | **The Bond Fund** <br>**of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $5441 | $9318 | $247298 | $501464 | $29049 | $61225 |
| Net realized gain (loss) | 5242 | 16800 | (60857)<br>| (134500)<br>| (16425)<br>| (22949)<br>|
| Net unrealized appreciation (depreciation) | 26234 | (1065)<br>| 276011 | (207188)<br>| 107601 | (80072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 36917 | 25053 | 462452 | 159776 | 120225 | (41796)<br>|
| **Distributions paid to shareholders** | (16555)<br>| (7048)<br>| (96658)<br>| (475626)<br>| (3588)<br>| (33915)<br>|
| **Net capital share transactions** | 5945 | (14487)<br>| (567129)<br>| 474834 | (92920)<br>| (16393)<br>|
| **Total increase (decrease) in net assets** | 26307 | 3518 | (201335)<br>| 158984 | 23717 | (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of period | $418589 | $392282 | $10965563 | $11166898 | $1471954 | $1448237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income Trust** | **American** <br>**High-Income Trust** | **American Funds** <br>**Mortgage Fund** | **American Funds** <br>**Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $32255 | $60672 | $2671 | $5237 | $6591 | $16889 |
| Net realized gain (loss) | 892 | 3094 | 203 | (1054)<br>|  | — <br><sup>3</sup><br>|
| Net unrealized appreciation (depreciation) | 5289 | 19028 | 2628 | (3372)<br>| (53)<br>| 130 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 38436 | 82794 | 5502 | 811 | 6538 | 17019 |
| **Distributions paid to shareholders** | (10773)<br>| (59402)<br>| (896)<br>| (5001)<br>| (2557)<br>| (17633)<br>|
| **Net capital share transactions** | 35313 | 34726 | 2704 | 7230 | (18429)<br>| (33462)<br>|
| **Total increase (decrease) in net assets** | 62976 | 58118 | 7310 | 3040 | (14448)<br>| (34076)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of period | $994939 | $931963 | $118141 | $110831 | $324230 | $338678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br>**Securities Fund** | **U.S. Government** <br>**Securities Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**International Fund** | **Managed Risk** <br>**International Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $37950 | $72049 | $207 | $2764 | $(107)<br>| $1470 |
| Net realized gain (loss) | 9844 | (1294)<br>| 62988 | 37612 | (4147)<br>| (2539)<br>|
| Net unrealized appreciation (depreciation) | 37153 | (55237)<br>| (35257)<br>| 69526 | 8336 | 1155 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 84947 | 15518 | 27938 | 109902 | 4082 | 86 |
| **Distributions paid to shareholders** | (14197)<br>| (73267)<br>| (24752)<br>| (2419)<br>| (1480)<br>| (1561)<br>|
| **Net capital share transactions** | (73399)<br>| 353747 | (9503)<br>| (88856)<br>| (2829)<br>| (8399)<br>|
| **Total increase (decrease) in net assets** | (2649)<br>| 295998 | (6317)<br>| 18627 | (227)<br>| (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of period | $1817378 | $1820027 | $519945 | $526262 | $114081 | $114308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Asset Allocation Fund** | **Managed Risk** <br>**Asset Allocation Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $498 | $4979 | $4732 | $33950 | $4187 | $37923 |
| Net realized gain (loss) | 16716 | (4225)<br>| 264311 | 73326 | 71058 | 123915 |
| Net unrealized appreciation (depreciation) | (3702)<br>| 42170 | (190823)<br>| 261435 | 14253 | 124394 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 13512 | 42924 | 78220 | 368711 | 89498 | 286232 |
| **Distributions paid to shareholders** | (4680)<br>| (5475)<br>| (109558)<br>| (65908)<br>| (156085)<br>| (69126)<br>|
| **Net capital share transactions** | (12974)<br>| (39434)<br>| (22573)<br>| (313193)<br>| (5394)<br>| (294452)<br>|
| **Total increase (decrease) in net assets** | (4142)<br>| (1985)<br>| (53911)<br>| (10390)<br>| (71981)<br>| (77346)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of period | $318064 | $322206 | $2122955 | $2176866 | $1953869 | $2025850 |

---

<sup>1</sup>

Unaudited.

<sup>2</sup>

For the period November 15, 2024, commencement of operations, to December 31, 2024.

<sup>3</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Notes to financial statementsunaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing <br> models such as yield measures calculated using factors such as cash <br> flows, financial or collateral performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs <br> that include, but are not limited to, financial statements and debt <br> contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $689754 | $— | $— | $689754 |
| Financials | 473223 |  |  | 473223 |
| Information technology | 403781 |  | 428 | 404209 |
| Consumer discretionary | 382656 |  |  | 382656 |
| Health care | 353674 |  |  | 353674 |
| Materials | 181377 |  |  | 181377 |
| Communication services | 134493 |  |  | 134493 |
| Real estate | 79192 |  |  | 79192 |
| Consumer staples | 76756 |  |  | 76756 |
| Energy | 76013 |  |  | 76013 |
| Utilities | 58664 |  |  | 58664 |
| Preferred securities  | 9138 |  | 14522 | 23660 |
| Convertible stocks  | 13046 |  |  | 13046 |
| Convertible bonds & notes  |  | 4039 |  | 4039 |
| Short-term securities | 161954 |  |  | 161954 |
| Total | $3093721 | $4039 | $14950 | $3112710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $13898317 | $— | $5985 | $13904302 |
| Communication services | 10248832 |  |  | 10248832 |
| Consumer discretionary | 7058073 |  |  | 7058073 |
| Health care | 5661824 |  | 9825 | 5671649 |
| Industrials | 5401182 |  | 2633 | 5403815 |
| Financials | 4094384 |  |  | 4094384 |
| Consumer staples | 1049326 |  | 2671 | 1051997 |
| Energy | 1016036 |  |  | 1016036 |
| Materials | 726868 |  |  | 726868 |
| Utilities | 358047 |  |  | 358047 |
| Real estate | 309468 |  |  | 309468 |
| Preferred securities  |  |  | 146802 | 146802 |
| Rights & warrants  |  |  | 22672 | 22672 |
| Convertible stocks  | 4131 |  | 686 | 4817 |
| Short-term securities | 1569711 |  |  | 1569711 |
| Total | $51396199 | $— | $191274 | $51587473 |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $1316771 | $— | $— | $1316771 |
| Financials | 1183785 |  |  | 1183785 |
| Information technology | 951942 |  | 6168 | 958110 |
| Communication services | 655458 |  |  | 655458 |
| Consumer discretionary | 650213 |  |  | 650213 |
| Health care | 621389 |  |  | 621389 |
| Materials | 567220 |  |  | 567220 |
| Consumer staples | 430268 |  |  | 430268 |
| Energy | 396129 |  |  | 396129 |
| Utilities | 116308 |  |  | 116308 |
| Preferred securities  | 32903 |  | 565 | 33468 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 330868 |  |  | 330868 |
| Total | $7253254 | $— | $6733 | $7259987 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $704693 | $2554 | $—<br> \*<br>| $707247 |
| Information technology | 676770 |  | 493 | 677263 |
| Consumer discretionary | 450359 |  |  | 450359 |
| Industrials | 412982 |  |  | 412982 |
| Communication services | 363276 |  |  | 363276 |
| Health care | 228078 |  |  | 228078 |
| Consumer staples | 224042 |  |  | 224042 |
| Materials | 183568 |  | —<br> \*<br>| 183568 |
| Energy | 83019 |  | —<br> \*<br>| 83019 |
| Real estate | 63806 |  |  | 63806 |
| Utilities | 51736 |  |  | 51736 |
| Preferred securities  | 18723 |  | 8801 | 27524 |
| Rights & warrants  |  | 26 |  | 26 |
| Convertible stocks  | 183 |  |  | 183 |
| Bonds, notes & other debt instruments  |  | 127378 |  | 127378 |
| Short-term securities | 151987 | 450 |  | 152437 |
| Total | $3613222 | $130408 | $9294 | $3752924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $65 | $— | $— | $65 |
| Unrealized appreciation on open forward currency contracts |  | 90 |  | 90 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (4)<br>|  |  | (4)<br>|
| Unrealized depreciation on open forward currency contracts |  | (168)<br>|  | (168)<br>|
| Total  | $61 | $(78)<br>| $— | $(17)<br>|

---

\*

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $427048 | $— | $— | $427048 |
| Financials | 316727 |  | —<br> \*<br>| 316727 |
| Industrials | 302352 |  |  | 302352 |
| Consumer discretionary | 181256 |  |  | 181256 |
| Health care | 168013 |  |  | 168013 |
| Communication services | 165844 |  |  | 165844 |
| Consumer staples | 120918 |  |  | 120918 |
| Materials | 104031 | 1918 |  | 105949 |
| Energy | 79674 |  |  | 79674 |
| Utilities | 32792 | 976 |  | 33768 |
| Real estate | 15467 |  |  | 15467 |
| Preferred securities  | 5091 |  |  | 5091 |
| Bonds, notes & other debt instruments  |  | 1506 |  | 1506 |
| Short-term securities | 84375 |  |  | 84375 |
| Total | $2003588 | $4400 | $—<br> \*<br>| $2007988 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $11838678 | $— | $— | $11838678 |
| Industrials | 6589703 |  |  | 6589703 |
| Financials | 5204392 |  |  | 5204392 |
| Consumer discretionary | 4605290 |  |  | 4605290 |
| Health care | 3953251 |  |  | 3953251 |
| Communication services | 3823894 |  |  | 3823894 |
| Consumer staples | 1335169 |  |  | 1335169 |
| Energy | 1274412 |  |  | 1274412 |
| Materials | 1159101 |  |  | 1159101 |
| Utilities | 838420 |  |  | 838420 |
| Real estate | 751153 |  |  | 751153 |
| Bonds, notes & other debt instruments  |  | 988 |  | 988 |
| Short-term securities | 1261375 |  |  | 1261375 |
| Total | $42634838 | $988 | $— | $42635826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $95865 | $— | $—<br> \*<br>| $95865 |
| Industrials | 63371 |  |  | 63371 |
| Information technology | 44238 |  |  | 44238 |
| Consumer staples | 34875 |  |  | 34875 |
| Consumer discretionary | 32588 |  |  | 32588 |
| Communication services | 28978 |  |  | 28978 |
| Health care | 25844 |  |  | 25844 |
| Materials | 20585 |  | —<br> \*<br>| 20585 |
| Energy | 18005 |  | —<br> \*<br>| 18005 |
| Utilities | 10944 |  |  | 10944 |
| Real estate | 4179 |  |  | 4179 |
| Preferred securities  | 174 |  |  | 174 |
| Short-term securities | 16518 |  |  | 16518 |
| Total | $396164 | $— | $—<br> \*<br>| $396164 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $233645 | $— | $—<br> \*<br>| $233645 |
| Information technology | 152382 |  |  | 152382 |
| Industrials | 135755 |  |  | 135755 |
| Consumer staples | 134741 |  |  | 134741 |
| Health care | 126930 |  |  | 126930 |
| Utilities | 82013 | 866 |  | 82879 |
| Consumer discretionary | 76037 |  |  | 76037 |
| Energy | 72713 |  |  | 72713 |
| Communication services | 55015 |  |  | 55015 |
| Real estate | 53644 |  |  | 53644 |
| Materials | 50592 |  |  | 50592 |
| Convertible stocks  | 6728 |  |  | 6728 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 87131 | 100 | 87231 |
| U.S. Treasury bonds & notes |  | 77098 |  | 77098 |
| Corporate bonds, notes & loans |  | 38408 | 262 | 38670 |
| Asset-backed obligations |  | 14904 |  | 14904 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 805 |  | 805 |
| Municipals |  | 336 |  | 336 |
| Investment funds  | 32235 |  |  | 32235 |
| Short-term securities  | 130855 |  |  | 130855 |
| Total | $1343285 | $219548 | $362 | $1563195 |

---

Refer to the next page for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1481 | $— | $— | $1481 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 243 |  | 243 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 12 |  | 12 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (72)<br>|  |  | (72)<br>|
| Unrealized appreciation on centrally cleared interest rate swaps |  | —<br> \*<br>|  | —<br> \*<br>|
| Total  | $1409 | $255 | $— | $1664 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $4662762 | $— | $— | $4662762 |
| Financials | 3370748 |  | —<br> \*<br>| 3370748 |
| Industrials | 2515815 |  |  | 2515815 |
| Consumer discretionary | 1937291 |  | 807 | 1938098 |
| Health care | 1864589 |  | 13914 | 1878503 |
| Materials | 1333988 |  | —<br> \*<br>| 1333988 |
| Consumer staples | 1196955 |  |  | 1196955 |
| Communication services | 1045984 |  |  | 1045984 |
| Energy | 355595 |  | 498 | 356093 |
| Real estate | 147440 |  |  | 147440 |
| Utilities | 133008 |  |  | 133008 |
| Preferred securities  |  |  | 647 | 647 |
| Rights & warrants  | 54 |  | —<br> \*<br>| 54 |
| Convertible stocks  | 38180 |  |  | 38180 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 2908850 |  | 2908850 |
| Corporate bonds, notes & loans |  | 2009713 | 9271 | 2018984 |
| U.S. Treasury bonds & notes |  | 1906954 |  | 1906954 |
| Asset-backed obligations |  | 567592 |  | 567592 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 37148 |  | 37148 |
| Municipals |  | 22367 |  | 22367 |
| Investment funds | 772826 |  |  | 772826 |
| Short-term securities  | 1325620 |  |  | 1325620 |
| Total | $20700855 | $7452624 | $25137 | $28178616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $24259 | $— | $— | $24259 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (5521)<br>|  |  | (5521)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (860)<br>|  | (860)<br>|
| Total  | $18738 | $(860)<br>| $— | $17878 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $44529 | $— | $— | $44529 |
| Financials | 42226 |  |  | 42226 |
| Industrials | 35996 |  |  | 35996 |
| Health care | 34097 |  |  | 34097 |
| Communication services | 21542 |  |  | 21542 |
| Consumer discretionary | 19611 |  |  | 19611 |
| Consumer staples | 18188 |  |  | 18188 |
| Materials | 17133 | 371 |  | 17504 |
| Utilities | 13084 |  |  | 13084 |
| Energy | 9643 |  |  | 9643 |
| Real estate | 2881 |  |  | 2881 |
| Convertible stocks  | 2596 |  |  | 2596 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 58518 |  | 58518 |
| Corporate bonds, notes & loans |  | 25698 |  | 25698 |
| Mortgage-backed obligations |  | 23721 |  | 23721 |
| U.S. Treasury bonds & notes |  | 19996 |  | 19996 |
| Asset-backed obligations |  | 2436 |  | 2436 |
| Municipals |  | 127 |  | 127 |
| Federal agency bonds & notes |  | 116 |  | 116 |
| Investment funds  | 4121 |  |  | 4121 |
| Short-term securities  | 22973 | 191 |  | 23164 |
| Total | $288620 | $131174 | $— | $419794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options purchased (futures style) | $7 | $— | $— | $7 |
| Unrealized appreciation on futures contracts | 338 |  |  | 338 |
| Unrealized appreciation on open forward currency contracts |  | 280 |  | 280 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 126 |  | 126 |
| Unrealized appreciation on bilateral interest rate swaps |  | 60 |  | 60 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 8 |  | 8 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options written (futures style) | (5)<br>|  |  | (5)<br>|
| Unrealized depreciation on futures contracts | (57)<br>|  |  | (57)<br>|
| Unrealized depreciation on open forward currency contracts |  | (601)<br>|  | (601)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (5)<br>|  | (5)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (284)<br>|  | (284)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (32)<br>|  | (32)<br>|
| Total  | $283 | $(448)<br>| $— | $(165)<br>|

---

\*

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $3790654 | $1423 | $3792077 |
| Corporate bonds, notes & loans |  | 3612824 | 7595 | 3620419 |
| U.S. Treasury bonds & notes |  | 2148907 |  | 2148907 |
| Asset-backed obligations |  | 594080 |  | 594080 |
| Municipals |  | 160265 |  | 160265 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 116286 |  | 116286 |
| Federal agency bonds & notes |  | 11725 |  | 11725 |
| Common stocks  |  | 14 |  | 14 |
| Short-term securities  | 745797 |  |  | 745797 |
| Total | $745797 | $10434755 | $9018 | $11189570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $44636 | $— | $— | $44636 |
| Unrealized appreciation on open forward currency contracts |  | 637 |  | 637 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1464 |  | 1464 |
| Unrealized appreciation on bilateral interest rate swaps |  | 2806 |  | 2806 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 461 |  | 461 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (3297)<br>|  |  | (3297)<br>|
| Unrealized depreciation on open forward currency contracts |  | (2964)<br>|  | (2964)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3389)<br>|  | (3389)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (1761)<br>|  | (1761)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2599)<br>|  | (2599)<br>|
| Total  | $41339 | $(5345)<br>| $— | $35994 |

