# EDGAR Filing Document

**Accession Number:** 0000729528
**File Stem:** 0001145549-25-057871
**Filing Date:** 2025-9
**Character Count:** 631906
**Document Hash:** aa01e95013b1bf8991a07eb363f57820
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-057871.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001145549-25-057871

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03857
- **FILM NUMBER:** 251296660

**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 Global Growth Portfolio (Series ID: S000048970)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154332 | Class 4      |  |

### Portfolio Series - American Funds Growth and Income Portfolio (Series ID: S000048971)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154335 | Class 4      |  |

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

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

### Portfolio Series - American Funds Managed Risk Growth Portfolio (Series ID: S000048973)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154338 | Class P2     |  |

### Portfolio Series - American Funds Managed Risk Growth and Income Portfolio (Series ID: S000048974)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154341 | Class P2     |  |

### American Funds IS 2010 Target Date Fund (Series ID: S000067189)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216157 | Class 1A     |  |
| C000216158 | Class 1      |  |
| C000216159 | Class 2      |  |
| C000216160 | Class 4      |  |

### American Funds IS 2015 Target Date Fund (Series ID: S000067190)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216161 | Class 4      |  |
| C000216162 | Class 1A     |  |
| C000216163 | Class 1      |  |
| C000216164 | Class 2      |  |

### American Funds IS 2020 Target Date Fund (Series ID: S000067191)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216165 | Class 4      |  |
| C000216166 | Class 2      |  |
| C000216167 | Class 1A     |  |
| C000216168 | Class 1      |  |

### American Funds IS 2025 Target Date Fund (Series ID: S000067192)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216169 | Class 1A     |  |
| C000216170 | Class 2      |  |
| C000216171 | Class 4      |  |
| C000216172 | Class 1      |  |

### American Funds IS 2030 Target Date Fund (Series ID: S000067193)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216173 | Class 1A     |  |
| C000216174 | Class 2      |  |
| C000216175 | Class 4      |  |
| C000216176 | Class 1      |  |

### American Funds IS 2035 Target Date Fund (Series ID: S000067194)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216177 | Class 1      |  |
| C000216178 | Class 1A     |  |
| C000216179 | Class 2      |  |
| C000216180 | Class 4      |  |

### American Funds IS 2040 Target Date Fund (Series ID: S000080323)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242643 | Class 1A     |  |
| C000242644 | Class 1      |  |
| C000242645 | Class 2      |  |
| C000242646 | Class 4      |  |

### American Funds IS 2045 Target Date Fund (Series ID: S000080324)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242647 | Class 4      |  |
| C000242648 | Class 1A     |  |
| C000242649 | Class 1      |  |
| C000242650 | Class 2      |  |

### American Funds IS 2050 Target Date Fund (Series ID: S000080325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242651 | Class 4      |  |
| C000242652 | Class 2      |  |
| C000242653 | Class 1A     |  |
| C000242654 | Class 1      |  |

### American Funds IS 2055 Target Date Fund (Series ID: S000080326)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242655 | Class 1A     |  |
| C000242656 | Class 2      |  |
| C000242657 | Class 4      |  |
| C000242658 | Class 1      |  |

### American Funds IS 2060 Target Date Fund (Series ID: S000080327)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242659 | Class 1A     |  |
| C000242660 | Class 2      |  |
| C000242661 | Class 4      |  |
| C000242662 | Class 1      |  |

### American Funds IS 2065 Target Date Fund (Series ID: S000080328)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242663 | Class 1      |  |
| C000242664 | Class 1A     |  |
| C000242665 | Class 2      |  |
| C000242666 | Class 4      |  |

### American Funds IS 2070 Target Date Fund (Series ID: S000084732)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249197 | Class 4      |  |
| C000249198 | Class 1      |  |
| C000249199 | Class 1A     |  |
| C000249200 | Class 2      |  |

?xml version='1.0' encoding='ASCII'? 8ddebd746d10894

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number
811-03857

#### American Funds Insurance Series
(Exact name of registrant as specified in charter)

------

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of principal executive offices)

Gregory F. Niland

5300 Robin Hood Rd.

Norfolk, VA 23513

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(949) 975-5000

#### Date of fiscal year end:
December 31

#### Date of reporting period:
June 30, 2025

ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

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

## American Funds <sup>®</sup> Global Growth Portfolio
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$26 | 0.50%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $77 |
| Total number of portfolio holdings | 6 |
| Portfolio turnover rate | 6% |

---

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

---

| | |
|:---|:---|
| Growth funds | 80.06% |
| Growth-and-income funds | 20.02% |
| Other assets less liabilities | (0.08)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-104-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

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

## American Funds <sup>®</sup> Growth and Income Portfolio
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$26 | 0.50%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $428 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 5% |

---

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

---

| | |
|:---|:---|
| Growth-and-income funds | 40.53% |
| Fixed income funds | 29.37% |
| Growth funds | 10.21% |
| Equity-income funds | 9.95% |
| Balanced funds | 5.01 |
| Asset allocation funds | 5.01% |
| Other assets less liabilities | (0.08)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-105-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

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

## American Funds <sup>®</sup> Managed Risk Growth Portfolio
**Class P2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Managed Risk Growth Portfolio (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$31 0.61%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $1789629 |
| Total number of portfolio holdings | 25 |
| Portfolio turnover rate | 26% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - AFIS_Class P2](images_2124.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INP2SRX-106-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

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

## American Funds <sup>®</sup> Managed Risk Growth and Income Portfolio
**Class P2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Managed Risk Growth and Income Portfolio (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$31 0.61%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $1340109 |
| Total number of portfolio holdings | 21 |
| Portfolio turnover rate | 9% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - AFIS_Class P2](images_2124.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INP2SRX-107-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

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

## American Funds <sup>®</sup> Managed Risk Global Allocation Portfolio
**Class P2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Managed Risk Global Allocation Portfolio (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$32 0.62%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $358598 |
| Total number of portfolio holdings | 17 |
| Portfolio turnover rate | 16% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - AFIS_Class P2](images_2124.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INP2SRX-108-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2070 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2070 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$3 | 0.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $116 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-145-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2070 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2070 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $116 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-145-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2070 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2070 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $116 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-145-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2070 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2070 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $116 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-145-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2065 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2065 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $76 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 2% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-143-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2065 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2065 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $76 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 2% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-143-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2065 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2065 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $76 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 2% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-143-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2065 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2065 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $76 |
| Total number of portfolio holdings | 16 |
| Portfolio turnover rate | 2% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-143-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2060 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2060 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $208 |
| Total number of portfolio holdings | 17 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-142-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2060 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2060 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$3 | 0.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $208 |
| Total number of portfolio holdings | 17 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-142-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2060 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2060 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $208 |
| Total number of portfolio holdings | 17 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-142-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2060 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2060 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$3 | 0.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $208 |
| Total number of portfolio holdings | 17 |
| Portfolio turnover rate | 0% |

---

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

\*Less than 0.01%.

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-142-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2055 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2055 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $6 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 11% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-141-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2055 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2055 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $6 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 11% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-141-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2055 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2055 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$1 | 0.02%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $6 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 11% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-141-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2055 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2055 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $6 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 11% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-141-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2050 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2050 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $9 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 13% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-140-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2050 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2050 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $9 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 13% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-140-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2050 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2050 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $9 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 13% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-140-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2050 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2050 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $9 |
| Total number of portfolio holdings | 19 |
| Portfolio turnover rate | 13% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-140-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2045 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2045 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 3% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-139-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2045 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2045 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 3% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-139-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2045 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2045 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 3% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-139-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2045 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2045 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 3% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-139-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2040 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2040 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 5% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-138-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2040 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2040 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 5% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-138-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2040 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2040 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 5% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-138-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2040 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2040 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$26 | 0.50%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 5% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-138-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2035 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2035 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $15 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 25% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-135-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2035 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2035 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $15 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 25% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-135-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2035 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2035 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $15 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 25% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-135-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2035 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2035 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$27 | 0.52%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $15 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 25% |

---

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

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-135-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2030 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2030 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 63% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 35.85% |
| Growth-and-income funds | 26.85% |
| Growth funds | 16.07% |
| Balanced funds | 12.92% |
| Equity-income funds | 8.43 |
| Other assets less liabilities | (0.12)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-134-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2030 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2030 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 63% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 35.85% |
| Growth-and-income funds | 26.85% |
| Growth funds | 16.07% |
| Balanced funds | 12.92% |
| Equity-income funds | 8.43 |
| Other assets less liabilities | (0.12)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-134-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2030 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2030 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 63% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 35.85% |
| Growth-and-income funds | 26.85% |
| Growth funds | 16.07% |
| Balanced funds | 12.92% |
| Equity-income funds | 8.43 |
| Other assets less liabilities | (0.12)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-134-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2030 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2030 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$27 | 0.52%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11 |
| Total number of portfolio holdings | 24 |
| Portfolio turnover rate | 63% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 35.85% |
| Growth-and-income funds | 26.85% |
| Growth funds | 16.07% |
| Balanced funds | 12.92% |
| Equity-income funds | 8.43 |
| Other assets less liabilities | (0.12)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-134-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2025 Target Date Fund
**Class 1** for the six months ended June 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 21 |
| Portfolio turnover rate | 64% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 44.97% |
| Growth-and-income funds | 24.03% |
| Equity-income funds | 13.46% |
| Balanced funds | 12.05% |
| Growth funds | 5.74 |
| Other assets less liabilities | (0.25)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-133-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2025 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 21 |
| Portfolio turnover rate | 64% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 44.97% |
| Growth-and-income funds | 24.03% |
| Equity-income funds | 13.46% |
| Balanced funds | 12.05% |
| Growth funds | 5.74 |
| Other assets less liabilities | (0.25)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-133-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2025 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2025 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 21 |
| Portfolio turnover rate | 64% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 44.97% |
| Growth-and-income funds | 24.03% |
| Equity-income funds | 13.46% |
| Balanced funds | 12.05% |
| Growth funds | 5.74 |
| Other assets less liabilities | (0.25)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-133-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2025 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2025 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$27 | 0.53%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $12 |
| Total number of portfolio holdings | 21 |
| Portfolio turnover rate | 64% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 44.97% |
| Growth-and-income funds | 24.03% |
| Equity-income funds | 13.46% |
| Balanced funds | 12.05% |
| Growth funds | 5.74 |
| Other assets less liabilities | (0.25)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-133-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2020 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2020 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$3 | 0.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18 |
| Total number of portfolio holdings | 22 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 45.44% |
| Growth-and-income funds | 21.87% |
| Equity-income funds | 18.10% |
| Balanced funds | 11.91% |
| Growth funds | 2.72 |
| Other assets less liabilities | (0.04)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-132-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2020 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2020 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18 |
| Total number of portfolio holdings | 22 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 45.44% |
| Growth-and-income funds | 21.87% |
| Equity-income funds | 18.10% |
| Balanced funds | 11.91% |
| Growth funds | 2.72 |
| Other assets less liabilities | (0.04)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-132-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2020 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2020 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18 |
| Total number of portfolio holdings | 22 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 45.44% |
| Growth-and-income funds | 21.87% |
| Equity-income funds | 18.10% |
| Balanced funds | 11.91% |
| Growth funds | 2.72 |
| Other assets less liabilities | (0.04)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-132-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2020 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2020 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$28 | 0.54%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18 |
| Total number of portfolio holdings | 22 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 45.44% |
| Growth-and-income funds | 21.87% |
| Equity-income funds | 18.10% |
| Balanced funds | 11.91% |
| Growth funds | 2.72 |
| Other assets less liabilities | (0.04)% |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-132-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2015 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2015 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 3% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 49.91% |
| Growth-and-income funds | 19.75% |
| Equity-income funds | 19.59% |
| Balanced funds | 10.83% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-131-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2015 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2015 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 3% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 49.91% |
| Growth-and-income funds | 19.75% |
| Equity-income funds | 19.59% |
| Balanced funds | 10.83% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-131-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2015 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2015 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 3% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 49.91% |
| Growth-and-income funds | 19.75% |
| Equity-income funds | 19.59% |
| Balanced funds | 10.83% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-131-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2015 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2015 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$28 | 0.54%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 3% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 49.91% |
| Growth-and-income funds | 19.75% |
| Equity-income funds | 19.59% |
| Balanced funds | 10.83% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-131-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2010 Target Date Fund
**Class 1** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2010 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $574 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 50.05% |
| Equity-income funds | 25.24% |
| Growth-and-income funds | 15.81% |
| Balanced funds | 8.98% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1](images_2130.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-130-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2010 Target Date Fund
**Class 1A** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2010 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $574 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 50.05% |
| Equity-income funds | 25.24% |
| Growth-and-income funds | 15.81% |
| Balanced funds | 8.98% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 1A](images_2129.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA5SRX-130-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2010 Target Date Fund
**Class 2** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2010 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$2 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $574 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 50.05% |
| Equity-income funds | 25.24% |
| Growth-and-income funds | 15.81% |
| Balanced funds | 8.98% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 2](images_2128.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA2SRX-130-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> IS 2010 Target Date Fund
**Class 4** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds IS 2010 Target Date Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$27 | 0.53%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $574 |
| Total number of portfolio holdings | 18 |
| Portfolio turnover rate | 2% |

---

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

---

| | |
|:---|:---|
| Fixed income funds | 50.05% |
| Equity-income funds | 25.24% |
| Growth-and-income funds | 15.81% |
| Balanced funds | 8.98% |
| Other assets less liabilities | (0.08) |
| Total | 100.00% |

---

Availability of additional information

![TSR - QR Code - AFIS_Class 4](images_2126.jpg)

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

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA4SRX-130-0825© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 3 - Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 4 - Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

------

#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](imgf1b588321.jpg)

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

Financial Statements and Other Information

N-CSR Items 7-11

for the six months ended June 30, 2025

Lit. No. INGEFP2-875-0825© 2025 Capital Group. All rights reserved.

------

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

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 80.06% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series - Global Growth Fund, Class 1  | 645895 | $23142 |
| American Funds Insurance Series - Growth Fund, Class 1  | 119520 | 15429 |
| American Funds Insurance Series - Global Small Capitalization Fund, Class 1  | 602707 | 11572 |
| American Funds Insurance Series - International Fund, Class 1  | 385757 | 7715 |
| American Funds Insurance Series - New World Fund, Class 1  | 130351 | 3849 |
| **Total growth funds** (cost: $52,390,000) |  | 61707 |
| Growth-and-income funds 20.02% |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1  | 914570 | 15429 |
| **Total growth-and-income funds** (cost: $12,019,000) |  | 15429 |
| **Total investment securities 100.08**% (cost: $64,409,000) |  | 77136 |
| Other assets less liabilities (0.08)% |  | (59)<br>|
| **Net assets 100.00%** |  | $77077 |

---

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 80.06%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>Global Growth Fund, Class 1 <br>| $21580 | &nbsp;&nbsp; $2956 | &nbsp;&nbsp; $921 | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $(519)<br>| &nbsp;&nbsp; $23142 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $2768 |
| American Funds Insurance Series - <br>Growth Fund, Class 1 <br>| 14291 | &nbsp;&nbsp; 2008 | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 15429 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 1185 |
| American Funds Insurance Series - <br>Global Small Capitalization Fund, Class 1 <br>| 10783 | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 642 | &nbsp;&nbsp; 11572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236 |
| American Funds Insurance Series - <br>International Fund, Class 1 <br>| 7118 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; (147)<br>| &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 7715 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| American Funds Insurance Series - <br>New World Fund, Class 1 <br>| 3568 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 370 | &nbsp;&nbsp; 3849 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 152 |
|  |  |  |  |  |  | &nbsp;&nbsp; 61707 |  |  |
| **Growth-and-income funds 20.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>Capital World Growth and Income Fund, Class 1 <br>| 14406 | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 15429 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 542 |
| **Total 100.08%** |  |  |  | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $2860 | &nbsp;&nbsp; $77136 | &nbsp;&nbsp; $152 | &nbsp;&nbsp; $4883 |

---

<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.

Refer to the notes to financial statements.

American Funds Insurance Series - Portfolio Series<sub>1</sub>

------

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

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 10.21% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series - Growth Fund, Class 1  | 338063 | $43641 |
| **Total growth funds** (cost: $25,537,000) |  | 43641 |
| Growth-and-income funds 40.53% |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1  | 5123080 | 86426 |
| American Funds Insurance Series - Growth-Income Fund, Class 1  | 697416 | 43519 |
| American Funds Insurance Series - Washington Mutual Investors Fund, Class 1  | 2534945 | 43348 |
| **Total growth-and-income funds** (cost: $140,025,000) |  | 173293 |
| Asset allocation funds 5.01% |  |  |
| American Funds Insurance Series - Asset Allocation Fund, Class 1  | 821343 | 21412 |
| **Total asset allocation funds** (cost: $21,687,000) |  | 21412 |
| Equity-income funds 9.95% |  |  |
| American Funds Insurance Series - Capital Income Builder, Class 1  | 3092323 | 42519 |
| **Total equity-income funds** (cost: $30,234,000) |  | 42519 |
| Balanced funds 5.01% |  |  |
| American Funds Insurance Series - American Funds Global Balanced Fund, Class 1  | 1570837 | 21426 |
| **Total balanced funds** (cost: $18,930,000) |  | 21426 |
| Fixed income funds 29.37% |  |  |
| American Funds Insurance Series - The Bond Fund of America, Class 1  | 13107215 | 125567 |
| **Total fixed income funds** (cost: $139,685,000) |  | 125567 |
| **Total investment securities 100.08**% (cost: $376,098,000) |  | 427858 |
| Other assets less liabilities (0.08)% |  | (335)<br>|
| **Net assets 100.00%** |  | $427523 |

---

---

| | |
|:---|:---|
| **2** | American Funds Insurance Series - Portfolio Series |

---

------

American Funds<sup>®</sup> Growth and Income Portfolio (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 10.21%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>Growth Fund, Class 1 <br>| $38609 | &nbsp;&nbsp; $7822 | &nbsp;&nbsp; $3630 | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $686 | &nbsp;&nbsp; $43641 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $3376 |
| **Growth-and-income funds 40.53%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>Capital World Growth and Income Fund, Class 1 <br>| 77498 | &nbsp;&nbsp; 6126 | &nbsp;&nbsp; 4166 | &nbsp;&nbsp; (477)<br>| &nbsp;&nbsp; 7445 | &nbsp;&nbsp; 86426 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 3055 |
| American Funds Insurance Series - <br>Growth-Income Fund, Class 1 <br>| 38740 | &nbsp;&nbsp; 9971 | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (3914)<br>| &nbsp;&nbsp; 43519 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 7159 |
| American Funds Insurance Series - <br>Washington Mutual Investors Fund, Class 1 <br>| 38802 | &nbsp;&nbsp; 4328 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 43348 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 2833 |
|  |  |  |  |  |  | &nbsp;&nbsp; 173293 |  |  |
| **Asset allocation funds 5.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>Asset Allocation Fund, Class 1 <br>| 19541 | &nbsp;&nbsp; 1973 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 21412 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 1454 |
| **Equity-income funds 9.95%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>Capital Income Builder, Class 1 <br>| 38647 | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; 42519 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; — |
| **Balanced funds 5.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>American Funds Global Balanced Fund, Class 1 <br>| 19164 | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 21426 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 792 |
| **Fixed income funds 29.37%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - <br>The Bond Fund of America, Class 1 <br>| 117894 | &nbsp;&nbsp; 11671 | &nbsp;&nbsp; 8073 | &nbsp;&nbsp; (901)<br>| &nbsp;&nbsp; 4976 | &nbsp;&nbsp; 125567 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; — |
| **Total 100.08%** |  |  |  | &nbsp;&nbsp; $(1198)<br>| &nbsp;&nbsp; $15182 | &nbsp;&nbsp; $427858 | &nbsp;&nbsp; $2299 | &nbsp;&nbsp; $18669 |

---

<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.

Refer to the notes to financial statements.

American Funds Insurance Series - Portfolio Series<sub>3</sub>

------

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

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 55.01% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 4161140 | $537162 |
| American Funds Insurance Series – Global Growth Fund, Class 1  | 7486405 | 268238 |
| American Funds Insurance Series – Global Small Capitalization Fund, Class 1  | 9324759 | 179035 |
| **Total growth funds** (cost: $809,653,000) |  | 984435 |
| Growth-and-income funds 20.01% |  |  |
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 4304872 | 268624 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 5236392 | 89542 |
| **Total growth-and-income funds** (cost: $307,452,000) |  | 358166 |
| Fixed income funds 20.01% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 37377851 | 358080 |
| **Total fixed income funds** (cost: $355,109,000) |  | 358080 |
| Short-term securities 4.54% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 81282715 | 81283 |
| **Total short-term securities** (cost: $81,283,000) |  | 81283 |
| Options purchased (equity style) 0.46% |  |  |
| Options purchased (equity style)\* |  | 8237 |
| **Total options purchased** (cost: $10,911,000) |  | 8237 |
| **Total investment securities 100.03**% (cost: $1,564,408,000) |  | 1790201 |
| Other assets less liabilities (0.03)% |  | (572)<br>|
| **Net assets 100.00%** |  | $1789629 |

---

**\*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; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD37,230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,425.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4475.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155124 | &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; 215 |
| 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; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| 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; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608085 | &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; 2087 |
| 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; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105484 | &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; 388 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68254 | &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; 256 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89972 | &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; 349 |
| 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; 4050.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| 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 |

---

---

| | |
|:---|:---|
| **4** | American Funds Insurance Series - Portfolio Series |

---

------

American Funds<sup>®</sup> Managed Risk Growth Portfolio (continued)

**\*Options purchased (equity style)** (continued)

------

**Equity index options** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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>|
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD142,714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $854 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539831 | &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; 3402 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8237 |

---

**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>|
| Japanese Yen Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| British Pound Currency Futures | Short | 2 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (172)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Euro Currency Futures | Short | 2 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| S&P 500 E-mini Index Futures | Long | 244 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $348 |

---

American Funds Insurance Series - Portfolio Series<sub>5</sub>

------

American Funds<sup>®</sup> Managed Risk Growth Portfolio (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 55.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $533318 | &nbsp;&nbsp; $151726 | &nbsp;&nbsp; $159122 | &nbsp;&nbsp; $58676 | &nbsp;&nbsp; $(47436)<br>| &nbsp;&nbsp; $537162 | &nbsp;&nbsp; $1034 | &nbsp;&nbsp; $41610 |
| American Funds Insurance Series – <br>Global Growth Fund, Class 1 <br>| 268636 | &nbsp;&nbsp; 62598 | &nbsp;&nbsp; 58384 | &nbsp;&nbsp; 9798 | &nbsp;&nbsp; (14410)<br>| &nbsp;&nbsp; 268238 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 32546 |
| American Funds Insurance Series – <br>Global Small Capitalization Fund, Class 1 <br>| 180038 | &nbsp;&nbsp; 24966 | &nbsp;&nbsp; 35745 | &nbsp;&nbsp; 3053 | &nbsp;&nbsp; 6723 | &nbsp;&nbsp; 179035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3703 |
|  |  |  |  |  |  | &nbsp;&nbsp; 984435 |  |  |
| **Growth-and-income funds 20.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| 268423 | &nbsp;&nbsp; 76262 | &nbsp;&nbsp; 52763 | &nbsp;&nbsp; 11725 | &nbsp;&nbsp; (35023)<br>| &nbsp;&nbsp; 268624 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 44109 |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| 89561 | &nbsp;&nbsp; 13890 | &nbsp;&nbsp; 15684 | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; (1605)<br>| &nbsp;&nbsp; 89542 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 5885 |
|  |  |  |  |  |  | &nbsp;&nbsp; 358166 |  |  |
| **Fixed income funds 20.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 363091 | &nbsp;&nbsp; 98889 | &nbsp;&nbsp; 115939 | &nbsp;&nbsp; (1120)<br>| &nbsp;&nbsp; 13159 | &nbsp;&nbsp; 358080 | &nbsp;&nbsp; 3143 | &nbsp;&nbsp; — |
| **Total 95.03%** |  |  |  | &nbsp;&nbsp; $85512 | &nbsp;&nbsp; $(78592)<br>| &nbsp;&nbsp; $1700681 | &nbsp;&nbsp; $6031 | &nbsp;&nbsp; $127853 |

---

<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.

