# EDGAR Filing Document

**Accession Number:** 0000729528
**File Stem:** 0001193125-25-293544
**Filing Date:** 2025-11
**Character Count:** 74712
**Document Hash:** 297e991519eb58b5184ebbbf8130f09e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-293544.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-293544

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FUNDS INSURANCE SERIES
- **CENTRAL INDEX KEY:** 0000729528

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03857
- **FILM NUMBER:** 251512526

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FUND INSURANCE SERIES
- **DATE OF NAME CHANGE:** 20010829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN VARIABLE INSURANCE SERIES
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN PATHWAY FUND
- **DATE OF NAME CHANGE:** 19880531

## Series and Classes Contracts Data

### Portfolio Series - American Funds Managed Risk Global Allocation Portfolio (Series ID: S000048972)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154337 | Class P2     |  |

## Nport-Ex

![](img2f1ae1221.jpg)

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

**American Funds Insurance Series**<sup>®</sup> **- Portfolio**

**Series**

**American Funds**<sup>®</sup> **Global Growth Portfolio**

Investment portfolio

September 30, 2025

**unaudited**

---

| | | |
|:---|:---|:---|
| Growth funds 80.03% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series - Global Growth Fund, Class 1  | 634075 | $24190 |
| American Funds Insurance Series - Growth Fund, Class 1  | 115301 | 16012 |
| American Funds Insurance Series - Global Small Capitalization Fund, Class 1  | 600834 | 11957 |
| American Funds Insurance Series - International Fund, Class 1  | 372333 | 8087 |
| American Funds Insurance Series - New World Fund, Class 1  | 128187 | 4039 |
| **Total growth funds** (cost: $50,995,000) |  | 64285 |
| Growth-and-income funds 20.05% |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1  | 900016 | 16101 |
| **Total growth-and-income funds** (cost: $11,783,000) |  | 16101 |
| **Total investment securities 100.08%** (cost: $62,778,000) |  | 80386 |
| **Other assets less liabilities (0.08)%** |  | (65)<br>|
| **Net assets 100.00%** |  | $80321 |

---

Investments in affiliates <sup>(a)</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>9/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** | **Growth funds 80.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Global Growth Fund, Class 1 <br>| $21580 | &nbsp;&nbsp; $3213 | &nbsp;&nbsp; $1610 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $932 | &nbsp;&nbsp; $24190 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Growth Fund, Class 1 <br>| 14291 | &nbsp;&nbsp; 2139 | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 16012 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Global Small Capitalization Fund, Class 1 <br>| 10783 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 11957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>International Fund, Class 1 <br>| 7118 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; (209)<br>| &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 8087 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>New World Fund, Class 1 <br>| 3568 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 4039 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 152 |
|  |  |  |  |  |  | &nbsp;&nbsp; 64285 |  |  |
| **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** | **Growth-and-income funds 20.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Capital World Growth and Income Fund, Class 1 <br>| 14406 | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 16101 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 542 |
| **Total 100.08%** |  |  |  | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $7741 | &nbsp;&nbsp; $80386 | &nbsp;&nbsp; $152 | &nbsp;&nbsp; $4882 |

---

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

<sup>(a)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

American Funds Insurance Series — Portfolio Series — Page 1 of 13

------

**American Funds**<sup>®</sup> **Growth and Income Portfolio**

Investment portfolio

September 30, 2025

**unaudited**

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

---

| | | |
|:---|:---|:---|
| Growth funds 9.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series - Growth Fund, Class 1  | 317128 | $44040 |
| **Total growth funds** (cost: $23,005,000) |  | 44040 |
| Growth-and-income funds 40.04% |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1  | 4930708 | 88210 |
| American Funds Insurance Series - Growth-Income Fund, Class 1  | 662870 | 44240 |
| American Funds Insurance Series - Washington Mutual Investors Fund, Class 1  | 2450362 | 44082 |
| **Total growth-and-income funds** (cost: $132,706,000) |  | 176532 |
| Asset allocation funds 5.01% |  |  |
| American Funds Insurance Series - Asset Allocation Fund, Class 1  | 808464 | 22071 |
| **Total asset allocation funds** (cost: $21,315,000) |  | 22071 |
| Equity-income funds 10.02% |  |  |
| American Funds Insurance Series - Capital Income Builder, Class 1  | 3099647 | 44170 |
| **Total equity-income funds** (cost: $30,348,000) |  | 44170 |
| Balanced funds 5.02% |  |  |
| American Funds Insurance Series - American Funds Global Balanced Fund, Class 1  | 1558174 | 22126 |
| **Total balanced funds** (cost: $18,761,000) |  | 22126 |
| Fixed income funds 30.00% |  |  |
| American Funds Insurance Series - The Bond Fund of America, Class 1  | 13553716 | 132284 |
| **Total fixed income funds** (cost: $143,965,000) |  | 132284 |
| **Total investment securities 100.08%** (cost: $370,100,000) |  | 441223 |
| **Other assets less liabilities (0.08)%** |  | (363)<br>|
| **Net assets 100.00%** |  | $440860 |