---

\*

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Euros | $— | $330337 | $— | $330337 |
| Japanese yen |  | 129364 |  | 129364 |
| British pounds |  | 67533 |  | 67533 |
| Brazilian reais |  | 38886 |  | 38886 |
| Canadian dollars |  | 30396 |  | 30396 |
| Australian dollars |  | 30298 |  | 30298 |
| South Korean won |  | 25218 |  | 25218 |
| Chinese yuan renminbi |  | 23928 |  | 23928 |
| Malaysian ringgits |  | 22767 |  | 22767 |
| Mexican pesos |  | 16479 |  | 16479 |
| Indian rupees |  | 15703 |  | 15703 |
| Indonesian rupiah |  | 9657 |  | 9657 |
| Norwegian kroner |  | 6698 |  | 6698 |
| South African rand |  | 6637 |  | 6637 |
| Danish kroner |  | 6546 |  | 6546 |
| Polish zloty |  | 3940 |  | 3940 |
| Chilean pesos |  | 2739 |  | 2739 |
| Turkish lira |  | 1942 |  | 1942 |
| Colombian pesos |  | 1052 |  | 1052 |
| Czech korunas |  | 851 |  | 851 |
| U.S. dollars |  | 643452 | 690 | 644142 |
| Preferred securities  |  |  | 68 | 68 |
| Common stocks  | 1781 | 6 | 45 | 1832 |
| Investment funds  | 22047 |  |  | 22047 |
| Short-term securities | 34518 | 2878 |  | 37396 |
| Options purchased on foreign currencies (equity style) |  | 35 |  | 35 |
| Total | $58346 | $1417342 | $803 | $1476491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options purchased (futures style) | $64 | $— | $— | $64 |
| Unrealized appreciation on futures contracts | 3955 |  |  | 3955 |
| Unrealized appreciation on open forward currency contracts |  | 3338 |  | 3338 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1002 |  | 1002 |
| Unrealized appreciation on bilateral interest rate swaps |  | 522 |  | 522 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 15 |  | 15 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style) |  | (12)<br>|  | (12)<br>|
| Unrealized depreciation on options written (futures style) | (39)<br>|  |  | (39)<br>|
| Unrealized depreciation on futures contracts | (616)<br>|  |  | (616)<br>|
| Unrealized depreciation on open forward currency contracts |  | (3277)<br>|  | (3277)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (494)<br>|  | (494)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (3690)<br>|  | (3690)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (424)<br>|  | (424)<br>|
| Total  | $3364 | $(3020)<br>| $— | $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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds, notes & loans | $— | $873946 | $3291 | $877237 |
| Other |  | 430 | 603 | 1033 |
| Convertible bonds & notes  |  | 447 |  | 447 |
| Common stocks  | 35992 | 802 | 22325 | 59119 |
| Preferred securities  |  | 2515 | 1468 | 3983 |
| Rights & warrants  | 47 |  |  | 47 |
| Short-term securities  | 45170 |  |  | 45170 |
| Total | $81209 | $878140 | $27687 | $987036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $197 | $— | $— | $197 |
| Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>2</sup><br>|  | — <br><sup>2</sup><br>|
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (59)<br>|  |  | (59)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (482)<br>|  | (482)<br>|
| Total  | $138 | $(482)<br>| $— | $(344)<br>|

---

<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**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>3</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>4</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>4</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>3</sup> <br>| **Ending** <br>**value at** <br>**6/30/2025**<br>|
| Investment securities | &nbsp;&nbsp; $36440 | &nbsp;&nbsp; $1869 | &nbsp;&nbsp; $6147 | &nbsp;&nbsp; $(4347)<br>| &nbsp;&nbsp; $390 | &nbsp;&nbsp; $(9061)<br>| &nbsp;&nbsp; $(3751)<br>| &nbsp;&nbsp; $27687 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp; $(6171)<br>|

---

<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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**6/30/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup> <br>|
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty  | 20% | 20% | Decrease |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.1x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 9.9x | 9.9x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/EBITDA-CAPEX <br> multiple<br>| 5% | 5% | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | P/BV multiple | 0.7x | 0.7x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | Premium to P/BV multiple | 40% | 40% | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | DLOM | 9% - 15% | 9% | Decrease |
| Preferred securities | $1468 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.4x | 4.4x | Increase |
| Preferred securities | $1468 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $105527 | $— | $105527 |
| U.S. Treasury bonds & notes |  | 5070 |  | 5070 |
| Asset-backed obligations |  | 1603 |  | 1603 |
| Short-term securities  |  | 20107 |  | 20107 |
| Options purchased on futures (equity style) | 5 |  |  | 5 |
| Total | $5 | $132307 | $— | $132312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $603 | $— | $— | $603 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 101 |  | 101 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (24)<br>|  |  | (24)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| 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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $844043 | $— | $844043 |
| U.S. Treasury bonds & notes |  | 686092 |  | 686092 |
| Federal agency bonds & notes |  | 51206 |  | 51206 |
| Short-term securities  |  | 307019 |  | 307019 |
| Options purchased on futures (equity style) | 206 |  |  | 206 |
| Total | $206 | $1888360 | $— | $1888566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $9883 | $— | $— | $9883 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 14278 |  | 14278 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (404)<br>|  |  | (404)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (2762)<br>|  | (2762)<br>|
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **310** |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **311** | American Funds Insurance Series |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Certain investment techniques**

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**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):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br>**investment** <br>**securities** <br>**on loan**<br>| **Cash**  | **U.S. government** <br>**securities** <br>| <br>**Value of** <br>**investment** <br>**securities** <br>**purchased** <br>|
| Global Growth Fund | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $— |
| Global Small Capitalization Fund | &nbsp;&nbsp; 21033 | &nbsp;&nbsp; 21824 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 19642 |
| Growth Fund | &nbsp;&nbsp; 137026 | &nbsp;&nbsp; 140364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126327 |
| New World Fund | &nbsp;&nbsp; 7151 | &nbsp;&nbsp; 4784 | &nbsp;&nbsp; 2898 | &nbsp;&nbsp; 4306 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 8902 | &nbsp;&nbsp; 8988 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 8089 |
| International Growth and Income Fund | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 937 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 843 |
| Capital Income Builder | &nbsp;&nbsp; 16714 | &nbsp;&nbsp; 17540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15786 |
| Asset Allocation Fund | &nbsp;&nbsp; 2306 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2118 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1391 |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **312** |

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**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **313** | American Funds Insurance Series |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **314** |

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**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **315** | American Funds Insurance Series |

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The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** <br>**on** <br>**futures**<br>| **Options** <br>**on** <br>**foreign currencies**<br>| **Futures** <br>**contracts**<br>| **Forward** <br>**currency** <br>**contracts**<br>| **Interest** <br>**rate** <br>**swaps**<br>| **Credit** <br>**default** <br>**swaps**<br>|
| New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $15751  | &nbsp;&nbsp; $19587  | &nbsp;&nbsp; $1,702\*  | Not applicable |
| International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 645\*  | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp; 165704  | Not applicable | &nbsp;&nbsp; 7379  | &nbsp;&nbsp; 5160  |
| Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2375438  | Not applicable | &nbsp;&nbsp; 585,466\*  | &nbsp;&nbsp; 58451  |
| Global Balanced Fund | &nbsp;&nbsp; $13706 | Not applicable | &nbsp;&nbsp; 49536  | &nbsp;&nbsp; 67771  | &nbsp;&nbsp; 17473  | &nbsp;&nbsp; 7108  |
| The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5974302  | &nbsp;&nbsp; 234959  | &nbsp;&nbsp; 627191  | &nbsp;&nbsp; 145756  |
| Capital World Bond Fund | &nbsp;&nbsp; 72254 | &nbsp;&nbsp; $20561 | &nbsp;&nbsp; 669768  | &nbsp;&nbsp; 490321  | &nbsp;&nbsp; 255025  | &nbsp;&nbsp; 92993  |
| American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp; 40053  | Not applicable | Not applicable | &nbsp;&nbsp; 14703  |
| American Funds Mortgage Fund | &nbsp;&nbsp; 25546 | Not applicable | &nbsp;&nbsp; 101434  | Not applicable | &nbsp;&nbsp; 1820  | Not applicable |
| U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 900592 | Not applicable | &nbsp;&nbsp; 2057761  | Not applicable | &nbsp;&nbsp; 1084428  | Not applicable |
| Managed Risk Growth Fund | &nbsp;&nbsp; 429063 | Not applicable | &nbsp;&nbsp; 1746 | Not applicable | Not applicable | Not applicable |
| Managed Risk International <br> Fund<br>| &nbsp;&nbsp; 84769 | Not applicable | &nbsp;&nbsp; 573 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp; 265317 | Not applicable | &nbsp;&nbsp; 3801 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 2964611 | Not applicable | &nbsp;&nbsp; 59458 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | &nbsp;&nbsp; 353919 | Not applicable | &nbsp;&nbsp; 35924 | Not applicable | Not applicable | Not applicable |

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\*

No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **316** |

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The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, 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** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $65 | Unrealized depreciation<sup>1</sup> <br>| $4 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 90 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 168 |
|  |  |  | $155 |  | $172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $50 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (158)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(291)<br>|  | $(4)<br>|

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1481<br> Unrealized depreciation<sup>1</sup> <br>| $72 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 243<br> Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| 12<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1736 | $72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $2387 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 51 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (228)<br>|
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 9 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 12 |
|  |  |  | $(269)<br>|  | $2171 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $24259<br> Unrealized depreciation<sup>1</sup> <br>| $5521 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 860 |
|  |  | $24259 | $6381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $5194 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21662 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 119 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1003)<br>|
|  |  |  | $4739 |  | $20778 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| $7 | Unrealized depreciation<sup>1</sup> <br>| $— |
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 5 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 338 | Unrealized depreciation<sup>1</sup> <br>| 57 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 280 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 601 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 126 | Unrealized depreciation<sup>1</sup> <br>| 5 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 60 | Bilateral swaps, at value | 284 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 8 | Unrealized depreciation<sup>1</sup> <br>| 32 |
|  |  |  | $819 |  | $984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| $(44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| $7 |
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| (5)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 519 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (4788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (140)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 24 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 223 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (19)<br>|
|  |  |  | $(5026)<br>|  | $585 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $44636 | Unrealized depreciation<sup>1</sup> <br>| $3297 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 637 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 2964 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1464 | Unrealized depreciation<sup>1</sup> <br>| 3389 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2806 | Bilateral swaps, at value | 1761 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 461 | Unrealized depreciation<sup>1</sup> <br>| 2599 |
|  |  |  | $50004 |  | $14010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(29364)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $71589 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (8500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (4153)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4209 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 5700 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 977 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2152)<br>|
|  |  |  | $(32678)<br>|  | $70984 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $35 | Investment securities | $— |
| Options written <br> (equity style)<br>| Currency | Options written, at value |  | Options written, at value | 12 |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 64 | Unrealized depreciation<sup>1</sup> <br>|  |
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 39 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 3955 | Unrealized depreciation<sup>1</sup> <br>| 616 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 3338 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 3277 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1002 | Unrealized depreciation<sup>1</sup> <br>| 494 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 522 | Bilateral swaps, at value | 3690 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 15 | Unrealized depreciation<sup>1</sup> <br>| 424 |
|  |  |  | $8931 |  | $8552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $18 |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 180 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| 31 |
| Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 52 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 54 |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| 64 |
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 245 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| (39)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5267 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 1112 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 118 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3337 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 609 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (296)<br>|
|  |  |  | $1167 |  | $8554 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

---

------

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $197<br> Unrealized depreciation<sup>1</sup> <br>| $59 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 482 |
|  |  | $197 | $541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $160 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $214 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (525)<br>|
|  |  |  | $159 |  | $(311)<br>|

---

**American Funds Mortgage Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $5 | Investment securities | $— |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 603 | Unrealized depreciation<sup>1</sup> <br>| 24 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 101 | Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  |  | $709 |  | $25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(7)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 243 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 920 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 9 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (41)<br>|
|  |  |  | $242 |  | $872 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **321** | American Funds Insurance Series |

---

------

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $206 | Investment securities | $— |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 9883 | Unrealized depreciation<sup>1</sup> <br>| 404 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14278 | Unrealized depreciation<sup>1</sup> <br>| 2762 |
|  |  |  | $24367 |  | $3166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(296)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6752 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 16396 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 2638 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2276)<br>|
|  |  |  | $9054 |  | $13824 |

---

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $3271<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Currency<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 6 |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 66<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $3337 | $6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $15<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (10)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (14664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (397)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17289)<br>|  | $(388)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **322** |

---

------

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $481<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 126 |
|  |  | $481 | $126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(152)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6393)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (230)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(6948)<br>|  | $(379)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1203<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 298<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1501<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(1416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(135)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (9762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 364 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11347)<br>|  | $237 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **323** | American Funds Insurance Series |

---

------

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $14515<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 3205<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $17720<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(14007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1473)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (53591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4197<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(68900)<br>|  | $2749 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk Type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $2833<br> &nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 638<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $3471<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(1782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(299)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (50070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1047<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51656)<br>|  | $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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| BNP Paribas | $18<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16<br>|
| Citibank | 62<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br>|
| HSBC Bank | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Morgan Stanley | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $90<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $61<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61<br>|
| Bank of New York Mellon | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| BNP Paribas | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 18<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br>|
| JPMorgan Chase | 9<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br>|
| Morgan Stanley | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br>|
| Standard Chartered Bank | 28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br>|
| Total | $168<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **325** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br>|
| BNP Paribas | 64<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 10<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 11<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 7<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $340<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $45<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Bank of New York Mellon | 5<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br>|
| Barclays Bank PLC | 28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 70<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>|
| Citibank | 78<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68<br>|
| Goldman Sachs | 223<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>|
| JPMorgan Chase | 20<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 207<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200<br>|
| Standard Chartered Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br>|
| UBS AG | 113<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105<br>|
| Total | $885<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(146)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $415<br>|

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $191<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1<br>|
| Barclays Bank PLC | 864<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331<br>|
| BNP Paribas | 126<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 412<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412<br>|
| Goldman Sachs | 1701<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207<br>|
| HSBC Bank | 78<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 71<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $3443<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1951<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $190<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 533<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 2672<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2475)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71<br>|
| Goldman Sachs | 494<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 81<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| JPMorgan Chase | 620<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549<br>|
| UBS AG | 135<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135<br>|
| Total | $4725<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2475)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $758<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **326** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $995<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186<br>|
| Bank of New York Mellon | 119<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119<br>|
| Barclays Bank PLC | 446<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 319<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 675<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (675)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 215<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 845<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177<br>|
| JPMorgan Chase | 5<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 80<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 162<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $3895<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3103)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $482<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $809<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 558<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 670<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63<br>|
| Citibank | 683<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (675)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Goldman Sachs | 2520<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| HSBC Bank | 358<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>|
| Morgan Stanley | 145<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65<br>|
| Standard Chartered Bank | 449<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 761<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387<br>|
| Total | $6979<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3103)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3340)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $536<br>|

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **327** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the 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):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $285 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| International Growth and Income Fund | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

------

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $36695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $592960 | &nbsp;&nbsp; $2838 | &nbsp;&nbsp; $15572 | &nbsp;&nbsp; $91745 |
| Late year ordinary loss deferral<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5889)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1032377 | &nbsp;&nbsp; 65722 | &nbsp;&nbsp; 3442300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137294 | &nbsp;&nbsp; 720853 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (206867)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 333805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3672153 | &nbsp;&nbsp; 874249 | &nbsp;&nbsp; 29669987 | &nbsp;&nbsp; 1970140 | &nbsp;&nbsp; 1386903 | &nbsp;&nbsp; 4493198 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (175826)<br>| &nbsp;&nbsp; (96526)<br>| &nbsp;&nbsp; (588478)<br>| &nbsp;&nbsp; (120463)<br>| &nbsp;&nbsp; (66083)<br>| &nbsp;&nbsp; (136080)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 3496327 | &nbsp;&nbsp; 777723 | &nbsp;&nbsp; 29081509 | &nbsp;&nbsp; 1849677 | &nbsp;&nbsp; 1320820 | &nbsp;&nbsp; 4357118 |
| Cost of investments | &nbsp;&nbsp; 5158642 | &nbsp;&nbsp; 2334987 | &nbsp;&nbsp; 22505964 | &nbsp;&nbsp; 5410310 | &nbsp;&nbsp; 2432087 | &nbsp;&nbsp; 7297400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br>**Growth and** <br>**Income Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $4026 | &nbsp;&nbsp; $485763 | &nbsp;&nbsp; $1421 | &nbsp;&nbsp; $14631 | &nbsp;&nbsp; $274951 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 71132 | &nbsp;&nbsp; 6590885 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1750583 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25671)<br>| &nbsp;&nbsp; (6862)<br>| &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 69742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18956 | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 812185 | &nbsp;&nbsp; 18907142 | &nbsp;&nbsp; 114299 | &nbsp;&nbsp; 385128 | &nbsp;&nbsp; 8199326 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (894)<br>| &nbsp;&nbsp; (47504)<br>| &nbsp;&nbsp; (167029)<br>| &nbsp;&nbsp; (11155)<br>| &nbsp;&nbsp; (26553)<br>| &nbsp;&nbsp; (567859)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 614 | &nbsp;&nbsp; 764681 | &nbsp;&nbsp; 18740113 | &nbsp;&nbsp; 103144 | &nbsp;&nbsp; 358575 | &nbsp;&nbsp; 7631467 |
| Cost of investments | &nbsp;&nbsp; 15112 | &nbsp;&nbsp; 1243307 | &nbsp;&nbsp; 23895713 | &nbsp;&nbsp; 293020 | &nbsp;&nbsp; 1206185 | &nbsp;&nbsp; 20569509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br>**Fund of** <br>**America**<br>| **Capital** <br>**World** <br>**Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br>**Funds** <br>**Mortgage** <br>**Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $96579 | &nbsp;&nbsp; $3576 | &nbsp;&nbsp; $10769 | &nbsp;&nbsp; $895 | &nbsp;&nbsp; $2554 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 15632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1584772)<br>| &nbsp;&nbsp; (199982)<br>| &nbsp;&nbsp; (329227)<br>| &nbsp;&nbsp; (14210)<br>| &nbsp;&nbsp; (1)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 86169 | &nbsp;&nbsp; 200273 | &nbsp;&nbsp; 58927 | &nbsp;&nbsp; 54453 | &nbsp;&nbsp; 2127 | &nbsp;&nbsp; 1 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (9941)<br>| &nbsp;&nbsp; (244004)<br>| &nbsp;&nbsp; (64856)<br>| &nbsp;&nbsp; (38953)<br>| &nbsp;&nbsp; (1403)<br>| &nbsp;&nbsp; (31)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 76228 | &nbsp;&nbsp; (43731)<br>| &nbsp;&nbsp; (5929)<br>| &nbsp;&nbsp; 15500 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; (30)<br>|
| Cost of investments | &nbsp;&nbsp; 343260 | &nbsp;&nbsp; 11273203 | &nbsp;&nbsp; 1483160 | &nbsp;&nbsp; 972704 | &nbsp;&nbsp; 132267 | &nbsp;&nbsp; 328764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **329** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $14192 | &nbsp;&nbsp; $3030 | &nbsp;&nbsp; $1479 | &nbsp;&nbsp; $4678 | &nbsp;&nbsp; $29096 | &nbsp;&nbsp; $34222 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 21721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80444 | &nbsp;&nbsp; 121846 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (285585)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17954)<br>| &nbsp;&nbsp; (22352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 12281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 45694 | &nbsp;&nbsp; 117719 | &nbsp;&nbsp; 20510 | &nbsp;&nbsp; 60113 | &nbsp;&nbsp; 231817 | &nbsp;&nbsp; 177065 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (50484)<br>| &nbsp;&nbsp; (64383)<br>| &nbsp;&nbsp; (22277)<br>| &nbsp;&nbsp; (25719)<br>| &nbsp;&nbsp; (76928)<br>| &nbsp;&nbsp; (47264)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (4790)<br>| &nbsp;&nbsp; 53336 | &nbsp;&nbsp; (1767)<br>| &nbsp;&nbsp; 34394 | &nbsp;&nbsp; 154889 | &nbsp;&nbsp; 129801 |
| Cost of investments | &nbsp;&nbsp; 1914351 | &nbsp;&nbsp; 467686 | &nbsp;&nbsp; 115094 | &nbsp;&nbsp; 283921 | &nbsp;&nbsp; 1973291 | &nbsp;&nbsp; 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** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $17222 | $455982 | $473204 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| Class 1A | &nbsp;&nbsp; 96 | 2766 | 2862 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| Class 2 | &nbsp;&nbsp; 15237 | 443236 | 458473 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| Class 4 | &nbsp;&nbsp; 4149 | 130403 | 134552 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| Total | &nbsp;&nbsp; $36704 | $1032387 | $1069091 | &nbsp;&nbsp;&nbsp;&nbsp; $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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $— | $19199 | $19199 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| Class 1A | &nbsp;&nbsp; — | 126 | 126 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| Class 2 | &nbsp;&nbsp; — | 39094 | 39094 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| Class 4 | &nbsp;&nbsp; — | 7316 | 7316 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| Total | &nbsp;&nbsp; $— | $65735 | $65735 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