---

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

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **6** | American Funds Insurance Series - Portfolio Series |

---

------

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

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 10.00% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 1038073 | $134005 |
| **Total growth funds** (cost: $107,165,000) |  | 134005 |
| Growth-and-income funds 49.97% |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1  | 19837841 | 334665 |
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 3220102 | 200934 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 7836538 | 134005 |
| **Total growth-and-income funds** (cost: $536,182,000) |  | 669604 |
| Asset allocation funds 5.00% |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 2568009 | 66948 |
| **Total asset allocation funds** (cost: $61,425,000) |  | 66948 |
| Equity-income funds 14.99% |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1  | 14613408 | 200934 |
| **Total equity-income funds** (cost: $166,264,000) |  | 200934 |
| Fixed income funds 14.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 20974359 | 200934 |
| **Total fixed income funds** (cost: $199,154,000) |  | 200934 |
| Short-term securities 4.67% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 62567256 | 62567 |
| **Total short-term securities** (cost: $62,567,000) |  | 62567 |
| Options purchased (equity style) 0.39% |  |  |
| Options purchased (equity style)\* |  | 5245 |
| **Total options purchased** (cost: $7,600,000) |  | 5245 |
| **Total investment securities 100.01**% (cost: $1,140,357,000) |  | 1340237 |
| Other assets less liabilities (0.01)% |  | (128)<br>|
| **Net assets 100.00%** |  | $1340109 |

---

American Funds Insurance Series - Portfolio Series<sub>7</sub>

------

American Funds<sup>®</sup> Managed Risk Growth and Income Portfolio (continued)

**\*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; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD279,223 | &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; $386 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43434 | &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; 132 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58947 | &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; 197 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434346 | &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; 1491 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83767 | &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; 309 |
| 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; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| 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; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| 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; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331965 | &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; 2092 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5245 |

---

**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; $(1)<br>|
| Japanese Yen Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<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; (2)<br>|
| S&P 500 E-mini Index Futures | Long | 162 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $928 |

---

---

| | |
|:---|:---|
| **8** | American Funds Insurance Series - Portfolio Series |

---

------

American Funds<sup>®</sup> Managed Risk Growth and Income Portfolio (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 10.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $133701 | &nbsp;&nbsp; $43619 | &nbsp;&nbsp; $46018 | &nbsp;&nbsp; $16362 | &nbsp;&nbsp; $(13659)<br>| &nbsp;&nbsp; $134005 | &nbsp;&nbsp; $260 | &nbsp;&nbsp; $10472 |
| **Growth-and-income funds 49.97%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Capital World Growth and Income Fund, Class 1 <br>| 336671 | &nbsp;&nbsp; 40511 | &nbsp;&nbsp; 70622 | &nbsp;&nbsp; 15738 | &nbsp;&nbsp; 12367 | &nbsp;&nbsp; 334665 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 11939 |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| 201814 | &nbsp;&nbsp; 62006 | &nbsp;&nbsp; 45042 | &nbsp;&nbsp; 12647 | &nbsp;&nbsp; (30491)<br>| &nbsp;&nbsp; 200934 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 33224 |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| 134801 | &nbsp;&nbsp; 21501 | &nbsp;&nbsp; 24776 | &nbsp;&nbsp; 5694 | &nbsp;&nbsp; (3215)<br>| &nbsp;&nbsp; 134005 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 8874 |
|  |  |  |  |  |  | &nbsp;&nbsp; 669604 |  |  |
| **Asset allocation funds 5.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| 67527 | &nbsp;&nbsp; 7212 | &nbsp;&nbsp; 8039 | &nbsp;&nbsp; (945)<br>| &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 66948 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 4603 |
| **Equity-income funds 14.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Capital Income Builder Fund, Class 1 <br>| 203406 | &nbsp;&nbsp; 14445 | &nbsp;&nbsp; 37744 | &nbsp;&nbsp; 3991 | &nbsp;&nbsp; 16836 | &nbsp;&nbsp; 200934 | &nbsp;&nbsp; 2384 | &nbsp;&nbsp; — |
| **Fixed income funds 14.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 203406 | &nbsp;&nbsp; 54026 | &nbsp;&nbsp; 63302 | &nbsp;&nbsp; (1249)<br>| &nbsp;&nbsp; 8053 | &nbsp;&nbsp; 200934 | &nbsp;&nbsp; 1776 | &nbsp;&nbsp; — |
| **Total 94.95%** |  |  |  | &nbsp;&nbsp; $52238 | &nbsp;&nbsp; $(8916)<br>| &nbsp;&nbsp; $1272425 | &nbsp;&nbsp; $6446 | &nbsp;&nbsp; $69112 |

---

<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.

---

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

---

Refer to the notes to financial statements.

American Funds Insurance Series - Portfolio Series<sub>9</sub>

------

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

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 25.02% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Global Growth Fund, Class 1  | 2504168 | $89724 |
| **Total growth funds** (cost: $81,669,000) |  | 89724 |
| Growth-and-income funds 25.04% |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1  | 5321299 | 89770 |
| **Total growth-and-income funds** (cost: $70,903,000) |  | 89770 |
| Asset allocation funds 10.02% |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 1378466 | 35937 |
| **Total asset allocation funds** (cost: $32,345,000) |  | 35937 |
| Equity-income funds 5.01% |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1  | 1306030 | 17958 |
| **Total equity-income funds** (cost: $14,966,000) |  | 17958 |
| Balanced funds 20.03% |  |  |
| American Funds Insurance Series – American Funds Global Balanced Fund, Class 1  | 5265817 | 71826 |
| **Total balanced funds** (cost: $64,949,000) |  | 71826 |
| Fixed income funds 10.02% |  |  |
| American Funds Insurance Series – Capital World Bond Fund, Class 1  | 3442203 | 35937 |
| **Total fixed income funds** (cost: $34,125,000) |  | 35937 |
| Short-term securities 4.56% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 16367861 | 16368 |
| **Total short-term securities** (cost: $16,368,000) |  | 16368 |
| Options purchased (equity style) 0.35% |  |  |
| Options purchased (equity style)\* |  | 1266 |
| **Total options purchased** (cost: $1,992,000) |  | 1266 |
| **Total investment securities 100.05**% (cost: $317,317,000) |  | 358786 |
| Other assets less liabilities (0.05)% |  | (188)<br>|
| **Net assets 100.00%** |  | $358598 |

---

---

| | |
|:---|:---|
| **10** | American Funds Insurance Series - Portfolio Series |

---

------

American Funds<sup>®</sup> Managed Risk Global Allocation Portfolio (continued)

**\*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; USD4,300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124099 | &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; 171 |
| 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; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| 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; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| 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; 4225.00 | &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; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86869 | &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; 298 |
| 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; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| 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; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96177 | &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; 606 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1266 |

---

**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; $296 |

---

American Funds Insurance Series - Portfolio Series<sub>11</sub>

------

American Funds<sup>®</sup> Managed Risk Global Allocation Portfolio (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 25.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Global Growth Fund, Class 1 <br>| $90621 | &nbsp;&nbsp; $22732 | &nbsp;&nbsp; $22043 | &nbsp;&nbsp; $4283 | &nbsp;&nbsp; $(5869)<br>| &nbsp;&nbsp; $89724 | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $10915 |
| **Growth-and-income funds 25.04%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Capital World Growth and Income Fund, Class 1 <br>| 90656 | &nbsp;&nbsp; 8951 | &nbsp;&nbsp; 17379 | &nbsp;&nbsp; 4354 | &nbsp;&nbsp; 3188 | &nbsp;&nbsp; 89770 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 3195 |
| **Asset allocation funds 10.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| 36401 | &nbsp;&nbsp; 4192 | &nbsp;&nbsp; 4801 | &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp; 567 | &nbsp;&nbsp; 35937 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 2465 |
| **Equity-income funds 5.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Capital Income Builder Fund, Class 1 <br>| 18255 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 17958 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; — |
| **Balanced funds 20.03%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>American Funds Global Balanced Fund, Class 1 <br>| 72844 | &nbsp;&nbsp; 6282 | &nbsp;&nbsp; 10967 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; 4795 | &nbsp;&nbsp; 71826 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 2659 |
| **Fixed income funds 10.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Capital World Bond Fund, Class 1 <br>| 36519 | &nbsp;&nbsp; 10042 | &nbsp;&nbsp; 13475 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 2386 | &nbsp;&nbsp; 35937 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; — |
| **Total 95.14%** |  |  |  | &nbsp;&nbsp; $7990 | &nbsp;&nbsp; $6497 | &nbsp;&nbsp; $341152 | &nbsp;&nbsp; $1171 | &nbsp;&nbsp; $19234 |

---

<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.

---

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

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **12** | American Funds Insurance Series - Portfolio Series |

---

------

Financial statements unaudited

**Statements of assets and liabilities** at June 30, 2025

(dollars and shares in thousands, except per-share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br> **Growth** <br>**Portfolio**<br>| **Growth and** <br> **Income** <br>**Portfolio**<br>| **Managed Risk** <br>**Growth** <br>**Portfolio**<br>| **Managed Risk** <br>**Growth and** <br> **Income** <br>**Portfolio**<br>| **Managed** <br>**Risk** <br>**Global** <br>**Allocation** <br>**Portfolio**<br>|
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investment securities, at value: | Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | Unaffiliated issuers | $— | $— | $89520 | $67812 | $17634 |
| Affiliated issuers | Affiliated issuers | 77136 | 427858 | 1700681 | 1272425 | 341152 |
| Cash collateral pledged for futures contracts | Cash collateral pledged for futures contracts |  |  | 3864 | 2780 | 661 |
| Receivables for: | Receivables for: |  |  |  |  |  |
| Sales of investments | Sales of investments | 208 | 89 | 9594 | 6499 | 1490 |
| Sales of fund's shares | Sales of fund's shares | —<br> \*<br>| 33 |  |  |  |
| Dividends | Dividends |  |  | 298 | 225 | 60 |
| Variation margin on futures contracts | Variation margin on futures contracts |  |  | 288 | 208 | 50 |
|  |  | 77344 | 427980 | 1804245 | 1349949 | 361047 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |
| Purchases of investments | Purchases of investments |  | 32 | 11737 | 7248 | 1390 |
| Repurchases of fund's shares | Repurchases of fund's shares | 208 | 89 | 1315 | 1408 | 742 |
| Investment advisory services | Investment advisory services |  |  | 144 | 108 | 29 |
| Insurance administrative fees | Insurance administrative fees | 43 | 249 | 1051 | 797 | 213 |
| Services provided by related parties | Services provided by related parties | 15 | 83 | 348 | 262 | 70 |
| Trustees' deferred compensation | Trustees' deferred compensation | 1 | 4 | 21 | 17 | 5 |
|  |  | 267 | 457 | 14616 | 9840 | 2449 |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $77077 | $427523 | $1789629 | $1340109 | $358598 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $60785 | $360741 | $1755142 | $1256367 | $350893 |
| Total distributable earnings (accumulated loss) | Total distributable earnings (accumulated loss) | 16292 | 66782 | 34487 | 83742 | 7705 |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $77077 | $427523 | $1789629 | $1340109 | $358598 |
| Investment securities, at cost: | Investment securities, at cost: |  |  |  |  |  |
| Unaffiliated issuers | Unaffiliated issuers | $— | $— | $92194 | $70167 | $18360 |
| Affiliated issuers | Affiliated issuers | 64409 | 376098 | 1472214 | 1070190 | 298957 |
| 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 4:** | Net assets | $77077 | $427523 |  |  |  |
|  | Shares outstanding | 5356 | 32078 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share | $14.39 | $13.33 |  |  |  |
| **Class P2:** | Net assets |  |  | $1789629 | $1340109 | $358598 |
|  | Shares outstanding | Not applicable | Not applicable | 174669 | 125859 | 34461 |
|  | Net asset value per share |  |  | $10.25 | $10.65 | $10.41 |

---

Refer to the notes to financial statements.

American Funds Insurance Series - Portfolio Series<sub>13</sub>

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br> **Growth** <br>**Portfolio**<br>| **Growth and** <br> **Income** <br>**Portfolio**<br>| **Managed Risk** <br>**Growth** <br>**Portfolio**<br>| **Managed Risk** <br>**Growth and** <br> **Income** <br>**Portfolio**<br>| **Managed** <br>**Risk** <br>**Global** <br>**Allocation** <br>**Portfolio**<br>|
| **Investment income:** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $— | $— | $1534 | $1177 | $326 |
| Affiliated issuers | 152 | 2299 | 6031 | 6446 | 1171 |
|  | 152 | 2299 | 7565 | 7623 | 1497 |
| Fees and expenses: |  |  |  |  |  |
| Investment advisory services |  |  | 1155 | 875 | 235 |
| Distribution services | 89 | 497 | 2165 | 1640 | 440 |
| Insurance administrative services | 89 | 497 | 2165 | 1640 | 440 |
| Transfer agent services | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Accounting and administrative services |  |  | 42 | 37 | 28 |
| Reports to shareholders | —<br> \*<br>| 2 |  |  |  |
| Registration statement and prospectus | —<br> \*<br>| —<br> \*<br>| 9 | 7 | 2 |
| Trustees' compensation | —<br> \*<br>| 1 | 3 | 2 | 1 |
| Auditing and legal | —<br> \*<br>| —<br> \*<br>| 1 | 1 | —<br> \*<br>|
| Custodian | 1 | 6 |  | 3 | 4 |
| Other | —<br> \*<br>| —<br> \*<br>| 1 | 1 | —<br> \*<br>|
| Total fees and expenses before waivers and/or reimbursements | 179 | 1003 | 5541 | 4206 | 1150 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers |  |  | 289 | 219 | 59 |
| Total fees and expenses after waivers and/or reimbursements | 179 | 1003 | 5252 | 3987 | 1091 |
| Net investment income (loss) | (27)<br>| 1296 | 2313 | 3636 | 406 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers |  |  | (6325)<br>| (5207)<br>| (1366)<br>|
| Affiliated issuers | 44 | (1198)<br>| 85512 | 52238 | 7990 |
| Futures contracts |  |  | (57366)<br>| (42378)<br>| (10538)<br>|
| Currency transactions |  |  | (27)<br>| (34)<br>| (47)<br>|
| Capital gain distributions received from affiliated issuers | 4883 | 18669 | 127853 | 69112 | 19234 |
|  | 4927 | 17471 | 149647 | 73731 | 15273 |
| Net unrealized appreciation (depreciation) on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers |  |  | (550)<br>| (306)<br>| (96)<br>|
| Affiliated issuers | 2860 | 15182 | (78592)<br>| (8916)<br>| 6497 |
| Futures contracts |  |  | 347 | 1110 | 375 |
|  | 2860 | 15182 | (78795)<br>| (8112)<br>| 6776 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 7787 | 32653 | 70852 | 65619 | 22049 |
| **Net increase (decrease) in net assets resulting from operations** | $7760 | $33949 | $73165 | $69255 | $22455 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **14** | American Funds Insurance Series - Portfolio Series |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth** <br>**Portfolio** | **Global Growth** <br>**Portfolio** | **Growth and Income** <br>**Portfolio** | **Growth and Income** <br>**Portfolio** | **Managed Risk** <br>**Growth Portfolio** | **Managed Risk** <br>**Growth Portfolio** |
|  | Six months <br>ended <br>June 30,<br>2025\* | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025\* | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025\* | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $(27)<br>| $671 | $1296 | $8121 | $2313 | $24192 |
| Net realized gain (loss) | 4927 | 1127 | 17471 | 5353 | 149647 | 69722 |
| Net unrealized appreciation (depreciation) | 2860 | 7381 | 15182 | 29700 | (78795)<br>| 138173 |
| Net increase in net assets resulting from operations | 7760 | 9179 | 33949 | 43174 | 73165 | 232087 |
| **Distributions paid to shareholders** | (1256)<br>| (898)<br>| (11630)<br>| (6850)<br>| (22068)<br>| (22480)<br>|
| **Net capital share transactions** | (1111)<br>| (6684)<br>| 16635 | (5696)<br>| (59907)<br>| (140992)<br>|
| **Total increase (decrease) in net assets** | 5393 | 1597 | 38954 | 30628 | (8810)<br>| 68615 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 71684 | 70087 | 388569 | 357941 | 1798439 | 1729824 |
| End of period | $77077 | $71684 | $427523 | $388569 | $1789629 | $1798439 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Growth and Income** <br>**Portfolio** | **Managed Risk** <br>**Growth and Income** <br>**Portfolio** | **Managed Risk** <br>**Global Allocation** <br>**Portfolio** | **Managed Risk** <br>**Global Allocation** <br>**Portfolio** |
|  | Six months <br>ended <br>June 30,<br>2025\* | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025\* | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $3636 | $25060 | $406 | $5950 |
| Net realized gain (loss) | 73731 | 39056 | 15273 | 9661 |
| Net unrealized appreciation (depreciation) | (8112)<br>| 94819 | 6776 | 14250 |
| Net increase in net assets resulting from operations | 69255 | 158935 | 22455 | 29861 |
| **Distributions paid to shareholders** | (20745)<br>| (23931)<br>| (5146)<br>| (4495)<br>|
| **Net capital share transactions** | (59375)<br>| (123819)<br>| (22815)<br>| (42446)<br>|
| **Total increase (decrease) in net assets** | (10865)<br>| 11185 | (5506)<br>| (17080)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | 1350974 | 1339789 | 364104 | 381184 |
| End of period | $1340109 | $1350974 | $358598 | $364104 |

---

\*

Unaudited.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **15** |

---

------

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 five 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 37 funds in the series are covered in separate reports. Twenty-four funds in the series are covered in the American Funds Insurance Series report and 13 funds in the series are covered in the American Funds Insurance Series — Target Date Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and

Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), three of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily 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 in the American Funds Insurance Series – Portfolio Series are as follows:

**Global Growth Portfolio** — Seeks to provide long-term growth of capital.

**Growth and Income Portfolio** — Seeks to provide long-term growth of capital while providing current income.

**Managed Risk Growth Portfolio** — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Growth and Income Portfolio** — Seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

**Managed Risk Global Allocation Portfolio** — Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund offers one share class (Class 4 for Global Growth Portfolio and Growth and Income Portfolio, and Class P2 for the three managed risk funds). Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("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.

---

| | |
|:---|:---|
| **16** | American Funds Insurance Series - Portfolio Series |

---

------

**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.

**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.

**Fees and expenses** — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Distributions paid to shareholders** — Income dividends and capital gain distributions paid to shareholders are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**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**

------

**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. 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.

**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

---

| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **17** |

---

------

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. As of June 30, 2025, all of the investment securities held by each fund were classified as Level 1.

**4. Risk factors**

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Investing in the funds may involve certain risks including, but not limited to, those described below.

**Allocation risk** — Investments in each fund are subject to risks related to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of each fund's assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Some of the funds may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. To the extent that any of the funds that invest in the non-diversified investment company 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 that fund's investment results.

**Fund structure** — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by a fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of each fund or choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

**Underlying fund risks** — Because each fund's investments consist of underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds.

**Market conditions** — The prices of, and the income generated by, the securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries 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.

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 the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, 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

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| | |
|:---|:---|
| **18** | American Funds Insurance Series - Portfolio Series |

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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 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 income-oriented stocks** — The value of an underlying fund's securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds' portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries 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. The underlying funds' 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 underlying 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 the underlying fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

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| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **19** |

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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 the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund 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 the underlying funds' securities could cause the value of the underlying funds' shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds' investment adviser relies on its own credit analysts to research issuers and issues in 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.

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile 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 underlying 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.

**Management** — The investment adviser to the funds and to the underlying funds actively manages each underlying fund's investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**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.

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| | |
|:---|:---|
| **20** | American Funds Insurance Series - Portfolio Series |

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**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the 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, a 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 fund, or to those of unhedged funds in general.

**Short positions** — A fund may suffer losses from short positions in futures and options 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.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. 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 an underlying fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund's market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying 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 each 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.

**Asset allocation** — A certain fund's percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

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| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **21** |

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**Currency** — The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund's securities denominated in such currencies would generally fall and vice versa.

**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. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Certain investment techniques**

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**Options contracts** — The managed risk funds have entered into options contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

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.

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| | |
|:---|:---|
| **22** | American Funds Insurance Series - Portfolio Series |

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The average month-end notional amount of options contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,262,641,000, $1,009,965,000 and $272,705,000, respectively.

**Futures contracts** — The managed risk funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $323,166,000, $213,810,000 and $63,409,000, respectively.

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and the effect on each fund's statement of operations resulting from the managed risk funds' use of options purchased and futures contracts as of

June 30, 2025 (dollars in thousands):

**Managed Risk Growth Portfolio** 

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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** |
| Options purchased <br>(equity style)<br>| Equity | &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers\*<br>| $8237 | &nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers\*<br>| $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> <br>|  | Unrealized depreciation<sup>†</sup> <br>| 6 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> <br>| 354 | Unrealized depreciation<sup>†</sup> <br>|  |
|  |  |  | $8591 |  | $6 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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>| $(6325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br>unaffiliated issuers<br>| $(550)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br>contracts<br>| (4378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (27)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br>contracts<br>| (53029)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 348 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 41 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 26 |
|  |  |  | $(63691)<br>|  | $(203)<br>|

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **23** |

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**Managed Risk Growth and Income Portfolio** 

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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** |
| Options purchased <br>(equity style)<br>| Equity | &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers\*<br>| $5245 | &nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers\*<br>| $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> <br>|  | Unrealized depreciation<sup>†</sup> <br>| 4 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> <br>| 932 | Unrealized depreciation<sup>†</sup> <br>|  |
|  |  |  | $6177 |  | $4 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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>| $(5207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br>unaffiliated issuers<br>| $(306)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br>contracts<br>| (4097)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (17)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br>contracts<br>| (38408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1052 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 127<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 75 |
|  |  |  | $(47585)<br>|  | $804 |

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**Managed Risk Global Allocation Portfolio** 

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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** |
| Options purchased <br>(equity style)<br>| Equity | &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers\*<br>| $1266<br>| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers\*<br>| $— |
| Futures | Equity | Unrealized appreciation<sup>†</sup> <br>| 296 | Unrealized depreciation<sup>†</sup> <br>|  |
|  |  |  | $1562<br>|  | $— |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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>| $(1366)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br>unaffiliated issuers<br>| $(96)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br>contracts<br>| (1194)<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>| (9394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 346<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 50<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 29<br>|
|  |  |  | $(11904)<br>|  | $279<br>|

---

\*

Includes options purchased as reported in the fund's investment portfolio.

<sup>†</sup>

Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

---

| | |
|:---|:---|
| **24** | American Funds Insurance Series - Portfolio Series |

---

------

**Collateral** — Funds that invest in options and futures contracts participate in a collateral program. The program calls for each fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to 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.

**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 short-term capital gains and losses, net capital losses and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br> **Growth** <br> **Portfolio**<br>| **Growth and** <br> **Income** <br> **Portfolio**<br>| **Managed** <br> **Risk Growth** <br> **Portfolio**<br>| **Managed** <br> **Risk Growth** <br> **and Income** <br> **Portfolio**<br>| **Managed** <br> **Risk Global** <br> **Allocation** <br> **Portfolio**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $707 | &nbsp;&nbsp; $7613 | &nbsp;&nbsp; $22054 | &nbsp;&nbsp; $20742 | &nbsp;&nbsp; $5145 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 4013 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (22945)<br>| &nbsp;&nbsp; (46726)<br>| &nbsp;&nbsp; (4145)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 13627 | &nbsp;&nbsp; 22025 | &nbsp;&nbsp; 546 |
| **As of June 30, 2025:** |  |  |  |  |  |
| Gross unrealized appreciation on investments | &nbsp;&nbsp; 14160 | &nbsp;&nbsp; 63016 | &nbsp;&nbsp; 228830 | &nbsp;&nbsp; 203172 | &nbsp;&nbsp; 42493 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp; (2829)<br>| &nbsp;&nbsp; (15699)<br>| &nbsp;&nbsp; (265600)<br>| &nbsp;&nbsp; (140114)<br>| &nbsp;&nbsp; (40457)<br>|
| Net unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 11331 | &nbsp;&nbsp; 47317 | &nbsp;&nbsp; (36770)<br>| &nbsp;&nbsp; 63058 | &nbsp;&nbsp; 2036 |
| Cost of investments | &nbsp;&nbsp; 65805 | &nbsp;&nbsp; 380541 | &nbsp;&nbsp; 1827319 | &nbsp;&nbsp; 1278107 | &nbsp;&nbsp; 357046 |

---

\*

Each fund's capital loss carryforwards 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.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 4 | &nbsp;&nbsp; $707 | $549 | $1256 | &nbsp;&nbsp;&nbsp;&nbsp; $627 | $271 | $898 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **25** |

---

------

**Growth and Income Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 4 | &nbsp;&nbsp; $7614 | $4016 | $11630 | &nbsp;&nbsp;&nbsp;&nbsp; $6850 | $— | $6850 |

---

**Managed Risk Growth Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 P2 | &nbsp;&nbsp; $22068 | $— | $22068 | &nbsp;&nbsp;&nbsp;&nbsp; $22480 | $— | $22480 |

---

**Managed Risk Growth and Income Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 P2 | &nbsp;&nbsp; $20745 | $— | $20745 | &nbsp;&nbsp;&nbsp;&nbsp; $23931 | $— | $23931 |

---

**Managed Risk Global Allocation Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 P2 | &nbsp;&nbsp; $5146 | $— | $5146 | &nbsp;&nbsp;&nbsp;&nbsp; $4495 | $— | $4495 |

---

**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. At the beginning of the year, these fees were based on an annual rate of 0.150% of daily net assets for the three managed risk funds. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the three managed risk funds, reducing the fee for each share class from 0.150% to 0.100%. CRMC receives investment advisory and services fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the three managed risk funds are paid by CRMC to Milliman FRM. The three managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — For a portion of the period, CRMC waived a portion of the investment advisory and services fees equal to 0.050% of each fund's daily net assets for the three managed risk funds. Effective May 1, 2025, the 0.050% fee waiver was removed for each share class, concurrent with the reduction of the investment advisory and services fee described in "Investment advisory services". For the six months ended June 30, 2025, total investment advisory and services fees waived by CRMC were $567,000. CRMC does not intend to recoup these waivers. Investment advisory and services fees are presented in each fund's statement of operations gross of the waivers from CRMC.