---

American Funds Insurance Series — Portfolio Series — Page 2 of 13

------

**unaudited**

Investments in affiliates <sup>(a)</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>9/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** | **Growth funds 9.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Growth Fund, Class 1 <br>| $38609 | &nbsp;&nbsp; $7973 | &nbsp;&nbsp; $6589 | &nbsp;&nbsp; $429 | &nbsp;&nbsp; $3618 | &nbsp;&nbsp; $44040 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $3377 |
| **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** | **Growth-and-income funds 40.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Capital World Growth and Income Fund, Class 1 <br>| 77498 | &nbsp;&nbsp; 7027 | &nbsp;&nbsp; 8453 | &nbsp;&nbsp; (655)<br>| &nbsp;&nbsp; 12793 | &nbsp;&nbsp; 88210 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Growth-Income Fund, Class 1 <br>| 38740 | &nbsp;&nbsp; 10211 | &nbsp;&nbsp; 3755 | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (880)<br>| &nbsp;&nbsp; 44240 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 7159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Washington Mutual Investors Fund, Class 1 <br>| 38802 | &nbsp;&nbsp; 4479 | &nbsp;&nbsp; 2074 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 2830 | &nbsp;&nbsp; 44082 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 2833 |
|  |  |  |  |  |  | &nbsp;&nbsp; 176532 |  |  |
| **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** | **Asset allocation funds 5.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Asset Allocation Fund, Class 1 <br>| 19541 | &nbsp;&nbsp; 1973 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 22071 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 1454 |
| **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** | **Equity-income funds 10.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>Capital Income Builder, Class 1 <br>| 38647 | &nbsp;&nbsp; 1703 | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 5748 | &nbsp;&nbsp; 44170 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; — |
| **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** | **Balanced funds 5.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>American Funds Global Balanced Fund, Class 1 <br>| 19164 | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 22126 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 792 |
| **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** | **Fixed income funds 30.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series - <br>The Bond Fund of America, Class 1 <br>| 117894 | &nbsp;&nbsp; 17165 | &nbsp;&nbsp; 9297 | &nbsp;&nbsp; (892)<br>| &nbsp;&nbsp; 7414 | &nbsp;&nbsp; 132284 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; — |
| **Total 100.08%** |  |  |  | &nbsp;&nbsp; $(1140)<br>| &nbsp;&nbsp; $34544 | &nbsp;&nbsp; $441223 | &nbsp;&nbsp; $2546 | &nbsp;&nbsp; $18670 |

---

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

<sup>(a)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

American Funds Insurance Series — Portfolio Series — Page 3 of 13

------

**American Funds**<sup>®</sup> **Managed Risk Growth Portfolio**

Investment portfolio

September 30, 2025

**unaudited**

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

---

| | | |
|:---|:---|:---|
| Growth funds 54.87% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3922282 | $544687 |
| American Funds Insurance Series – Global Growth Fund, Class 1  | 7165985 | 273382 |
| American Funds Insurance Series – Global Small Capitalization Fund, Class 1  | 4553634 | 90617 |
| American Funds Insurance Series – U.S. Small and Mid Cap Equity Fund, Class 1  | 8209776 | 90390 |
| **Total growth funds** (cost: $797,661,000) |  | 999076 |
| Growth-and-income funds 20.00% |  |  |
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 4097565 | 273472 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 5035634 | 90591 |
| **Total growth-and-income funds** (cost: $295,805,000) |  | 364063 |
| Fixed income funds 19.93% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 37169663 | 362776 |
| **Total fixed income funds** (cost: $352,958,000) |  | 362776 |
| Short-term securities 4.77% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.09% <sup>(a)</sup>  | 86908645 | 86909 |
| **Total short-term securities** (cost: $86,909,000) |  | 86909 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 4948 |
| **Total options purchased** (cost: $12,681,000) |  | 4948 |
| **Total investment securities 99.84%** (cost: $1,546,014,000) |  | 1817772 |
| **Other assets less liabilities 0.16%** |  | 2933 |
| **Net assets 100.00%** |  | $1820705 |