**Growth 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $271740 | $1543000 | $1814740 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| Total | &nbsp;&nbsp; $593004 | $3442328 | $4035332 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $2080 | $— | $2080 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| Class 1A | &nbsp;&nbsp; 4 |  | 4 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| Class 2 | &nbsp;&nbsp; 776 |  | 776 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| Class 3 | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| Class 4 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| Total | &nbsp;&nbsp; $2865 | $— | $2865 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class 1 | &nbsp;&nbsp; $8656 | $71532 | $80188 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| Class 1A | &nbsp;&nbsp; 49 | 453 | 502 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| Class 2 | &nbsp;&nbsp; 3487 | 31619 | 35106 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| Class 4 | &nbsp;&nbsp; 3394 | 33694 | 37088 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| Total | &nbsp;&nbsp; $15586 | $137298 | $152884 | &nbsp;&nbsp;&nbsp;&nbsp; $50777 | $15889 | $66666 |

---

**Washington Mutual Investors 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $52115 | $397175 | $449290 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| Class 1A | &nbsp;&nbsp; 264 | 2103 | 2367 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| Class 2 | &nbsp;&nbsp; 24149 | 193815 | 217964 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| Class 4 | &nbsp;&nbsp; 15307 | 127802 | 143109 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| Total | &nbsp;&nbsp; $91835 | $720895 | $812730 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $— <br><sup>4</sup><br>| $— <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>4</sup><br>| $— | $— <br><sup>4</sup><br>|
| Class 1A | &nbsp;&nbsp; — <br><sup>4</sup><br>| — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>4</sup><br>|  | — <br><sup>4</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>4</sup><br>| — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>4</sup><br>|  | — <br><sup>4</sup><br>|
| Class 4 | &nbsp;&nbsp; 5<br>— <br><sup>4</sup><br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| Total | &nbsp;&nbsp; $5<br>$— <br><sup>4</sup><br>| $5 | &nbsp;&nbsp;&nbsp;&nbsp; $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** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1434 | $21740 | $23174 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| Class 1A | &nbsp;&nbsp; 21 | 363 | 384 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| Class 2 | &nbsp;&nbsp; 2061 | 37773 | 39834 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| Class 4 | &nbsp;&nbsp; 519 | 11256 | 11775 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| Total | &nbsp;&nbsp; $4035 | $71132 | $75167 | &nbsp;&nbsp;&nbsp;&nbsp; $32476 | $— | $32476 |

---

**Growth-Income 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $290697 | $3878399 | $4169096 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| Class 1A | &nbsp;&nbsp; 526 | 7252 | 7778 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| Class 2 | &nbsp;&nbsp; 159838 | 2211126 | 2370964 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| Class 3 | &nbsp;&nbsp; 1732 | 23742 | 25474 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| Class 4 | &nbsp;&nbsp; 33021 | 470380 | 503401 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| Total | &nbsp;&nbsp; $485814 | $6590899 | $7076713 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

**International Growth and Income 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $112 | $— | $112 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| Class 1A | &nbsp;&nbsp; 28 |  | 28 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| Class 2 | &nbsp;&nbsp; 614 |  | 614 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| Class 4 | &nbsp;&nbsp; 669 |  | 669 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| Total | &nbsp;&nbsp; $1423 | $— | $1423 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $9077 | $— | $9077 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| Class 1A | &nbsp;&nbsp; 143 |  | 143 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| Class 2 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| Class 4 | &nbsp;&nbsp; 6699 |  | 6699 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| Total | &nbsp;&nbsp; $16131 | $— | $16131 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $164502 | $1019238 | $1183740 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| Class 1A | &nbsp;&nbsp; 434 | 2795 | 3229 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| Class 2 | &nbsp;&nbsp; 43502 | 280960 | 324462 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| Class 3 | &nbsp;&nbsp; 326 | 2081 | 2407 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| Class 4 | &nbsp;&nbsp; 66287 | 445526 | 511813 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| Total | &nbsp;&nbsp; $275051 | $1750600 | $2025651 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $254 | $3585 | $3839 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| Class 1A | &nbsp;&nbsp; 9 | 152 | 161 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| Class 2 | &nbsp;&nbsp; 335 | 5617 | 5952 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| Class 4 | &nbsp;&nbsp; 324 | 6279 | 6603 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| Total | &nbsp;&nbsp; $922 | $15633 | $16555 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $60306 | $— | $60306 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| Class 1A | &nbsp;&nbsp; 2233 |  | 2233 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| Class 2 | &nbsp;&nbsp; 23485 |  | 23485 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| Class 4 | &nbsp;&nbsp; 10634 |  | 10634 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| Total | &nbsp;&nbsp; $96658 | $— | $96658 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1662 | $— | $1662 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| Class 1A | &nbsp;&nbsp; 53 |  | 53 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| Class 2 | &nbsp;&nbsp; 1727 |  | 1727 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| Class 4 | &nbsp;&nbsp; 146 |  | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| Total | &nbsp;&nbsp; $3588 | $— | $3588 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $2793 | $— | $2793 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| Class 1A | &nbsp;&nbsp; 37 |  | 37 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| Class 2 | &nbsp;&nbsp; 5937 |  | 5937 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| Class 3 | &nbsp;&nbsp; 87 |  | 87 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| Class 4 | &nbsp;&nbsp; 1919 |  | 1919 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| Total | &nbsp;&nbsp; $10773 | $— | $10773 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $143 | $— | $143 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| Class 1A | &nbsp;&nbsp; 23 |  | 23 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| Class 2 | &nbsp;&nbsp; 316 |  | 316 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| Class 4 | &nbsp;&nbsp; 414 |  | 414 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| Total | &nbsp;&nbsp; $896 | $— | $896 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

**Ultra-Short Bond 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $267 | $— | $267 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| Class 1A | &nbsp;&nbsp; 1 |  | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| Class 2 | &nbsp;&nbsp; 1787 |  | 1787 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| Class 3 | &nbsp;&nbsp; 29 |  | 29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| Class 4 | &nbsp;&nbsp; 473 |  | 473 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| Total | &nbsp;&nbsp; $2557 | $— | $2557 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $2151 | $— | $2151 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| Class 1A | &nbsp;&nbsp; 2157 |  | 2157 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| Class 2 | &nbsp;&nbsp; 8060 |  | 8060 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| Class 3 | &nbsp;&nbsp; 41 |  | 41 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| Class 4 | &nbsp;&nbsp; 1788 |  | 1788 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| Total | &nbsp;&nbsp; $14197 | $— | $14197 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $111 | $558 | $669 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| Class P2 | &nbsp;&nbsp; 2919 | 21164 | 24083 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| Total | &nbsp;&nbsp; $3030 | $21722 | $24752 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**Managed Risk International 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $40 | $— | $40 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| Class P2 | &nbsp;&nbsp; 4640 |  | 4640 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| Total | &nbsp;&nbsp; $4680 | $— | $4680 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

**Managed Risk Growth-Income 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $25511 | $70237 | $95748 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| Class P2 | &nbsp;&nbsp; 3596 | 10214 | 13810 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| Total | &nbsp;&nbsp; $29107 | $80451 | $109558 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation 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** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $208 | $722 | $930 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| Class P2 | &nbsp;&nbsp; 34023 | 121132 | 155155 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| Total | &nbsp;&nbsp; $34231 | $121854 | $156085 | &nbsp;&nbsp;&nbsp;&nbsp; $40202 | $28924 | $69126 |

---

<sup>3</sup>

Commencement of operations.

<sup>4</sup>

Amount less than one thousand.

**7. Fees and transactions**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**before waiver** | **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**before waiver** | **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**after waiver** |
| Global Growth Fund | .475<br> %<br>| .435<br> %<br>| $15.0 | $15.0 | .475<br> %<br>| .368<br> %<br>|
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .604 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .304 | .304 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .231 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .250 | .250 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .433 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund  | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $534 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 4295 | Not applicable | 515 |
| Class 4 | 1206 | 1207 | 145 |
| Total class-specific <br> expenses<br>| $5501 | $1233 | $1197 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $133 |
| Class 1A | $— | $7 | 1 |
| Class 2 | 2083 | Not applicable | 250 |
| Class 4 | 385 | 385 | 46 |
| Total class-specific <br> expenses<br>| $2468 | $392 | $430 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $3171 |
| Class 1A | $— | $489 | 59 |
| Class 2 | 24517 | Not applicable | 2942 |
| Class 3 | 239 | Not applicable | 40 |
| Class 4 | 6668 | 6668 | 800 |
| Total class-specific <br> expenses<br>| $31424 | $7157 | $7012 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $463 |
| Class 1A | $— | $16 | 2 |
| Class 2 | 4053 | Not applicable | 486 |
| Class 3 | 13 | Not applicable | 2 |
| Class 4 | 575 | 576 | 69 |
| Total class-specific <br> expenses<br>| $4641 | $592 | $1022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $271 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 992 | Not applicable | 119 |
| Class 4 | 1031 | 1031 | 124 |
| Total class-specific <br> expenses<br>| $2023 | $1046 | $516 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $924 |
| Class 1A | $— | $38 | 5 |
| Class 2 | 3686 | Not applicable | 442 |
| Class 4 | 2299 | 2299 | 276 |
| Total class-specific <br> expenses<br>| $5985 | $2337 | $1647 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $—<br> \*<br>|
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 |  | Not applicable | —<br> \*<br>|
| Class 4 | —<br> \*<br>| —<br> \*<br>| 2 |
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>| $2 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $88 |
| Class 1A | $— | $12 | 2 |
| Class 2 | 1251 | Not applicable | 150 |
| Class 4 | 349 | 349 | 42 |
| Total class-specific <br> expenses<br>| $1600 | $361 | $282 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $3562 |
| Class 1A | $— | $54 | 7 |
| Class 2 | 16700 | Not applicable | 2004 |
| Class 3 | 133 | Not applicable | 22 |
| Class 4 | 3381 | 3381 | 406 |
| Total class-specific <br> expenses<br>| $20214 | $3435 | $6001 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $4 |
| Class 1A | $— | $9 | 1 |
| Class 2 | 194 | Not applicable | 23 |
| Class 4 | 209 | 209 | 25 |
| Total class-specific <br> expenses<br>| $403 | $218 | $53 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $110 |
| Class 1A | $— | $16 | 2 |
| Class 2 | 23 | Not applicable | 3 |
| Class 4 | 831 | 831 | 99 |
| Total class-specific <br> expenses<br>| $854 | $847 | $214 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $2341 |
| Class 1A | $— | $52 | 6 |
| Class 2 | 5281 | Not applicable | 634 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 8215 | 8214 | 986 |
| Total class-specific <br> expenses<br>| $13524 | $8266 | $3972 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $14 |
| Class 1A | $— | $5 | 1 |
| Class 2 | 183 | Not applicable | 22 |
| Class 4 | 191 | 191 | 23 |
| Total class-specific <br> expenses<br>| $374 | $196 | $60 |

---

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1017 |
| Class 1A | $— | $290 | 35 |
| Class 2 | 3381 | Not applicable | 406 |
| Class 4 | 1525 | 1525 | 183 |
| Total class-specific <br> expenses<br>| $4906 | $1815 | $1641 |

---

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $89 |
| Class 1A | $— | $46 | 6 |
| Class 2 | 937 | Not applicable | 112 |
| Class 4 | 81 | 80 | 10 |
| Total class-specific <br> expenses<br>| $1018 | $126 | $217 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $35 |
| Class 1A | $— | $4 | 1 |
| Class 2 | 660 | Not applicable | 79 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 221 | 221 | 27 |
| Total class-specific <br> expenses<br>| $888 | $225 | $143 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $3 |
| Class 1A | $— | $3 | —<br> \*<br>|
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 66 | 66 | 8 |
| Total class-specific <br> expenses<br>| $117 | $69 | $17 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 291 | Not applicable | 35 |
| Class 3 | 3 | Not applicable | 1 |
| Class 4 | 88 | 88 | 10 |
| Total class-specific <br> expenses<br>| $382 | $88 | $51 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $39 |
| Class 1A | $— | $358 | 43 |
| Class 2 | 1287 | Not applicable | 154 |
| Class 3 | 4 | Not applicable | 1 |
| Class 4 | 280 | 280 | 34 |
| Total class-specific <br> expenses<br>| $1571 | $638 | $271 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $16 |
| Class P2 | $608 | 609 |
| Total class-specific <br> expenses<br>| $608 | $625 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $2 |
| Class P2 | $138 | 139 |
| Total class-specific <br> expenses<br>| $138 | $141 |

---

**Managed Risk Washington Mutual Investors Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $3 |
| Class P2 | $388 | 388 |
| Total class-specific <br> expenses<br>| $388 | $391 |

---

**Managed Risk Growth-Income Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $2275 |
| Class P2 | $327 | 327 |
| Total class-specific <br> expenses<br>| $327 | $2602 |