**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:

---

| | |
|:---|:---|
| **26** | American Funds Insurance Series - Portfolio Series |

---

------

**Distribution services** — The series has plans of distribution for all share classes. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.25% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 4 | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| 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 all share classes. Under the plan, each share class pays 0.25% of each insurance company's respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. 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 to provide administrative services to all of the funds. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. CRMC receives administrative services fee at the annual rate of 0.03% of average daily net assets from the Class 1 shares of the underlying funds for administrative services provided to the series. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

**Accounting and administrative services** — The three managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which each fund compensates BNY Mellon for providing accounting and administrative services. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation in each fund's statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

---

| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **27** |

---

------

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

**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. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 4 | &nbsp;&nbsp; $1712 | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; $1256 | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; $(4079)<br>| &nbsp;&nbsp; (305)<br>| &nbsp;&nbsp;&nbsp; $(1111)<br>| &nbsp;&nbsp; (82)<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 4 | &nbsp;&nbsp; $4370 | &nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; $898 | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; $(11952)<br>| &nbsp;&nbsp; (943)<br>| &nbsp;&nbsp;&nbsp; $(6684)<br>| &nbsp;&nbsp; (531)<br>|

---

**Growth and Income Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 4 | &nbsp;&nbsp; $24214 | &nbsp;&nbsp; 1883 | &nbsp;&nbsp;&nbsp; $11630 | &nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; $(19209)<br>| &nbsp;&nbsp; (1493)<br>| &nbsp;&nbsp;&nbsp; $16635 | &nbsp;&nbsp; 1289 |
| **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 4 | &nbsp;&nbsp; $25399 | &nbsp;&nbsp; 2061 | &nbsp;&nbsp;&nbsp; $6850 | &nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp; $(37945)<br>| &nbsp;&nbsp; (3118)<br>| &nbsp;&nbsp;&nbsp; $(5696)<br>| &nbsp;&nbsp; (489)<br>|

---

**Managed Risk Growth Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 P2 | $10324 | 1038 | &nbsp;&nbsp;&nbsp; $22068 | 2231 | &nbsp;&nbsp;&nbsp; $(92299)<br>| (9332)<br>| &nbsp;&nbsp;&nbsp; $(59907)<br>| (6063)<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 P2 | $20420 | 2147 | &nbsp;&nbsp;&nbsp; $22480 | 2338 | &nbsp;&nbsp;&nbsp; $(183892)<br>| (19287)<br>| &nbsp;&nbsp;&nbsp; $(140992)<br>| (14802)<br>|

---

**Managed Risk Growth and Income Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 P2 | $887 | 85 | &nbsp;&nbsp;&nbsp; $20745 | 2008 | &nbsp;&nbsp;&nbsp; $(81007)<br>| (7863)<br>| &nbsp;&nbsp;&nbsp; $(59375)<br>| (5770)<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 P2 | $15900 | 1633 | &nbsp;&nbsp;&nbsp; $23932 | 2405 | &nbsp;&nbsp;&nbsp; $(163651)<br>| (16430)<br>| &nbsp;&nbsp;&nbsp; $(123819)<br>| (12392)<br>|

---

---

| | |
|:---|:---|
| **28** | American Funds Insurance Series - Portfolio Series |

---

------

**Managed Risk Global Allocation Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 P2 | &nbsp;&nbsp; $350 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; $5146 | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; $(28311)<br>| &nbsp;&nbsp; (2823)<br>| &nbsp;&nbsp;&nbsp; $(22815)<br>| &nbsp;&nbsp; (2279)<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 P2 | &nbsp;&nbsp; $3721 | &nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp; $4495 | &nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp; $(50662)<br>| &nbsp;&nbsp; (5151)<br>| &nbsp;&nbsp;&nbsp; $(42446)<br>| &nbsp;&nbsp; (4318)<br>|

---

**10. Investment transactions**

------

Each fund engaged in purchases and sales of investment securities during the six months ended June 30, 2025, as follows (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Growth** <br>**Portfolio**<br>| **Growth and** <br> **Income** <br>**Portfolio**<br>| **Managed Risk** <br>**Growth** <br>**Portfolio**<br>| **Managed Risk** <br>**Growth and** <br> **Income** <br>**Portfolio**<br>| **Managed** <br>**Risk** <br>**Global** <br>**Allocation** <br>**Portfolio**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $6623 | &nbsp;&nbsp; $44549 | &nbsp;&nbsp; $428331 | &nbsp;&nbsp; $243320 | &nbsp;&nbsp; $53305 |
| Sales of investment securities\* | &nbsp;&nbsp; 4137 | &nbsp;&nbsp; 19570 | &nbsp;&nbsp; 437636 | &nbsp;&nbsp; 295543 | &nbsp;&nbsp; 71936 |

---

\*

Excludes short-term securities and U.S. government obligations, if any.

**11. Ownership concentration**

------

At June 30, 2025, 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. In addition, Managed Risk Global Allocation Portfolio held 17% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

---

| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **29** |

---

------

Financial highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total** <br>**return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,4,5</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>**distribu-** <br>**tions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total** <br>**return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,4,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** |
| **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:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| $13.18 | &nbsp;&nbsp; $— <br><sup>7</sup><br>| &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $(.12)<br>| &nbsp;&nbsp; $(.12)<br>| &nbsp;&nbsp; $(.24)<br>| &nbsp;&nbsp; $14.39 | 11.06 %<sup>8</sup><br>| &nbsp;&nbsp; $77 | &nbsp;&nbsp; .50 %<sup>9</sup><br>| &nbsp;&nbsp; .50 %<sup>9</sup><br>| &nbsp;&nbsp; .95 %<sup>9</sup><br>| &nbsp;&nbsp; (.07 )%<sup>9</sup><br>|
| 12/31/2024 | 11.74 | &nbsp;&nbsp; .12 | 1.48 | 1.60 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| 13.18 | 13.64 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .93 |
| 12/31/2023 | 11.09 | &nbsp;&nbsp; .08 | 2.31 | 2.39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.74)<br>| 11.74 | 23.03 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .68 |
| 12/31/2022 | 17.34 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.03)<br>| 11.09 | &nbsp;&nbsp; (24.75)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .66 |
| 12/31/2021 | 15.58 | &nbsp;&nbsp; .08 | 2.02 | 2.10 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.34)<br>| 17.34 | 13.49 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .52 | 1.04 | &nbsp;&nbsp; .48 |
| 12/31/2020 | 13.35 | &nbsp;&nbsp; .03 | 2.91 | 2.94 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; (.71)<br>| 15.58 | 23.80 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .55 | 1.15 | &nbsp;&nbsp; .24 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |
| **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:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| $12.62 | &nbsp;&nbsp; $.04 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $1.08 | &nbsp;&nbsp; $(.24)<br>| &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $(.37)<br>| &nbsp;&nbsp; $13.33 | 8.66 %<sup>8</sup><br>| &nbsp;&nbsp; $428 | &nbsp;&nbsp; .50 %<sup>9</sup><br>| &nbsp;&nbsp; .50 %<sup>9</sup><br>| &nbsp;&nbsp; .81 %<sup>9</sup><br>| &nbsp;&nbsp; .65 %<sup>9</sup><br>|
| 12/31/2024 | 11.44 | &nbsp;&nbsp; .26 | 1.14 | 1.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 12.62 | 12.37 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .82 | 2.17 |
| 12/31/2023 | 10.88 | &nbsp;&nbsp; .22 | 1.41 | 1.63 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (1.07)<br>| 11.44 | 15.86 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .80 | 1.97 |
| 12/31/2022 | 14.44 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (1.32)<br>| 10.88 | &nbsp;&nbsp; (15.74)<br>| &nbsp;&nbsp; 325 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .80 | 1.88 |
| 12/31/2021 | 13.25 | &nbsp;&nbsp; .18 | 1.44 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.43)<br>| 14.44 | 12.32 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .84 | 1.28 |
| 12/31/2020 | 12.13 | &nbsp;&nbsp; .18 | 1.53 | 1.71 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.59)<br>| 13.25 | 14.86 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .91 | 1.49 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |
| **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>5,6</sup> <br>| $9.95 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.42 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $10.25 | 4.34 %<sup>8</sup><br>| &nbsp;&nbsp; $1790 | &nbsp;&nbsp; .64 %<sup>9</sup><br>| &nbsp;&nbsp; .61 %<sup>9</sup><br>| &nbsp;&nbsp; .95 %<sup>9</sup><br>| &nbsp;&nbsp; .27 %<sup>9</sup><br>|
| 12/31/2024 | 8.85 | &nbsp;&nbsp; .13 | 1.09 | 1.22 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.12)<br>| 9.95 | 13.84 | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .95 | 1.35 |
| 12/31/2023 | 9.30 | &nbsp;&nbsp; .09 | 1.21 | 1.30 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.75)<br>| 8.85 | 15.57 | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .95 | 1.06 |
| 12/31/2022 | 13.80 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.77)<br>| 9.30 | &nbsp;&nbsp; (20.36)<br>| &nbsp;&nbsp; 1575 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .69 |
| 12/31/2021 | 12.52 | &nbsp;&nbsp; .03 | 1.38 | 1.41 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 13.80 | 11.29 | &nbsp;&nbsp; 1994 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .24 |
| 12/31/2020 | 11.61 | &nbsp;&nbsp; .07 | 1.38 | 1.45 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.54)<br>| 12.52 | 13.35 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | 1.03 | &nbsp;&nbsp; .65 |
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |
| **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>5,6</sup> <br>| $10.26 | &nbsp;&nbsp; $.03 | &nbsp;&nbsp; $.53 | &nbsp;&nbsp; $.56 | &nbsp;&nbsp; $(.17)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.17)<br>| &nbsp;&nbsp; $10.65 | 5.47 %<sup>8</sup><br>| &nbsp;&nbsp; $1340 | &nbsp;&nbsp; .64 %<sup>9</sup><br>| &nbsp;&nbsp; .61 %<sup>9</sup><br>| &nbsp;&nbsp; .91 %<sup>9</sup><br>| &nbsp;&nbsp; .55 %<sup>9</sup><br>|
| 12/31/2024 | 9.30 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .95 | 1.13 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.17)<br>| 10.26 | 12.26 | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .91 | 1.82 |
| 12/31/2023 | 9.88 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .88 | 1.04 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.62)<br>| 9.30 | 11.71 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .92 | 1.75 |
| 12/31/2022 | 12.70 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.93)<br>| 9.88 | &nbsp;&nbsp; (15.10)<br>| &nbsp;&nbsp; 1271 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .89 | 1.53 |
| 12/31/2021 | 11.58 | &nbsp;&nbsp; .13 | 1.13 | 1.26 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 12.70 | 10.93 | &nbsp;&nbsp; 1535 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .94 | 1.07 |
| 12/31/2020 | 11.55 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.58 | 4.96 | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | 1.02 | 1.16 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |
| **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>5,6</sup> <br>| $9.91 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.64 | &nbsp;&nbsp; $.65 | &nbsp;&nbsp; $(.15)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.15)<br>| &nbsp;&nbsp; $10.41 | 6.61 %<sup>8</sup><br>| &nbsp;&nbsp; $359 | &nbsp;&nbsp; .65 %<sup>9</sup><br>| &nbsp;&nbsp; .62 %<sup>9</sup><br>| 1.03 %<sup>9</sup><br>| &nbsp;&nbsp; .23 %<sup>9</sup><br>|
| 12/31/2024 | 9.28 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.12)<br>| 9.91 | 8.05 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | 1.03 | 1.56 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.99)<br>| 9.28 | 10.52 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | 1.02 | 1.01 |
| 12/31/2022 | 12.69 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.06)<br>| 9.35 | &nbsp;&nbsp; (18.25)<br>| &nbsp;&nbsp; 373 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | 1.04 | &nbsp;&nbsp; .40 |
| 12/31/2021 | 11.76 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .94 | 1.02 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 12.69 | 8.70 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | 1.13 | &nbsp;&nbsp; .68 |
| 12/31/2020 | 11.60 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.43)<br>| 11.76 | 5.65 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .63 | 1.20 | &nbsp;&nbsp; .61 |

---

Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **30** | American Funds Insurance Series - Portfolio Series |

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------

Financial highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate** | **Six months ended** <br>**June 30, 2025**<sup>5,6,8</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate** | **Six months ended** <br>**June 30, 2025**<sup>5,6,8</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Global Growth Portfolio | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| Growth and Income Portfolio | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Managed Risk Growth Portfolio | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Managed Risk Growth and Income Portfolio | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| Managed Risk Global Allocation Portfolio | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |

---

<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> This column does not include expenses of the underlying funds in which each fund invests.

<sup>4</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>5</sup> Unaudited.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> Amount less than $.01.

<sup>8</sup> Not annualized.

<sup>9</sup> Annualized.

---

| | |
|:---|:---|
| American Funds Insurance Series - Portfolio Series | **31** |

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------

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.

---

| | |
|:---|:---|
| **32** | American Funds Insurance Series — Portfolio Series |

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------

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

------

**Portfolio Series – American Funds Global Growth Portfolio**

**Portfolio Series – American Funds Growth and Income Portfolio**

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") with respect to Portfolio Series – American Funds Global Growth Portfolio and Portfolio Series – American Funds Growth and Income Portfolio, for an additional one-year term through April 30, 2026. 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.

---

| | |
|:---|:---|
| American Funds Insurance Series — Portfolio Series | **33** |

---

------

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

**3. Advisory fees and total expenses**

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund's total expenses generally compared favorably to those of other similar funds included in the comparable Lipper category.

The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying funds in which the funds invest) to those of other relevant funds. The board and the committee noted CRMC's prior elimination of the entire advisory fee payable by the funds under the agreement. The board and the committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying American Funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as 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 other amounts paid to CRMC 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 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 underlying funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's expense structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

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| | |
|:---|:---|
| **34** | American Funds Insurance Series — Portfolio Series |

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Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series

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**Portfolio Series – American Funds Managed Risk Growth Portfolio**

**Portfolio Series – American Funds Managed Risk Growth and Income Portfolio**

**Portfolio Series – American Funds Managed Risk Global Allocation Portfolio**

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "advisory agreement") with Capital Research and Management Company ("CRMC") with respect to Portfolio Series – American Funds Managed Risk Growth Portfolio, Portfolio Series – American Funds Managed Risk Growth and Income Portfolio, and Portfolio Series – American Funds Managed Risk Global Allocation Portfolio, for an additional one-year term through April 30, 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.

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| | |
|:---|:---|
| American Funds Insurance Series — Portfolio Series | **35** |

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

**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 asset allocation and balanced funds with volatility management analytics 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.

**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 expenses were generally competitive with, and in many cases 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 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 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.

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| | |
|:---|:---|
| **36** | American Funds Insurance Series — Portfolio Series |

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------

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

**5. Adviser financial information**

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

---

| | |
|:---|:---|
| American Funds Insurance Series — Portfolio Series | **37** |

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![](img89aefed51.jpg)

**American Funds Insurance Series**<sup>®</sup> **- Target Date Series** 

Financial Statements and Other Information

N-CSR Items 7-11

for the six months ended June 30, 2025

Lit. No. INGEFP2-988-0825© 2025 Capital Group. All rights reserved.

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American Funds<sup>®</sup> IS 2070 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

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| | | |
|:---|:---|:---|
| Growth funds 49.14% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6  | 165 | $12 |
| SMALLCAP World Fund, Inc., Class R-6  | 153 | 12 |
| New World Fund, Inc., Class R-6  | 104 | 9 |
| AMCAP Fund, Class R-6  | 179 | 8 |
| The Growth Fund of America, Class R-6  | 100 | 8 |
| The New Economy Fund, Class R-6  | 86 | 6 |
| EUPAC Fund, Class R6  | 38 | 2 |
| **Total growth funds** (cost: $51,000) |  | 57 |
| Growth-and-income funds 37.07% |  |  |
| Fundamental Investors, Class R-6  | 119 | 11 |
| Capital World Growth and Income Fund, Class R-6  | 130 | 9 |
| Washington Mutual Investors Fund, Class R-6  | 145 | 9 |
| The Investment Company of America, Class R-6  | 129 | 8 |
| American Mutual Fund, Class R-6  | 97 | 6 |
| **Total growth-and-income funds** (cost: $41,000) |  | 43 |
| Balanced funds 7.76% |  |  |
| American Balanced Fund, Class R-6  | 189 | 7 |
| American Funds Global Balanced Fund, Class R-6  | 58 | 2 |
| **Total balanced funds** (cost: $9,000) |  | 9 |
| Fixed income funds 6.03% |  |  |
| U.S. Government Securities Fund, Class R-6  | 479 | 6 |
| American Funds Emerging Markets Bond Fund, Class R6  | 144 | 1 |
| **Total fixed income funds** (cost: $7,000) |  | 7 |
| **Total investment securities 100.00**% (cost: $108,000) |  | 116 |
| Other assets less liabilities 0.00% |  | — <br><sup>(a)</sup><br>|
| **Net assets 100.00%** |  | $116 |

---

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| | |
|:---|:---|
| **1** | American Funds Insurance Series - Target Date Series |

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American Funds<sup>®</sup> IS 2070 Target Date 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 49.14%** |  |  |  |  |  |  |  |  |
| New Perspective Fund, Class R-6  | $9 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SMALLCAP World Fund, Inc., Class R-6  | 9 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AMCAP Fund, Class R-6  | 6 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| The Growth Fund of America, Class R-6  | 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The New Economy Fund, Class R-6  | 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6  | 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 57 |  |  |
| **Growth-and-income funds 37.07%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 8 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Capital World Growth and Income Fund, Class R-6  | 7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| The Investment Company of America, Class R-6  | 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Mutual Fund, Class R-6  | 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 43 |  |  |
| **Balanced funds 7.76%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Funds Global Balanced Fund, Class R-6  | 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 9 |  |  |
| **Fixed income funds 6.03%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6 <br>| 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 7 |  |  |
| **Total 100.00%** |  |  |  | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $116 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1 |

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

<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.

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>2</sub>

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American Funds<sup>®</sup> IS 2065 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

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| | | |
|:---|:---|:---|
| Growth funds 48.68% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6  | 109 | $8 |
| SMALLCAP World Fund, Inc., Class R-6  | 101 | 8 |
| New World Fund, Inc., Class R-6  | 68 | 6 |
| AMCAP Fund, Class R-6  | 117 | 5 |
| The Growth Fund of America, Class R-6  | 65 | 5 |
| The New Economy Fund, Class R-6  | 55 | 4 |
| EUPAC Fund, Class R6  | 25 | 1 |
| **Total growth funds** (cost: $30,000) |  | 37 |
| Growth-and-income funds 36.84% |  |  |
| Fundamental Investors, Class R-6  | 78 | 7 |
| Capital World Growth and Income Fund, Class R-6  | 86 | 6 |
| Washington Mutual Investors Fund, Class R-6  | 95 | 6 |
| The Investment Company of America, Class R-6  | 85 | 5 |
| American Mutual Fund, Class R-6  | 64 | 4 |
| **Total growth-and-income funds** (cost: $23,000) |  | 28 |
| Balanced funds 7.90% |  |  |
| American Balanced Fund, Class R-6  | 124 | 5 |
| American Funds Global Balanced Fund, Class R-6  | 38 | 1 |
| **Total balanced funds** (cost: $5,000) |  | 6 |
| Fixed income funds 6.58% |  |  |
| U.S. Government Securities Fund, Class R-6  | 316 | 4 |
| American Funds Emerging Markets Bond Fund, Class R6  | 96 | 1 |
| **Total fixed income funds** (cost: $5,000) |  | 5 |
| **Total investment securities 100.00**% (cost: $63,000) |  | 76 |
| Other assets less liabilities 0.00% |  | — <br><sup>(a)</sup><br>|
| **Net assets 100.00%** |  | $76 |

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| | |
|:---|:---|
| **3** | American Funds Insurance Series - Target Date Series |

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American Funds<sup>®</sup> IS 2065 Target Date Fund (continued)

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

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 48.68%** |  |  |  |  |  |  |  |  |
| New Perspective Fund, Class R-6  | $5 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SMALLCAP World Fund, Inc., Class R-6  | 5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AMCAP Fund, Class R-6  | 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| The Growth Fund of America, Class R-6  | 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The New Economy Fund, Class R-6  | 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6  | 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 37 |  |  |
| **Growth-and-income funds 36.84%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Capital World Growth and Income Fund, Class R-6  | 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| The Investment Company of America, Class R-6  | 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Mutual Fund, Class R-6  | 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 28 |  |  |
| **Balanced funds 7.90%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Funds Global Balanced Fund, Class R-6  | 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 6 |  |  |
| **Fixed income funds 6.58%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6 <br>| 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 5 |  |  |
| **Total 100.00%** |  |  |  | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $7 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1 |

---

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

<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.

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>4</sub>

------

American Funds<sup>®</sup> IS 2060 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 49.04% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6  | 295 | $21 |
| SMALLCAP World Fund, Inc., Class R-6  | 274 | 21 |
| New World Fund, Inc., Class R-6  | 187 | 17 |
| AMCAP Fund, Class R-6  | 321 | 15 |
| The Growth Fund of America, Class R-6  | 177 | 14 |
| The New Economy Fund, Class R-6  | 152 | 10 |
| EUPAC Fund, Class R6  | 69 | 4 |
| American Funds Global Insight Fund, Class R-6  | 16 | — <br><sup>(a)</sup><br>|
| **Total growth funds** (cost: $89,000) |  | 102 |
| Growth-and-income funds 37.50% |  |  |
| Fundamental Investors, Class R-6  | 214 | 19 |
| Capital World Growth and Income Fund, Class R-6  | 234 | 17 |
| Washington Mutual Investors Fund, Class R-6  | 261 | 17 |
| The Investment Company of America, Class R-6  | 229 | 14 |
| American Mutual Fund, Class R-6  | 179 | 11 |
| **Total growth-and-income funds** (cost: $69,000) |  | 78 |
| Balanced funds 7.69% |  |  |
| American Balanced Fund, Class R-6  | 341 | 12 |
| American Funds Global Balanced Fund, Class R-6  | 105 | 4 |
| **Total balanced funds** (cost: $16,000) |  | 16 |
| Fixed income funds 5.77% |  |  |
| U.S. Government Securities Fund, Class R-6  | 865 | 10 |
| American Funds Emerging Markets Bond Fund, Class R6  | 262 | 2 |
| **Total fixed income funds** (cost: $12,000) |  | 12 |
| **Total investment securities 100.00**% (cost: $186,000) |  | 208 |
| Other assets less liabilities 0.00% |  | — <br><sup>(a)</sup><br>|
| **Net assets 100.00%** |  | $208 |

---

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2060 Target Date 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 49.04%** |  |  |  |  |  |  |  |  |
| New Perspective Fund, Class R-6  | $13 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SMALLCAP World Fund, Inc., Class R-6  | 13 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AMCAP Fund, Class R-6  | 9 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| The Growth Fund of America, Class R-6  | 9 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The New Economy Fund, Class R-6  | 6 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6  | 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Funds Global Insight Fund, Class R-6  |  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 102 |  |  |
| **Growth-and-income funds 37.50%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 12 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Capital World Growth and Income Fund, Class R-6  | 10 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| The Investment Company of America, Class R-6  | 9 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Mutual Fund, Class R-6  | 7 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 78 |  |  |
| **Balanced funds 7.69%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 8 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| American Funds Global Balanced Fund, Class R-6  | 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 16 |  |  |
| **Fixed income funds 5.77%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 7 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6 <br>| 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 12 |  |  |
| **Total 100.00%** |  |  |  | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $20 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $2 |

---

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

<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.