---

\*Options purchased (equity style)

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>9/30/2025 <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;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD10,033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |

---

American Funds Insurance Series — Portfolio Series — Page 4 of 13

------

**unaudited**

\*Options purchased (equity style) (continued)

------

**Equity index options (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Exercise<br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at<br> 9/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD113,704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4948 |

---

Futures contracts

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 9/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 153 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD51,551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $669 |

---

American Funds Insurance Series — Portfolio Series — Page 5 of 13

------

**unaudited**

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>9/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** | **Growth funds 54.87%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $533318 | &nbsp;&nbsp; $156966 | &nbsp;&nbsp; $196454 | &nbsp;&nbsp; $74653 | &nbsp;&nbsp; $(23796)<br>| &nbsp;&nbsp; $544687 | &nbsp;&nbsp; $1034 | &nbsp;&nbsp; $41610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Global Growth Fund, Class 1 <br>| 268636 | &nbsp;&nbsp; 65378 | &nbsp;&nbsp; 73084 | &nbsp;&nbsp; 12504 | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; 273382 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 32546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Global Small Capitalization Fund, Class 1 <br>| 180038 | &nbsp;&nbsp; 29473 | &nbsp;&nbsp; 135352 | &nbsp;&nbsp; 20769 | &nbsp;&nbsp; (4311)<br>| &nbsp;&nbsp; 90617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>U.S. Small and Mid Cap Equity Fund, Class 1 <br>|  | &nbsp;&nbsp; 91228 | &nbsp;&nbsp; 508 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; (330)<br>| &nbsp;&nbsp; 90390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 999076 |  |  |
| **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** | **Growth-and-income funds 20.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| 268423 | &nbsp;&nbsp; 79329 | &nbsp;&nbsp; 69238 | &nbsp;&nbsp; 15824 | &nbsp;&nbsp; (20866)<br>| &nbsp;&nbsp; 273472 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 44109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| 89561 | &nbsp;&nbsp; 15286 | &nbsp;&nbsp; 20613 | &nbsp;&nbsp; 4577 | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 90591 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 5885 |
|  |  |  |  |  |  | &nbsp;&nbsp; 364063 |  |  |
| **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** | **Fixed income funds 19.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 363091 | &nbsp;&nbsp; 121760 | &nbsp;&nbsp; 140842 | &nbsp;&nbsp; (1239)<br>| &nbsp;&nbsp; 20006 | &nbsp;&nbsp; 362776 | &nbsp;&nbsp; 3143 | &nbsp;&nbsp; — |
| **Total 94.80%** |  |  |  | &nbsp;&nbsp; $127088 | &nbsp;&nbsp; $(27569)<br>| &nbsp;&nbsp; $1725915 | &nbsp;&nbsp; $6031 | &nbsp;&nbsp; $127854 |

---

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

<sup>(a)</sup> Rate represents the seven-day yield at 9/30/2025.

<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.

<sup>(c)</sup> Amount less than one thousand.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

American Funds Insurance Series — Portfolio Series — Page 6 of 13

------

**American Funds**<sup>®</sup> **Managed Risk Growth and Income Portfolio**

Investment portfolio

September 30, 2025

**unaudited**

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

---

| | | |
|:---|:---|:---|
| Growth funds 9.98% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 968965 | $134560 |
| **Total growth funds** (cost: $102,245,000) |  | 134560 |
| Growth-and-income funds 49.96% |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1  | 18837552 | 337004 |
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 3033147 | 202432 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 7473627 | 134450 |
| **Total growth-and-income funds** (cost: $512,551,000) |  | 673886 |
| Asset allocation funds 4.98% |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 2460062 | 67160 |
| **Total asset allocation funds** (cost: $58,368,000) |  | 67160 |
| Equity-income funds 14.98% |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1  | 14176441 | 202014 |
| **Total equity-income funds** (cost: $161,524,000) |  | 202014 |
| Fixed income funds 14.95% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 20653358 | 201577 |
| **Total fixed income funds** (cost: $196,131,000) |  | 201577 |
| Short-term securities 4.75% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.09% <sup>(a)</sup>  | 64112744 | 64113 |
| **Total short-term securities** (cost: $64,113,000) |  | 64113 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 3604 |
| **Total options purchased** (cost: $8,992,000) |  | 3604 |
| **Total investment securities 99.87%** (cost: $1,103,924,000) |  | 1346914 |
| **Other assets less liabilities 0.13%** |  | 1791 |
| **Net assets 100.00%** |  | $1348705 |