---

**Managed Risk Asset Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $15 |
| Class P2 | $2402 | 2401 |
| Total class-specific <br> expenses<br>| $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):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| Global Growth Fund | &nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Growth Fund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| International Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| New World Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital World Growth and Income Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Growth-Income Fund | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| International Growth and Income Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital Income Builder | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Asset Allocation Fund | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| The Bond Fund of America | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Capital World Bond Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| American High-Income Trust | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ultra-Short Bond Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| U.S. Government Securities Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk International Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**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):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**gain (loss)**<br>|
| Global Growth Fund | &nbsp;&nbsp; $88976 | &nbsp;&nbsp; $14964 | &nbsp;&nbsp; $2923 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 17787 | &nbsp;&nbsp; 7499 | &nbsp;&nbsp; 1872 |
| Growth Fund | &nbsp;&nbsp; 262208 | &nbsp;&nbsp; 192926 | &nbsp;&nbsp; 65081 |
| International Fund | &nbsp;&nbsp; 95968 | &nbsp;&nbsp; 38929 | &nbsp;&nbsp; 6168 |
| New World Fund | &nbsp;&nbsp; 9610 | &nbsp;&nbsp; 29959 | &nbsp;&nbsp; 5791 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 73880 | &nbsp;&nbsp; 101813 | &nbsp;&nbsp; 14322 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 21390 | &nbsp;&nbsp; 27562 | &nbsp;&nbsp; 6719 |
| Growth-Income Fund | &nbsp;&nbsp; 332042 | &nbsp;&nbsp; 383247 | &nbsp;&nbsp; 101737 |
| International Growth and Income Fund | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 138 |
| Capital Income Builder | &nbsp;&nbsp; 14710 | &nbsp;&nbsp; 14805 | &nbsp;&nbsp; 4080 |
| Asset Allocation Fund | &nbsp;&nbsp; 199278 | &nbsp;&nbsp; 71009 | &nbsp;&nbsp; 43548 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 2269 | &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $132465 | 3800 | &nbsp;&nbsp; $473203 | 13844 | &nbsp;&nbsp; $(297705)<br>| (8075)<br>| &nbsp;&nbsp; $307963 | 9569 |
| Class 1A | 1877 | 52 | &nbsp;&nbsp; 2862 | 84 | &nbsp;&nbsp; (1125)<br>| (31)<br>| &nbsp;&nbsp; 3614 | 105 |
| Class 2 | 18094 | 501 | &nbsp;&nbsp; 458474 | 13654 | &nbsp;&nbsp; (244822)<br>| (6757)<br>| &nbsp;&nbsp; 231746 | 7398 |
| Class 4 | 88558 | 2477 | &nbsp;&nbsp; 134552 | 4068 | &nbsp;&nbsp; (49285)<br>| (1386)<br>| &nbsp;&nbsp; 173825 | 5159 |
| Total net increase (decrease) | $240994 | 6830 | &nbsp;&nbsp; $1069091 | 31650 | &nbsp;&nbsp; $(592937)<br>| (16249)<br>| &nbsp;&nbsp; $717148 | 22231 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $41857 | 2403 | &nbsp;&nbsp;&nbsp; $19028 | 1042 | &nbsp;&nbsp;&nbsp; $(166307)<br>| (9259)<br>| &nbsp;&nbsp;&nbsp; $(105422)<br>| (5814)<br>|
| Class 1A | 339 | 19 | &nbsp;&nbsp;&nbsp; 126 | 7 | &nbsp;&nbsp;&nbsp; (191)<br>| (11)<br>| &nbsp;&nbsp;&nbsp; 274 | 15 |
| Class 2 | 21045 | 1286 | &nbsp;&nbsp;&nbsp; 39095 | 2285 | &nbsp;&nbsp;&nbsp; (102502)<br>| (6007)<br>| &nbsp;&nbsp;&nbsp; (42362)<br>| (2436)<br>|
| Class 4 | 72171 | 4238 | &nbsp;&nbsp;&nbsp; 7315 | 429 | &nbsp;&nbsp;&nbsp; (18863)<br>| (1119)<br>| &nbsp;&nbsp;&nbsp; 60623 | 3548 |
| Total net increase (decrease) | $135412 | 7946 | &nbsp;&nbsp;&nbsp; $65564 | 3763 | &nbsp;&nbsp;&nbsp; $(287863)<br>| (16396)<br>| &nbsp;&nbsp;&nbsp; $(86887)<br>| (4687)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $1154878 | 9350 | &nbsp;&nbsp; $1813129 | 14793 | &nbsp;&nbsp; $(1579414)<br>| (12694)<br>| &nbsp;&nbsp; $1388593 | 11449 |
| Class 1A | 73719 | 595 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (97203)<br>| (749)<br>| &nbsp;&nbsp; 7055 | 98 |
| Class 2 | 248965 | 2034 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (1393936)<br>| (11137)<br>| &nbsp;&nbsp; 532097 | 4789 |
| Class 3 | 553 | 5 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (16524)<br>| (130)<br>| &nbsp;&nbsp; 6147 | 53 |
| Class 4 | 589030 | 4934 | &nbsp;&nbsp; 490866 | 4194 | &nbsp;&nbsp; (173917)<br>| (1448)<br>| &nbsp;&nbsp; 905979 | 7680 |
| Total net increase (decrease) | $2067145 | 16918 | &nbsp;&nbsp; $4033720 | 33309 | &nbsp;&nbsp; $(3260994)<br>| (26158)<br>| &nbsp;&nbsp; $2839871 | 24069 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $63294 | 3490 | &nbsp;&nbsp; $2080 | 108 | &nbsp;&nbsp; $(231772)<br>| (12501)<br>| &nbsp;&nbsp; $(166398)<br>| (8903)<br>|
| Class 1A | 530 | 29 | &nbsp;&nbsp; 4 | — <br><sup>2</sup><br>| &nbsp;&nbsp; (639)<br>| (35)<br>| &nbsp;&nbsp; (105)<br>| (6)<br>|
| Class 2 | 94000 | 5226 | &nbsp;&nbsp; 776 | 41 | &nbsp;&nbsp; (307337)<br>| (16707)<br>| &nbsp;&nbsp; (212561)<br>| (11440)<br>|
| Class 3 | 100 | 5 | &nbsp;&nbsp; 5 | — <br><sup>2</sup><br>| &nbsp;&nbsp; (956)<br>| (50)<br>| &nbsp;&nbsp; (851)<br>| (45)<br>|
| Class 4 | 34797 | 1938 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (23149)<br>| (1275)<br>| &nbsp;&nbsp; 11648 | 663 |
| Total net increase (decrease) | $192721 | 10688 | &nbsp;&nbsp; $2865 | 149 | &nbsp;&nbsp; $(563853)<br>| (30568)<br>| &nbsp;&nbsp; $(368267)<br>| (19731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $71378 | 2538 | &nbsp;&nbsp;&nbsp; $80187 | 2838 | &nbsp;&nbsp;&nbsp; $(176169)<br>| (6345)<br>| &nbsp;&nbsp;&nbsp; $(24604)<br>| (969)<br>|
| Class 1A | 408 | 15 | &nbsp;&nbsp;&nbsp; 502 | 18 | &nbsp;&nbsp;&nbsp; (1825)<br>| (67)<br>| &nbsp;&nbsp;&nbsp; (915)<br>| (34)<br>|
| Class 2 | 30481 | 1122 | &nbsp;&nbsp;&nbsp; 35106 | 1260 | &nbsp;&nbsp;&nbsp; (87236)<br>| (3178)<br>| &nbsp;&nbsp;&nbsp; (21649)<br>| (796)<br>|
| Class 4 | 41929 | 1547 | &nbsp;&nbsp;&nbsp; 37088 | 1345 | &nbsp;&nbsp;&nbsp; (71596)<br>| (2638)<br>| &nbsp;&nbsp;&nbsp; 7421 | 254 |
| Total net increase (decrease) | $144196 | 5222 | &nbsp;&nbsp;&nbsp; $152883 | 5461 | &nbsp;&nbsp;&nbsp; $(336826)<br>| (12228)<br>| &nbsp;&nbsp;&nbsp; $(39747)<br>| (1545)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $101514 | 6077 | &nbsp;&nbsp; $447861 | 27045 | &nbsp;&nbsp; $(433964)<br>| (25486)<br>| &nbsp;&nbsp; $115411 | 7636 |
| Class 1A | 3863 | 226 | &nbsp;&nbsp; 2368 | 144 | &nbsp;&nbsp; (1054)<br>| (61)<br>| &nbsp;&nbsp; 5177 | 309 |
| Class 2 | 41877 | 2492 | &nbsp;&nbsp; 217964 | 13455 | &nbsp;&nbsp; (205682)<br>| (12318)<br>| &nbsp;&nbsp; 54159 | 3629 |
| Class 4 | 179899 | 10924 | &nbsp;&nbsp; 143109 | 8955 | &nbsp;&nbsp; (58553)<br>| (3594)<br>| &nbsp;&nbsp; 264455 | 16285 |
| Total net increase (decrease) | $327153 | 19719 | &nbsp;&nbsp; $811302 | 49599 | &nbsp;&nbsp; $(699253)<br>| (41459)<br>| &nbsp;&nbsp; $439202 | 27859 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 7 |
| Total net increase (decrease) | &nbsp;&nbsp; $68 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $73 | &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** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $40119 | 2660 | &nbsp;&nbsp;&nbsp; $22861 | 1414 | &nbsp;&nbsp;&nbsp; $(98762)<br>| (6251)<br>| &nbsp;&nbsp;&nbsp; $(35782)<br>| (2177)<br>|
| Class 1A | 1184 | 74 | &nbsp;&nbsp;&nbsp; 383 | 23 | &nbsp;&nbsp;&nbsp; (280)<br>| (17)<br>| &nbsp;&nbsp;&nbsp; 1287 | 80 |
| Class 2 | 9776 | 617 | &nbsp;&nbsp;&nbsp; 39834 | 2473 | &nbsp;&nbsp;&nbsp; (88441)<br>| (5547)<br>| &nbsp;&nbsp;&nbsp; (38831)<br>| (2457)<br>|
| Class 4 | 26679 | 1720 | &nbsp;&nbsp;&nbsp; 11775 | 752 | &nbsp;&nbsp;&nbsp; (14288)<br>| (925)<br>| &nbsp;&nbsp;&nbsp; 24166 | 1547 |
| Total net increase (decrease) | $77758 | 5071 | &nbsp;&nbsp;&nbsp; $74853 | 4662 | &nbsp;&nbsp;&nbsp; $(201771)<br>| (12740)<br>| &nbsp;&nbsp;&nbsp; $(49160)<br>| (3007)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $61832 | 4046 | &nbsp;&nbsp;&nbsp; $11187 | 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| (3421)<br>|
| Class 1A | 1263 | 86 | &nbsp;&nbsp;&nbsp; 144 | 9 | &nbsp;&nbsp;&nbsp; (793)<br>| (51)<br>| &nbsp;&nbsp;&nbsp; 614 | 44 |
| Class 2 | 14751 | 970 | &nbsp;&nbsp;&nbsp; 17039 | 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| (9757)<br>|
| Class 4 | 31604 | 2138 | &nbsp;&nbsp;&nbsp; 3943 | 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | &nbsp;&nbsp;&nbsp; $32313 | 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $511559 | 7825 | &nbsp;&nbsp; $4165917 | 69688 | &nbsp;&nbsp; $(1641284)<br>| (24371)<br>| &nbsp;&nbsp; $3036192 | 53142 |
| Class 1A | 2245 | 35 | &nbsp;&nbsp; 7777 | 131 | &nbsp;&nbsp; (1976)<br>| (29)<br>| &nbsp;&nbsp; 8046 | 137 |
| Class 2 | 63453 | 961 | &nbsp;&nbsp; 2370964 | 40536 | &nbsp;&nbsp; (883298)<br>| (13297)<br>| &nbsp;&nbsp; 1551119 | 28200 |
| Class 3 | 270 | 4 | &nbsp;&nbsp; 25474 | 426 | &nbsp;&nbsp; (12167)<br>| (178)<br>| &nbsp;&nbsp; 13577 | 252 |
| Class 4 | 194913 | 2988 | &nbsp;&nbsp; 503401 | 8808 | &nbsp;&nbsp; (123143)<br>| (1891)<br>| &nbsp;&nbsp; 575171 | 9905 |
| Total net increase (decrease) | $772440 | 11813 | &nbsp;&nbsp; $7073533 | 119589 | &nbsp;&nbsp; $(2661868)<br>| (39766)<br>| &nbsp;&nbsp; $5184105 | 91636 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $15811 | &nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $(5330)<br>| &nbsp;&nbsp; (497)<br>| &nbsp;&nbsp;&nbsp; $10593 | &nbsp;&nbsp; 897 |
| Class 1A | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp; 23 |
| Class 2 | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (17536)<br>| &nbsp;&nbsp; (1614)<br>| &nbsp;&nbsp;&nbsp; (14803)<br>| &nbsp;&nbsp; (1365)<br>|
| Class 4 | &nbsp;&nbsp; 21208 | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (11288)<br>| &nbsp;&nbsp; (1056)<br>| &nbsp;&nbsp;&nbsp; 10589 | &nbsp;&nbsp; 983 |
| Total net increase (decrease) | &nbsp;&nbsp; $39694 | &nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp; $1423 | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; $(34504)<br>| &nbsp;&nbsp; (3200)<br>| &nbsp;&nbsp;&nbsp; $6613 | &nbsp;&nbsp; 538 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $3051 | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; $461 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; $(1958)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; $1554 | &nbsp;&nbsp; 146 |
| Class 1A | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (1296)<br>| &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp; (22)<br>|
| Class 2 | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; (25957)<br>| &nbsp;&nbsp; (2509)<br>| &nbsp;&nbsp;&nbsp; (17021)<br>| &nbsp;&nbsp; (1642)<br>|
| Class 4 | &nbsp;&nbsp; 22262 | &nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp; 3583 | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; (19235)<br>| &nbsp;&nbsp; (1887)<br>| &nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp; 664 |
| Total net increase (decrease) | &nbsp;&nbsp; $31302 | &nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp; $8097 | &nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; $(48446)<br>| &nbsp;&nbsp; (4709)<br>| &nbsp;&nbsp;&nbsp; $(9047)<br>| &nbsp;&nbsp; (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $53250 | 4104 | &nbsp;&nbsp;&nbsp; $9077 | 689 | &nbsp;&nbsp;&nbsp; $(55753)<br>| (4314)<br>| &nbsp;&nbsp;&nbsp; $6574 | 479 |
| Class 1A | 723 | 57 | &nbsp;&nbsp;&nbsp; 143 | 11 | &nbsp;&nbsp;&nbsp; (879)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| — <br><sup>2</sup><br>|
| Class 2 | 874 | 66 | &nbsp;&nbsp;&nbsp; 212 | 16 | &nbsp;&nbsp;&nbsp; (1115)<br>| (85)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| (3)<br>|
| Class 4 | 72342 | 5524 | &nbsp;&nbsp;&nbsp; 6699 | 509 | &nbsp;&nbsp;&nbsp; (39075)<br>| (3019)<br>| &nbsp;&nbsp;&nbsp; 39966 | 3014 |
| Total net increase (decrease) | $127189 | 9751 | &nbsp;&nbsp;&nbsp; $16131 | 1225 | &nbsp;&nbsp;&nbsp; $(96822)<br>| (7486)<br>| &nbsp;&nbsp;&nbsp; $46498 | 3490 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $55004 | 4532 | &nbsp;&nbsp;&nbsp; $25389 | 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | 489 |
| Class 1A | 1738 | 141 | &nbsp;&nbsp;&nbsp; 397 | 32 | &nbsp;&nbsp;&nbsp; (825)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | 105 |
| Class 2 | 3421 | 272 | &nbsp;&nbsp;&nbsp; 575 | 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | 193 |
| Class 4 | 82282 | 6662 | &nbsp;&nbsp;&nbsp; 19315 | 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | &nbsp;&nbsp;&nbsp; $45676 | 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $214618 | 8406 | &nbsp;&nbsp; $1183741 | 46955 | &nbsp;&nbsp; $(1239167)<br>| (47739)<br>| &nbsp;&nbsp; $159192 | 7622 |
| Class 1A | 3528 | 137 | &nbsp;&nbsp; 3229 | 129 | &nbsp;&nbsp; (3619)<br>| (139)<br>| &nbsp;&nbsp; 3138 | 127 |
| Class 2 | 41143 | 1602 | &nbsp;&nbsp; 324461 | 13093 | &nbsp;&nbsp; (312360)<br>| (12180)<br>| &nbsp;&nbsp; 53244 | 2515 |
| Class 3 | 313 | 12 | &nbsp;&nbsp; 2407 | 96 | &nbsp;&nbsp; (1415)<br>| (54)<br>| &nbsp;&nbsp; 1305 | 54 |
| Class 4 | 189713 | 7467 | &nbsp;&nbsp; 511813 | 20873 | &nbsp;&nbsp; (394555)<br>| (15526)<br>| &nbsp;&nbsp; 306971 | 12814 |
| Total net increase (decrease) | $449315 | 17624 | &nbsp;&nbsp; $2025651 | 81146 | &nbsp;&nbsp; $(1951116)<br>| (75638)<br>| &nbsp;&nbsp; $523850 | 23132 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $4237 | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; $3840 | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; $(11565)<br>| &nbsp;&nbsp; (878)<br>| &nbsp;&nbsp;&nbsp; $(3488)<br>| &nbsp;&nbsp; (264)<br>|
| Class 1A | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; 15 |
| Class 2 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; (14274)<br>| &nbsp;&nbsp; (1080)<br>| &nbsp;&nbsp;&nbsp; (7108)<br>| &nbsp;&nbsp; (537)<br>|
| Class 4 | &nbsp;&nbsp; 20102 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp; 6604 | &nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; (10367)<br>| &nbsp;&nbsp; (799)<br>| &nbsp;&nbsp;&nbsp; 16339 | &nbsp;&nbsp; 1257 |
| Total net increase (decrease) | &nbsp;&nbsp; $25810 | &nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp; $16556 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; $(36421)<br>| &nbsp;&nbsp; (2773)<br>| &nbsp;&nbsp;&nbsp; $5945 | &nbsp;&nbsp; 471 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $413053 | 43891 | &nbsp;&nbsp; $59979 | 6381 | &nbsp;&nbsp; $(982200)<br>| (103891)<br>| &nbsp;&nbsp; $(509168)<br>| (53619)<br>|
| Class 1A | 44943 | 4815 | &nbsp;&nbsp; 2233 | 240 | &nbsp;&nbsp; (16662)<br>| (1774)<br>| &nbsp;&nbsp; 30514 | 3281 |
| Class 2 | 38712 | 4164 | &nbsp;&nbsp; 23485 | 2542 | &nbsp;&nbsp; (206373)<br>| (22197)<br>| &nbsp;&nbsp; (144176)<br>| (15491)<br>|
| Class 4 | 111809 | 12133 | &nbsp;&nbsp; 10633 | 1158 | &nbsp;&nbsp; (66741)<br>| (7230)<br>| &nbsp;&nbsp; 55701 | 6061 |
| Total net increase (decrease) | $608517 | 65003 | &nbsp;&nbsp; $96330 | 10321 | &nbsp;&nbsp; $(1271976)<br>| (135092)<br>| &nbsp;&nbsp; $(567129)<br>| (59768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $53252 | 5284 | &nbsp;&nbsp;&nbsp; $1662 | 163 | &nbsp;&nbsp;&nbsp; $(71979)<br>| (7167)<br>| &nbsp;&nbsp;&nbsp; $(17065)<br>| (1720)<br>|
| Class 1A | 2275 | 236 | &nbsp;&nbsp;&nbsp; 53 | 5 | &nbsp;&nbsp;&nbsp; (18255)<br>| (1837)<br>| &nbsp;&nbsp;&nbsp; (15927)<br>| (1596)<br>|
| Class 2 | 34568 | 3519 | &nbsp;&nbsp;&nbsp; 1728 | 172 | &nbsp;&nbsp;&nbsp; (102579)<br>| (10384)<br>| &nbsp;&nbsp;&nbsp; (66283)<br>| (6693)<br>|
| Class 4 | 11296 | 1158 | &nbsp;&nbsp;&nbsp; 146 | 15 | &nbsp;&nbsp;&nbsp; (5087)<br>| (523)<br>| &nbsp;&nbsp;&nbsp; 6355 | 650 |
| Total net increase (decrease) | $101391 | 10197 | &nbsp;&nbsp;&nbsp; $3589 | 355 | &nbsp;&nbsp;&nbsp; $(197900)<br>| (19911)<br>| &nbsp;&nbsp;&nbsp; $(92920)<br>| (9359)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $50423 | 5049 | &nbsp;&nbsp;&nbsp; $15387 | 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| (4396)<br>|
| Class 1A | 39370 | 4030 | &nbsp;&nbsp;&nbsp; 983 | 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | 3970 |
| Class 2 | 107727 | 10975 | &nbsp;&nbsp;&nbsp; 16410 | 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| (1571)<br>|
| Class 4 | 13021 | 1348 | &nbsp;&nbsp;&nbsp; 1135 | 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | &nbsp;&nbsp;&nbsp; $33915 | 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $24975 | 2760 | &nbsp;&nbsp;&nbsp; $2778 | 300 | &nbsp;&nbsp;&nbsp; $(15383)<br>| (1664)<br>| &nbsp;&nbsp;&nbsp; $12370 | 1396 |
| Class 1A | 537 | 58 | &nbsp;&nbsp;&nbsp; 37 | 4 | &nbsp;&nbsp;&nbsp; (528)<br>| (57)<br>| &nbsp;&nbsp;&nbsp; 46 | 5 |
| Class 2 | 24001 | 2639 | &nbsp;&nbsp;&nbsp; 5936 | 658 | &nbsp;&nbsp;&nbsp; (45605)<br>| (5041)<br>| &nbsp;&nbsp;&nbsp; (15668)<br>| (1744)<br>|
| Class 3 | 172 | 18 | &nbsp;&nbsp;&nbsp; 87 | 9 | &nbsp;&nbsp;&nbsp; (497)<br>| (53)<br>| &nbsp;&nbsp;&nbsp; (238)<br>| (26)<br>|
| Class 4 | 70614 | 6928 | &nbsp;&nbsp;&nbsp; 1920 | 189 | &nbsp;&nbsp;&nbsp; (33731)<br>| (3336)<br>| &nbsp;&nbsp;&nbsp; 38803 | 3781 |
| Total net increase (decrease) | $120299 | 12403 | &nbsp;&nbsp;&nbsp; $10758 | 1160 | &nbsp;&nbsp;&nbsp; $(95744)<br>| (10151)<br>| &nbsp;&nbsp;&nbsp; $35313 | 3412 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $9340 | 1009 | &nbsp;&nbsp;&nbsp; $15096 | 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| (73)<br>|
| Class 1A | 996 | 107 | &nbsp;&nbsp;&nbsp; 199 | 21 | &nbsp;&nbsp;&nbsp; (720)<br>| (77)<br>| &nbsp;&nbsp;&nbsp; 475 | 51 |
| Class 2 | 18069 | 1979 | &nbsp;&nbsp;&nbsp; 35146 | 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| (1255)<br>|
| Class 3 | 151 | 16 | &nbsp;&nbsp;&nbsp; 529 | 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| (57)<br>|
| Class 4 | 93982 | 9271 | &nbsp;&nbsp;&nbsp; 8335 | 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | &nbsp;&nbsp;&nbsp; $59305 | 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; $143 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; $217 | &nbsp;&nbsp; 24 |
| Class 1A | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 27 |
| Class 2 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; (3788)<br>| &nbsp;&nbsp; (412)<br>| &nbsp;&nbsp;&nbsp; (2127)<br>| &nbsp;&nbsp; (232)<br>|
| Class 4 | &nbsp;&nbsp; 7786 | &nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; (3836)<br>| &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp;&nbsp; 4364 | &nbsp;&nbsp; 480 |
| Total net increase (decrease) | &nbsp;&nbsp; $9735 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; $896 | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; $(7927)<br>| &nbsp;&nbsp; (867)<br>| &nbsp;&nbsp;&nbsp; $2704 | &nbsp;&nbsp; 299 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $6176 | 542 | &nbsp;&nbsp;&nbsp; $266 | 23 | &nbsp;&nbsp;&nbsp; $(11314)<br>| (993)<br>| &nbsp;&nbsp;&nbsp; $(4872)<br>| (428)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>2</sup><br>|
| Class 2 | 32949 | 2991 | &nbsp;&nbsp;&nbsp; 1788 | 162 | &nbsp;&nbsp;&nbsp; (54467)<br>| (4948)<br>| &nbsp;&nbsp;&nbsp; (19730)<br>| (1795)<br>|
| Class 3 | 112 | 10 | &nbsp;&nbsp;&nbsp; 29 | 3 | &nbsp;&nbsp;&nbsp; (392)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; (251)<br>| (22)<br>|
| Class 4 | 43286 | 3915 | &nbsp;&nbsp;&nbsp; 473 | 43 | &nbsp;&nbsp;&nbsp; (37336)<br>| (3358)<br>| &nbsp;&nbsp;&nbsp; 6423 | 600 |
| Total net increase (decrease) | $82523 | 7458 | &nbsp;&nbsp;&nbsp; $2557 | 231 | &nbsp;&nbsp;&nbsp; $(103509)<br>| (9334)<br>| &nbsp;&nbsp;&nbsp; $(18429)<br>| (1645)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $16477 | 1429 | &nbsp;&nbsp;&nbsp; $1996 | 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| (135)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6 | 1 |
| Class 2 | 57235 | 5128 | &nbsp;&nbsp;&nbsp; 12858 | 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| (2421)<br>|