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>6</sub>

------

American Funds<sup>®</sup> IS 2055 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 48.68% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6  | 7796 | $545 |
| SMALLCAP World Fund, Inc., Class R-6  | 7141 | 538 |
| New World Fund, Inc., Class R-6  | 5326 | 474 |
| The Growth Fund of America, Class R-6  | 5190 | 428 |
| AMCAP Fund, Class R-6  | 9401 | 427 |
| The New Economy Fund, Class R-6  | 4366 | 300 |
| American Funds Global Insight Fund, Class R-6  | 4782 | 127 |
| EUPAC Fund, Class R6  | 1995 | 121 |
| **Total growth funds** (cost: $2,729,000) |  | 2960 |
| Growth-and-income funds 36.71% |  |  |
| Fundamental Investors, Class R-6  | 6150 | 540 |
| Washington Mutual Investors Fund, Class R-6  | 7586 | 485 |
| Capital World Growth and Income Fund, Class R-6  | 6736 | 479 |
| American Mutual Fund, Class R-6  | 6221 | 370 |
| The Investment Company of America, Class R-6  | 5699 | 358 |
| **Total growth-and-income funds** (cost: $2,116,000) |  | 2232 |
| Equity-income funds 0.40% |  |  |
| Capital Income Builder, Class R-6  | 156 | 12 |
| The Income Fund of America, Class R-6  | 445 | 12 |
| **Total equity-income funds** (cost: $22,000) |  | 24 |
| Balanced funds 8.08% |  |  |
| American Balanced Fund, Class R-6  | 10073 | 370 |
| American Funds Global Balanced Fund, Class R-6  | 3043 | 121 |
| **Total balanced funds** (cost: $466,000) |  | 491 |
| Fixed income funds 5.97% |  |  |
| U.S. Government Securities Fund, Class R-6  | 25138 | 303 |
| American Funds Emerging Markets Bond Fund, Class R6  | 7552 | 60 |
| **Total fixed income funds** (cost: $355,000) |  | 363 |
| **Total investment securities 99.84**% (cost: $5,688,000) |  | 6070 |
| Other assets less liabilities 0.16% |  | 10 |
| **Net assets 100.00%** |  | $6080 |

---

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2055 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 48.68%** |  |  |  |  |  |  |  |  |
| New Perspective Fund, Class R-6  | $13 | &nbsp;&nbsp; $529 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $— <br><sup>(b)</sup><br>| &nbsp;&nbsp; $48 | &nbsp;&nbsp; $545 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SMALLCAP World Fund, Inc., Class R-6  | 13 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 12 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 57 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The Growth Fund of America, Class R-6  | 10 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AMCAP Fund, Class R-6  | 10 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 |
| The New Economy Fund, Class R-6  | 7 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Global Insight Fund, Class R-6  | 3 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6  | 3 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
|  |  |  |  |  |  | &nbsp;&nbsp; 2960 |  |  |
| **Growth-and-income funds 36.71%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 13 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 11 |
| Washington Mutual Investors Fund, Class R-6  | 12 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 19 |
| Capital World Growth and Income Fund, Class R-6  | 12 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| American Mutual Fund, Class R-6  | 9 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| The Investment Company of America, Class R-6  | 9 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
|  |  |  |  |  |  | &nbsp;&nbsp; 2232 |  |  |
| **Equity-income funds 0.40%** |  |  |  |  |  |  |  |  |
| Capital Income Builder, Class R-6  |  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| The Income Fund of America, Class R-6  |  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 24 |  |  |
| **Balanced funds 8.08%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 9 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| American Funds Global Balanced Fund, Class R-6  | 3 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 491 |  |  |
| **Fixed income funds 5.97%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 8 | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6 <br>| 2 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 363 |  |  |
| **Total 99.84%** |  |  |  | &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; $381 | &nbsp;&nbsp; $6070 | &nbsp;&nbsp; $27 | &nbsp;&nbsp; $55 |

---

<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.

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

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>8</sub>

------

American Funds<sup>®</sup> IS 2050 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 45.79% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6  | 11476 | $802 |
| SMALLCAP World Fund, Inc., Class R-6  | 9561 | 721 |
| AMCAP Fund, Class R-6  | 14112 | 641 |
| The Growth Fund of America, Class R-6  | 7778 | 641 |
| New World Fund, Inc., Class R-6  | 6154 | 548 |
| The New Economy Fund, Class R-6  | 5349 | 368 |
| American Funds Global Insight Fund, Class R-6  | 10660 | 283 |
| EUPAC Fund, Class R6  | 3013 | 183 |
| **Total growth funds** (cost: $3,877,000) |  | 4187 |
| Growth-and-income funds 34.73% |  |  |
| Fundamental Investors, Class R-6  | 8324 | 731 |
| Washington Mutual Investors Fund, Class R-6  | 11267 | 720 |
| Capital World Growth and Income Fund, Class R-6  | 8986 | 639 |
| American Mutual Fund, Class R-6  | 10718 | 637 |
| The Investment Company of America, Class R-6  | 7125 | 448 |
| **Total growth-and-income funds** (cost: $3,022,000) |  | 3175 |
| Equity-income funds 4.26% |  |  |
| The Income Fund of America, Class R-6  | 7462 | 199 |
| Capital Income Builder, Class R-6  | 2490 | 190 |
| **Total equity-income funds** (cost: $365,000) |  | 389 |
| Balanced funds 9.03% |  |  |
| American Balanced Fund, Class R-6  | 17585 | 645 |
| American Funds Global Balanced Fund, Class R-6  | 4559 | 181 |
| **Total balanced funds** (cost: $786,000) |  | 826 |
| Fixed income funds 5.95% |  |  |
| U.S. Government Securities Fund, Class R-6  | 37693 | 454 |
| American Funds Emerging Markets Bond Fund, Class R6  | 11342 | 90 |
| **Total fixed income funds** (cost: $532,000) |  | 544 |
| **Total investment securities 99.76**% (cost: $8,582,000) |  | 9121 |
| Other assets less liabilities 0.24% |  | 22 |
| **Net assets 100.00%** |  | $9143 |

---

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2050 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 45.79%** |  |  |  |  |  |  |  |  |
| New Perspective Fund, Class R-6  | $4 | &nbsp;&nbsp; $801 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $69 | &nbsp;&nbsp; $802 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SMALLCAP World Fund, Inc., Class R-6  | 4 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| AMCAP Fund, Class R-6  | 3 | &nbsp;&nbsp; 681 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| The Growth Fund of America, Class R-6  | 3 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 3 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The New Economy Fund, Class R-6  | 2 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Global Insight Fund, Class R-6  | 2 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6  | 1 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
|  |  |  |  |  |  | &nbsp;&nbsp; 4187 |  |  |
| **Growth-and-income funds 34.73%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 4 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 16 |
| Washington Mutual Investors Fund, Class R-6  | 4 | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 29 |
| Capital World Growth and Income Fund, Class R-6  | 3 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| American Mutual Fund, Class R-6  | 3 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| The Investment Company of America, Class R-6  | 2 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 |
|  |  |  |  |  |  | &nbsp;&nbsp; 3175 |  |  |
| **Equity-income funds 4.26%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 1 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 1 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 389 |  |  |
| **Balanced funds 9.03%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 3 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 |
| American Funds Global Balanced Fund, Class R-6  | 1 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 826 |  |  |
| **Fixed income funds 5.95%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 3 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6 <br>| 1 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 544 |  |  |
| **Total 99.76%** |  |  |  | &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $533 | &nbsp;&nbsp; $9121 | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $83 |

---

<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.

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

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>10</sub>

------

American Funds<sup>®</sup> IS 2045 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 43.59% | Shares | Value<br> (000)<br>|
| The Growth Fund of America, Class R-6  | 10607 | $874 |
| AMCAP Fund, Class R-6  | 19193 | 872 |
| New Perspective Fund, Class R-6  | 12372 | 865 |
| SMALLCAP World Fund, Inc., Class R-6  | 11334 | 854 |
| New World Fund, Inc., Class R-6  | 8026 | 714 |
| The New Economy Fund, Class R-6  | 7306 | 502 |
| American Funds Global Insight Fund, Class R-6  | 18552 | 492 |
| EUPAC Fund, Class R6  | 3620 | 220 |
| **Total growth funds** (cost: $4,947,000) |  | 5393 |
| Growth-and-income funds 32.95% |  |  |
| Fundamental Investors, Class R-6  | 11311 | 993 |
| Capital World Growth and Income Fund, Class R-6  | 12117 | 862 |
| American Mutual Fund, Class R-6  | 14312 | 850 |
| Washington Mutual Investors Fund, Class R-6  | 13109 | 838 |
| The Investment Company of America, Class R-6  | 8092 | 509 |
| International Growth and Income Fund, Class R-6  | 554 | 24 |
| **Total growth-and-income funds** (cost: $3,839,000) |  | 4076 |
| Equity-income funds 6.97% |  |  |
| The Income Fund of America, Class R-6  | 18489 | 493 |
| Capital Income Builder, Class R-6  | 4835 | 369 |
| **Total equity-income funds** (cost: $807,000) |  | 862 |
| Balanced funds 9.96% |  |  |
| American Balanced Fund, Class R-6  | 26902 | 987 |
| American Funds Global Balanced Fund, Class R-6  | 6182 | 245 |
| **Total balanced funds** (cost: $1,167,000) |  | 1232 |
| Fixed income funds 6.47% |  |  |
| U.S. Government Securities Fund, Class R-6  | 51244 | 618 |
| American Funds Emerging Markets Bond Fund, Class R6  | 13887 | 111 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 2496 | 24 |
| American Funds Multi-Sector Income Fund, Class R-6  | 2541 | 24 |
| Capital World Bond Fund, Class R-6  | 1445 | 24 |
| **Total fixed income funds** (cost: $781,000) |  | 801 |
| **Total investment securities 99.94**% (cost: $11,541,000) |  | 12364 |
| Other assets less liabilities 0.06% |  | 7 |
| **Net assets 100.00%** |  | $12371 |

---

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2045 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 43.59%** |  |  |  |  |  |  |  |  |
| The Growth Fund of America, Class R-6  | $90 | &nbsp;&nbsp; $751 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $76 | &nbsp;&nbsp; $874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AMCAP Fund, Class R-6  | 90 | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| New Perspective Fund, Class R-6  | 90 | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SMALLCAP World Fund, Inc., Class R-6  | 90 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 77 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The New Economy Fund, Class R-6  | 51 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Global Insight Fund, Class R-6  | 52 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6  | 26 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
|  |  |  |  |  |  | &nbsp;&nbsp; 5393 |  |  |
| **Growth-and-income funds 32.95%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 103 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 21 |
| Capital World Growth and Income Fund, Class R-6  | 90 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| American Mutual Fund, Class R-6  | 90 | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 90 | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 34 |
| The Investment Company of America, Class R-6  | 52 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 |
| International Growth and Income Fund, Class R-6  |  | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 4076 |  |  |
| **Equity-income funds 6.97%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 52 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 39 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 862 |  |  |
| **Balanced funds 9.96%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 103 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5 |
| American Funds Global Balanced Fund, Class R-6  | 26 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1232 |  |  |
| **Fixed income funds 6.47%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 64 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6 <br>| 13 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  |  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  |  | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  |  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 801 |  |  |
| **Total 99.94%** |  |  |  | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $817 | &nbsp;&nbsp; $12364 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $105 |

---

<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.

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

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>12</sub>

------

American Funds<sup>®</sup> IS 2040 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 37.45% | Shares | Value<br> (000)<br>|
| AMCAP Fund, Class R-6  | 7771 | $353 |
| The Growth Fund of America, Class R-6  | 4288 | 353 |
| New Perspective Fund, Class R-6  | 4802 | 336 |
| SMALLCAP World Fund, Inc., Class R-6  | 3909 | 294 |
| American Funds Global Insight Fund, Class R-6  | 7511 | 199 |
| The New Economy Fund, Class R-6  | 2689 | 185 |
| New World Fund, Inc., Class R-6  | 2042 | 182 |
| **Total growth funds** (cost: $1,768,000) |  | 1902 |
| Growth-and-income funds 32.83% |  |  |
| Fundamental Investors, Class R-6  | 4062 | 357 |
| Capital World Growth and Income Fund, Class R-6  | 5003 | 356 |
| American Mutual Fund, Class R-6  | 5899 | 350 |
| Washington Mutual Investors Fund, Class R-6  | 4651 | 297 |
| The Investment Company of America, Class R-6  | 3304 | 208 |
| International Growth and Income Fund, Class R-6  | 2326 | 99 |
| **Total growth-and-income funds** (cost: $1,574,000) |  | 1667 |
| Equity-income funds 7.03% |  |  |
| The Income Fund of America, Class R-6  | 7558 | 201 |
| Capital Income Builder, Class R-6  | 2043 | 156 |
| **Total equity-income funds** (cost: $336,000) |  | 357 |
| Balanced funds 10.26% |  |  |
| American Balanced Fund, Class R-6  | 11025 | 405 |
| American Funds Global Balanced Fund, Class R-6  | 2925 | 116 |
| **Total balanced funds** (cost: $496,000) |  | 521 |
| Fixed income funds 12.33% |  |  |
| U.S. Government Securities Fund, Class R-6  | 20995 | 253 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 12072 | 116 |
| American Funds Multi-Sector Income Fund, Class R-6  | 11214 | 106 |
| Capital World Bond Fund, Class R-6  | 6072 | 101 |
| American Funds Mortgage Fund, Class R-6  | 2802 | 25 |
| Intermediate Bond Fund of America, Class R-6  | 1155 | 15 |
| American Funds Strategic Bond Fund, Class R-6  | 1039 | 10 |
| **Total fixed income funds** (cost: $609,000) |  | 626 |
| **Total investment securities 99.90**% (cost: $4,783,000) |  | 5073 |
| Other assets less liabilities 0.10% |  | 5 |
| **Net assets 100.00%** |  | $5078 |

---

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2040 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 37.45%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6  | $19 | &nbsp;&nbsp; $341 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $7 | &nbsp;&nbsp; $353 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14 |
| The Growth Fund of America, Class R-6  | 19 | &nbsp;&nbsp; 331 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| New Perspective Fund, Class R-6  | 19 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SMALLCAP World Fund, Inc., Class R-6  | 16 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| American Funds Global Insight Fund, Class R-6  | 11 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The New Economy Fund, Class R-6  | 11 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| New World Fund, Inc., Class R-6  | 11 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1902 |  |  |
| **Growth-and-income funds 32.83%** |  |  |  |  |  |  |  |  |
| Fundamental Investors, Class R-6  | 19 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| Capital World Growth and Income Fund, Class R-6  | 19 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| American Mutual Fund, Class R-6  | 19 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 16 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12 |
| The Investment Company of America, Class R-6  | 11 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| International Growth and Income Fund, Class R-6  | 5 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1667 |  |  |
| **Equity-income funds 7.03%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 11 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 8 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 357 |  |  |
| **Balanced funds 10.26%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 22 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| American Funds Global Balanced Fund, Class R-6  | 5 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 521 |  |  |
| **Fixed income funds 12.33%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6  | 14 | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  | 6 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 6 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 5 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  |  | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| Intermediate Bond Fund of America, Class R-6  |  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(c)</sup>  |  | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 626 |  |  |
| **Total 99.90%** |  |  |  | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $287 | &nbsp;&nbsp; $5073 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $37 |

---

<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.

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

<sup>(c)</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

American Funds Insurance Series - Target Date Series<sub>14</sub>

------

American Funds<sup>®</sup> IS 2035 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 22.44% | Shares | Value<br> (000)<br>|
| AMCAP Fund, Class R-6  | 19536 | $888 |
| The Growth Fund of America, Class R-6  | 10410 | 858 |
| American Funds Global Insight Fund, Class R-6  | 21775 | 577 |
| SMALLCAP World Fund, Inc., Class R-6  | 7463 | 563 |
| New Perspective Fund, Class R-6  | 6142 | 430 |
| **Total growth funds** (cost: $3,032,000) |  | 3316 |
| Growth-and-income funds 30.63% |  |  |
| American Mutual Fund, Class R-6  | 17420 | 1035 |
| Capital World Growth and Income Fund, Class R-6  | 14556 | 1035 |
| Fundamental Investors, Class R-6  | 9596 | 843 |
| Washington Mutual Investors Fund, Class R-6  | 11569 | 740 |
| The Investment Company of America, Class R-6  | 9170 | 577 |
| International Growth and Income Fund, Class R-6  | 6931 | 296 |
| **Total growth-and-income funds** (cost: $4,176,000) |  | 4526 |
| Equity-income funds 7.99% |  |  |
| Capital Income Builder, Class R-6  | 7747 | 591 |
| The Income Fund of America, Class R-6  | 22110 | 589 |
| **Total equity-income funds** (cost: $1,094,000) |  | 1180 |
| Balanced funds 13.03% |  |  |
| American Balanced Fund, Class R-6  | 32277 | 1185 |
| American Funds Global Balanced Fund, Class R-6  | 18674 | 741 |
| **Total balanced funds** (cost: $1,802,000) |  | 1926 |
| Fixed income funds 25.90% |  |  |
| American Funds Inflation Linked Bond Fund, Class R-6  | 78021 | 750 |
| American Funds Mortgage Fund, Class R-6  | 83394 | 737 |
| U.S. Government Securities Fund, Class R-6  | 61179 | 737 |
| Intermediate Bond Fund of America, Class R-6  | 37055 | 470 |
| American Funds Multi-Sector Income Fund, Class R-6  | 46842 | 442 |
| Capital World Bond Fund, Class R-6  | 17757 | 295 |
| American Funds Strategic Bond Fund, Class R-6  | 31493 | 293 |
| The Bond Fund of America, Class R-6  | 9047 | 103 |
| **Total fixed income funds** (cost: $3,735,000) |  | 3827 |
| **Total investment securities 99.99**% (cost: $13,839,000) |  | 14775 |
| Other assets less liabilities 0.01% |  | 2 |
| **Net assets 100.00%** |  | $14777 |

---

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2035 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 22.44%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6  | $73 | &nbsp;&nbsp; $949 | &nbsp;&nbsp; $152 | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $19 | &nbsp;&nbsp; $888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36 |
| The Growth Fund of America, Class R-6  | 74 | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 858 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Global Insight Fund, Class R-6  | 49 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SMALLCAP World Fund, Inc., Class R-6  | 49 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| New Perspective Fund, Class R-6  | 36 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3316 |  |  |
| **Growth-and-income funds 30.63%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6  | 86 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
| Capital World Growth and Income Fund, Class R-6  | 86 | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| Fundamental Investors, Class R-6  | 73 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 18 |
| Washington Mutual Investors Fund, Class R-6  | 62 | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 31 |
| The Investment Company of America, Class R-6  | 49 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6 |
| International Growth and Income Fund, Class R-6  | 24 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 4526 |  |  |
| **Equity-income funds 7.99%** |  |  |  |  |  |  |  |  |
| Capital Income Builder, Class R-6  | 49 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
| The Income Fund of America, Class R-6  | 49 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1180 |  |  |
| **Balanced funds 13.03%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 99 | &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7 |
| American Funds Global Balanced Fund, Class R-6  | 61 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1926 |  |  |
| **Fixed income funds 25.90%** |  |  |  |  |  |  |  |  |
| American Funds Inflation Linked Bond Fund, Class R-6  | 61 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  | 62 | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
| U.S. Government Securities Fund, Class R-6  | 62 | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
| Intermediate Bond Fund of America, Class R-6  | 37 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 37 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 24 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(c)</sup>  | 25 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| The Bond Fund of America, Class R-6  |  | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3827 |  |  |
| **Total 99.99%** |  |  |  | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $757 | &nbsp;&nbsp; $14775 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $98 |

---

<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.

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

<sup>(c)</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **16** |

---

------

American Funds<sup>®</sup> IS 2030 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 16.07% | Shares | Value<br> (000)<br>|
| AMCAP Fund, Class R-6  | 14024 | $637 |
| The Growth Fund of America, Class R-6  | 4896 | 404 |
| American Funds Global Insight Fund, Class R-6  | 12536 | 332 |
| SMALLCAP World Fund, Inc., Class R-6  | 2647 | 200 |
| New Perspective Fund, Class R-6  | 2847 | 199 |
| **Total growth funds** (cost: $1,653,000) |  | 1772 |
| Growth-and-income funds 26.85% |  |  |
| Capital World Growth and Income Fund, Class R-6  | 10812 | 769 |
| American Mutual Fund, Class R-6  | 12779 | 759 |
| Washington Mutual Investors Fund, Class R-6  | 8657 | 554 |
| Fundamental Investors, Class R-6  | 3816 | 335 |
| The Investment Company of America, Class R-6  | 5309 | 334 |
| International Growth and Income Fund, Class R-6  | 4886 | 209 |
| **Total growth-and-income funds** (cost: $2,779,000) |  | 2960 |
| Equity-income funds 8.43% |  |  |
| The Income Fund of America, Class R-6  | 18063 | 481 |
| Capital Income Builder, Class R-6  | 5885 | 449 |
| **Total equity-income funds** (cost: $868,000) |  | 930 |
| Balanced funds 12.92% |  |  |
| American Balanced Fund, Class R-6  | 24127 | 885 |
| American Funds Global Balanced Fund, Class R-6  | 13573 | 539 |
| **Total balanced funds** (cost: $1,348,000) |  | 1424 |
| Fixed income funds 35.85% |  |  |
| The Bond Fund of America, Class R-6  | 68784 | 781 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 70746 | 680 |
| American Funds Mortgage Fund, Class R-6  | 63330 | 560 |
| Intermediate Bond Fund of America, Class R-6  | 44080 | 559 |
| U.S. Government Securities Fund, Class R-6  | 45520 | 549 |
| American Funds Multi-Sector Income Fund, Class R-6  | 36063 | 340 |
| American Funds Strategic Bond Fund, Class R-6  | 24741 | 230 |
| Capital World Bond Fund, Class R-6  | 13247 | 220 |
| American High-Income Trust, Class R-6  | 3345 | 33 |
| **Total fixed income funds** (cost: $3,865,000) |  | 3952 |
| **Total investment securities 100.12**% (cost: $10,513,000) |  | 11038 |
| Other assets less liabilities (0.12)% |  | (13)<br>|
| **Net assets 100.00%** |  | $11025 |

---

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2030 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 16.07%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6  | $89 | &nbsp;&nbsp; $925 | &nbsp;&nbsp; $364 | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $637 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25 |
| The Growth Fund of America, Class R-6  | 59 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; (24)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Global Insight Fund, Class R-6  | 45 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SMALLCAP World Fund, Inc., Class R-6  | 30 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| New Perspective Fund, Class R-6  | 30 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1772 |  |  |
| **Growth-and-income funds 26.85%** |  |  |  |  |  |  |  |  |
| Capital World Growth and Income Fund, Class R-6  | 104 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| American Mutual Fund, Class R-6  | 105 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 75 | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 23 |
| Fundamental Investors, Class R-6  | 45 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| The Investment Company of America, Class R-6  | 45 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| International Growth and Income Fund, Class R-6  | 30 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2960 |  |  |
| **Equity-income funds 8.43%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 60 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 60 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 930 |  |  |
| **Balanced funds 12.92%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 120 | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 |
| American Funds Global Balanced Fund, Class R-6  | 74 | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1424 |  |  |
| **Fixed income funds 35.85%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6  | 105 | &nbsp;&nbsp; 1191 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  | 89 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  | 75 | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
| Intermediate Bond Fund of America, Class R-6  | 75 | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — |
| U.S. Government Securities Fund, Class R-6  | 75 | &nbsp;&nbsp; 839 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 45 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(c)</sup>  | 30 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 30 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| American High-Income Trust, Class R-6  |  | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3952 |  |  |
| **Total 100.12%** |  |  |  | &nbsp;&nbsp; $(200)<br>| &nbsp;&nbsp; $548 | &nbsp;&nbsp; $11038 | &nbsp;&nbsp; $133 | &nbsp;&nbsp; $63 |

---

<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.