---

American Funds Insurance Series — Portfolio Series — Page 7 of 13

------

**unaudited**

\*Options purchased (equity style)

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>9/30/2025 <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;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD46,819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3604 |

---

Futures contracts

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 9/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 116 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD39,085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $510 |

---

American Funds Insurance Series — Portfolio Series — Page 8 of 13

------

**unaudited**

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>9/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** | **Growth funds 9.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $133701 | &nbsp;&nbsp; $45634 | &nbsp;&nbsp; $57304 | &nbsp;&nbsp; $20713 | &nbsp;&nbsp; $(8184)<br>| &nbsp;&nbsp; $134560 | &nbsp;&nbsp; $260 | &nbsp;&nbsp; $10472 |
| **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** | **Growth-and-income funds 49.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Capital World Growth and Income Fund, Class 1 <br>| 336671 | &nbsp;&nbsp; 43105 | &nbsp;&nbsp; 90641 | &nbsp;&nbsp; 22693 | &nbsp;&nbsp; 25176 | &nbsp;&nbsp; 337004 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 11939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| 201814 | &nbsp;&nbsp; 62934 | &nbsp;&nbsp; 58051 | &nbsp;&nbsp; 15989 | &nbsp;&nbsp; (20254)<br>| &nbsp;&nbsp; 202432 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 33224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| 134801 | &nbsp;&nbsp; 22069 | &nbsp;&nbsp; 31713 | &nbsp;&nbsp; 7640 | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 134450 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 8874 |
|  |  |  |  |  |  | &nbsp;&nbsp; 673886 |  |  |
| **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** | **Asset allocation funds 4.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| 67527 | &nbsp;&nbsp; 7640 | &nbsp;&nbsp; 11337 | &nbsp;&nbsp; (1131)<br>| &nbsp;&nbsp; 4461 | &nbsp;&nbsp; 67160 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 4603 |
| **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** | **Equity-income funds 14.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Capital Income Builder Fund, Class 1 <br>| 203406 | &nbsp;&nbsp; 17385 | &nbsp;&nbsp; 46744 | &nbsp;&nbsp; 5311 | &nbsp;&nbsp; 22656 | &nbsp;&nbsp; 202014 | &nbsp;&nbsp; 3519 | &nbsp;&nbsp; — |
| **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** | **Fixed income funds 14.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 203406 | &nbsp;&nbsp; 67253 | &nbsp;&nbsp; 79615 | &nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp; 11719 | &nbsp;&nbsp; 201577 | &nbsp;&nbsp; 1776 | &nbsp;&nbsp; — |
| **Total 94.85%** |  |  |  | &nbsp;&nbsp; $70029 | &nbsp;&nbsp; $37227 | &nbsp;&nbsp; $1279197 | &nbsp;&nbsp; $7581 | &nbsp;&nbsp; $69112 |

---

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

<sup>(a)</sup> Rate represents the seven-day yield at 9/30/2025. <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 |