| Class 3 | 370 | 32 | &nbsp;&nbsp;&nbsp; 204 | 19 | &nbsp;&nbsp;&nbsp; (841)<br>| (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| (23)<br>|
| Class 4 | 19303 | 1714 | &nbsp;&nbsp;&nbsp; 2569 | 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| (378)<br>|
| Total net increase (decrease) | $93385 | 8303 | &nbsp;&nbsp;&nbsp; $17633 | 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $44977 | 4581 | &nbsp;&nbsp;&nbsp; $2087 | 213 | &nbsp;&nbsp;&nbsp; $(56128)<br>| (5713)<br>| &nbsp;&nbsp;&nbsp; $(9064)<br>| (919)<br>|
| Class 1A | 15985 | 1654 | &nbsp;&nbsp;&nbsp; 2157 | 222 | &nbsp;&nbsp;&nbsp; (37901)<br>| (3880)<br>| &nbsp;&nbsp;&nbsp; (19759)<br>| (2004)<br>|
| Class 2 | 45477 | 4677 | &nbsp;&nbsp;&nbsp; 8060 | 834 | &nbsp;&nbsp;&nbsp; (115722)<br>| (11932)<br>| &nbsp;&nbsp;&nbsp; (62185)<br>| (6421)<br>|
| Class 3 | 241 | 24 | &nbsp;&nbsp;&nbsp; 41 | 4 | &nbsp;&nbsp;&nbsp; (241)<br>| (24)<br>| &nbsp;&nbsp;&nbsp; 41 | 4 |
| Class 4 | 64712 | 6659 | &nbsp;&nbsp;&nbsp; 1788 | 185 | &nbsp;&nbsp;&nbsp; (48932)<br>| (5051)<br>| &nbsp;&nbsp;&nbsp; 17568 | 1793 |
| Total net increase (decrease) | $171392 | 17595 | &nbsp;&nbsp;&nbsp; $14133 | 1458 | &nbsp;&nbsp;&nbsp; $(258924)<br>| (26600)<br>| &nbsp;&nbsp;&nbsp; $(73399)<br>| (7547)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $68973 | 6957 | &nbsp;&nbsp;&nbsp; $10757 | 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | 1982 |
| Class 1A | 283124 | 28940 | &nbsp;&nbsp;&nbsp; 11344 | 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | 29455 |
| Class 2 | 101793 | 10487 | &nbsp;&nbsp;&nbsp; 42550 | 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | 1383 |
| Class 3 | 881 | 89 | &nbsp;&nbsp;&nbsp; 204 | 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| (71)<br>|
| Class 4 | 72367 | 7407 | &nbsp;&nbsp;&nbsp; 7920 | 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | &nbsp;&nbsp;&nbsp; $72775 | 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $492 | 38 | &nbsp;&nbsp;&nbsp; $669 | 52 | &nbsp;&nbsp;&nbsp; $(1087)<br>| (82)<br>| &nbsp;&nbsp;&nbsp; $74 | 8 |
| Class P2 | 7709 | 598 | &nbsp;&nbsp;&nbsp; 24083 | 1898 | &nbsp;&nbsp;&nbsp; (41369)<br>| (3152)<br>| &nbsp;&nbsp;&nbsp; (9577)<br>| (656)<br>|
| Total net increase (decrease) | $8201 | 636 | &nbsp;&nbsp;&nbsp; $24752 | 1950 | &nbsp;&nbsp;&nbsp; $(42456)<br>| (3234)<br>| &nbsp;&nbsp;&nbsp; $(9503)<br>| (648)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $974 | 79 | &nbsp;&nbsp;&nbsp; $93 | 8 | &nbsp;&nbsp;&nbsp; $(2663)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; $(1596)<br>| (133)<br>|
| Class P2 | 10767 | 875 | &nbsp;&nbsp;&nbsp; 2326 | 197 | &nbsp;&nbsp;&nbsp; (100353)<br>| (8347)<br>| &nbsp;&nbsp;&nbsp; (87260)<br>| (7275)<br>|
| Total net increase (decrease) | $11741 | 954 | &nbsp;&nbsp;&nbsp; $2419 | 205 | &nbsp;&nbsp;&nbsp; $(103016)<br>| (8567)<br>| &nbsp;&nbsp;&nbsp; $(88856)<br>| (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(79)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp; 8 |
| Class P2 | &nbsp;&nbsp; 2379 | &nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; (6722)<br>| &nbsp;&nbsp; (818)<br>| &nbsp;&nbsp;&nbsp; (2893)<br>| &nbsp;&nbsp; (349)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $2492 | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; $(6801)<br>| &nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; $(2829)<br>| &nbsp;&nbsp; (341)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(184)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; $(71)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 4640 | &nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; (20378)<br>| &nbsp;&nbsp; (1735)<br>| &nbsp;&nbsp;&nbsp; (12903)<br>| &nbsp;&nbsp; (1096)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $2908 | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; $4680 | &nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp; $(20562)<br>| &nbsp;&nbsp; (1750)<br>| &nbsp;&nbsp;&nbsp; $(12974)<br>| &nbsp;&nbsp; (1102)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $22938 | 1634 | &nbsp;&nbsp;&nbsp; $95748 | 7025 | &nbsp;&nbsp;&nbsp; $(138781)<br>| (9811)<br>| &nbsp;&nbsp;&nbsp; $(20095)<br>| (1152)<br>|
| Class P2 | 2032 | 146 | &nbsp;&nbsp;&nbsp; 13810 | 1021 | &nbsp;&nbsp;&nbsp; (18320)<br>| (1305)<br>| &nbsp;&nbsp;&nbsp; (2478)<br>| (138)<br>|
| Total net increase (decrease) | $24970 | 1780 | &nbsp;&nbsp;&nbsp; $109558 | 8046 | &nbsp;&nbsp;&nbsp; $(157101)<br>| (11116)<br>| &nbsp;&nbsp;&nbsp; $(22573)<br>| (1290)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $16125 | 1168 | &nbsp;&nbsp;&nbsp; $58164 | 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| (19769)<br>|
| Class P2 | 4069 | 297 | &nbsp;&nbsp;&nbsp; 7744 | 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| (3041)<br>|
| Total net increase (decrease) | $20194 | 1465 | &nbsp;&nbsp;&nbsp; $65908 | 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $12 | 1 | &nbsp;&nbsp;&nbsp; $930 | 75 | &nbsp;&nbsp;&nbsp; $(185)<br>| (14)<br>| &nbsp;&nbsp;&nbsp; $757 | 62 |
| Class P2 | 9933 | 798 | &nbsp;&nbsp;&nbsp; 155155 | 13016 | &nbsp;&nbsp;&nbsp; (171239)<br>| (13497)<br>| &nbsp;&nbsp;&nbsp; (6151)<br>| 317 |
| Total net increase (decrease) | $9945 | 799 | &nbsp;&nbsp;&nbsp; $156085 | 13091 | &nbsp;&nbsp;&nbsp; $(171424)<br>| (13511)<br>| &nbsp;&nbsp;&nbsp; $(5394)<br>| 379 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $1509 | 116 | &nbsp;&nbsp;&nbsp; $365 | 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; $549 | 37 |
| Class P2 | 32478 | 2619 | &nbsp;&nbsp;&nbsp; 68762 | 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| (23932)<br>|
| Total net increase (decrease) | $33987 | 2735 | &nbsp;&nbsp;&nbsp; $69127 | 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $1179396 | &nbsp;&nbsp; $757557 | &nbsp;&nbsp; $6385618 | &nbsp;&nbsp; $2780244 | &nbsp;&nbsp; $785414 | &nbsp;&nbsp; $1990904 |
| Sales of investment securities\* | &nbsp;&nbsp; 1347163 | &nbsp;&nbsp; 939607 | &nbsp;&nbsp; 7875256 | &nbsp;&nbsp; 2957157 | &nbsp;&nbsp; 998449 | &nbsp;&nbsp; 2405834 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 3183 | &nbsp;&nbsp; 8711 | &nbsp;&nbsp; 3916 | &nbsp;&nbsp; 784 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (829)<br>| &nbsp;&nbsp; 2490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10524 | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 5299 | &nbsp;&nbsp; 17693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28246 | &nbsp;&nbsp; 21733 | &nbsp;&nbsp; — |
| Interest income from affiliated issuers | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World** <br> **Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3209 | &nbsp;&nbsp; $479965 | &nbsp;&nbsp; $7133302 | &nbsp;&nbsp; $99185 | &nbsp;&nbsp; $393384 | &nbsp;&nbsp; $11283114 |
| Sales of investment securities\* | &nbsp;&nbsp; 3287 | &nbsp;&nbsp; 609901 | &nbsp;&nbsp; 8577738 | &nbsp;&nbsp; 91723 | &nbsp;&nbsp; 425205 | &nbsp;&nbsp; 12909245 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 2655 |
| Non-U.S. taxes paid on realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $172059 | &nbsp;&nbsp; $7186261 | &nbsp;&nbsp; $824354 | &nbsp;&nbsp; $216134 | &nbsp;&nbsp; $240611 | &nbsp;&nbsp; $— |
| Sales of investment securities\* | &nbsp;&nbsp; 186597 | &nbsp;&nbsp; 7700521 | &nbsp;&nbsp; 863783 | &nbsp;&nbsp; 157435 | &nbsp;&nbsp; 230976 | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on interest income | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on realized gains | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br> **Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $2190673 | &nbsp;&nbsp; $140971 | &nbsp;&nbsp; $12970 | &nbsp;&nbsp; $52478 | &nbsp;&nbsp; $491790 | &nbsp;&nbsp; $243681 |
| Sales of investment securities\* | &nbsp;&nbsp; 2371368 | &nbsp;&nbsp; 156432 | &nbsp;&nbsp; 24362 | &nbsp;&nbsp; 62127 | &nbsp;&nbsp; 404203 | &nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $36.91 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.65 | &nbsp;&nbsp; $3.94 | &nbsp;&nbsp; $(.14)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.02)<br>| &nbsp;&nbsp; $35.83 | 11.33 %<sup>6</sup><br>| &nbsp;&nbsp; $3826 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .41 %<sup>7</sup><br>| 1.58 %<sup>7</sup><br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| 12/31/2020 | 32.57 | &nbsp;&nbsp; .20 | 9.56 | 9.76 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.17)<br>| 41.16 | 30.79 | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .59 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 36.70 | &nbsp;&nbsp; .24 | 3.62 | 3.86 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.00)<br>| 35.56 | 11.19 <br><sup>6</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .66 <br><sup>7</sup><br>| 1.34 <br><sup>7</sup><br>|
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 32.47 | &nbsp;&nbsp; .12 | 9.52 | 9.64 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.09)<br>| 41.02 | 30.49 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .34 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 36.37 | &nbsp;&nbsp; .24 | 3.58 | 3.82 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.00)<br>| 35.19 | 11.17 <br><sup>6</sup><br>| &nbsp;&nbsp; 3658 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .66 <br><sup>7</sup><br>| 1.32 <br><sup>7</sup><br>|
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| 12/31/2020 | 32.24 | &nbsp;&nbsp; .12 | 9.44 | 9.56 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.08)<br>| 40.72 | 30.47 | &nbsp;&nbsp; 4387 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 35.93 | &nbsp;&nbsp; .19 | 3.54 | 3.73 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (4.99)<br>| 34.67 | 11.05 <br><sup>6</sup><br>| &nbsp;&nbsp; 1083 | 1.02 <br><sup>7</sup><br>| &nbsp;&nbsp; .91 <br><sup>7</sup><br>| 1.10 <br><sup>7</sup><br>|
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |
| 12/31/2020 | 32.05 | &nbsp;&nbsp; .03 | 9.38 | 9.41 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.01)<br>| 40.45 | 30.17 | &nbsp;&nbsp; 533 | 1.06 | 1.06 | &nbsp;&nbsp; .09 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $18.15 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $19.20 | 8.08 %<sup>6</sup><br>| &nbsp;&nbsp; $885 | &nbsp;&nbsp; .70 %<sup>7</sup><br>| &nbsp;&nbsp; .65 %<sup>7</sup><br>| 1.11 %<sup>7</sup><br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| 12/31/2020 | 26.80 | &nbsp;&nbsp; (.01)<br>| 7.49 | 7.48 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.64)<br>| 32.64 | 30.04 | &nbsp;&nbsp; 2391 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.06)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.88 | &nbsp;&nbsp; .08 | 1.33 | 1.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 18.89 | 7.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 <br><sup>7</sup><br>| &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .87 <br><sup>7</sup><br>|
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>9</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| 12/31/2020 | 26.74 | &nbsp;&nbsp; (.09)<br>| 7.48 | 7.39 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.64)<br>| 32.49 | 29.72 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.33)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.05 | &nbsp;&nbsp; .07 | 1.27 | 1.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 17.99 | 7.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 1785 | &nbsp;&nbsp; .95 <br><sup>7</sup><br>| &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .86 <br><sup>7</sup><br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>9</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| 12/31/2020 | 26.02 | &nbsp;&nbsp; (.08)<br>| 7.25 | 7.17 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.63)<br>| 31.56 | 29.72 | &nbsp;&nbsp; 2653 | 1.00 | 1.00 | &nbsp;&nbsp; (.31)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.01 | &nbsp;&nbsp; .05 | 1.27 | 1.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 17.93 | 7.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 390 | 1.20 <br><sup>7</sup><br>| 1.15 <br><sup>7</sup><br>| &nbsp;&nbsp; .61 <br><sup>7</sup><br>|
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|
| 12/31/2020 | 26.16 | &nbsp;&nbsp; (.14)<br>| 7.27 | 7.13 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.62)<br>| 31.67 | 29.39 | &nbsp;&nbsp; 268 | 1.25 | 1.25 | &nbsp;&nbsp; (.56)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $127.47 | &nbsp;&nbsp; $.21 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $12.49 | &nbsp;&nbsp; $(.26)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.87)<br>| &nbsp;&nbsp; $129.09 | 10.26 %<sup>6</sup><br>| &nbsp;&nbsp; $23220 | &nbsp;&nbsp; .34 %<sup>7</sup><br>| &nbsp;&nbsp; .33 %<sup>7</sup><br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| 12/31/2020 | 81.22 | &nbsp;&nbsp; .43 | 41.28 | 41.71 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.71)<br>| 120.22 | 52.45 | &nbsp;&nbsp; 15644 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .46 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 126.11 | &nbsp;&nbsp; .05 | 12.14 | 12.19 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 127.48 | 10.13 <br><sup>6</sup><br>| &nbsp;&nbsp; 394 | &nbsp;&nbsp; .59 <br><sup>7</sup><br>| &nbsp;&nbsp; .08 <br><sup>7</sup><br>|
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| 12/31/2020 | 80.92 | &nbsp;&nbsp; .20 | 41.05 | 41.25 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.58)<br>| 119.59 | 52.07 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .21 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 125.79 | &nbsp;&nbsp; .05 | 12.10 | 12.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 127.12 | 10.12 <br><sup>6</sup><br>| &nbsp;&nbsp; 21211 | &nbsp;&nbsp; .59 <br><sup>7</sup><br>| &nbsp;&nbsp; .08 <br><sup>7</sup><br>|
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| 12/31/2020 | 80.57 | &nbsp;&nbsp; .19 | 40.89 | 41.08 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.47)<br>| 119.18 | 52.10 | &nbsp;&nbsp; 20594 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .21 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 128.88 | &nbsp;&nbsp; .09 | 12.43 | 12.52 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 130.57 | 10.16 <br><sup>6</sup><br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; .52 <br><sup>7</sup><br>| &nbsp;&nbsp; .15 <br><sup>7</sup><br>|
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| 12/31/2020 | 81.84 | &nbsp;&nbsp; .26 | 41.56 | 41.82 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.53)<br>| 121.13 | 52.20 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .28 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 122.38 | &nbsp;&nbsp; (.10)<br>| 11.74 | 11.64 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 123.24 | 9.99 <br><sup>6</sup><br>| &nbsp;&nbsp; 6178 | &nbsp;&nbsp; .84 <br><sup>7</sup><br>| &nbsp;&nbsp; (.17 )<sup>7</sup><br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|
| 12/31/2020 | 79.41 | &nbsp;&nbsp; (.04)<br>| 40.24 | 40.20 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.37)<br>| 117.24 | 51.71 | &nbsp;&nbsp; 2347 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.04)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $17.84 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $1.92 | &nbsp;&nbsp; $2.17 | &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $20.00 | 12.18 %<sup>6</sup><br>| &nbsp;&nbsp; $3274 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| 2.71 %<sup>7</sup><br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| 12/31/2020 | 20.86 | &nbsp;&nbsp; .14 | 2.82 | 2.96 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 23.64 | 14.28 | &nbsp;&nbsp; 5652 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.75 | &nbsp;&nbsp; .22 | 1.91 | 2.13 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 19.87 | 11.97 <br><sup>6</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 2.47 <br><sup>7</sup><br>|
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| 12/31/2020 | 20.80 | &nbsp;&nbsp; .08 | 2.81 | 2.89 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 23.55 | 13.96 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .43 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.75 | &nbsp;&nbsp; .22 | 1.91 | 2.13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>8</sup><br>| 19.88 | 12.03 <br><sup>6</sup><br>| &nbsp;&nbsp; 3399 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 2.46 <br><sup>7</sup><br>|
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| 12/31/2020 | 20.78 | &nbsp;&nbsp; .09 | 2.80 | 2.89 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 23.54 | 13.97 | &nbsp;&nbsp; 4481 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.90 | &nbsp;&nbsp; .23 | 1.94 | 2.17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 20.06 | 12.11 <br><sup>6</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 <br><sup>7</sup><br>| 2.54 <br><sup>7</sup><br>|
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| 12/31/2020 | 20.92 | &nbsp;&nbsp; .10 | 2.81 | 2.91 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 23.69 | 14.00 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.46 | &nbsp;&nbsp; .20 | 1.87 | 2.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 19.53 | 11.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 507 | 1.02 <br><sup>7</sup><br>| 2.24 <br><sup>7</sup><br>|
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |
| 12/31/2020 | 20.54 | &nbsp;&nbsp; .04 | 2.76 | 2.80 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 23.25 | 13.66 | &nbsp;&nbsp; 423 | 1.05 | &nbsp;&nbsp; .21 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $26.67 | &nbsp;&nbsp; $.31 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $4.11 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $29.53 | 15.63 %<sup>6</sup><br>| &nbsp;&nbsp; $1964 | &nbsp;&nbsp; .64 %<sup>7</sup><br>| &nbsp;&nbsp; .57 %<sup>7</sup><br>| 2.24 %<sup>7</sup><br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| 12/31/2020 | 25.84 | &nbsp;&nbsp; .15 | 5.93 | 6.08 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.33)<br>| 31.59 | 23.89 | &nbsp;&nbsp; 2309 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.53 | &nbsp;&nbsp; .27 | 3.78 | 4.05 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.24)<br>| 29.34 | 15.48 <br><sup>6</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 1.95 <br><sup>7</sup><br>|
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| 12/31/2020 | 25.74 | &nbsp;&nbsp; .07 | 5.92 | 5.99 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.30)<br>| 31.43 | 23.63 | &nbsp;&nbsp; 18 | 1.01 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .26 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.33 | &nbsp;&nbsp; .27 | 3.75 | 4.02 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.24)<br>| 29.11 | 15.48 <br><sup>6</sup><br>| &nbsp;&nbsp; 852 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 1.99 <br><sup>7</sup><br>|
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| 12/31/2020 | 25.59 | &nbsp;&nbsp; .08 | 5.87 | 5.95 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.29)<br>| 31.25 | 23.58 | &nbsp;&nbsp; 1109 | 1.01 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.09 | &nbsp;&nbsp; .23 | 3.72 | 3.95 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.23)<br>| 28.81 | 15.31 <br><sup>6</sup><br>| &nbsp;&nbsp; 900 | 1.14 <br><sup>7</sup><br>| 1.07 <br><sup>7</sup><br>| 1.75 <br><sup>7</sup><br>|
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |
| 12/31/2020 | 25.47 | &nbsp;&nbsp; .02 | 5.83 | 5.85 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.28)<br>| 31.04 | 23.29 | &nbsp;&nbsp; 807 | 1.26 | 1.14 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $16.86 | &nbsp;&nbsp; $.15 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $1.50 | &nbsp;&nbsp; $(.06)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.26)<br>| &nbsp;&nbsp; $17.10 | 9.17 %<sup>6</sup><br>| &nbsp;&nbsp; $6488 | &nbsp;&nbsp; .41 %<sup>7</sup><br>| &nbsp;&nbsp; .26 %<sup>7</sup><br>| 1.79 %<sup>7</sup><br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| 12/31/2020 | 13.56 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .95 | 1.20 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.41)<br>| 14.35 | 9.04 | &nbsp;&nbsp; 5684 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .43 | 2.00 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.79 | &nbsp;&nbsp; .13 | 1.34 | 1.47 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| 17.00 | 8.99 <br><sup>6</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; .66 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 1.54 <br><sup>7</sup><br>|