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

<sup>(c)</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **18** |

---

------

American Funds<sup>®</sup> IS 2025 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 5.74% | Shares | Value<br> (000)<br>|
| American Funds Global Insight Fund, Class R-6  | 12954 | $343 |
| AMCAP Fund, Class R-6  | 7380 | 335 |
| **Total growth funds** (cost: $622,000) |  | 678 |
| Growth-and-income funds 24.03% |  |  |
| American Mutual Fund, Class R-6  | 11947 | 710 |
| Capital World Growth and Income Fund, Class R-6  | 9931 | 706 |
| Washington Mutual Investors Fund, Class R-6  | 9310 | 595 |
| Fundamental Investors, Class R-6  | 4096 | 360 |
| The Investment Company of America, Class R-6  | 5719 | 360 |
| International Growth and Income Fund, Class R-6  | 2475 | 106 |
| **Total growth-and-income funds** (cost: $2,608,000) |  | 2837 |
| Equity-income funds 13.46% |  |  |
| The Income Fund of America, Class R-6  | 37109 | 989 |
| Capital Income Builder, Class R-6  | 7859 | 600 |
| **Total equity-income funds** (cost: $1,472,000) |  | 1589 |
| Balanced funds 12.05% |  |  |
| American Balanced Fund, Class R-6  | 25878 | 950 |
| American Funds Global Balanced Fund, Class R-6  | 11885 | 472 |
| **Total balanced funds** (cost: $1,330,000) |  | 1422 |
| Fixed income funds 44.97% |  |  |
| The Bond Fund of America, Class R-6  | 83255 | 946 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 98005 | 942 |
| American Funds Mortgage Fund, Class R-6  | 80072 | 708 |
| Intermediate Bond Fund of America, Class R-6  | 55765 | 707 |
| U.S. Government Securities Fund, Class R-6  | 48913 | 589 |
| American Funds Multi-Sector Income Fund, Class R-6  | 50022 | 472 |
| American High-Income Trust, Class R-6  | 36010 | 355 |
| American Funds Strategic Bond Fund, Class R-6  | 37912 | 353 |
| Capital World Bond Fund, Class R-6  | 14229 | 236 |
| **Total fixed income funds** (cost: $5,188,000) |  | 5308 |
| **Total investment securities 100.25**% (cost: $11,220,000) |  | 11834 |
| Other assets less liabilities (0.25)% |  | (30)<br>|
| **Net assets 100.00%** |  | $11804 |

---

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2025 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 5.74%** |  |  |  |  |  |  |  |  |
| American Funds Global Insight Fund, Class R-6  | $84 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $242 | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $34 | &nbsp;&nbsp; $343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AMCAP Fund, Class R-6  | 84 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 |
| New Perspective Fund, Class R-6 <sup>(b)</sup>  | 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SMALLCAP World Fund, Inc., Class R-6 <sup>(b)</sup>  | 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The Growth Fund of America, Class R-6 <sup>(b)</sup>  | 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 678 |  |  |
| **Growth-and-income funds 24.03%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6  | 179 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Capital World Growth and Income Fund, Class R-6  | 179 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 150 | &nbsp;&nbsp; 834 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 24 |
| Fundamental Investors, Class R-6  | 89 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 |
| The Investment Company of America, Class R-6  | 90 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| International Growth and Income Fund, Class R-6  | 30 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2837 |  |  |
| **Equity-income funds 13.46%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 240 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 989 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 150 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1589 |  |  |
| **Balanced funds 12.05%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 240 | &nbsp;&nbsp; 1284 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5 |
| American Funds Global Balanced Fund, Class R-6  | 119 | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1422 |  |  |
| **Fixed income funds 44.97%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6  | 239 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  | 239 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  | 180 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
| Intermediate Bond Fund of America, Class R-6  | 180 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — |
| U.S. Government Securities Fund, Class R-6  | 150 | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 119 | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — |
| American High-Income Trust, Class R-6  | 90 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(d)</sup>  | 90 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 59 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 5308 |  |  |
| **Total 100.25%** |  |  |  | &nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; $580 | &nbsp;&nbsp; $11834 | &nbsp;&nbsp; $178 | &nbsp;&nbsp; $53 |

---

<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.

<sup>(b)</sup> Affiliated issuer during the reporting period but no longer held at 6/30/2025.

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

<sup>(d)</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **20** |

---

------

American Funds<sup>®</sup> IS 2020 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth funds 2.72% | Shares | Value<br> (000)<br>|
| American Funds Global Insight Fund, Class R-6  | 12241 | $325 |
| AMCAP Fund, Class R-6  | 3592 | 163 |
| **Total growth funds** (cost: $429,000) |  | 488 |
| Growth-and-income funds 21.87% |  |  |
| American Mutual Fund, Class R-6  | 18166 | 1079 |
| Capital World Growth and Income Fund, Class R-6  | 12657 | 900 |
| Washington Mutual Investors Fund, Class R-6  | 13797 | 882 |
| The Investment Company of America, Class R-6  | 8596 | 541 |
| Fundamental Investors, Class R-6  | 5952 | 523 |
| International Growth and Income Fund, Class R-6  | 2 | — <br><sup>(a)</sup><br>|
| **Total growth-and-income funds** (cost: $3,569,000) |  | 3925 |
| Equity-income funds 18.10% |  |  |
| The Income Fund of America, Class R-6  | 81442 | 2170 |
| Capital Income Builder, Class R-6  | 14121 | 1078 |
| **Total equity-income funds** (cost: $3,006,000) |  | 3248 |
| Balanced funds 11.91% |  |  |
| American Balanced Fund, Class R-6  | 38669 | 1419 |
| American Funds Global Balanced Fund, Class R-6  | 18104 | 719 |
| **Total balanced funds** (cost: $2,003,000) |  | 2138 |
| Fixed income funds 45.44% |  |  |
| The Bond Fund of America, Class R-6  | 128044 | 1455 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 148738 | 1429 |
| Intermediate Bond Fund of America, Class R-6  | 88985 | 1128 |
| American Funds Mortgage Fund, Class R-6  | 121671 | 1076 |
| U.S. Government Securities Fund, Class R-6  | 66890 | 806 |
| American Funds Multi-Sector Income Fund, Class R-6  | 76120 | 719 |
| American Funds Strategic Bond Fund, Class R-6  | 59455 | 554 |
| American High-Income Trust, Class R-6  | 54845 | 540 |
| Capital World Bond Fund, Class R-6  | 21568 | 358 |
| Short-Term Bond Fund of America, Class R-6  | 9300 | 89 |
| **Total fixed income funds** (cost: $8,138,000) |  | 8154 |
| **Total investment securities 100.04**% (cost: $17,145,000) |  | 17953 |
| Other assets less liabilities (0.04)% |  | (7)<br>|
| **Net assets 100.00%** |  | $17946 |

---

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2020 Target Date 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 2.72%** |  |  |  |  |  |  |  |  |
| American Funds Global Insight Fund, Class R-6  | $215 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $36 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AMCAP Fund, Class R-6  | 107 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
|  |  |  |  |  |  | &nbsp;&nbsp; 488 |  |  |
| **Growth-and-income funds 21.87%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6  | 646 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
| Capital World Growth and Income Fund, Class R-6  | 536 | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 537 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 35 |
| The Investment Company of America, Class R-6  | 322 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5 |
| Fundamental Investors, Class R-6  | 321 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 11 |
| International Growth and Income Fund, Class R-6  | — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3925 |  |  |
| **Equity-income funds 18.10%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 1294 | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 152 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 646 | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3248 |  |  |
| **Balanced funds 11.91%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 859 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 1419 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7 |
| American Funds Global Balanced Fund, Class R-6  | 430 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2138 |  |  |
| **Fixed income funds 45.44%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6  | 863 | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  | 860 | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 1429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Intermediate Bond Fund of America, Class R-6  | 647 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  | 647 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — |
| U.S. Government Securities Fund, Class R-6  | 540 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 432 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(c)</sup>  | 322 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| American High-Income Trust, Class R-6  | 325 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 215 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Short-Term Bond Fund of America, Class R-6  |  | &nbsp;&nbsp; 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 8154 |  |  |
| **Total 100.04%** |  |  |  | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $881 | &nbsp;&nbsp; $17953 | &nbsp;&nbsp; $222 | &nbsp;&nbsp; $65 |

---

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

<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> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **22** |

---

------

American Funds<sup>®</sup> IS 2015 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 19.75% | Shares | Value<br> (000)<br>|
| American Mutual Fund, Class R-6  | 109245 | $6491 |
| Capital World Growth and Income Fund, Class R-6  | 74796 | 5319 |
| Washington Mutual Investors Fund, Class R-6  | 69314 | 4431 |
| The Investment Company of America, Class R-6  | 53062 | 3339 |
| Fundamental Investors, Class R-6  | 24152 | 2122 |
| **Total growth-and-income funds** (cost: $18,594,000) |  | 21702 |
| Equity-income funds 19.59% |  |  |
| The Income Fund of America, Class R-6  | 556128 | 14821 |
| Capital Income Builder, Class R-6  | 87781 | 6701 |
| **Total equity-income funds** (cost: $19,409,000) |  | 21522 |
| Balanced funds 10.83% |  |  |
| American Balanced Fund, Class R-6  | 210368 | 7721 |
| American Funds Global Balanced Fund, Class R-6  | 105377 | 4183 |
| **Total balanced funds** (cost: $10,839,000) |  | 11904 |
| Fixed income funds 49.91% |  |  |
| Intermediate Bond Fund of America, Class R-6  | 795887 | 10092 |
| The Bond Fund of America, Class R-6  | 879644 | 9993 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 899447 | 8644 |
| American Funds Mortgage Fund, Class R-6  | 757251 | 6694 |
| Short-Term Bond Fund of America, Class R-6  | 604020 | 5811 |
| American Funds Strategic Bond Fund, Class R-6  | 470025 | 4376 |
| American Funds Multi-Sector Income Fund, Class R-6  | 454452 | 4290 |
| American High-Income Trust, Class R-6  | 302034 | 2975 |
| Capital World Bond Fund, Class R-6  | 119001 | 1975 |
| **Total fixed income funds** (cost: $55,021,000) |  | 54850 |
| **Total investment securities 100.08**% (cost: $103,863,000) |  | 109978 |
| Other assets less liabilities (0.08)% |  | (83)<br>|
| **Net assets 100.00%** |  | $109895 |

---

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2015 Target Date Fund (continued)

**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>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 0%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6 <sup>(b)</sup>  | $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| American Funds Global Insight Fund, Class R-6 <sup>(b)</sup>  | 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Growth-and-income funds 19.75%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6  | 4504 | &nbsp;&nbsp; 1681 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; 6491 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; — |
| Capital World Growth and Income Fund, Class R-6  | 3737 | &nbsp;&nbsp; 1423 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 579 | &nbsp;&nbsp; 5319 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; — |
| Washington Mutual Investors Fund, Class R-6  | 2995 | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 171 | &nbsp;&nbsp; 4431 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 174 |
| The Investment Company of America, Class R-6  | 2237 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 308 | &nbsp;&nbsp; 3339 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 30 |
| Fundamental Investors, Class R-6  | 1486 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; 2122 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 44 |
|  |  |  |  |  |  | &nbsp;&nbsp; 21702 |  |  |
| **Equity-income funds 19.59%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 9750 | &nbsp;&nbsp; 4158 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 14821 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 4494 | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 594 | &nbsp;&nbsp; 6701 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 21522 |  |  |
| **Balanced funds 10.83%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 5229 | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 487 | &nbsp;&nbsp; 7721 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 40 |
| American Funds Global Balanced Fund, Class R-6  | 2990 | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 292 | &nbsp;&nbsp; 4183 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 11904 |  |  |
| **Fixed income funds 49.91%** |  |  |  |  |  |  |  |  |
| Intermediate Bond Fund of America, Class R-6  | 6817 | &nbsp;&nbsp; 3229 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; 186 | &nbsp;&nbsp; 10092 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; — |
| The Bond Fund of America, Class R-6  | 6817 | &nbsp;&nbsp; 3193 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; 193 | &nbsp;&nbsp; 9993 | &nbsp;&nbsp; 189 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  | 6044 | &nbsp;&nbsp; 2419 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 357 | &nbsp;&nbsp; 8644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  | 4551 | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 165 | &nbsp;&nbsp; 6694 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; — |
| Short-Term Bond Fund of America, Class R-6  | 3782 | &nbsp;&nbsp; 2027 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 5811 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(d)</sup>  | 3024 | &nbsp;&nbsp; 1272 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 179 | &nbsp;&nbsp; 4376 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 3028 | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 4290 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; — |
| American High-Income Trust, Class R-6  | 2268 | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 1504 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — |
| U.S. Government Securities Fund, Class R-6 <sup>(b)</sup>  | 20 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 54850 |  |  |
| **Total 100.08%** |  |  |  | &nbsp;&nbsp; $(77)<br>| &nbsp;&nbsp; $5489 | &nbsp;&nbsp; $109978 | &nbsp;&nbsp; $1406 | &nbsp;&nbsp; $288 |

---

<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.

<sup>(b)</sup> Affiliated issuer during the reporting period but no longer held at 6/30/2025.

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

<sup>(d)</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **24** |

---

------

American Funds<sup>®</sup> IS 2010 Target Date Fund

**Investment portfolio** June 30, 2025unaudited

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 15.81% | Shares | Value<br> (000)<br>|
| American Mutual Fund, Class R-6  | 477838 | $28393 |
| Washington Mutual Investors Fund, Class R-6  | 363197 | 23219 |
| Capital World Growth and Income Fund, Class R-6  | 237596 | 16895 |
| The Investment Company of America, Class R-6  | 268481 | 16895 |
| Fundamental Investors, Class R-6  | 61260 | 5382 |
| **Total growth-and-income funds** (cost: $68,499,000) |  | 90784 |
| Equity-income funds 25.24% |  |  |
| The Income Fund of America, Class R-6  | 3914006 | 104308 |
| Capital Income Builder, Class R-6  | 532955 | 40686 |
| **Total equity-income funds** (cost: $124,677,000) |  | 144994 |
| Balanced funds 8.98% |  |  |
| American Balanced Fund, Class R-6  | 1114490 | 40902 |
| American Funds Global Balanced Fund, Class R-6  | 269038 | 10681 |
| **Total balanced funds** (cost: $43,660,000) |  | 51583 |
| Fixed income funds 50.05% |  |  |
| Intermediate Bond Fund of America, Class R-6  | 5005747 | 63473 |
| The Bond Fund of America, Class R-6  | 5060445 | 57487 |
| Short-Term Bond Fund of America, Class R-6  | 4850594 | 46663 |
| American Funds Mortgage Fund, Class R-6  | 4638486 | 41004 |
| American Funds Inflation Linked Bond Fund, Class R-6  | 4060256 | 39019 |
| American Funds Strategic Bond Fund, Class R-6  | 2521183 | 23472 |
| American Funds Multi-Sector Income Fund, Class R-6  | 1699497 | 16043 |
| Capital World Bond Fund, Class R-6  | 10967 | 182 |
| American High-Income Trust, Class R-6  | 18139 | 179 |
| **Total fixed income funds** (cost: $301,179,000) |  | 287522 |
| **Total investment securities 100.08**% (cost: $538,015,000) |  | 574883 |
| Other assets less liabilities (0.08)% |  | (461)<br>|
| **Net assets 100.00%** |  | $574422 |

---

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series - Target Date Series |

---

------

American Funds<sup>®</sup> IS 2010 Target Date Fund (continued)

**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>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 15.81%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6  | $28038 | &nbsp;&nbsp; $255 | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $2025 | &nbsp;&nbsp; $28393 | &nbsp;&nbsp; $255 | &nbsp;&nbsp; $— |
| Washington Mutual Investors Fund, Class R-6  | 22500 | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 23219 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 954 |
| Capital World Growth and Income Fund, Class R-6  | 16877 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 2048 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 1759 | &nbsp;&nbsp; 16895 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; — |
| The Investment Company of America, Class R-6  | 16844 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 16895 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 156 |
| Fundamental Investors, Class R-6  | 5629 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 5382 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 116 |
|  |  |  |  |  |  | &nbsp;&nbsp; 90784 |  |  |
| **Equity-income funds 25.24%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6  | 101699 | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; 7893 | &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; 9053 | &nbsp;&nbsp; 104308 | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; — |
| Capital Income Builder, Class R-6  | 39796 | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 3791 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 3955 | &nbsp;&nbsp; 40686 | &nbsp;&nbsp; 568 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 144994 |  |  |
| **Balanced funds 8.98%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6  | 39483 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2657 | &nbsp;&nbsp; 40902 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 219 |
| American Funds Global Balanced Fund, Class R-6  | 11300 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 1629 | &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; 893 | &nbsp;&nbsp; 10681 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 51583 |  |  |
| **Fixed income funds 50.05%** |  |  |  |  |  |  |  |  |
| Intermediate Bond Fund of America, Class R-6  | 62906 | &nbsp;&nbsp; 1812 | &nbsp;&nbsp; 2608 | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; 1481 | &nbsp;&nbsp; 63473 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; — |
| The Bond Fund of America, Class R-6  | 56857 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; (320)<br>| &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 57487 | &nbsp;&nbsp; 1296 | &nbsp;&nbsp; — |
| Short-Term Bond Fund of America, Class R-6  | 45873 | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 440 | &nbsp;&nbsp; 46663 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; — |
| American Funds Mortgage Fund, Class R-6  | 39639 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; (74)<br>| &nbsp;&nbsp; 1133 | &nbsp;&nbsp; 41004 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; — |
| American Funds Inflation Linked Bond Fund, Class R-6  | 40025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; (503)<br>| &nbsp;&nbsp; 2452 | &nbsp;&nbsp; 39019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6 <sup>(b)</sup>  | 22629 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 934 | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 23472 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6  | 17334 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 1946 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 138 | &nbsp;&nbsp; 16043 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; — |
| Capital World Bond Fund, Class R-6  | 181 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| American High-Income Trust, Class R-6  | 184 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 287522 |  |  |
| **Total 100.08%** |  |  |  | &nbsp;&nbsp; $(502)<br>| &nbsp;&nbsp; $31385 | &nbsp;&nbsp; $574883 | &nbsp;&nbsp; $8399 | &nbsp;&nbsp; $1445 |

---

<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.