---

American Funds Insurance Series — Portfolio Series — Page 9 of 13

------

**American Funds**<sup>®</sup> **Managed Risk Global Allocation Portfolio**

Investment portfolio

September 30, 2025

**unaudited**

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

---

| | | |
|:---|:---|:---|
| Growth funds 24.96% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Global Growth Fund, Class 1  | 2361578 | $90094 |
| **Total growth funds** (cost: $77,902,000) |  | 90094 |
| Growth-and-income funds 24.96% |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1  | 5034387 | 90065 |
| **Total growth-and-income funds** (cost: $67,905,000) |  | 90065 |
| Asset allocation funds 9.95% |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 1315900 | 35924 |
| **Total asset allocation funds** (cost: $30,685,000) |  | 35924 |
| Equity-income funds 4.98% |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1  | 1261842 | 17981 |
| **Total equity-income funds** (cost: $14,523,000) |  | 17981 |
| Balanced funds 19.98% |  |  |
| American Funds Insurance Series – American Funds Global Balanced Fund, Class 1  | 5077282 | 72098 |
| **Total balanced funds** (cost: $62,437,000) |  | 72098 |
| Fixed income funds 9.97% |  |  |
| American Funds Insurance Series – Capital World Bond Fund, Class 1  | 3430155 | 35982 |
| **Total fixed income funds** (cost: $34,150,000) |  | 35982 |
| Short-term securities 4.73% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.09% <sup>(a)</sup>  | 17073868 | 17074 |
| **Total short-term securities** (cost: $17,074,000) |  | 17074 |
| Options purchased (equity style) 0.30% |  |  |
| Options purchased (equity style)\* |  | 1083 |
| **Total options purchased** (cost: $2,332,000) |  | 1083 |
| **Total investment securities 99.83%** (cost: $307,008,000) |  | 360301 |
| **Other assets less liabilities 0.17%** |  | 596 |
| **Net assets 100.00%** |  | $360897 |

---

American Funds Insurance Series — Portfolio Series — Page 10 of 13

------

**unaudited**

\*Options purchased (equity style)

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>9/30/2025 <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;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD10,033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1083 |

---

Futures contracts

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 9/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 33 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD11,119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $154 |

---

American Funds Insurance Series — Portfolio Series — Page 11 of 13

------

**unaudited**

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>9/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** | **Growth funds 24.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Global Growth Fund, Class 1 <br>| $90621 | &nbsp;&nbsp; $23255 | &nbsp;&nbsp; $27823 | &nbsp;&nbsp; $5774 | &nbsp;&nbsp; $(1733)<br>| &nbsp;&nbsp; $90094 | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $10915 |
| **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** | **Growth-and-income funds 24.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Capital World Growth and Income Fund, Class 1 <br>| 90656 | &nbsp;&nbsp; 9774 | &nbsp;&nbsp; 23176 | &nbsp;&nbsp; 6330 | &nbsp;&nbsp; 6481 | &nbsp;&nbsp; 90065 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 3195 |
| **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** | **Asset allocation funds 9.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| 36401 | &nbsp;&nbsp; 4520 | &nbsp;&nbsp; 6787 | &nbsp;&nbsp; (425)<br>| &nbsp;&nbsp; 2215 | &nbsp;&nbsp; 35924 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 2465 |
| **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** | **Equity-income funds 4.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Capital Income Builder Fund, Class 1 <br>| 18255 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 4123 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 1897 | &nbsp;&nbsp; 17981 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; — |
| **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** | **Balanced funds 19.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>American Funds Global Balanced Fund, Class 1 <br>| 72844 | &nbsp;&nbsp; 7065 | &nbsp;&nbsp; 14342 | &nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp; 7578 | &nbsp;&nbsp; 72098 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 2659 |
| **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** | **Fixed income funds 9.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Capital World Bond Fund, Class 1 <br>| 36519 | &nbsp;&nbsp; 12233 | &nbsp;&nbsp; 15786 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 2406 | &nbsp;&nbsp; 35982 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; — |
| **Total 94.80%** |  |  |  | &nbsp;&nbsp; $11850 | &nbsp;&nbsp; $18844 | &nbsp;&nbsp; $342144 | &nbsp;&nbsp; $1272 | &nbsp;&nbsp; $19234 |

---

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

<sup>(a)</sup> Rate represents the seven-day yield at 9/30/2025. <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 |

---

American Funds Insurance Series — Portfolio Series — Page 12 of 13

------

**unaudited**

Valuation disclosures

------

**Security valuation** — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund's statement of additional information. The net asset value per share of each fund and each underlying fund 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. 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. 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. The average month-end notional amount of option contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,535,042,000, $1,175,940,000 and $317,046,000, respectively. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $297,434,000, $188,250,000 and $62,376,000, respectively.

**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 each fund's assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. <br>As of September 30, 2025, all of the investments held by each fund were classified as Level 1.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at capitalgroup.com. Fund shares offered through Capital Client Group, Inc.**

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Capital Client Group, Inc., member FINRA.© 2025 Capital Group. All rights reserved.