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| 12/31/2020 | 13.51 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .93 | 1.16 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.39)<br>| 14.28 | 8.79 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 1.78 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.53 | &nbsp;&nbsp; .13 | 1.32 | 1.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| 16.72 | 9.01 <br><sup>6</sup><br>| &nbsp;&nbsp; 3098 | &nbsp;&nbsp; .66 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 1.54 <br><sup>7</sup><br>|
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| 12/31/2020 | 13.39 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .91 | 1.13 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.37)<br>| 14.15 | 8.68 | &nbsp;&nbsp; 3082 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 1.75 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.34 | &nbsp;&nbsp; .11 | 1.30 | 1.41 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.25)<br>| 16.50 | 8.90 <br><sup>6</sup><br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp; .91 <br><sup>7</sup><br>| &nbsp;&nbsp; .76 <br><sup>7</sup><br>| 1.29 <br><sup>7</sup><br>|
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |
| 12/31/2020 | 13.31 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .91 | 1.10 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.35)<br>| 14.06 | 8.47 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.51 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Net assets,** <br>**end of year** <br>**(in millions)** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Net assets,** <br>**end of year** <br>**(in millions)** |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.71 | &nbsp;&nbsp; $.04 | &nbsp;&nbsp; $.70 | &nbsp;&nbsp; $.74 | &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $10.45<br>7.56 %<sup>6</sup><br>| &nbsp;&nbsp; $— <br><sup>10</sup><br>&nbsp;&nbsp; .82 %<sup>7</sup><br>&nbsp;&nbsp; .54 %<sup>7</sup><br>&nbsp;&nbsp; .76 %<sup>7</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>7</sup><br>&nbsp;&nbsp; .54 <br><sup>7</sup><br>&nbsp;&nbsp; .72 <br><sup>7</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .83 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .72 <br><sup>712</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .82 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .72 <br><sup>712</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; 16<br>&nbsp;&nbsp; .83 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.82 )<sup>612</sup><br>| &nbsp;&nbsp; 15<br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .55 <br><sup>712</sup><br>&nbsp;&nbsp; .71 <br><sup>712</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $15.53 | &nbsp;&nbsp; $.17 | &nbsp;&nbsp; $1.82 | &nbsp;&nbsp; $1.99 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.65)<br>| &nbsp;&nbsp; $16.87 | 13.03 %<sup>6</sup><br>| &nbsp;&nbsp; $612 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .42 %<sup>7</sup><br>| 2.19 %<sup>7</sup><br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| 12/31/2020 | 15.92 | &nbsp;&nbsp; .22 | 1.14 | 1.36 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.61)<br>| 16.67 | 9.03 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .66 | 1.49 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.44 | &nbsp;&nbsp; .16 | 1.79 | 1.95 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.75 | 12.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .67 <br><sup>7</sup><br>| 1.97 <br><sup>7</sup><br>|
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| 12/31/2020 | 15.88 | &nbsp;&nbsp; .18 | 1.13 | 1.31 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.57)<br>| 16.62 | 8.78 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 1.23 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.49 | &nbsp;&nbsp; .15 | 1.81 | 1.96 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.81 | 12.88 <br><sup>6</sup><br>| &nbsp;&nbsp; 1060 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .67 <br><sup>7</sup><br>| 1.94 <br><sup>7</sup><br>|
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| 12/31/2020 | 15.89 | &nbsp;&nbsp; .18 | 1.13 | 1.31 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.57)<br>| 16.63 | 8.73 | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .91 | 1.23 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.08 | &nbsp;&nbsp; .13 | 1.76 | 1.89 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.33 | 12.73 <br><sup>6</sup><br>| &nbsp;&nbsp; 315 | 1.02 <br><sup>7</sup><br>| &nbsp;&nbsp; .92 <br><sup>7</sup><br>| 1.72 <br><sup>7</sup><br>|
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |
| 12/31/2020 | 15.63 | &nbsp;&nbsp; .14 | 1.12 | 1.26 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.54)<br>| 16.35 | 8.55 | &nbsp;&nbsp; 166 | 1.16 | 1.16 | &nbsp;&nbsp; .97 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $69.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $4.69 | &nbsp;&nbsp; $5.12 | &nbsp;&nbsp; $(.18)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.31)<br>| &nbsp;&nbsp; $62.40 | 8.13 %<sup>6</sup><br>| &nbsp;&nbsp; $25262 | &nbsp;&nbsp; .28 %<sup>7</sup><br>| 1.27 %<sup>7</sup><br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| 12/31/2020 | 50.71 | &nbsp;&nbsp; .75 | 6.02 | 6.77 | &nbsp;&nbsp; (.80)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.10)<br>| 55.38 | 13.81 | &nbsp;&nbsp; 22903 | &nbsp;&nbsp; .29 | 1.52 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 69.10 | &nbsp;&nbsp; .34 | 4.64 | 4.98 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.28)<br>| 61.80 | 7.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; .53 <br><sup>7</sup><br>| 1.02 <br><sup>7</sup><br>|
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| 12/31/2020 | 50.54 | &nbsp;&nbsp; .63 | 5.99 | 6.62 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.00)<br>| 55.16 | 13.55 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .54 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 68.38 | &nbsp;&nbsp; .33 | 4.60 | 4.93 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.27)<br>| 61.04 | 8.00 <br><sup>6</sup><br>| &nbsp;&nbsp; 14111 | &nbsp;&nbsp; .53 <br><sup>7</sup><br>| 1.02 <br><sup>7</sup><br>|
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| 12/31/2020 | 50.08 | &nbsp;&nbsp; .62 | 5.93 | 6.55 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.97)<br>| 54.66 | 13.54 | &nbsp;&nbsp; 14012 | &nbsp;&nbsp; .54 | 1.27 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 69.76 | &nbsp;&nbsp; .37 | 4.69 | 5.06 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.28)<br>| 62.54 | 8.02 <br><sup>6</sup><br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 <br><sup>7</sup><br>| 1.09 <br><sup>7</sup><br>|
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| 12/31/2020 | 50.81 | &nbsp;&nbsp; .66 | 6.02 | 6.68 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.00)<br>| 55.49 | 13.60 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; .47 | 1.34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 67.14 | &nbsp;&nbsp; .25 | 4.49 | 4.74 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.25)<br>| 59.63 | 7.85 <br><sup>6</sup><br>| &nbsp;&nbsp; 2986 | &nbsp;&nbsp; .78 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>|
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |
| 12/31/2020 | 49.52 | &nbsp;&nbsp; .49 | 5.85 | 6.34 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.87)<br>| 53.99 | 13.25 | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; .79 | 1.02 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $10.19 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $1.95 | &nbsp;&nbsp; $2.18 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $12.32 | 21.40 %<sup>6</sup><br>| &nbsp;&nbsp; $31 | &nbsp;&nbsp; .54 %<sup>7</sup><br>| &nbsp;&nbsp; .54 %<sup>7</sup><br>| 4.06 %<sup>7</sup><br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| 12/31/2020 | 18.18 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .85 | 1.12 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 19.01 | 6.24 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 1.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.91 | &nbsp;&nbsp; .19 | 1.90 | 2.09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.96 | 21.15 <br><sup>6</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.60 <br><sup>7</sup><br>|
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| 12/31/2020 | 18.15 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .85 | 1.07 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 18.97 | 5.98 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.38 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.91 | &nbsp;&nbsp; .19 | 1.90 | 2.09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.96 | 21.15 <br><sup>6</sup><br>| &nbsp;&nbsp; 164 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| 12/31/2020 | 18.12 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .85 | 1.08 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 18.95 | 6.01 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.43 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.74 | &nbsp;&nbsp; .18 | 1.87 | 2.05 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.75 | 21.07 <br><sup>6</sup><br>| &nbsp;&nbsp; 193 | 1.04 <br><sup>7</sup><br>| 1.04 <br><sup>7</sup><br>| 3.36 <br><sup>7</sup><br>|
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |
| 12/31/2020 | 18.01 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .83 | 1.02 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 18.82 | 5.73 | &nbsp;&nbsp; 112 | 1.18 | 1.18 | 1.19 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $12.39 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(.16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.16)<br>| &nbsp;&nbsp; $13.75 | 12.33 %<sup>6</sup><br>| &nbsp;&nbsp; $793 | &nbsp;&nbsp; .40 %<sup>7</sup><br>| &nbsp;&nbsp; .27 %<sup>7</sup><br>| 3.88 %<sup>7</sup><br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| 12/31/2020 | 10.73 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.87 | 4.64 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .35 | 3.07 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.38 | &nbsp;&nbsp; .23 | 1.26 | 1.49 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 13.73 | 12.12 <br><sup>6</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .65 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.63 <br><sup>7</sup><br>|
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| 12/31/2020 | 10.72 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.86 | 4.38 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .60 | 2.81 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.38 | &nbsp;&nbsp; .23 | 1.27 | 1.50 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 13.74 | 12.20 <br><sup>6</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; .65 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.64 <br><sup>7</sup><br>|
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| 12/31/2020 | 10.72 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.87 | 4.48 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .60 | 2.83 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.36 | &nbsp;&nbsp; .22 | 1.27 | 1.49 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 13.72 | 12.09 <br><sup>6</sup><br>| &nbsp;&nbsp; 739 | &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 3.39 <br><sup>7</sup><br>|
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |
| 12/31/2020 | 10.71 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 10.85 | 4.11 | &nbsp;&nbsp; 462 | 1.03 | &nbsp;&nbsp; .85 | 2.55 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $26.04 | &nbsp;&nbsp; $.30 | &nbsp;&nbsp; $1.76 | &nbsp;&nbsp; $2.06 | &nbsp;&nbsp; $(.12)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.03)<br>| &nbsp;&nbsp; $26.07 | 8.20 %<sup>6</sup><br>| &nbsp;&nbsp; $16240 | &nbsp;&nbsp; .30 %<sup>7</sup><br>| 2.32 %<sup>7</sup><br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| 12/31/2020 | 24.05 | &nbsp;&nbsp; .43 | 2.59 | 3.02 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.57)<br>| 26.50 | 12.71 | &nbsp;&nbsp; 19238 | &nbsp;&nbsp; .30 | 1.80 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.88 | &nbsp;&nbsp; .27 | 1.74 | 2.01 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 25.87 | 8.04 <br><sup>6</sup><br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; .55 <br><sup>7</sup><br>| 2.08 <br><sup>7</sup><br>|
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| 12/31/2020 | 23.99 | &nbsp;&nbsp; .37 | 2.58 | 2.95 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.52)<br>| 26.42 | 12.43 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; .55 | 1.56 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.65 | &nbsp;&nbsp; .26 | 1.73 | 1.99 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 25.62 | 8.04 <br><sup>6</sup><br>| &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 <br><sup>7</sup><br>| 2.07 <br><sup>7</sup><br>|
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| 12/31/2020 | 23.79 | &nbsp;&nbsp; .37 | 2.56 | 2.93 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.51)<br>| 26.21 | 12.46 | &nbsp;&nbsp; 5242 | &nbsp;&nbsp; .55 | 1.55 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.08 | &nbsp;&nbsp; .28 | 1.75 | 2.03 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 26.09 | 8.07 <br><sup>6</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; .48 <br><sup>7</sup><br>| 2.14 <br><sup>7</sup><br>|
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| 12/31/2020 | 24.08 | &nbsp;&nbsp; .39 | 2.59 | 2.98 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.53)<br>| 26.53 | 12.50 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; .48 | 1.62 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.41 | &nbsp;&nbsp; .23 | 1.72 | 1.95 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.01)<br>| 25.35 | 7.95 <br><sup>6</sup><br>| &nbsp;&nbsp; 6956 | &nbsp;&nbsp; .80 <br><sup>7</sup><br>| 1.82 <br><sup>7</sup><br>|
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |
| 12/31/2020 | 23.67 | &nbsp;&nbsp; .31 | 2.54 | 2.85 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.46)<br>| 26.06 | 12.16 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp; .80 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $12.96 | &nbsp;&nbsp; $.20 | &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.57)<br>| &nbsp;&nbsp; $13.64 | 9.72 %<sup>6</sup><br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .50 %<sup>7</sup><br>| 3.02 %<sup>7</sup><br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| 12/31/2020 | 13.51 | &nbsp;&nbsp; .17 | 1.24 | 1.41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.73)<br>| 14.19 | 10.53 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .72 | 1.29 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.87 | &nbsp;&nbsp; .18 | 1.05 | 1.23 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.54 | 9.66 <br><sup>6</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .75 <br><sup>7</sup><br>| 2.78 <br><sup>7</sup><br>|
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| 12/31/2020 | 13.49 | &nbsp;&nbsp; .14 | 1.23 | 1.37 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.70)<br>| 14.16 | 10.25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .97 | 1.03 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.89 | &nbsp;&nbsp; .18 | 1.05 | 1.23 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.56 | 9.64 <br><sup>6</sup><br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .75 <br><sup>7</sup><br>| 2.78 <br><sup>7</sup><br>|
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| 12/31/2020 | 13.48 | &nbsp;&nbsp; .14 | 1.23 | 1.37 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.69)<br>| 14.16 | 10.30 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .97 | 1.03 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.66 | &nbsp;&nbsp; .16 | 1.04 | 1.20 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.30 | 9.55 <br><sup>6</sup><br>| &nbsp;&nbsp; 169 | 1.02 <br><sup>7</sup><br>| 1.00 <br><sup>7</sup><br>| 2.54 <br><sup>7</sup><br>|
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |
| 12/31/2020 | 13.36 | &nbsp;&nbsp; .10 | 1.22 | 1.32 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.66)<br>| 14.02 | 10.00 | &nbsp;&nbsp; 105 | 1.22 | 1.22 | &nbsp;&nbsp; .78 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.27 | &nbsp;&nbsp; $.22 | &nbsp;&nbsp; $.18 | &nbsp;&nbsp; $.40 | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $9.58 | 4.30 %<sup>6</sup><br>| &nbsp;&nbsp; $6713 | &nbsp;&nbsp; .39 %<sup>7</sup><br>| &nbsp;&nbsp; .24 %<sup>7</sup><br>| 4.64 %<sup>7</sup><br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| 12/31/2020 | 11.17 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .87 | 1.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.38)<br>| 11.89 | 9.96 | &nbsp;&nbsp; 6844 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | 2.00 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.20 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.50 | 4.18 <br><sup>6</sup><br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; .64 <br><sup>7</sup><br>| &nbsp;&nbsp; .49 <br><sup>7</sup><br>| 4.40 <br><sup>7</sup><br>|
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| 12/31/2020 | 11.13 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .87 | 1.07 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.36)<br>| 11.84 | 9.68 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 1.74 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.12 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.42 | 4.21 <br><sup>6</sup><br>| &nbsp;&nbsp; 2710 | &nbsp;&nbsp; .64 <br><sup>7</sup><br>| &nbsp;&nbsp; .49 <br><sup>7</sup><br>| 4.39 <br><sup>7</sup><br>|
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| 12/31/2020 | 11.02 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .86 | 1.06 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.35)<br>| 11.73 | 9.73 | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 1.75 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.07 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.36 | 3.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 1283 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .74 <br><sup>7</sup><br>| 4.14 <br><sup>7</sup><br>|
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |
| 12/31/2020 | 11.00 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .85 | 1.02 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.33)<br>| 11.69 | 9.38 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 1.48 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.63 | &nbsp;&nbsp; $.21 | &nbsp;&nbsp; $.63 | &nbsp;&nbsp; $.84 | &nbsp;&nbsp; $(.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.03)<br>| &nbsp;&nbsp; $10.44 | 8.71 %<sup>6</sup><br>| &nbsp;&nbsp; $619 | &nbsp;&nbsp; .48 %<sup>7</sup><br>| &nbsp;&nbsp; .48 %<sup>7</sup><br>| 4.18 %<sup>7</sup><br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| 12/31/2020 | 12.12 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .95 | 1.21 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.39)<br>| 12.94 | 10.17 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .52 | 2.08 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.54 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.33 | 8.51 <br><sup>6</sup><br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; .73 <br><sup>7</sup><br>| &nbsp;&nbsp; .73 <br><sup>7</sup><br>| 3.94 <br><sup>7</sup><br>|