<sup>(b)</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

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

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **26** |

---

------

Financial statements unaudited

**Statements of assets and liabilities** at June 30, 2025

(dollars and shares in thousands, except per-share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **IS 2070 Fund** | **IS 2065 Fund** | **IS 2060 Fund** | **IS 2055 Fund** | **IS 2050 Fund** |
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investment securities of affiliated issuers, <br>at value | Investment securities of affiliated issuers, <br>at value | $116 | $76 | $208 | $6070 | $9121 |
| Cash | Cash |  | —<br> \*<br>|  |  |  |
| Receivables for: | Receivables for: |  |  |  |  |  |
| Sales of investments | Sales of investments |  |  |  |  | 5 |
| Sales of fund's shares | Sales of fund's shares | —<br> \*<br>| 1 | 2 | 19 | 26 |
| Dividends and capital gain distributions | Dividends and capital gain distributions | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| 1 | 2 |
| Total assets | Total assets | 116 | 77 | 210 | 6090 | 9154 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |
| Purchases of investments | Purchases of investments | —<br> \*<br>| 1 | 2 | 10 | 2 |
| Repurchases of fund's shares | Repurchases of fund's shares | —<br> \*<br>|  | —<br> \*<br>|  | 9 |
| Insurance administrative fees | Insurance administrative fees |  |  | —<br> \*<br>|  |  |
| Services provided by related parties | Services provided by related parties | —<br> \*<br>|  |  |  |  |
| Trustees' deferred compensation | Trustees' deferred compensation |  |  |  |  |  |
| Total liabilities | Total liabilities | —<br> \*<br>| 1 | 2 | 10 | 11 |
| Commitments and contingencies<sup>†</sup>  | Commitments and contingencies<sup>†</sup>  |  |  |  |  |  |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $116 | $76 | $208 | $6080 | $9143 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $106 | $62 | $183 | $5626 | $8490 |
| Total distributable earnings (accumulated loss) | Total distributable earnings (accumulated loss) | 10 | 14 | 25 | 454 | 653 |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $116 | $76 | $208 | $6080 | $9143 |
| Investment securities from affiliated issuers, <br>at cost | Investment securities from affiliated issuers, <br>at cost | $108 | $63 | $186 | $5688 | $8582 |
| Shares of beneficial interest issued and outstanding (no stated <br> par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding (no stated <br> par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $79 | $33 | $165 | $6036 | $9099 |
|  | Shares outstanding | 7 | 3 | 13 | 434 | 668 |
|  | Net asset value per share | $11.69 | $13.02 | $13.31 | $13.91 | $13.63 |
| **Class 1A:** | Net assets | $12 | $14 | $14 | $15 | $15 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $11.69 | $13.02 | $13.31 | $13.91 | $13.63 |
| **Class 2:** | Net assets | $12 | $15 | $15 | $15 | $14 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $11.69 | $13.02 | $13.32 | $13.91 | $13.63 |
| **Class 4:** | Net assets | $13 | $14 | $14 | $14 | $15 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $11.69 | $13.02 | $13.31 | $13.91 | $13.63 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series - Target Date Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **IS 2045 Fund** | **IS 2040 Fund** | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** |
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investment securities of affiliated issuers, <br>at value | Investment securities of affiliated issuers, <br>at value | $12364 | $5073 | $14775 | $11038 | $11834 |
| Cash | Cash |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Receivables for: | Receivables for: |  |  |  |  |  |
| Sales of investments | Sales of investments |  |  | 125 |  | —<br> \*<br>|
| Sales of fund's shares | Sales of fund's shares | 37 | 7 | 5 | 2 | 3 |
| Dividends and capital gain distributions | Dividends and capital gain distributions | 3 | 2 | 10 | 11 | 15 |
| Total assets | Total assets | 12404 | 5082 | 14915 | 11051 | 11852 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |
| Purchases of investments | Purchases of investments | 33 | 4 | 10 | 13 | 16 |
| Repurchases of fund's shares | Repurchases of fund's shares | —<br> \*<br>| —<br> \*<br>| 127 | 13 | 30 |
| Insurance administrative fees | Insurance administrative fees |  | —<br> \*<br>| 1 | —<br> \*<br>| 1 |
| Services provided by related parties | Services provided by related parties |  |  |  | —<br> \*<br>| 1 |
| Trustees' deferred compensation | Trustees' deferred compensation | —<br> \*<br>|  |  | —<br> \*<br>| —<br> \*<br>|
| Total liabilities | Total liabilities | 33 | 4 | 138 | 26 | 48 |
| Commitments and contingencies<sup>†</sup>  | Commitments and contingencies<sup>†</sup>  |  |  |  |  |  |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $12371 | $5078 | $14777 | $11025 | $11804 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $11383 | $4723 | $13613 | $10508 | $11067 |
| Total distributable earnings (accumulated loss) | Total distributable earnings (accumulated loss) | 988 | 355 | 1164 | 517 | 737 |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $12371 | $5078 | $14777 | $11025 | $11804 |
| Investment securities from affiliated issuers, <br>at cost | Investment securities from affiliated issuers, <br>at cost | $11541 | $4783 | $13839 | $10513 | $11220 |
| Shares of beneficial interest issued and outstanding (no stated <br> par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding (no stated <br> par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $12327 | $4796 | $13524 | $10518 | $9528 |
|  | Shares outstanding | 908 | 353 | 1040 | 801 | 748 |
|  | Net asset value per share | $13.58 | $13.58 | $13.00 | $13.13 | $12.74 |
| **Class 1A:** | Net assets | $15 | $14 | $16 | $15 | $15 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $13.58 | $13.58 | $13.00 | $13.13 | $12.74 |
| **Class 2:** | Net assets | $14 | $14 | $17 | $15 | $15 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $13.58 | $13.58 | $13.00 | $13.13 | $12.74 |
| **Class 4:** | Net assets | $15 | $254 | $1220 | $477 | $2246 |
|  | Shares outstanding | 1 | 19 | 95 | 37 | 178 |
|  | Net asset value per share | $13.59 | $13.55 | $12.91 | $13.07 | $12.64 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **28** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| **Assets:** | **Assets:** |  |  |  |
| Investment securities of affiliated issuers, <br>at value | Investment securities of affiliated issuers, <br>at value | $17953 | $109978 | $574883 |
| Cash | Cash | 1 |  |  |
| Receivables for: | Receivables for: |  |  |  |
| Sales of investments | Sales of investments | 1 | 39 | 179 |
| Sales of fund's shares | Sales of fund's shares | 3 |  |  |
| Dividends and capital gain distributions | Dividends and capital gain distributions | 23 | 156 | 849 |
| Total assets | Total assets | 17981 | 110173 | 575911 |
| **Liabilities:** | **Liabilities:** |  |  |  |
| Payables for: | Payables for: |  |  |  |
| Purchases of investments | Purchases of investments | 23 | 156 | 849 |
| Repurchases of fund's shares | Repurchases of fund's shares | 2 | 39 | 179 |
| Insurance administrative fees | Insurance administrative fees | 8 | 62 | 346 |
| Services provided by related parties | Services provided by related parties | 2 | 21 | 113 |
| Trustees' deferred compensation | Trustees' deferred compensation | —<br> \*<br>| —<br> \*<br>| 2 |
| Total liabilities | Total liabilities | 35 | 278 | 1489 |
| Commitments and contingencies<sup>†</sup>  | Commitments and contingencies<sup>†</sup>  |  |  |  |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $17946 | $109895 | $574422 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $16943 | $102562 | $531088 |
| Total distributable earnings (accumulated loss) | Total distributable earnings (accumulated loss) | 1003 | 7333 | 43334 |
| **Net assets at June 30, 2025** | **Net assets at June 30, 2025** | $17946 | $109895 | $574422 |
| Investment securities from affiliated issuers, <br>at cost | Investment securities from affiliated issuers, <br>at cost | $17145 | $103863 | $538015 |
| Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares <br> authorized | Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares <br> authorized |  |  |  |
| **Class 1:** | Net assets | $3601 | $24 | $15 |
|  | Shares outstanding | 294 | 2 | 2 |
|  | Net asset value per share | $12.25 | $11.96 | $11.60 |
| **Class 1A:** | Net assets | $15 | $14 | $14 |
|  | Shares outstanding | 1 | 1 | 1 |
|  | Net asset value per share | $12.25 | $11.96 | $11.60 |
| **Class 2:** | Net assets | $14 | $14 | $14 |
|  | Shares outstanding | 1 | 1 | 1 |
|  | Net asset value per share | $12.25 | $11.96 | $11.60 |
| **Class 4:** | Net assets | $14316 | $109843 | $574379 |
|  | Shares outstanding | 1181 | 9281 | 49958 |
|  | Net asset value per share | $12.12 | $11.84 | $11.50 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Refer to Note 6 for further information on expense recoupment.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series - Target Date Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IS 2070 Fund** | **IS 2065 Fund** | **IS 2060 Fund** | **IS 2055 Fund** | **IS 2050 Fund** |
| **Investment income:** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| Dividends from affiliated issuers | $1 | $—<br> \*<br>| $1 | $27 | $46 |
| Fees and expenses<sup>†</sup>: |  |  |  |  |  |
| Distribution services |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Insurance administrative services |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Transfer agent services |  |  |  | —<br> \*<br>| —<br> \*<br>|
| Reports to shareholders | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| 1 | 1 |
| Registration statement and prospectus | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Trustees' compensation | —<br> \*<br>|  |  | —<br> \*<br>| —<br> \*<br>|
| Auditing and legal | —<br> \*<br>|  |  | —<br> \*<br>| —<br> \*<br>|
| Custodian | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Other | —<br> \*<br>|  |  |  |  |
| Total fees and expenses before waivers and/or reimbursements | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| 1 | 1 |
| Miscellaneous fee reimbursements | —<br> \*<br>|  |  |  |  |
| Net investment income | 1 | —<br> \*<br>| 1 | 26 | 45 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss) on investments in <br>affiliated issuers<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| (9)<br>| (14)<br>|
| Capital gain distributions received from affiliated issuers | 1 | 1 | 2 | 55 | 83 |
|  | 1 | 1 | 2 | 46 | 69 |
| Net unrealized appreciation (depreciation) on investments in <br> affiliated issuers<br>| 9 | 7 | 20 | 381 | 533 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 10 | 8 | 22 | 427 | 602 |
| **Net increase (decrease) in net assets resulting from operations** | $11 | $8 | $23 | $453 | $647 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **30** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IS 2045 Fund** | **IS 2040 Fund** | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** |
| **Investment income:** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| Dividends from affiliated issuers | $64 | $32 | $136 | $133 | $178 |
| Fees and expenses<sup>†</sup>: |  |  |  |  |  |
| Distribution services | —<br> \*<br>| —<br> \*<br>| 2 | 1 | 3 |
| Insurance administrative services | —<br> \*<br>| —<br> \*<br>| 1 | 1 | 3 |
| Transfer agent services | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Reports to shareholders | 1 | 1 | 1 | 1 | 1 |
| Registration statement and prospectus | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Trustees' compensation | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Auditing and legal | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Custodian | —<br> \*<br>| —<br> \*<br>| 1 | —<br> \*<br>| 1 |
| Other | —<br> \*<br>|  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Total fees and expenses before waivers and/or reimbursements | 1 | 1 | 5 | 3 | 8 |
| Miscellaneous fee reimbursements |  |  |  |  |  |
| Net investment income | 63 | 31 | 131 | 130 | 170 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss) on investments in <br>affiliated issuers<br>| (2)<br>| (3)<br>| 1 | (200)<br>| (98)<br>|
| Capital gain distributions received from affiliated issuers | 105 | 37 | 98 | 63 | 53 |
|  | 103 | 34 | 99 | (137)<br>| (45)<br>|
| Net unrealized appreciation (depreciation) on investments in <br> affiliated issuers<br>| 817 | 287 | 757 | 548 | 580 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 920 | 321 | 856 | 411 | 535 |
| **Net increase (decrease) in net assets resulting from operations** | $983 | $352 | $987 | $541 | $705 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series - Target Date Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| **Investment income:** |  |  |  |
| Income: |  |  |  |
| Dividends from affiliated issuers | $222 | $1406 | $8399 |
| Fees and expenses<sup>†</sup>: |  |  |  |
| Distribution services | 15 | 113 | 702 |
| Insurance administrative services | 15 | 113 | 702 |
| Transfer agent services | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Reports to shareholders | 1 | 8 | 54 |
| Registration statement and prospectus | 1 | 6 | 3 |
| Trustees' compensation | —<br> \*<br>| —<br> \*<br>| 1 |
| Auditing and legal | —<br> \*<br>| —<br> \*<br>| 1 |
| Custodian | 1 | 5 | 32 |
| Other | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Total fees and expenses before waivers and/or reimbursements | 33 | 245 | 1495 |
| Miscellaneous fee reimbursements |  |  |  |
| Net investment income | 189 | 1161 | 6904 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |
| Net realized gain (loss) on investments in <br>affiliated issuers<br>| (10)<br>| (77)<br>| (502)<br>|
| Capital gain distributions received from affiliated issuers | 65 | 288 | 1445 |
|  | 55 | 211 | 943 |
| Net unrealized appreciation (depreciation) on investments in <br> affiliated issuers<br>| 881 | 5489 | 31385 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 936 | 5700 | 32328 |
| **Net increase (decrease) in net assets resulting from operations** | $1125 | $6861 | $39232 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **32** |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2060 Fund** | **IS 2060 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 | $1 | $1 | $— <br><sup>3</sup><br>| $1 | $1 | $1 |
| Net realized gain (loss) | 1 | 4 | 1 | 3 | 2 | 7 |
| Net unrealized appreciation (depreciation) | 9 | (1)<br>| 7 | 3 | 20 | (1)<br>|
| Net increase in net assets resulting from operations | 11 | 4 | 8 | 7 | 23 | 7 |
| **Distributions paid to shareholders** | (4)<br>| (1)<br>| (3)<br>| (3)<br>| (6)<br>| (3)<br>|
| **Net capital share transactions** | 21 | 85 | 19 | 3 | 56 | 86 |
| **Total increase in net assets** | 28 | 88 | 24 | 7 | 73 | 90 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 88 |  | 52 | 45 | 135 | 45 |
| End of period | $116 | $88 | $76 | $52 | $208 | $135 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2045 Fund** | **IS 2045 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 | $26 | $2 | $45 | $1 | $63 | $1 |
| Net realized gain (loss) | 46 | 7 | 69 | 4 | 103 | 3 |
| Net unrealized appreciation (depreciation) | 381 | (2)<br>| 533 | 3 | 817 | 3 |
| Net increase in net assets resulting from operations | 453 | 7 | 647 | 8 | 983 | 7 |
| **Distributions paid to shareholders** | (7)<br>| (3)<br>| (3)<br>| (3)<br>| (3)<br>| (2)<br>|
| **Net capital share transactions** | 5481 | 104 | 8446 | 3 | 10098 | 1243 |
| **Total increase in net assets** | 5927 | 108 | 9090 | 8 | 11078 | 1248 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 153 | 45 | 53 | 45 | 1293 | 45 |
| End of period | $6080 | $153 | $9143 | $53 | $12371 | $1293 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series - Target Date Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2030 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 | $31 | $3 | $131 | $20 | $130 | $19 |
| Net realized gain (loss) | 34 | 12 | 99 | 167 | (137)<br>| 47 |
| Net unrealized appreciation (depreciation) | 287 | — <br><sup>3</sup><br>| 757 | (36)<br>| 548 | (41)<br>|
| Net increase in net assets resulting from operations | 352 | 15 | 987 | 151 | 541 | 25 |
| **Distributions paid to shareholders** | (11)<br>| (4)<br>| (173)<br>| (73)<br>| (55)<br>| (10)<br>|
| **Net capital share transactions** | 4461 | 220 | 12737 | (1263)<br>| 8910 | 1117 |
| **Total increase (decrease) in net assets** | 4802 | 231 | 13551 | (1185)<br>| 9396 | 1132 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 276 | 45 | 1226 | 2411 | 1629 | 497 |
| End of period | $5078 | $276 | $14777 | $1226 | $11025 | $1629 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2015 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 | $170 | $58 | $189 | $182 | $1161 | $1637 |
| Net realized gain (loss) | (45)<br>| 58 | 55 | 229 | 211 | 1452 |
| Net unrealized appreciation (depreciation) | 580 | 28 | 881 | (87)<br>| 5489 | 323 |
| Net increase in net assets resulting from operations | 705 | 144 | 1125 | 324 | 6861 | 3412 |
| **Distributions paid to shareholders** | (74)<br>| (46)<br>| (300)<br>| (120)<br>| (2169)<br>| (1400)<br>|
| **Net capital share transactions** | 8025 | 1221 | 6365 | 6532 | 29981 | 33540 |
| **Total increase in net assets** | 8656 | 1319 | 7190 | 6736 | 34673 | 35552 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 3148 | 1829 | 10756 | 4020 | 75222 | 39670 |
| End of period | $11804 | $3148 | $17946 | $10756 | $109895 | $75222 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **34** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **IS 2010 Fund** | **IS 2010 Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |
| Net investment income | $6904 | $17270 |
| Net realized gain (loss) | 943 | 12229 |
| Net unrealized appreciation (depreciation) | 31385 | 12788 |
| Net increase in net assets resulting from operations | 39232 | 42287 |
| **Distributions paid to shareholders** | (17896)<br>| (18131)<br>|
| **Net capital share transactions** | (14216)<br>| (5459)<br>|
| **Total increase in net assets** | 7120 | 18697 |
| **Net assets:** |  |  |
| Beginning of period | 567302 | 548605 |
| End of period | $574422 | $567302 |

---

<sup>1</sup>

Unaudited.

<sup>2</sup>

For the period May 1, 2024, commencement of operations, through December 31, 2024.

<sup>3</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series - Target Date Series |

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------

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 13 funds in the American Funds Insurance Series — Target Date 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 29 funds in the series are covered in separate reports. Twenty-four funds in the series are covered in the American Funds Insurance Series report and five funds in the series are covered in the American Funds Insurance Series — Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

Each fund in the American Funds Insurance Series — Target Date Series is designed for investors who plan to retire in, or close to, the year designated in the fund's name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the "underlying funds") in different combinations and weightings. CRMC is also the investment adviser of the underlying funds.

Each fund offers four share classes (Classes 1, 1A, 2 and 4). Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**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 funds' 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.

**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.

**Fees and expenses** — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

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| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **36** |

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------

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions paid to shareholders are recorded on each fund's ex-dividend date.

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("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**

------

**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.

**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. As of June 30, 2025, all of the investment securities held by each fund were classified as Level 1.

**4. Risk factors**

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Allocation risk** — Investments in each fund are subject to risks related to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of each fund's assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, each fund's equity exposure may result in investment volatility that could reduce an investor's available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.

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| | |
|:---|:---|
| **37** | American Funds Insurance Series - Target Date Series |

---

------

**Fund structure** — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

**Underlying fund risks** — Because each fund's investments consist of underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds, as described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries 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.

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 the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds' investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, 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 stocks** — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund's securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund's assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.

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| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **38** |

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------

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting, and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds' portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by 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 the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund 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 the underlying funds' securities could cause the value of the underlying funds' shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds' investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund's assets will consist of underlying funds that primarily invest in bonds.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as "junk bonds."

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series - Target Date Series |

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------

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. 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 an underlying fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in securities backed by the U.S. government** — 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 inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce an underlying fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund's use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund's returns and increase the underlying fund's price volatility. The underlying fund's counterparty to a derivative transaction (including, if applicable, the underlying fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. 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).

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **40** |

---

------

**Interest rate risk** — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments,there are heightened risks associated with rising interest rates.

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile 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 underlying 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.

**Management** — The investment adviser to the funds and to the underlying funds actively manages each underlying fund's investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to 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.

**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 short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase, and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series - Target Date Series |

---

------

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2070** <br>**Fund**<br>| **IS 2065** <br>**Fund**<br>| **IS 2060** <br>**Fund**<br>| **IS 2055** <br>**Fund**<br>| **IS 2050** <br>**Fund**<br>| **IS 2045** <br>**Fund**<br>|
| **As of December 31, 2024** |  |  |  |  |  |  |
| Undistributed long-term capital gains | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $2 |
| **As of June 30, 2025** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 819 |
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 819 |
| Cost of investments | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 5698 | &nbsp;&nbsp; 8600 | &nbsp;&nbsp; 11545 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2040** <br>**Fund**<br>| **IS 2035** <br>**Fund**<br>| **IS 2030** <br>**Fund**<br>| **IS 2025** <br>**Fund**<br>| **IS 2020** <br>**Fund**<br>| **IS 2015** <br>**Fund**<br>|
| **As of December 31, 2024** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $27 | &nbsp;&nbsp; $99 | &nbsp;&nbsp; $723 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1445 |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — |
| **As of June 30, 2025** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 6396 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (515)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 5881 |
| Cost of investments | &nbsp;&nbsp; 4786 | &nbsp;&nbsp; 13861 | &nbsp;&nbsp; 10545 | &nbsp;&nbsp; 11229 | &nbsp;&nbsp; 17198 | &nbsp;&nbsp; 104097 |

---

---

| | |
|:---|:---|
|  | **IS 2010** <br>**Fund**<br>|
| **As of December 31, 2024** |  |
| Undistributed ordinary income | &nbsp;&nbsp; $6090 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 11799 |
| **As of June 30, 2025** |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 50414 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (14622)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 35792 |
| Cost of investments | &nbsp;&nbsp; 539091 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **42** |

---

------

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**IS 2070 Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period May 1, 2024**<sup>\*</sup> **through** <br>**December 31, 2024** | **For the period May 1, 2024**<sup>\*</sup> **through** <br>**December 31, 2024** | **For the period May 1, 2024**<sup>\*</sup> **through** <br>**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; $— | $3 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $— <br><sup>†</sup><br>| $1 |
| Class 1A | &nbsp;&nbsp; — | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $— | $4 | $4 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $— <br><sup>†</sup><br>| $1 |

---

**IS 2065 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; $— | $1 | $1 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $1 | $2 |
| Class 1A | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 |
| Class 2 | &nbsp;&nbsp; — | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $— | $3 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $2 | $3 |

---

**IS 2060 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; $— | $5 | $5 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $1 | $2 |
| Class 1A | &nbsp;&nbsp; — | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 |
| Class 2 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $— | $6 | $6 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $2 | $3 |

---

**IS 2055 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; $— | $7 | $7 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $1 | $2 |
| Class 1A | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 |
| Class 2 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $— | $7 | $7 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $2 | $3 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series - Target Date Series |

---

------

**IS 2050 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; $— | $3 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $1 | $2 |
| Class 1A | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 |
| Class 2 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $— | $3 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $2 | $3 |

---

**IS 2045 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; $— | $3 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $1 | $2 |
| Class 1A | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $— | $3 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $1 | $2 |

---

**IS 2040 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; $— | $10 | $10 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>†</sup><br>| $— <br><sup>†</sup><br>| $— <br><sup>†</sup><br>|
| Class 1A | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 1 | 4 |
| Total | &nbsp;&nbsp; $— | $11 | $11 | &nbsp;&nbsp;&nbsp;&nbsp; $3 | $1 | $4 |

---

**IS 2035 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; $104 | $56 | $160 | &nbsp;&nbsp;&nbsp;&nbsp; $2 | $— <br><sup>†</sup><br>| $2 |
| Class 1A | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 |
| Class 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 |
| Class 4 | &nbsp;&nbsp; 8 | 5 | 13 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | 38 | 69 |
| Total | &nbsp;&nbsp; $112 | $61 | $173 | &nbsp;&nbsp;&nbsp;&nbsp; $34 | $39 | $73 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **44** |

---

------

**IS 2030 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; $13 | $41 | $54 | &nbsp;&nbsp;&nbsp;&nbsp; $6 | $— | $6 |
| Class 1A | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |  | 4 |
| Total | &nbsp;&nbsp; $13 | $42 | $55 | &nbsp;&nbsp;&nbsp;&nbsp; $10 | $— | $10 |

---

**IS 2025 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; $23 | $38 | $61 | &nbsp;&nbsp;&nbsp;&nbsp; $11 | $— | $11 |
| Class 1A | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; 4 | 9 | 13 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |  | 35 |
| Total | &nbsp;&nbsp; $27 | $47 | $74 | &nbsp;&nbsp;&nbsp;&nbsp; $46 | $— | $46 |

---

**IS 2020 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; $23 | $43 | $66 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $— | $1 |
| Class 1A | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; 76 | 158 | 234 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |  | 119 |
| Total | &nbsp;&nbsp; $99 | $201 | $300 | &nbsp;&nbsp;&nbsp;&nbsp; $120 | $— | $120 |

---

**IS 2015 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; $— <br><sup>†</sup><br>| $— <br><sup>†</sup><br>| $— <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $1 | $— <br><sup>†</sup><br>| $1 |
| Class 1A | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; 724 | 1445 | 2169 | &nbsp;&nbsp;&nbsp;&nbsp; 1271 | 128 | 1399 |
| Total | &nbsp;&nbsp; $724 | $1445 | $2169 | &nbsp;&nbsp;&nbsp;&nbsp; $1272 | $128 | $1400 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series - Target Date Series |

---

------

**IS 2010 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; $— <br><sup>†</sup><br>| $1 | $1 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | $— <br><sup>†</sup><br>| $1 |
| Class 1A | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 4 | &nbsp;&nbsp; 6094 | 11801 | 17895 | &nbsp;&nbsp;&nbsp;&nbsp; 16362 | 1768 | 18130 |
| Total | &nbsp;&nbsp; $6094 | $11802 | $17896 | &nbsp;&nbsp;&nbsp;&nbsp; $16363 | $1768 | $18131 |

---

\*

Commencement of operations.

<sup>†</sup>

Amount less than one thousand.

**6. 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. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.

**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 are based on an annualized percentage of average net assets as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<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 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A and 4 shares. Under the plan, each share class pays 0.25% of each insurance company's respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the fund 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.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **46** |

---

------

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. Currently CRMC receives an administrative services fee at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC's provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**IS 2070 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 |  |  |
| Total class-specific <br> expenses<br>| $— | $— |

---

**IS 2065 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $—<br> \*<br>|
| Class 2 |  | Not applicable |
| Class 4 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>|

---

**IS 2060 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $—<br> \*<br>|
| Class 2 |  | Not applicable |
| Class 4 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>|

---

**IS 2055 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $—<br> \*<br>|
| Class 2 |  | Not applicable |
| Class 4 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>|

---

**IS 2050 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $—<br> \*<br>|
| Class 2 |  | Not applicable |
| Class 4 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>|

---

Refer to the end of the table(s) for footnote(s).

**IS 2045 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $—<br> \*<br>|
| Class 2 |  | Not applicable |
| Class 4 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>|

---

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series - Target Date Series |

---

------

**IS 2040 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>|

---

**IS 2035 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 2 | 1 |
| Total class-specific <br> expenses<br>| $2 | $1 |

---

**IS 2030 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 1 | 1 |
| Total class-specific <br> expenses<br>| $1 | $1 |

---

**IS 2025 Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 3 | 3 |
| Total class-specific <br> expenses<br>| $3 | $3 |

---

**IS 2020 Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 15 | 15 |
| Total class-specific <br> expenses<br>| $15 | $15 |

---

**IS 2015 Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 113 | 113 |
| Total class-specific <br> expenses<br>| $113 | $113 |

---

**IS 2010 Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 702 | 702 |
| Total class-specific <br> expenses<br>| $702 | $702 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses for some of the funds in the series. Miscellaneous expenses exclude investment advisory services and distribution services fees. For the six months ended June 30, 2025, total fees and expenses reimbursed by CRMC were less than $1,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **48** |

---

------

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation in each fund's statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**7. 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.

**8. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**IS 2070 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 1 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp; 2 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $17 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp; 2 |
| **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** | **Year ended May 1, 2024**<sup>†</sup> **through December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $55 | &nbsp;&nbsp; 5 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<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> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Total net increase (decrease) | &nbsp;&nbsp; $84 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp; 8 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series - Target Date Series |

---

------

**IS 2065 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 1 | &nbsp;&nbsp; $18 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $18 | &nbsp;&nbsp; 2 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $18 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $19 | &nbsp;&nbsp; 2 |
| **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; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>|

---

**IS 2060 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 1 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $56 | &nbsp;&nbsp; 5 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $51 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $56 | &nbsp;&nbsp; 5 |
| **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; $83 | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp; 7 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $83 | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp; 7 |

---

**IS 2055 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 1 | &nbsp;&nbsp; $6119 | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $(646)<br>| &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; $5481 | &nbsp;&nbsp; 425 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $6119 | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $(646)<br>| &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; $5481 | &nbsp;&nbsp; 425 |
| **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; $101 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp; 8 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $101 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp; 8 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **50** |

---

------

**IS 2050 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 1 | &nbsp;&nbsp; $9400 | &nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(957)<br>| &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; $8446 | &nbsp;&nbsp; 667 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $9400 | &nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(957)<br>| &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; $8446 | &nbsp;&nbsp; 667 |
| **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; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp; —<br> \*<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>|

---

**IS 2045 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 1 | &nbsp;&nbsp; $10391 | &nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(297)<br>| &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; $10098 | &nbsp;&nbsp; 805 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $10391 | &nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(297)<br>| &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; $10098 | &nbsp;&nbsp; 805 |
| **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; $1242 | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $1243 | &nbsp;&nbsp; 102 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $1242 | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $1243 | &nbsp;&nbsp; 102 |

---

**IS 2040 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 1 | &nbsp;&nbsp; $4685 | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $(227)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; $4468 | &nbsp;&nbsp; 352 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; (1)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $4685 | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $(235)<br>| &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; $4461 | &nbsp;&nbsp; 351 |
| **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; $2 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp; —<br> \*<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp; 19 |
| Total net increase (decrease) | &nbsp;&nbsp; $219 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $220 | &nbsp;&nbsp; 19 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series - Target Date Series |

---

------

**IS 2035 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 1 | &nbsp;&nbsp; $15576 | &nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; $161 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; $(3036)<br>| &nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp; $12701 | &nbsp;&nbsp; 1031 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 3 |
| Total net increase (decrease) | &nbsp;&nbsp; $15686 | &nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp; $173 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $(3122)<br>| &nbsp;&nbsp; (253)<br>| &nbsp;&nbsp;&nbsp; $12737 | &nbsp;&nbsp; 1034 |
| **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; $88 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp; 8 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (1424)<br>| &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp;&nbsp; (1355)<br>| &nbsp;&nbsp; (117)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $88 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $73 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $(1424)<br>| &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp;&nbsp; $(1263)<br>| &nbsp;&nbsp; (109)<br>|

---

**IS 2030 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 1 | &nbsp;&nbsp; $15578 | &nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $(6693)<br>| &nbsp;&nbsp; (556)<br>| &nbsp;&nbsp;&nbsp; $8938 | &nbsp;&nbsp; 707 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; (2)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $15578 | &nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp; $55 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $(6723)<br>| &nbsp;&nbsp; (558)<br>| &nbsp;&nbsp;&nbsp; $8910 | &nbsp;&nbsp; 705 |
| **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; $1143 | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $1149 | &nbsp;&nbsp; 93 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; (3)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $1164 | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; $1117 | &nbsp;&nbsp; 90 |

---

**IS 2025 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 1 | &nbsp;&nbsp; $16086 | &nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp; $61 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(8095)<br>| &nbsp;&nbsp; (669)<br>| &nbsp;&nbsp;&nbsp; $8052 | &nbsp;&nbsp; 663 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; (2)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $16086 | &nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp; $74 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $(8135)<br>| &nbsp;&nbsp; (672)<br>| &nbsp;&nbsp;&nbsp; $8025 | &nbsp;&nbsp; 661 |
| **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; $998 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $1009 | &nbsp;&nbsp; 84 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp; 17 |
| Total net increase (decrease) | &nbsp;&nbsp; $1448 | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; $46 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $(273)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; $1221 | &nbsp;&nbsp; 101 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **52** |

---

------

**IS 2020 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 1 | &nbsp;&nbsp; $3445 | &nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; $65 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(55)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; $3455 | &nbsp;&nbsp; 292<br> \*<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 2945 | &nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (269)<br>| &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; 2910 | &nbsp;&nbsp; 246 |
| Total net increase (decrease) | &nbsp;&nbsp; $6390 | &nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; $299 | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; $6365 | &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; $5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 6641 | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (234)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 6527 | &nbsp;&nbsp; 564 |
| Total net increase (decrease) | &nbsp;&nbsp; $6646 | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; $120 | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; $(234)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; $6532 | &nbsp;&nbsp; 565 |

---

**IS 2015 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 1 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp; —<br> \*<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 30223 | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; (2416)<br>| &nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; 29977 | &nbsp;&nbsp; 2602 |
| Total net increase (decrease) | &nbsp;&nbsp; $30227 | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; $2170 | &nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; $(2416)<br>| &nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; $29981 | &nbsp;&nbsp; 2602 |
| **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; $5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 35595 | &nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; (3460)<br>| &nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; 33535 | &nbsp;&nbsp; 2967 |
| Total net increase (decrease) | &nbsp;&nbsp; $35600 | &nbsp;&nbsp; 3157 | &nbsp;&nbsp;&nbsp; $1400 | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; $(3460)<br>| &nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; $33540 | &nbsp;&nbsp; 2968 |

---

**IS 2010 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 1 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp; —<br> \*<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 17893 | &nbsp;&nbsp; 1586 | &nbsp;&nbsp;&nbsp; (33253)<br>| &nbsp;&nbsp; (2937)<br>| &nbsp;&nbsp;&nbsp; (14219)<br>| &nbsp;&nbsp; (1252)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $1142 | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; $17895 | &nbsp;&nbsp; 1586 | &nbsp;&nbsp;&nbsp; $(33253)<br>| &nbsp;&nbsp; (2937)<br>| &nbsp;&nbsp;&nbsp; $(14216)<br>| &nbsp;&nbsp; (1252)<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 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 4 | &nbsp;&nbsp; 26991 | &nbsp;&nbsp; 2518 | &nbsp;&nbsp;&nbsp; 18131 | &nbsp;&nbsp; 1649 | &nbsp;&nbsp;&nbsp; (50581)<br>| &nbsp;&nbsp; (4558)<br>| &nbsp;&nbsp;&nbsp; (5459)<br>| &nbsp;&nbsp; (391)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $26991 | &nbsp;&nbsp; 2518 | &nbsp;&nbsp;&nbsp; $18131 | &nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp; $(50581)<br>| &nbsp;&nbsp; (4558)<br>| &nbsp;&nbsp;&nbsp; $(5459)<br>| &nbsp;&nbsp; (390)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Commencement of operations.