INGEFP3-875-1125

American Funds Insurance Series — Portfolio Series — Page 13 of 13

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMERICAN FUNDS INSURANCE SERIES

- **b. Investment Company Act file number:** 811-03857

- **c. CIK number of Registrant:** 0000729528

- **d. LEI of Registrant:** 5493006ZFTN01BKM5294

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 333 South Hope Street

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

  - **Telephone number:** 9499755000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Portfolio Series - American Funds Managed Risk Global Allocation Portfolio

- **b. EDGAR series identifier (if any):** S000048972

- **c. LEI of Series:** 5493005986D2OX8SQU15

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $361480916.07

**Total Liabilities:** $375609.65

**Net Assets:** $361105306.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154337 | -0.00%               | 1.73%                | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1267683.80              | $-1322720.88                               |
| Month 2  | $599419.89               | $5652504.26                                |
| Month 3  | $1314729.54              | $7537654.99                                |

**Designated Index Information**

- **Index Name:** S&P 500 INDEX

- **Index Identifier:** SPX Index

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Institutional U.S. Government Money Market Fund - Premier Class | State Street Institutional U.S. Government Money Market Fund - Premier Class | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  17073868 | PA      | $17073868.17  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FUNDS INSURANCE SERIES - CAPITAL INCOME BUILDER                     | AMERICAN FUNDS INSURANCE SERIES - CAPITAL INCOME BUILDER                     | CUSIP: 02630E590<br>LEI: HB3628X2G8I5EW1FVP36 | Long             | EC               | RF                | US        |   1261842 | NS      | $17981251.45  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FUNDS INSURANCE SERIES - GLOBAL BALANCED FUND                       | AMERICAN FUNDS INSURANCE SERIES - GLOBAL BALANCED FUND                       | CUSIP: 02630E103<br>LEI: JGEO1G15TNSISDFXHQ08 | Long             | EC               | RF                | US        |   5078399 | NS      | $72113260.48  | 19.97%            |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FUNDS INSURANCE SERIES - ASSET ALLOCATION FUND                      | AMERICAN FUNDS INSURANCE SERIES - ASSET ALLOCATION FUND                      | CUSIP: 030372601<br>LEI: NZ0CKTWRMGPUOK1M2496 | Long             | EC               | RF                | US        |   1315900 | NS      | $35924076.80  | 9.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AFIS CAPITAL WORLD GROWTH AND INCOME FUND                                    | AFIS CAPITAL WORLD GROWTH AND INCOME FUND                                    | CUSIP: 030372619<br>LEI: N/A                  | Long             | EC               | RF                | US        |   5034387 | NS      | $90065184.22  | 24.94%            |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FUNDS INSURANCE SERIES - CAPITAL WORLD BOND FUND                    | AMERICAN FUNDS INSURANCE SERIES - CAPITAL WORLD BOND FUND                    | CUSIP: 030372577<br>LEI: Z8056ZZWOQ108TFXHC12 | Long             | EC               | RF                | US        |   3430155 | NS      | $35982328.98  | 9.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AFIS GLOBAL GROWTH FUND                                                      | AFIS GLOBAL GROWTH FUND                                                      | CUSIP: 030372882<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2366337 | NS      | $90275757.08  | 25.00%            |  |  |  | No            |                  1 | On Loan: No      |
| S&P500 EMINI FUT DEC25                                                       | S&P500 EMINI FUT DEC25                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        33 | NC      | $153519.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 12/19/25 P4125                                                        | SPX US 12/19/25 P4125                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        15 | NC      | $6150.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 12/19/25 P4175                                                        | SPX US 12/19/25 P4175                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        10 | NC      | $4300.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 12/19/25 P4225                                                        | SPX US 12/19/25 P4225                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        10 | NC      | $4500.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 12/19/25 P4250                                                        | SPX US 12/19/25 P4250                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       140 | NC      | $65800.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 12/19/25 P4300                                                        | SPX US 12/19/25 P4300                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        20 | NC      | $9800.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4175                                                        | SPX US 03/20/26 P4175                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        20 | NC      | $32400.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4275                                                        | SPX US 03/20/26 P4275                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       155 | NC      | $275900.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4375                                                        | SPX US 03/20/26 P4375                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        15 | NC      | $29025.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4500                                                        | SPX US 03/20/26 P4500                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        10 | NC      | $21300.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4625                                                        | SPX US 03/20/26 P4625                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       240 | NC      | $574800.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4825                                                        | SPX US 03/20/26 P4825                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        10 | NC      | $28650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX US 03/20/26 P4900                                                        | SPX US 03/20/26 P4900                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        10 | NC      | $30500.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** AMERICAN FUNDS INSURANCE SERIES

**Signature:** Scott Lewis

**Name of Signer:** Scott Lewis

**Title:** Compliance Specialist Senior