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| 12/31/2020 | 12.10 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .95 | 1.18 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.37)<br>| 12.91 | 9.89 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 1.83 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.52 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.31 | 8.55 <br><sup>6</sup><br>| &nbsp;&nbsp; 755 | &nbsp;&nbsp; .73 <br><sup>7</sup><br>| &nbsp;&nbsp; .73 <br><sup>7</sup><br>| 3.93 <br><sup>7</sup><br>|
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| 12/31/2020 | 12.03 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .95 | 1.17 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.36)<br>| 12.84 | 9.90 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .77 | 1.83 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.37 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.14 | 8.45 <br><sup>6</sup><br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; .98 <br><sup>7</sup><br>| &nbsp;&nbsp; .98 <br><sup>7</sup><br>| 3.67 <br><sup>7</sup><br>|
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |
| 12/31/2020 | 11.92 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .94 | 1.13 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.34)<br>| 12.71 | 9.62 | &nbsp;&nbsp; 61 | 1.09 | 1.02 | 1.58 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.19 | &nbsp;&nbsp; $.32 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $.38 | &nbsp;&nbsp; $(.11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.11)<br>| &nbsp;&nbsp; $9.46 | 4.13 %<sup>6</sup><br>| &nbsp;&nbsp; $249 | &nbsp;&nbsp; .44 %<sup>7</sup><br>| &nbsp;&nbsp; .32 %<sup>7</sup><br>| 7.03 %<sup>7</sup><br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| 12/31/2020 | 9.87 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.85)<br>| 9.80 | 8.21 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .52 | 6.46 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.15 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.41 | 4.00 <br><sup>6</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .69 <br><sup>7</sup><br>| &nbsp;&nbsp; .57 <br><sup>7</sup><br>| 6.78 <br><sup>7</sup><br>|
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| 12/31/2020 | 9.86 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.84)<br>| 9.78 | 7.94 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 | 5.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.96 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.21 | 3.97 <br><sup>6</sup><br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; .69 <br><sup>7</sup><br>| &nbsp;&nbsp; .57 <br><sup>7</sup><br>| 6.78 <br><sup>7</sup><br>|
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| 12/31/2020 | 9.70 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.83)<br>| 9.61 | 7.94 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 | 5.88 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.25 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.51 | 3.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; .62 <br><sup>7</sup><br>| &nbsp;&nbsp; .50 <br><sup>7</sup><br>| 6.85 <br><sup>7</sup><br>|
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| 12/31/2020 | 9.92 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.84)<br>| 9.84 | 7.93 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 5.94 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 10.07 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 10.36 | 3.90 <br><sup>6</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; .94 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 6.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |
| 12/31/2020 | 10.56 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.81)<br>| 10.54 | 7.74 | &nbsp;&nbsp; 69 | 1.03 | 1.03 | 5.58 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.08 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $.24 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $9.47 | 5.15 %<sup>6</sup><br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; .35 %<sup>7</sup><br>| &nbsp;&nbsp; .27 %<sup>7</sup><br>| 5.03 %<sup>7</sup><br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| 12/31/2020 | 10.56 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| 11.11 | 6.98 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .93 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.96 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.33 | 4.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .60 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 4.78 <br><sup>7</sup><br>|
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 10.55 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.17)<br>| 11.08 | 6.63 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .61 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.98 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.36 | 5.05 <br><sup>6</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; .60 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 4.78 <br><sup>7</sup><br>|
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 10.54 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| 11.09 | 6.72 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .68 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.86 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.22 | 4.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; .85 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 4.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |
| 12/31/2020 | 10.44 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.14)<br>| 10.97 | 6.38 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .41 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $11.31 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.24 | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $11.46 | 2.13 %<sup>6</sup><br>| &nbsp;&nbsp; $34 | &nbsp;&nbsp; .29 %<sup>7</sup><br>| 4.13 %<sup>7</sup><br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| 12/31/2020 | 11.30 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.31 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .16 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.31 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.44 | 1.91 <br><sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.91 <br><sup>7</sup><br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| 12/31/2020 | 11.30 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.31 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .35 | &nbsp;&nbsp; .26 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 10.93 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.05 | 1.88 <br><sup>6</sup><br>| &nbsp;&nbsp; 228 | &nbsp;&nbsp; .54 <br><sup>7</sup><br>| 3.88 <br><sup>7</sup><br>|
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| 12/31/2020 | 11.01 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.99 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.05)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.08 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.21 | 1.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .47 <br><sup>7</sup><br>| 3.95 <br><sup>7</sup><br>|
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| 12/31/2020 | 11.13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.12 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .03 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.00 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.11 | 1.76 <br><sup>6</sup><br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.63 <br><sup>7</sup><br>|
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|
| 12/31/2020 | 11.13 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 11.08 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.35)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.59 | &nbsp;&nbsp; $.22 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $9.98 | 4.94 %<sup>6</sup><br>| &nbsp;&nbsp; $270 | &nbsp;&nbsp; .33 %<sup>7</sup><br>| &nbsp;&nbsp; .26 %<sup>7</sup><br>| 4.45 %<sup>7</sup><br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| 12/31/2020 | 12.34 | &nbsp;&nbsp; .16 | 1.07 | 1.23 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.53)<br>| 13.04 | 10.09 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .38 | 1.21 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.53 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.91 | 4.82 <br><sup>6</sup><br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; .58 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 4.20 <br><sup>7</sup><br>|
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| 12/31/2020 | 12.32 | &nbsp;&nbsp; .09 | 1.10 | 1.19 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 13.00 | 9.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .69 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.46 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.83 | 4.75 <br><sup>6</sup><br>| &nbsp;&nbsp; 1029 | &nbsp;&nbsp; .58 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 4.20 <br><sup>7</sup><br>|
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| 12/31/2020 | 12.21 | &nbsp;&nbsp; .09 | 1.10 | 1.19 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 12.89 | 9.80 | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .73 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.62 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 10.00 | 4.79 <br><sup>6</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 <br><sup>7</sup><br>| &nbsp;&nbsp; .44 <br><sup>7</sup><br>| 4.27 <br><sup>7</sup><br>|
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| 12/31/2020 | 12.37 | &nbsp;&nbsp; .10 | 1.12 | 1.22 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.52)<br>| 13.07 | 9.91 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .78 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.44 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.81 | 4.73 <br><sup>6</sup><br>| &nbsp;&nbsp; 236 | &nbsp;&nbsp; .83 <br><sup>7</sup><br>| &nbsp;&nbsp; .76 <br><sup>7</sup><br>| 3.95 <br><sup>7</sup><br>|
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |
| 12/31/2020 | 12.22 | &nbsp;&nbsp; .05 | 1.10 | 1.15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.49)<br>| 12.88 | 9.48 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .42 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>13</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,13</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,5,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>13</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,13</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,5,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $13.35 | $.02 | $.70 | $.72 | $(.11)<br>| $(.57)<br>| $(.68)<br>| $13.39 | 5.67 %<sup>6</sup><br>| $14 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .68 %<sup>7</sup><br>| .33 %<sup>7</sup><br>|
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09)<br>|  | (.09)<br>| 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08)<br>| (2.79)<br>| (2.87)<br>| 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46)<br>| (4.40)<br>| (.22)<br>| (2.54)<br>| (2.76)<br>| 11.37 | (24.62)<br>| 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18)<br>| (.74)<br>| (.92)<br>| 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| 12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12)<br>| (.68)<br>| (.80)<br>| 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 13.19 | — <br><sup>8</sup><br>| .70 | .70 | (.08)<br>| (.57)<br>| (.65)<br>| 13.24 | 5.53 <br><sup>6</sup><br>| 506 | .65 <br><sup>7</sup><br>| .62 <br><sup>7</sup><br>| .94 <br><sup>7</sup><br>| .08 <br><sup>7</sup><br>|
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06)<br>|  | (.06)<br>| 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07)<br>| (2.79)<br>| (2.86)<br>| 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45)<br>| (4.42)<br>| (.18)<br>| (2.54)<br>| (2.72)<br>| 11.28 | (24.88)<br>| 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01)<br>| 2.16 | 2.15 | (.10)<br>| (.74)<br>| (.84)<br>| 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07)<br>|
| 12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11)<br>| (.68)<br>| (.79)<br>| 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $8.23 | $— <br><sup>8</sup><br>| $.30 | $.30 | $(.13)<br>| $— | $(.13)<br>| $8.40 | 3.73 %<sup>6</sup><br>| $2 | .43 %<sup>7</sup><br>| .39 %<sup>7</sup><br>| .86 %<sup>7</sup><br>| .08 %<sup>7</sup><br>|
| 12/31/2024 | 8.36 | .13 | (.12)<br>| .01 | (.14)<br>|  | (.14)<br>| 8.23 | (.05)<br>| 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15)<br>| (.64)<br>| (.79)<br>| 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75)<br>| (1.60)<br>| (.34)<br>|  | (.34)<br>| 8.61 | (15.27)<br>| 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67)<br>| (.43)<br>| (.09)<br>|  | (.09)<br>| 10.55 | (3.92)<br>| 2 | .44 | .36 | .86 | 2.12 |
| 12/31/2020 | 11.01 | .08 | .22 | .30 | (.16)<br>| (.08)<br>| (.24)<br>| 11.07 | 3.13 | 2 | .43 | .35 | .86 | .82 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.18 | (.01)<br>| .31 | .30 | (.11)<br>|  | (.11)<br>| 8.37 | 3.69 <br><sup>6</sup><br>| 112 | .69 <br><sup>7</sup><br>| .66 <br><sup>7</sup><br>| 1.13 <br><sup>7</sup><br>| (.19 )<sup>7</sup><br>|
| 12/31/2024 | 8.32 | .10 | (.13)<br>| (.03)<br>| (.11)<br>|  | (.11)<br>| 8.18 | (.45)<br>| 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14)<br>| (.64)<br>| (.78)<br>| 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74)<br>| (1.62)<br>| (.28)<br>|  | (.28)<br>| 8.58 | (15.54)<br>| 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65)<br>| (.45)<br>| (.06)<br>|  | (.06)<br>| 10.48 | (4.13)<br>| 160 | .71 | .63 | 1.13 | 1.79 |
| 12/31/2020 | 10.92 | .04 | .23 | .27 | (.12)<br>| (.08)<br>| (.20)<br>| 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $11.76 | $.03 | $.50 | $.53 | $(.18)<br>| $— | $(.18)<br>| $12.11 | 4.56 %<sup>6</sup><br>| $3 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .61 %<sup>7</sup><br>| .57 %<sup>7</sup><br>|
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22)<br>|  | (.22)<br>| 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24)<br>| (1.49)<br>| (1.73)<br>| 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38)<br>| (1.15)<br>| (.56)<br>|  | (.56)<br>| 11.24 | (8.92)<br>| 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24)<br>|  | (.24)<br>| 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| 12/31/2020 | 12.01 | .18 | (.35)<br>| (.17)<br>| (.26)<br>| (.34)<br>| (.60)<br>| 11.24 | (.93)<br>| 2 | .40 | .35 | .76 | 1.66 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.69 | .02 | .49 | .51 | (.18)<br>|  | (.18)<br>| 12.02 | 4.39 <br><sup>6</sup><br>| 315 | .66 <br><sup>7</sup><br>| .62 <br><sup>7</sup><br>| .87 <br><sup>7</sup><br>| .32 <br><sup>7</sup><br>|
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19)<br>|  | (.19)<br>| 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21)<br>| (1.49)<br>| (1.70)<br>| 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37)<br>| (1.18)<br>| (.52)<br>|  | (.52)<br>| 11.18 | (9.16)<br>| 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20)<br>|  | (.20)<br>| 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |
| 12/31/2020 | 11.91 | .13 | (.33)<br>| (.20)<br>| (.19)<br>| (.34)<br>| (.53)<br>| 11.18 | (1.25)<br>| 355 | .68 | .63 | 1.04 | 1.18 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>13</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,13</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,5,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>13</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,13</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,5,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $14.35 | $.03 | $.50 | $.53 | $(.20)<br>| $(.56)<br>| $(.76)<br>| $14.12 | 3.89 %<sup>6</sup><br>| $1856 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .63 %<sup>7</sup><br>| .49 %<sup>7</sup><br>|
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23)<br>| (.18)<br>| (.41)<br>| 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21)<br>| (1.62)<br>| (1.83)<br>| 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79)<br>| (2.61)<br>| (.30)<br>| (.31)<br>| (.61)<br>| 12.51 | (16.74)<br>| 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21)<br>| (.20)<br>| (.41)<br>| 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| 12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26)<br>| (.74)<br>| (1.00)<br>| 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 14.25 | .02 | .49 | .51 | (.20)<br>| (.56)<br>| (.76)<br>| 14.00 | 3.72 <br><sup>6</sup><br>| 267 | .64 <br><sup>7</sup><br>| .61 <br><sup>7</sup><br>| .88 <br><sup>7</sup><br>| .24 <br><sup>7</sup><br>|
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20)<br>| (.18)<br>| (.38)<br>| 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18)<br>| (1.62)<br>| (1.80)<br>| 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78)<br>| (2.63)<br>| (.26)<br>| (.31)<br>| (.57)<br>| 12.44 | (16.93)<br>| 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17)<br>| (.20)<br>| (.37)<br>| 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| 12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23)<br>| (.74)<br>| (.97)<br>| 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $13.20 | $.05 | $.56 | $.61 | $(.24)<br>| $(.83)<br>| $(1.07)<br>| $12.74 | 4.83 %<sup>6</sup><br>| $12 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .65 %<sup>7</sup><br>| .70 %<sup>7</sup><br>|
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27)<br>| (.17)<br>| (.44)<br>| 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26)<br>| (1.45)<br>| (1.71)<br>| 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34)<br>| (2.10)<br>| (.32)<br>| (.48)<br>| (.80)<br>| 12.43 | (13.75)<br>| 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27)<br>|  | (.27)<br>| 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| 12/31/2020 | 13.81 | .25 | .51 | .76 | (.21)<br>| (.52)<br>| (.73)<br>| 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.78 | .03 | .54 | .57 | (.23)<br>| (.83)<br>| (1.06)<br>| 12.29 | 4.71 <br><sup>6</sup><br>| 1942 | .64 <br><sup>7</sup><br>| .61 <br><sup>7</sup><br>| .90 <br><sup>7</sup><br>| .43 <br><sup>7</sup><br>|
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24)<br>| (.17)<br>| (.41)<br>| 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22)<br>| (1.45)<br>| (1.67)<br>| 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25)<br>| (2.07)<br>| (.29)<br>| (.48)<br>| (.77)<br>| 12.09 | (13.97)<br>| 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20)<br>|  | (.20)<br>| 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
| 12/31/2020 | 13.46 | .15 | .56 | .71 | (.20)<br>| (.52)<br>| (.72)<br>| 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Capital Income Builder | &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| The Bond Fund of America | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Capital World Bond Fund | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Global Growth Fund | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Growth Fund | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| International Fund | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| New World Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>4611</sup><br>|  |  |  |  |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Growth-Income Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| International Growth and Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Capital Income Builder | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| Asset Allocation Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| The Bond Fund of America | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| Capital World Bond Fund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| American High-Income Trust | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>|
| U.S. Government Securities Fund | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Managed Risk International Fund | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **378** |