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series - Target Date Series |

---

------

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

**9. Investment transactions**

------

Each fund engaged in purchases and sales of investment securities of affiliated issuers during the six months ended June 30, 2025, as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2070 Fund** | **IS 2065 Fund** | **IS 2060 Fund** | **IS 2055 Fund** | **IS 2050 Fund** | **IS 2045 Fund** |
| Purchases of investment securities\* | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $59 | &nbsp;&nbsp; $6057 | &nbsp;&nbsp; $9485 | &nbsp;&nbsp; $10538 |
| Sales of investment securities\* | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 929 | &nbsp;&nbsp; 277 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2040 Fund** | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** |
| Purchases of investment securities\* | &nbsp;&nbsp; $4721 | &nbsp;&nbsp; $15851 | &nbsp;&nbsp; $15864 | &nbsp;&nbsp; $16421 | &nbsp;&nbsp; $6626 | &nbsp;&nbsp; $31738 |
| Sales of investment securities\* | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 3061 | &nbsp;&nbsp; 6668 | &nbsp;&nbsp; 8057 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 2409 |

---

---

| | |
|:---|:---|
|  | **IS 2010 Fund** |
| Purchases of investment securities\* | &nbsp;&nbsp; $11203 |
| Sales of investment securities\* | &nbsp;&nbsp; 34539 |

---

\*

Excludes short-term securities and U.S. government obligations, if any.

<sup>†</sup>

Amount less than one thousand.

**10. Ownership concentration**

------

At June 30, 2025, CRMC held aggregate ownership of 28% of the outstanding shares of IS 2060 Fund, 76% of the outstanding shares of IS 2065 Fund, and 42% of the outstanding shares of IS 2070 Fund. The ownership percentages represent the seed money invested in the funds when they began operations. IS 2060 Fund and IS 2065 Fund began operations on May 1, 2023. IS 2070 Fund began operations on May 1, 2024.

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **54** |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total** <br>**return**<sup>2</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,4,5</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>**distribu-** <br>**tions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total** <br>**return**<sup>2</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,4,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 Fund** | **IS 2070 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>5,6</sup> <br>| $10.97 | $.05 | $1.10 | $1.15 | $— | $(.43)<br>| $(.43)<br>| $11.69 | 10.65 %<sup>7</sup><br>&nbsp;&nbsp; $— <br><sup>8</sup><br>| .06 %<sup>9</sup><br>| .05 %<sup>9</sup><br>| .42 %<sup>9</sup><br>| .95 %<sup>9</sup><br>|
| 12/31/2024<sup>6,10</sup> <br>| 10.00 | .27 | .84 | 1.11 | (.10)<br>| (.04)<br>| (.14)<br>| 10.97 | 11.11 <br><sup>7</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .73 <br><sup>9</sup><br>| .06 <br><sup>9</sup><br>| .43 <br><sup>9</sup><br>| 3.70 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 10.97 | .06 | 1.09 | 1.15 |  | (.43)<br>| (.43)<br>| 11.69 | 10.65 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.01 <br><sup>911</sup><br>|
| 12/31/2024<sup>6,10</sup> <br>| 10.00 | .13 | .98 | 1.11 | (.10)<br>| (.04)<br>| (.14)<br>| 10.97 | 11.11 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .27 <br><sup>911</sup><br>| .06 <br><sup>911</sup><br>| .43 <br><sup>911</sup><br>| 1.80 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 10.97 | .06 | 1.09 | 1.15 |  | (.43)<br>| (.43)<br>| 11.69 | 10.65 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.01 <br><sup>911</sup><br>|
| 12/31/2024<sup>6,10</sup> <br>| 10.00 | .13 | .98 | 1.11 | (.10)<br>| (.04)<br>| (.14)<br>| 10.97 | 11.11 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .27 <br><sup>911</sup><br>| .06 <br><sup>911</sup><br>| .43 <br><sup>911</sup><br>| 1.80 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 10.97 | .06 | 1.09 | 1.15 |  | (.43)<br>| (.43)<br>| 11.69 | 10.65 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.01 <br><sup>911</sup><br>|
| 12/31/2024<sup>6,10</sup> <br>| 10.00 | .13 | .98 | 1.11 | (.10)<br>| (.04)<br>| (.14)<br>| 10.97 | 11.11 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .27 <br><sup>911</sup><br>| .06 <br><sup>911</sup><br>| .43 <br><sup>911</sup><br>| 1.81 <br><sup>911</sup><br>|
| **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 Fund** | **IS 2065 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>5,6</sup> <br>| $12.28 | $.07 | $1.20 | $1.27 | $— | $(.53)<br>| $(.53)<br>| $13.02 | 10.50 %<sup>7</sup><br>&nbsp;&nbsp; $— <br><sup>8</sup><br>| .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .41 %<sup>9</sup><br>| 1.09 %<sup>9</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.57 | 1.75 | (.17)<br>| (.42)<br>| (.59)<br>| 12.28 | 15.92<br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .34 | .06 | .43 | 1.47 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>7</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .41 <br><sup>9</sup><br>| 2.21 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.28 | .06 | 1.21 | 1.27 |  | (.53)<br>| (.53)<br>| 13.02 | 10.50 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.01 <br><sup>911</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.57 | 1.75 | (.17)<br>| (.42)<br>| (.59)<br>| 12.28 | 15.92 <br><sup>11</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.47 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.21 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.28 | .06 | 1.21 | 1.27 |  | (.53)<br>| (.53)<br>| 13.02 | 10.49 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.01 <br><sup>911</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.57 | 1.75 | (.17)<br>| (.42)<br>| (.59)<br>| 12.28 | 15.92 <br><sup>11</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.48 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.22 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.28 | .06 | 1.21 | 1.27 |  | (.53)<br>| (.53)<br>| 13.02 | 10.50 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.00 <br><sup>911</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.57 | 1.75 | (.17)<br>| (.42)<br>| (.59)<br>| 12.28 | 15.92 <br><sup>11</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.47 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.21 <br><sup>911</sup><br>|
| **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 Fund** | **IS 2060 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>5,6</sup> <br>| $12.40 | $.06 | $1.26 | $1.32 | $— | $(.41)<br>| $(.41)<br>| $13.31 | 10.79 %<sup>7</sup><br>&nbsp;&nbsp; $— <br><sup>8</sup><br>| .04 %<sup>9</sup><br>| .04 %<sup>9</sup><br>| .42 %<sup>9</sup><br>| 1.04 %<sup>9</sup><br>|
| 12/31/2024 | 11.12 | .42 | 1.30 | 1.72 | (.12)<br>| (.32)<br>| (.44)<br>| 12.40 | 15.62<br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .47 | .06 | .43 | 3.42 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>7</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .41 <br><sup>9</sup><br>| 2.21 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.40 | .06 | 1.26 | 1.32 |  | (.41)<br>| (.41)<br>| 13.31 | 10.79 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .05 <br><sup>911</sup><br>| .05 <br><sup>911</sup><br>| .43 <br><sup>911</sup><br>| .99 <br><sup>911</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.54 | 1.72 | (.12)<br>| (.32)<br>| (.44)<br>| 12.40 | 15.62 <br><sup>11</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .17 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.47 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.21 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.40 | .06 | 1.27 | 1.33 |  | (.41)<br>| (.41)<br>| 13.32 | 10.88 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .42 <br><sup>911</sup><br>| 1.00 <br><sup>911</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.54 | 1.72 | (.12)<br>| (.32)<br>| (.44)<br>| 12.40 | 15.61 <br><sup>11</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .17 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.47 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.22 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.40 | .06 | 1.26 | 1.32 |  | (.41)<br>| (.41)<br>| 13.31 | 10.79 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .05 <br><sup>911</sup><br>| .05 <br><sup>911</sup><br>| .43 <br><sup>911</sup><br>| .99 <br><sup>911</sup><br>|
| 12/31/2024 | 11.12 | .18 | 1.54 | 1.72 | (.12)<br>| (.32)<br>| (.44)<br>| 12.40 | 15.62 <br><sup>11</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .17 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.47 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.15 | 1.30 | (.15)<br>| (.03)<br>| (.18)<br>| 11.12 | 13.02 <br><sup>711</sup><br>&nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.21 <br><sup>911</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series - Target Date Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 Fund** | **IS 2055 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $12.42 | $.07 | $1.44 | $1.51 | $— | $(.02)<br>| $(.02)<br>| $13.91 | 12.13 %<sup>7</sup><br>| &nbsp;&nbsp; $6 | .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .41 %<sup>9</sup><br>| 1.16 %<sup>9</sup><br>|
| 12/31/2024 | 11.10 | .45 | 1.30 | 1.75 | (.12)<br>| (.31)<br>| (.43)<br>| 12.42 | 15.90 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .45 | .06 | .43 | 3.64 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.13 | 1.28 | (.15)<br>| (.03)<br>| (.18)<br>| 11.10 | 12.83 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .41 <br><sup>9</sup><br>| 2.23 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.42 | .06 | 1.45 | 1.51 |  | (.02)<br>| (.02)<br>| 13.91 | 12.13 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.02 <br><sup>911</sup><br>|
| 12/31/2024 | 11.10 | .18 | 1.57 | 1.75 | (.12)<br>| (.31)<br>| (.43)<br>| 12.42 | 15.90 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .16 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.48 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.13 | 1.28 | (.15)<br>| (.03)<br>| (.18)<br>| 11.10 | 12.83 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.23 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.42 | .06 | 1.45 | 1.51 |  | (.02)<br>| (.02)<br>| 13.91 | 12.13 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .02 <br><sup>911</sup><br>| .02 <br><sup>911</sup><br>| .40 <br><sup>911</sup><br>| 1.02 <br><sup>911</sup><br>|
| 12/31/2024 | 11.10 | .18 | 1.57 | 1.75 | (.12)<br>| (.31)<br>| (.43)<br>| 12.42 | 15.90 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .16 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.49 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .16 | 1.12 | 1.28 | (.15)<br>| (.03)<br>| (.18)<br>| 11.10 | 12.83 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.24 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.42 | .06 | 1.45 | 1.51 |  | (.02)<br>| (.02)<br>| 13.91 | 12.13 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 1.02 <br><sup>911</sup><br>|
| 12/31/2024 | 11.10 | .18 | 1.57 | 1.75 | (.12)<br>| (.31)<br>| (.43)<br>| 12.42 | 15.90 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .16 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.48 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .15 | 1.13 | 1.28 | (.15)<br>| (.03)<br>| (.18)<br>| 11.10 | 12.83 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .41 <br><sup>911</sup><br>| 2.23 <br><sup>911</sup><br>|
| **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 Fund** | **IS 2050 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $12.18 | $.08 | $1.37 | $1.45 | $— | $— <br><sup>13</sup><br>| $— <br><sup>13</sup><br>| $13.63 | 11.94 %<sup>7</sup><br>| &nbsp;&nbsp; $9 | .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .39 %<sup>9</sup><br>| 1.28 %<sup>9</sup><br>|
| 12/31/2024 | 11.06 | .19 | 1.55 | 1.74 | (.19)<br>| (.43)<br>| (.62)<br>| 12.18 | 15.80 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 | .06 | .42 | 1.60 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .16 | 1.09 | 1.25 | (.16)<br>| (.03)<br>| (.19)<br>| 11.06 | 12.48 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .40 <br><sup>9</sup><br>| 2.34 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.18 | .07 | 1.38 | 1.45 |  | — <br><sup>13</sup><br>| — <br><sup>13</sup><br>| 13.63 | 11.94 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 1.12 <br><sup>911</sup><br>|
| 12/31/2024 | 11.06 | .19 | 1.55 | 1.74 | (.19)<br>| (.43)<br>| (.62)<br>| 12.18 | 15.80 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.58 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .16 | 1.09 | 1.25 | (.16)<br>| (.03)<br>| (.19)<br>| 11.06 | 12.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .40 <br><sup>911</sup><br>| 2.33 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.18 | .07 | 1.38 | 1.45 |  | — <br><sup>13</sup><br>| — <br><sup>13</sup><br>| 13.63 | 11.94 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 1.13 <br><sup>911</sup><br>|
| 12/31/2024 | 11.06 | .19 | 1.55 | 1.74 | (.19)<br>| (.43)<br>| (.62)<br>| 12.18 | 15.80 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.58 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .16 | 1.09 | 1.25 | (.16)<br>| (.03)<br>| (.19)<br>| 11.06 | 12.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .40 <br><sup>911</sup><br>| 2.33 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.18 | .07 | 1.38 | 1.45 |  | — <br><sup>13</sup><br>| — <br><sup>13</sup><br>| 13.63 | 11.94 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 1.12 <br><sup>911</sup><br>|
| 12/31/2024 | 11.06 | .19 | 1.55 | 1.74 | (.19)<br>| (.43)<br>| (.62)<br>| 12.18 | 15.80 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.59 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .16 | 1.09 | 1.25 | (.16)<br>| (.03)<br>| (.19)<br>| 11.06 | 12.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .40 <br><sup>911</sup><br>| 2.33 <br><sup>911</sup><br>|
| **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 Fund** | **IS 2045 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $12.16 | $.08 | $1.34 | $1.42 | $— | $— <br><sup>13</sup><br>| $— <br><sup>13</sup><br>| $13.58 | 11.70 %<sup>7</sup><br>| &nbsp;&nbsp; $12 | .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .39 %<sup>9</sup><br>| 1.36 %<sup>9</sup><br>|
| 12/31/2024 | 11.02 | .16 | 1.58 | 1.74 | (.20)<br>| (.40)<br>| (.60)<br>| 12.16 | 15.87 | &nbsp;&nbsp; 1 | .34 | .06 | .42 | 1.71 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | 1.05 | 1.22 | (.17)<br>| (.03)<br>| (.20)<br>| 11.02 | 12.14 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .39 <br><sup>9</sup><br>| 2.44 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.16 | .07 | 1.35 | 1.42 |  | — <br><sup>13</sup><br>| — <br><sup>13</sup><br>| 13.58 | 11.70 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 1.21 <br><sup>911</sup><br>|
| 12/31/2024 | 11.02 | .20 | 1.54 | 1.74 | (.20)<br>| (.40)<br>| (.60)<br>| 12.16 | 15.87 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.69 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | 1.05 | 1.22 | (.17)<br>| (.03)<br>| (.20)<br>| 11.02 | 12.14 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.44 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.16 | .08 | 1.34 | 1.42 |  | — <br><sup>13</sup><br>| — <br><sup>13</sup><br>| 13.58 | 11.70 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 1.21 <br><sup>911</sup><br>|
| 12/31/2024 | 11.02 | .20 | 1.54 | 1.74 | (.20)<br>| (.40)<br>| (.60)<br>| 12.16 | 15.87 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.69 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | 1.05 | 1.22 | (.17)<br>| (.03)<br>| (.20)<br>| 11.02 | 12.14 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.44 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.16 | .07 | 1.36 | 1.43 |  | — <br><sup>13</sup><br>| — <br><sup>13</sup><br>| 13.59 | 11.78 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 1.21 <br><sup>911</sup><br>|
| 12/31/2024 | 11.02 | .20 | 1.54 | 1.74 | (.20)<br>| (.40)<br>| (.60)<br>| 12.16 | 15.87 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .34 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.69 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | 1.05 | 1.22 | (.17)<br>| (.03)<br>| (.20)<br>| 11.02 | 12.14 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.45 <br><sup>911</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **56** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 Fund** | **IS 2040 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $12.21 | $.10 | $1.30 | $1.40 | $— | $(.03)<br>| $(.03)<br>| $13.58 | 11.48 %<sup>7</sup><br>| &nbsp;&nbsp; $5 | .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .38 %<sup>9</sup><br>| 1.62 %<sup>9</sup><br>|
| 12/31/2024 | 10.97 | .22 | 1.41 | 1.63 | (.15)<br>| (.24)<br>| (.39)<br>| 12.21 | 15.04 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .11 | .06 | .41 | 1.88 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | .99 | 1.16 | (.17)<br>| (.02)<br>| (.19)<br>| 10.97 | 11.66 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .39 <br><sup>9</sup><br>| 2.53 <br><sup>9</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.21 | .09 | 1.31 | 1.40 |  | (.03)<br>| (.03)<br>| 13.58 | 11.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .38 <br><sup>911</sup><br>| 1.42 <br><sup>911</sup><br>|
| 12/31/2024 | 10.97 | .21 | 1.42 | 1.63 | (.15)<br>| (.24)<br>| (.39)<br>| 12.21 | 15.04 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .11 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>| 1.81 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | .99 | 1.16 | (.17)<br>| (.02)<br>| (.19)<br>| 10.97 | 11.66 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.53 <br><sup>911</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.21 | .09 | 1.31 | 1.40 |  | (.03)<br>| (.03)<br>| 13.58 | 11.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .38 <br><sup>911</sup><br>| 1.42 <br><sup>911</sup><br>|
| 12/31/2024 | 10.97 | .21 | 1.42 | 1.63 | (.15)<br>| (.24)<br>| (.39)<br>| 12.21 | 15.04 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .11 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>| 1.81 <br><sup>11</sup><br>|
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | .99 | 1.16 | (.17)<br>| (.02)<br>| (.19)<br>| 10.97 | 11.66 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.53 <br><sup>911</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.21 | .06 | 1.31 | 1.37 |  | (.03)<br>| (.03)<br>| 13.55 | 11.23 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .50 <br><sup>9</sup><br>| .50 <br><sup>9</sup><br>| .85 <br><sup>9</sup><br>| .95 <br><sup>9</sup><br>|
| 12/31/2024 | 10.97 | .23 | 1.38 | 1.61 | (.13)<br>| (.24)<br>| (.37)<br>| 12.21 | 14.77 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .61 | .51 | .86 | 1.85 |
| 12/31/2023<sup>6,12</sup> <br>| 10.00 | .17 | .99 | 1.16 | (.17)<br>| (.02)<br>| (.19)<br>| 10.97 | 11.66 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.54 <br><sup>911</sup><br>|
| **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2035 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $11.96 | $.13 | $1.05 | $1.18 | $(.01)<br>| $(.13)<br>| $(.14)<br>| $13.00 | 9.91 %<sup>7</sup><br>| &nbsp;&nbsp; $14 | .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .36 %<sup>9</sup><br>| 2.22 %<sup>9</sup><br>|
| 12/31/2024 | 11.43 | .46 | .94 | 1.40 | (.39)<br>| (.48)<br>| (.87)<br>| 11.96 | 12.60 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .09 | .06 | .40 | 3.88 |
| 12/31/2023 | 9.95 | .24 | 1.45 | 1.69 | (.15)<br>| (.06)<br>| (.21)<br>| 11.43 | 17.01 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .38 | 2.31 |
| 12/31/2022 | 12.93 | .22 | (2.35)<br>| (2.13)<br>| (.09)<br>| (.76)<br>| (.85)<br>| 9.95 | (16.33)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 | .03 | .37 | 2.04 |
| 12/31/2021 | 11.39 | .17 | 1.58 | 1.75 | (.10)<br>| (.11)<br>| (.21)<br>| 12.93 | 15.46 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 4.86 | .06 | .40 | 1.40 |
| 12/31/2020 | 10.19 | .15 | 1.43 | 1.58 | (.12)<br>| (.26)<br>| (.38)<br>| 11.39 | 16.03 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 46.43 | .06 | .42 | 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:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.95 | .12 | 1.07 | 1.19 | (.01)<br>| (.13)<br>| (.14)<br>| 13.00 | 10.01 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .36 <br><sup>911</sup><br>| 2.02 <br><sup>911</sup><br>|
| 12/31/2024 | 11.43 | .27 | 1.12 | 1.39 | (.39)<br>| (.48)<br>| (.87)<br>| 11.95 | 12.51 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .10 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 2.26 <br><sup>11</sup><br>|
| 12/31/2023 | 9.95 | .24 | 1.45 | 1.69 | (.15)<br>| (.06)<br>| (.21)<br>| 11.43 | 17.01 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 2.31 <br><sup>11</sup><br>|
| 12/31/2022 | 12.93 | .22 | (2.35)<br>| (2.13)<br>| (.09)<br>| (.76)<br>| (.85)<br>| 9.95 | (16.33 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>11</sup><br>| .03 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 2.04 <br><sup>11</sup><br>|
| 12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10)<br>| (.11)<br>| (.21)<br>| 12.93 | 15.56 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 4.86 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 1.40 <br><sup>11</sup><br>|
| 12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12)<br>| (.26)<br>| (.38)<br>| 11.38 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 46.43 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.51 <br><sup>11</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.95 | .12 | 1.07 | 1.19 | (.01)<br>| (.13)<br>| (.14)<br>| 13.00 | 10.01 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .36 <br><sup>911</sup><br>| 2.02 <br><sup>911</sup><br>|
| 12/31/2024 | 11.43 | .27 | 1.12 | 1.39 | (.39)<br>| (.48)<br>| (.87)<br>| 11.95 | 12.51 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .10 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 2.26 <br><sup>11</sup><br>|
| 12/31/2023 | 9.95 | .24 | 1.45 | 1.69 | (.15)<br>| (.06)<br>| (.21)<br>| 11.43 | 17.01 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 2.31 <br><sup>11</sup><br>|
| 12/31/2022 | 12.93 | .22 | (2.35)<br>| (2.13)<br>| (.09)<br>| (.76)<br>| (.85)<br>| 9.95 | (16.33 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>11</sup><br>| .03 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 2.04 <br><sup>11</sup><br>|
| 12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10)<br>| (.11)<br>| (.21)<br>| 12.93 | 15.56 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 4.86 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 1.40 <br><sup>11</sup><br>|
| 12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12)<br>| (.26)<br>| (.38)<br>| 11.38 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 46.43 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.51 <br><sup>11</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.90 | .09 | 1.05 | 1.14 |  | (.13)<br>| (.13)<br>| 12.91 | 9.63 <br><sup>7</sup><br>| &nbsp;&nbsp; 1 | .52 <br><sup>9</sup><br>| .52 <br><sup>9</sup><br>| .85 <br><sup>9</sup><br>| 1.55 <br><sup>9</sup><br>|
| 12/31/2024 | 11.36 | .17 | 1.16 | 1.33 | (.31)<br>| (.48)<br>| (.79)<br>| 11.90 | 12.04 | &nbsp;&nbsp; 1 | .58 | .55 | .89 | 1.48 |
| 12/31/2023 | 9.90 | .21 | 1.42 | 1.63 | (.11)<br>| (.06)<br>| (.17)<br>| 11.36 | 16.51 | &nbsp;&nbsp; 2 | .54 | .54 | .88 | 2.00 |
| 12/31/2022 | 12.92 | .28 | (2.47)<br>| (2.19)<br>| (.07)<br>| (.76)<br>| (.83)<br>| 9.90 | (16.79)<br>| &nbsp;&nbsp; 1 | .50 | .50 | .84 | 2.70 |
| 12/31/2021 | 11.39 | .12 | 1.58 | 1.70 | (.06)<br>| (.11)<br>| (.17)<br>| 12.92 | 14.99 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 5.31 | .49 | .83 | .97 |
| 12/31/2020 | 10.19 | .35 | 1.22 | 1.57 | (.11)<br>| (.26)<br>| (.37)<br>| 11.39 | 16.01 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 52.83 | .18 | .54 | 3.35 |

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| | |
|:---|:---|
| **57** | American Funds Insurance Series - Target Date Series |