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Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **379** | American Funds Insurance Series |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

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**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

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**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meeting in March 2025, the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), approved new subadvisory agreements ("New Subadvisory Agreements") with Invesco Advisers, Inc. ("Invesco Advisers") for the Global Fund and with BlackRock Investment Management, LLC ("BlackRock") for the Equity Index Fund. In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreements. In all of their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreements, the Independent Trustees discussed with MML Advisers and considered a wide range of information about, among other things: (i) Invesco Advisers and BlackRock and their personnel with responsibility for providing services to the Global Fund and Equity Index Fund, respectively; (ii) the terms of the New Subadvisory Agreements; (iii) the scope and quality of the services that Invesco Advisers and BlackRock will provide under the New Subadvisory Agreements; (iv) the historical investment performance track record of Invesco Advisers and BlackRock; and (v) the fees payable by MML Advisers to Invesco Advisers for the Global Fund and to BlackRock for the Equity Index Fund, and the effect of such fees on the profitability to MML Advisers.

Prior to the votes being taken to approve the New Subadvisory Agreements, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

Based on the foregoing, the Trustees concluded, with respect to the New Subadvisory Agreements, that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreements, including the anticipated level of MML Advisers' oversight of the subadvisory process; (ii) MML Advisers' projected level of profitability due to the New Subadvisory Agreements is not excessive and the subadvisory fee amounts under the New Subadvisory Agreements are fair and reasonable; (iii) the investment processes and expertise of Invesco Advisers and BlackRock appear well suited to the Global Fund and Equity Index Fund, respectively, given their investment objectives and policies; and (iv) the terms of the New Subadvisory Agreements are fair and reasonable with respect to the Global Fund and Equity Index Fund, and are in the best interests of each Fund's shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreements.

The New Subadvisory Agreements became effective on April 25, 2025.

At their meetings in May and June 2025, the Contract Committee (the "Committee") and the Trustees, including the Independent Trustees, considered and re-approved the existing advisory and subadvisory agreements (collectively, the "Contracts") for each of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds Core Allocation Fund, Blue Chip Growth Fund, Equity Income Fund, Equity Index Fund, Focused Equity Fund, Foreign Fund, Fundamental Equity Fund, Global Fund, Income & Growth Fund, International Equity Fund, Large Cap Growth Fund, Managed Volatility Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Small Company Value Fund, Small/Mid Cap Value Fund, Sustainable Equity Fund, and Total Return Bond Fund, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the "Meeting Materials"). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the "Third-Party Report") with respect to each Fund prepared by an independent third-party vendor (the "Third-Party"). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting

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Materials or during the course of the past year: (i) detailed information regarding MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds, as applicable, and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund's net advisory fee and total net expense ratio against peer funds; and (ii) the Fund's relative performance (over various time periods against funds in its "category" and a benchmark index). In connection with the Committee's review, MML Advisers provided commentary and analysis regarding each Fund's expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members' questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any performance periods are to periods ended December 31, 2024, except as otherwise noted. In all cases, the comparative expense information is that of a Fund's "peer group" and the comparative performance information is that of a Fund's "performance category.")

The Committee considered that many of the Funds had total net expense ratios at or below the medians of their peer groups, or in the lowest two-thirds of their peer groups. Those Funds include the Income & Growth Fund, Managed Volatility Fund, Equity Index Fund, Sustainable Equity Fund, MML American Funds Growth Fund, Large Cap Growth Fund, Mid Cap Value Fund, Mid Cap Growth Fund, Small/Mid Cap Value Fund, Global Fund, and Growth Allocation Fund. Of those Funds, all had net advisory fees at or below the medians of their peer groups, except the Large Cap Growth Fund, Mid Cap Growth Fund, and Mid Cap Value Fund. The Committee considered MML Advisers' statement that the advisory arrangements for each of those Funds require MML Advisers to bear shareholder servicing expenses having the effect of increasing the Fund's net advisory fees above the rates that would otherwise prevail, and that the shareholder services in question are the same as the services required under any separate shareholder servicing agreement relating to other Funds in the Trust and MML Series Investment Fund II. The Committee considered MML Advisers' statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee might, in the case of each of the Funds, be expected to be less than the applicable peer group median.

In the case of a number of Funds, the Committee noted that the Fund's net advisory fees were at or below the medians of their peer group, or in the lowest two-thirds of their peer group, although the Funds' total net expense ratios were in the highest one-third of their peer groups. The Committee considered MML Advisers' statements that the relatively high total net expense ratios were affected, in the case of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, and MML American Funds Core Allocation Fund, by the fact that the Funds invest principally in actively managed underlying funds, which are more expensive than the underlying index funds in which many of their peers invest. In the case of the Total Return Bond Fund, Focused Equity Fund, Fundamental Equity Fund, International Equity Fund, and Small Company Value Fund, the Committee considered that the absolute difference between each Fund's total net expense ratio and its peer group median was not so high as to be inconsistent with the approval of its advisory agreement, particularly in light of the Funds' generally favorable net advisory fees.

The Committee noted that certain Funds had both total net expense ratios and net advisory fees in the highest one-third of their respective peer groups. Those Funds included the Equity Income Fund, Blue Chip Growth Fund, Small Cap Growth Equity Fund, and Foreign Fund. The Committee considered MML Advisers' statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee paid by each Fund, other than the Small Cap Growth Equity Fund, would be at or less than the applicable peer group median.

In the case of the Small Cap Growth Equity Fund, the Committee considered that the Fund's total net expense ratio, at the 100<sup>th</sup> percentile, was within 18 basis points of the Fund's peer group, and the Fund's net advisory fee, at the 91<sup>st</sup> percentile, was within 27 basis points of the Fund's peer group. The Committee considered MML Advisers' statement that, if the net advisory fees for the Fund were reduced by the portion of the fees attributable to administrative services, the net advisory fee would have been significantly lower and would have fallen within 12 basis points of the peer group median. The Committee considered MML Advisers' statement that MML Advisers considered the fee acceptable in light of the superior service that they believe the Fund's subadviser can provide, and the small universe of appropriate subadvisers for the Fund's strategy. The Committee also considered the Fund's short- and long-term performance record, which was in the top half relative to its performance category for the trailing three-, five- and ten-year periods.

The Committee also determined that the absolute difference between these Funds' total net expense ratios and their peer group medians were not otherwise so high as to prevent the approval of their advisory agreements. The Committee determined that the foregoing Funds' net advisory fees did not appear unreasonable in light of the information presented.

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The Committee determined on the basis of these factors that the Funds' net advisory fees, in light of the total net expenses of the Funds generally, were consistent with the continuation of their advisory agreements.

The Committee considered that the majority of Funds achieved three-year investment performance at or above the medians of their performance categories, or in the top two-thirds of their performance categories. Those included the Income & Growth Fund, Managed Volatility Fund, Equity Index Fund, Sustainable Equity Fund, MML American Funds Growth Fund, Large Cap Growth Fund, Blue Chip Growth Fund, Mid Cap Growth Fund, Small/Mid Cap Value Fund, Small Company Value Fund, Small Cap Growth Equity Fund, MML American Funds Core Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund. In addition, the Committee considered that the Fundamental Equity Fund performed in the bottom one-third of its performance category for the three-year period, but performed above the median of its performance category for the one-year period.

As to the Total Return Bond Fund, the Committee considered that the Fund had performed in the 93<sup>rd</sup> and 89<sup>th</sup> percentiles of its performance category for the one- and three-year periods, respectively. The Committee considered MML Advisers' statement that the Fund's three-year performance was within 1.10% of its performance category median, and within 0.91% of its benchmark index. The Committee considered MML Advisers' statement that one of the biggest drivers of the Fund's underperformance in 2024 and for the three-year period was interest rate positioning, with the Fund's relatively longer duration profile weighing on its returns. The Committee also noted MML Advisers' statement that the Fund is currently under review due to changes in investment personnel at the Fund's subadviser.

As to the Equity Income Fund, the Committee considered that the Fund had performed in the 74<sup>th</sup> and 69<sup>th</sup> percentiles of its performance category for the one- and three-year periods, respectively. The Committee considered MML Advisers' statement that the Fund was within 0.73% of its performance category median and outperformed its benchmark index for the three-year period. The Committee also considered MML Advisers' statement that factors including stock selection and investment style detracted from the Fund's performance in 2023 and 2024.

As to the Focused Equity Fund, the Committee considered that the Fund had performed in the 98<sup>th</sup> and 93<sup>rd</sup> percentiles of its performance category for the one- and three-year periods, respectively. The Committee considered MML Advisers' statement that the Fund's lower risk profile historically outperforms during periods of higher market volatility and market selloffs. The Committee also considered MML Advisers' statement that investor preference for higher momentum stocks in 2023 and 2024 contributed to the Fund's underperformance, and that the subadviser's more conservative, lower risk, lower beta strategy that favors long tenured and stable franchises resulted in top decile performance in 2022, which offset bottom quartile results in 2023 and 2024.

As to the Mid Cap Value Fund, the Committee noted that the Fund had performed in the 91<sup>st</sup> and 79<sup>th</sup> percentiles of its performance category for the one- and three-year periods, respectively. The Committee considered MML Advisers' statement that although the Fund underperformed its performance category during the three-year period, it outperformed its benchmark index by 0.42%. The Committee also considered MML Advisers' statement that detractors from performance in 2023 and 2024 included overweight defensive allocations and stock selection decisions within cyclical sectors. The Committee also considered MML Advisers' statement that the subadviser's emphasis on investing in high quality businesses selling at a discount to fair value has generated superior risk-adjusted returns over longer- and shorter-term periods, and that the Fund ranked in the 56<sup>th</sup> percentile of its performance category for the ten-year period.

As to the International Equity Fund, the Committee noted that the Fund had performed in the 95<sup>th</sup> and 67<sup>th</sup> percentiles of its performance category for the one- and three-year periods, respectively. The Committee considered MML Advisers' statement that the Fund's underperformance for the three-year period was primarily due to underperformance in 2024 as a result of stock selection in the financial services sector.

As to the Foreign Fund, the Committee noted that the Fund had performed in the 72<sup>nd</sup> and 92<sup>nd</sup> percentiles of its performance category for the one- and three-year periods, respectively. The Committee considered MML Advisers' statement that the Fund's underperformance for the three-year period was primarily due to underperformance in 2022 as a result of stock selection and sector allocation.

As to the Global Fund, the Committee noted that the Fund had performed in the 87<sup>th</sup> percentile of its performance category for the one- and three-year periods. The Committee considered MML Advisers' statement that the Fund's underperformance for the three-year period was primarily due to stylistic reasons, as it trailed its performance category and benchmark index when the Fund's valuation-sensitive style was out of favor in the market. The Committee also considered MML Advisers' statement that the Fund provided modest downside protection in 2022, consistent with expectations. The Committee also considered that MML Advisers implemented a subadviser change for the Fund in April 2025, and that the new subadviser's strategy outperformed its peers, ranking top half for the one- and three-year periods as of December 31, 2024. The Committee considered MML Advisers' conviction that the Fund's shareholders will benefit from the recent subadviser change.

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As to the Conservative Allocation Fund, the Committee noted that the Fund had performed in the 82<sup>nd</sup> percentile of its performance category for the one- and three-year periods. As to the Moderate Allocation Fund, the Committee noted that the Fund had performed in the 80<sup>th</sup> and 73<sup>rd</sup> percentile of its performance category for the one- and three-year periods. The Committee noted that each Fund had stronger longer-term performance, with the Conservative Allocation Fund ranking in the 60<sup>th</sup> and 54<sup>th</sup> percentiles of its performance category for the five- and ten-year periods, respectively, and with the Moderate Allocation Fund ranking in the 63<sup>rd</sup> percentile of its performance category for the ten-year period. The Committee considered MML Advisers' statement that manager selection detracted from each Fund's performance during 2024.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds' performance, for the various periods presented, and the level of ongoing review of various underperforming Funds, were consistent with the continuation of the Contracts.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers' advisory relationship with the various Funds, including: (i) a description of MML Advisers' revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information with respect to each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called "fallout benefits" to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers (including sub-subadvisers, as applicable) due to so-called "soft-dollar arrangements." Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers' oversight of each Fund and the subadvisory process; (ii) MML Advisers' levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund's total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers appear well suited to the Funds, as applicable, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund's shareholders.

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**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics (Item 2) – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](mml-efp16220_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) –Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

[(b)(1) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.](mml-efp16220_ex99906cert.htm)

[(b)(2) Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2, under the 1940 Act (17 CFR 270.30a-2), and, as applicable, Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT1.](mml-efp16220_ex99906cert1.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) | MML Series Investment Fund |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

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Date <u>8/25/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

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Date <u>8/25/2025</u>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

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Date <u>8/25/2025</u>

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

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CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund (the "Trust") on Form N-CSR for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

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| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund (the "Trust") on Form N-CSR for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

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| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Exhibit 99.906

I, Courtney R. Taylor, in my capacity as Secretary of the American Funds Insurance Series ("AFIS"), certify that in compliance with Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, the Principal Executive Officer and Treasurer of AFIS intend to certify to the U.S. Securities and Exchange Commission ("SEC") with respect to the attached PDFs of the Series (Semi-annual or Annual) shareholder reports and financial statements and other information. MML Series Investment Fund may rely on these certifications, which will be made in connection with AFIS' filings with the SEC on form N-CSR, which can be found at <u>http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000729528&owner=include&count=40</u>.

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| | |
|:---|:---|
| /s/ Courtney R. Taylor | 8/25/2025 |
| Courtney R. Taylor | Date |
| Secretary, |  |
| American Funds Insurance Series |  |

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