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------

Financial highlights (continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $12.11 | $.15 | $.93 | $1.08 | $(.01)<br>| $(.05)<br>| $(.06)<br>| $13.13 | 8.93 %<sup>7</sup><br>| &nbsp;&nbsp; $11 | .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .35 %<sup>9</sup><br>| 2.53 %<sup>9</sup><br>|
| 12/31/2024 | 11.08 | 1.15 | .05 | 1.20 | (.17)<br>|  | (.17)<br>| 12.11 | 10.87 | &nbsp;&nbsp; 1 | .02 | .02 | .34 | 9.68 |
| 12/31/2023 | 9.95 | .27 | 1.15 | 1.42 | (.28)<br>| (.01)<br>| (.29)<br>| 11.08 | 14.37 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .37 | 2.58 |
| 12/31/2022 | 12.41 | .24 | (2.04)<br>| (1.80)<br>| (.14)<br>| (.52)<br>| (.66)<br>| 9.95 | (14.44)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .36 | 2.29 |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12)<br>| (.07)<br>| (.19)<br>| 12.41 | 13.07 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 2.53 | .06 | .38 | 1.59 |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13)<br>| (.21)<br>| (.34)<br>| 11.14 | 13.41 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 45.36 | .06 | .41 | 1.71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.10 | .15 | .94 | 1.09 | (.01)<br>| (.05)<br>| (.06)<br>| 13.13 | 9.02 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .35 <br><sup>911</sup><br>| 2.39 <br><sup>911</sup><br>|
| 12/31/2024 | 11.08 | .30 | .89 | 1.19 | (.17)<br>|  | (.17)<br>| 12.10 | 10.78 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .09 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .39 <br><sup>11</sup><br>| 2.55 <br><sup>11</sup><br>|
| 12/31/2023 | 9.95 | .27 | 1.15 | 1.42 | (.28)<br>| (.01)<br>| (.29)<br>| 11.08 | 14.37 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 2.58 <br><sup>11</sup><br>|
| 12/31/2022 | 12.41 | .24 | (2.04)<br>| (1.80)<br>| (.14)<br>| (.52)<br>| (.66)<br>| 9.95 | (14.44 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 2.29 <br><sup>11</sup><br>|
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12)<br>| (.07)<br>| (.19)<br>| 12.41 | 13.07 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 2.53 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 1.59 <br><sup>11</sup><br>|
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13)<br>| (.21)<br>| (.34)<br>| 11.14 | 13.41 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 45.36 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>| 1.71 <br><sup>11</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.10 | .15 | .94 | 1.09 | (.01)<br>| (.05)<br>| (.06)<br>| 13.13 | 8.93 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .35 <br><sup>911</sup><br>| 2.39 <br><sup>911</sup><br>|
| 12/31/2024 | 11.08 | .30 | .89 | 1.19 | (.17)<br>|  | (.17)<br>| 12.10 | 10.87 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .09 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .39 <br><sup>11</sup><br>| 2.55 <br><sup>11</sup><br>|
| 12/31/2023 | 9.95 | .27 | 1.15 | 1.42 | (.28)<br>| (.01)<br>| (.29)<br>| 11.08 | 14.37 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 2.58 <br><sup>11</sup><br>|
| 12/31/2022 | 12.41 | .24 | (2.04)<br>| (1.80)<br>| (.14)<br>| (.52)<br>| (.66)<br>| 9.95 | (14.44 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 2.29 <br><sup>11</sup><br>|
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12)<br>| (.07)<br>| (.19)<br>| 12.41 | 13.07 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 2.53 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 1.59 <br><sup>11</sup><br>|
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13)<br>| (.21)<br>| (.34)<br>| 11.14 | 13.41 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 45.36 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>| 1.72 <br><sup>11</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 12.06 | .12 | .94 | 1.06 | — <br><sup>13</sup><br>| (.05)<br>| (.05)<br>| 13.07 | 8.80 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .52 <br><sup>9</sup><br>| .52 <br><sup>9</sup><br>| .84 <br><sup>9</sup><br>| 1.88 <br><sup>9</sup><br>|
| 12/31/2024 | 11.04 | .24 | .89 | 1.13 | (.11)<br>|  | (.11)<br>| 12.06 | 10.30 | &nbsp;&nbsp; 1 | .57 | .55 | .87 | 2.05 |
| 12/31/2023 | 9.92 | .22 | 1.14 | 1.36 | (.23)<br>| (.01)<br>| (.24)<br>| 11.04 | 13.79 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .53 | .53 | .86 | 2.08 |
| 12/31/2022 | 12.40 | .25 | (2.10)<br>| (1.85)<br>| (.11)<br>| (.52)<br>| (.63)<br>| 9.92 | (14.87)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .52 | .52 | .84 | 2.38 |
| 12/31/2021 | 11.14 | .13 | 1.27 | 1.40 | (.07)<br>| (.07)<br>| (.14)<br>| 12.40 | 12.55 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 2.93 | .53 | .85 | 1.10 |
| 12/31/2020 | 10.15 | .46 | .87 | 1.33 | (.13)<br>| (.21)<br>| (.34)<br>| 11.14 | 13.39 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 44.54 | .25 | .60 | 4.38 |

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| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **58** |

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------

Financial highlights (continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 Fund** | **IS 2025 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $11.83 | $.18 | $.81 | $.99 | $(.03)<br>| $(.05)<br>| $(.08)<br>| $12.74 | 8.39 %<sup>7</sup><br>| &nbsp;&nbsp; $10 | .04 %<sup>9</sup><br>| .04 %<sup>9</sup><br>| .34 %<sup>9</sup><br>| 2.96 %<sup>9</sup><br>|
| 12/31/2024 | 11.08 | .94 | .07 | 1.01 | (.26)<br>|  | (.26)<br>| 11.83 | 9.13 | &nbsp;&nbsp; 1 | .06 | .06 | .37 | 8.35 |
| 12/31/2023 | 10.17 | .31 | .89 | 1.20 | (.29)<br>|  | (.29)<br>| 11.08 | 11.90 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .35 | 2.95 |
| 12/31/2022 | 12.27 | .28 | (1.87)<br>| (1.59)<br>| (.21)<br>| (.30)<br>| (.51)<br>| 10.17 | (12.87)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .35 | 2.63 |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09)<br>| (.08)<br>| (.17)<br>| 12.27 | 11.42 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 1.26 | .06 | .37 | 1.77 |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19)<br>| (.05)<br>| (.24)<br>| 11.17 | 12.75 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 20.72 | .06 | .38 | 1.85 |
| **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:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.83 | .17 | .82 | .99 | (.03)<br>| (.05)<br>| (.08)<br>| 12.74 | 8.39 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .34 <br><sup>911</sup><br>| 2.79 <br><sup>911</sup><br>|
| 12/31/2024 | 11.08 | .36 | .65 | 1.01 | (.26)<br>|  | (.26)<br>| 11.83 | 9.13 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 3.05 <br><sup>11</sup><br>|
| 12/31/2023 | 10.17 | .31 | .89 | 1.20 | (.29)<br>|  | (.29)<br>| 11.08 | 11.90 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.95 <br><sup>11</sup><br>|
| 12/31/2022 | 12.27 | .28 | (1.87)<br>| (1.59)<br>| (.21)<br>| (.30)<br>| (.51)<br>| 10.17 | (12.87 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.63 <br><sup>11</sup><br>|
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09)<br>| (.08)<br>| (.17)<br>| 12.27 | 11.42 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 1.26 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 1.77 <br><sup>11</sup><br>|
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19)<br>| (.05)<br>| (.24)<br>| 11.17 | 12.75 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 20.72 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 1.85 <br><sup>11</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.83 | .17 | .82 | .99 | (.03)<br>| (.05)<br>| (.08)<br>| 12.74 | 8.39 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .34 <br><sup>911</sup><br>| 2.79 <br><sup>911</sup><br>|
| 12/31/2024 | 11.08 | .36 | .65 | 1.01 | (.26)<br>|  | (.26)<br>| 11.83 | 9.13 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 3.05 <br><sup>11</sup><br>|
| 12/31/2023 | 10.17 | .31 | .89 | 1.20 | (.29)<br>|  | (.29)<br>| 11.08 | 11.90 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.95 <br><sup>11</sup><br>|
| 12/31/2022 | 12.27 | .28 | (1.87)<br>| (1.59)<br>| (.21)<br>| (.30)<br>| (.51)<br>| 10.17 | (12.87 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.63 <br><sup>11</sup><br>|
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09)<br>| (.08)<br>| (.17)<br>| 12.27 | 11.42 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 1.26 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 1.77 <br><sup>11</sup><br>|
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19)<br>| (.05)<br>| (.24)<br>| 11.17 | 12.75 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 20.72 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 1.85 <br><sup>11</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.76 | .14 | .81 | .95 | (.02)<br>| (.05)<br>| (.07)<br>| 12.64 | 8.10 <br><sup>7</sup><br>| &nbsp;&nbsp; 2 | .53 <br><sup>9</sup><br>| .53 <br><sup>9</sup><br>| .83 <br><sup>9</sup><br>| 2.29 <br><sup>9</sup><br>|
| 12/31/2024 | 11.03 | .31 | .63 | .94 | (.21)<br>|  | (.21)<br>| 11.76 | 8.52 | &nbsp;&nbsp; 2 | .56 | .56 | .87 | 2.64 |
| 12/31/2023 | 10.13 | .27 | .88 | 1.15 | (.25)<br>|  | (.25)<br>| 11.03 | 11.40 | &nbsp;&nbsp; 2 | .54 | .54 | .85 | 2.57 |
| 12/31/2022 | 12.22 | .24 | (1.87)<br>| (1.63)<br>| (.16)<br>| (.30)<br>| (.46)<br>| 10.13 | (13.25)<br>| &nbsp;&nbsp; 1 | .54 | .54 | .85 | 2.21 |
| 12/31/2021 | 11.16 | .18 | 1.02 | 1.20 | (.06)<br>| (.08)<br>| (.14)<br>| 12.22 | 10.77 | &nbsp;&nbsp; 1 | 1.35 | .55 | .86 | 1.48 |
| 12/31/2020 | 10.12 | .20 | 1.06 | 1.26 | (.17)<br>| (.05)<br>| (.22)<br>| 11.16 | 12.42 | &nbsp;&nbsp; 1 | 7.44 | .54 | .86 | 1.93 |

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| | |
|:---|:---|
| **59** | American Funds Insurance Series - Target Date Series |

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Financial highlights (continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $11.55 | $.18 | $.75 | $.93 | $(.08)<br>| $(.15)<br>| $(.23)<br>| $12.25 | 8.07 %<sup>7</sup><br>| &nbsp;&nbsp; $4 | .05 %<sup>9</sup><br>| .05 %<sup>9</sup><br>| .34 %<sup>9</sup><br>| 3.11 %<sup>9</sup><br>|
| 12/31/2024 | 10.80 | .39 | .57 | .96 | (.21)<br>|  | (.21)<br>| 11.55 | 8.96 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 | .06 | .36 | 3.46 |
| 12/31/2023 | 10.06 | .33 | .71 | 1.04 | (.30)<br>|  | (.30)<br>| 10.80 | 10.38 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .34 | 3.19 |
| 12/31/2022 | 11.97 | .31 | (1.64)<br>| (1.33)<br>| (.27)<br>| (.31)<br>| (.58)<br>| 10.06 | (11.08)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .05 | .05 | .34 | 2.94 |
| 12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09)<br>| (.05)<br>| (.14)<br>| 11.97 | 10.68 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .68 | .06 | .35 | 2.09 |
| 12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19)<br>| (.02)<br>| (.21)<br>| 10.94 | 10.52 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 14.67 | .06 | .36 | 2.41 |
| **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:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.56 | .17 | .75 | .92 | (.08)<br>| (.15)<br>| (.23)<br>| 12.25 | 7.98 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .33 <br><sup>911</sup><br>| 2.86 <br><sup>911</sup><br>|
| 12/31/2024 | 10.80 | .37 | .60 | .97 | (.21)<br>|  | (.21)<br>| 11.56 | 9.06 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 3.25 <br><sup>11</sup><br>|
| 12/31/2023 | 10.06 | .33 | .71 | 1.04 | (.30)<br>|  | (.30)<br>| 10.80 | 10.38 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 3.19 <br><sup>11</sup><br>|
| 12/31/2022 | 11.97 | .31 | (1.64)<br>| (1.33)<br>| (.27)<br>| (.31)<br>| (.58)<br>| 10.06 | (11.08 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 2.94 <br><sup>11</sup><br>|
| 12/31/2021 | 10.95 | .24 | .92 | 1.16 | (.09)<br>| (.05)<br>| (.14)<br>| 11.97 | 10.58 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .68 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.09 <br><sup>11</sup><br>|
| 12/31/2020 | 10.09 | .25 | .82 | 1.07 | (.19)<br>| (.02)<br>| (.21)<br>| 10.95 | 10.62 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 14.67 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 2.41 <br><sup>11</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.55 | .17 | .76 | .93 | (.08)<br>| (.15)<br>| (.23)<br>| 12.25 | 8.07 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .33 <br><sup>911</sup><br>| 2.86 <br><sup>911</sup><br>|
| 12/31/2024 | 10.80 | .37 | .59 | .96 | (.21)<br>|  | (.21)<br>| 11.55 | 8.96 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 3.25 <br><sup>11</sup><br>|
| 12/31/2023 | 10.06 | .33 | .71 | 1.04 | (.30)<br>|  | (.30)<br>| 10.80 | 10.38 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 3.19 <br><sup>11</sup><br>|
| 12/31/2022 | 11.97 | .31 | (1.64)<br>| (1.33)<br>| (.27)<br>| (.31)<br>| (.58)<br>| 10.06 | (11.08 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 2.94 <br><sup>11</sup><br>|
| 12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09)<br>| (.05)<br>| (.14)<br>| 11.97 | 10.68 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .68 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.09 <br><sup>11</sup><br>|
| 12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19)<br>| (.02)<br>| (.21)<br>| 10.94 | 10.52 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 14.67 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 2.41 <br><sup>11</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.46 | .14 | .74 | .88 | (.07)<br>| (.15)<br>| (.22)<br>| 12.12 | 7.72 <br><sup>7</sup><br>| &nbsp;&nbsp; 14 | .54 <br><sup>9</sup><br>| .54 <br><sup>9</sup><br>| .83 <br><sup>9</sup><br>| 2.40 <br><sup>9</sup><br>|
| 12/31/2024 | 10.74 | .37 | .53 | .90 | (.18)<br>|  | (.18)<br>| 11.46 | 8.45 | &nbsp;&nbsp; 11 | .55 | .55 | .85 | 3.25 |
| 12/31/2023 | 10.01 | .28 | .70 | .98 | (.25)<br>|  | (.25)<br>| 10.74 | 9.87 | &nbsp;&nbsp; 4 | .53 | .53 | .83 | 2.75 |
| 12/31/2022 | 11.91 | .26 | (1.63)<br>| (1.37)<br>| (.22)<br>| (.31)<br>| (.53)<br>| 10.01 | (11.51)<br>| &nbsp;&nbsp; 3 | .55 | .55 | .84 | 2.42 |
| 12/31/2021 | 10.92 | .23 | .87 | 1.10 | (.06)<br>| (.05)<br>| (.11)<br>| 11.91 | 10.10 | &nbsp;&nbsp; 3 | .94 | .56 | .85 | 1.96 |
| 12/31/2020 | 10.09 | .29 | .73 | 1.02 | (.17)<br>| (.02)<br>| (.19)<br>| 10.92 | 10.15 | &nbsp;&nbsp; 1 | 5.79 | .54 | .84 | 2.75 |

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| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **60** |

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Financial highlights (continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $11.35 | $.17 | $.69 | $.86 | $(.09)<br>| $(.16)<br>| $(.25)<br>| $11.96 | 7.63 %<sup>7</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| .04 %<sup>9</sup><br>| .04 %<sup>9</sup><br>| .33 %<sup>9</sup><br>| 3.04 %<sup>9</sup><br>|
| 12/31/2024 | 10.74 | .40 | .50 | .90 | (.26)<br>| (.03)<br>| (.29)<br>| 11.35 | 8.48 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 | .06 | .35 | 3.61 |
| 12/31/2023 | 10.09 | .34 | .61 | .95 | (.30)<br>|  | (.30)<br>| 10.74 | 9.49 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .33 | 3.29 |
| 12/31/2022 | 11.79 | .32 | (1.52)<br>| (1.20)<br>| (.23)<br>| (.27)<br>| (.50)<br>| 10.09 | (10.13)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .33 | 3.03 |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13)<br>| (.04)<br>| (.17)<br>| 11.79 | 10.26 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .12 | .06 | .34 | 2.16 |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20)<br>| — <br><sup>13</sup><br>| (.20)<br>| 10.85 | 9.62 | &nbsp;&nbsp; — <br><sup>8</sup><br>| 7.60 | .06 | .35 | 7.46 |
| **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:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.35 | .17 | .69 | .86 | (.09)<br>| (.16)<br>| (.25)<br>| 11.96 | 7.63 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .33 <br><sup>911</sup><br>| 3.00 <br><sup>911</sup><br>|
| 12/31/2024 | 10.74 | .38 | .52 | .90 | (.26)<br>| (.03)<br>| (.29)<br>| 11.35 | 8.48 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 3.41 <br><sup>11</sup><br>|
| 12/31/2023 | 10.08 | .34 | .62 | .96 | (.30)<br>|  | (.30)<br>| 10.74 | 9.49 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 3.29 <br><sup>11</sup><br>|
| 12/31/2022 | 11.79 | .32 | (1.53)<br>| (1.21)<br>| (.23)<br>| (.27)<br>| (.50)<br>| 10.08 | (10.13 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 3.03 <br><sup>11</sup><br>|
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13)<br>| (.04)<br>| (.17)<br>| 11.79 | 10.26 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .12 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 2.16 <br><sup>11</sup><br>|
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20)<br>| — <br><sup>13</sup><br>| (.20)<br>| 10.85 | 9.62 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 7.60 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 7.46 <br><sup>11</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.35 | .17 | .69 | .86 | (.09)<br>| (.16)<br>| (.25)<br>| 11.96 | 7.63 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>911</sup><br>| .04 <br><sup>911</sup><br>| .33 <br><sup>911</sup><br>| 3.00 <br><sup>911</sup><br>|
| 12/31/2024 | 10.74 | .38 | .52 | .90 | (.26)<br>| (.03)<br>| (.29)<br>| 11.35 | 8.48 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 3.41 <br><sup>11</sup><br>|
| 12/31/2023 | 10.08 | .34 | .62 | .96 | (.30)<br>|  | (.30)<br>| 10.74 | 9.49 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 3.29 <br><sup>11</sup><br>|
| 12/31/2022 | 11.79 | .32 | (1.53)<br>| (1.21)<br>| (.23)<br>| (.27)<br>| (.50)<br>| 10.08 | (10.13 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 3.03 <br><sup>11</sup><br>|
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13)<br>| (.04)<br>| (.17)<br>| 11.79 | 10.26 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .12 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 2.16 <br><sup>11</sup><br>|
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20)<br>| — <br><sup>13</sup><br>| (.20)<br>| 10.85 | 9.62 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 7.60 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 7.46 <br><sup>11</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.25 | .15 | .68 | .83 | (.08)<br>| (.16)<br>| (.24)<br>| 11.84 | 7.37 <br><sup>7</sup><br>| &nbsp;&nbsp; 110 | .54 <br><sup>9</sup><br>| .54 <br><sup>9</sup><br>| .83 <br><sup>9</sup><br>| 2.56 <br><sup>9</sup><br>|
| 12/31/2024 | 10.68 | .35 | .48 | .83 | (.23)<br>| (.03)<br>| (.26)<br>| 11.25 | 7.88 | &nbsp;&nbsp; 75 | .56 | .56 | .85 | 3.15 |
| 12/31/2023 | 10.04 | .30 | .60 | .90 | (.26)<br>|  | (.26)<br>| 10.68 | 9.01 | &nbsp;&nbsp; 40 | .54 | .54 | .83 | 2.90 |
| 12/31/2022 | 11.75 | .29 | (1.55)<br>| (1.26)<br>| (.18)<br>| (.27)<br>| (.45)<br>| 10.04 | (10.63)<br>| &nbsp;&nbsp; 25 | .54 | .54 | .83 | 2.71 |
| 12/31/2021 | 10.83 | .20 | .85 | 1.05 | (.09)<br>| (.04)<br>| (.13)<br>| 11.75 | 9.74 | &nbsp;&nbsp; 19 | .62 | .56 | .84 | 1.76 |
| 12/31/2020 | 10.09 | .27 | .65 | .92 | (.18)<br>| — <br><sup>13</sup><br>| (.18)<br>| 10.83 | 9.20 | &nbsp;&nbsp; 12 | .93 | .56 | .85 | 2.58 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series - Target Date Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</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> **distribu-**<br> **tions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total**<br> **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> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments**<sup>2,3</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,4,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 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:**  | **Class 1:**  |
| 6/30/2025<sup>5,6</sup> <br>| $11.15 | $.17 | $.65 | $.82 | $(.13)<br>| $(.24)<br>| $(.37)<br>| $11.60 | 7.48 %<sup>7</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| .03 %<sup>9</sup><br>| .03 %<sup>9</sup><br>| .31 %<sup>9</sup><br>| 2.99 %<sup>9</sup><br>|
| 12/31/2024 | 10.70 | .39 | .47 | .86 | (.38)<br>| (.03)<br>| (.41)<br>| 11.15 | 8.10 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 | .06 | .34 | 3.54 |
| 12/31/2023 | 10.17 | .35 | .53 | .88 | (.34)<br>| (.01)<br>| (.35)<br>| 10.70 | 8.71 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .32 | 3.36 |
| 12/31/2022 | 11.63 | .32 | (1.38)<br>| (1.06)<br>| (.22)<br>| (.18)<br>| (.40)<br>| 10.17 | (9.15)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 | .04 | .32 | 3.00 |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09)<br>| (.03)<br>| (.12)<br>| 11.63 | 9.28 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .08 | .06 | .33 | 2.07 |
| 12/31/2020 | 10.08 | .25 | .65 | .90 | (.22)<br>| — <br><sup>13</sup><br>| (.22)<br>| 10.76 | 9.02 | &nbsp;&nbsp; — <br><sup>8</sup><br>| .10 | .08 | .37 | 2.51 |
| **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:**  | **Class 1A:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.15 | .17 | .65 | .82 | (.13)<br>| (.24)<br>| (.37)<br>| 11.60 | 7.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .31 <br><sup>911</sup><br>| 2.97 <br><sup>911</sup><br>|
| 12/31/2024 | 10.70 | .39 | .47 | .86 | (.38)<br>| (.03)<br>| (.41)<br>| 11.15 | 8.10 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 3.53 <br><sup>11</sup><br>|
| 12/31/2023 | 10.17 | .35 | .53 | .88 | (.34)<br>| (.01)<br>| (.35)<br>| 10.70 | 8.71 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .32 <br><sup>11</sup><br>| 3.36 <br><sup>11</sup><br>|
| 12/31/2022 | 11.63 | .32 | (1.38)<br>| (1.06)<br>| (.22)<br>| (.18)<br>| (.40)<br>| 10.17 | (9.15 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .32 <br><sup>11</sup><br>| 3.00 <br><sup>11</sup><br>|
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09)<br>| (.03)<br>| (.12)<br>| 11.63 | 9.28 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .08 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 2.07 <br><sup>11</sup><br>|
| 12/31/2020 | 10.08 | .26 | .64 | .90 | (.22)<br>| — <br><sup>13</sup><br>| (.22)<br>| 10.76 | 9.02 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .10 <br><sup>11</sup><br>| .08 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 2.51 <br><sup>11</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.15 | .17 | .65 | .82 | (.13)<br>| (.24)<br>| (.37)<br>| 11.60 | 7.48 <br><sup>711</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .03 <br><sup>911</sup><br>| .03 <br><sup>911</sup><br>| .31 <br><sup>911</sup><br>| 2.97 <br><sup>911</sup><br>|
| 12/31/2024 | 10.70 | .39 | .47 | .86 | (.38)<br>| (.03)<br>| (.41)<br>| 11.15 | 8.10 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 3.53 <br><sup>11</sup><br>|
| 12/31/2023 | 10.17 | .35 | .53 | .88 | (.34)<br>| (.01)<br>| (.35)<br>| 10.70 | 8.71 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .32 <br><sup>11</sup><br>| 3.36 <br><sup>11</sup><br>|
| 12/31/2022 | 11.63 | .32 | (1.38)<br>| (1.06)<br>| (.22)<br>| (.18)<br>| (.40)<br>| 10.17 | (9.15 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .32 <br><sup>11</sup><br>| 3.00 <br><sup>11</sup><br>|
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09)<br>| (.03)<br>| (.12)<br>| 11.63 | 9.28 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .08 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 2.07 <br><sup>11</sup><br>|
| 12/31/2020 | 10.08 | .25 | .65 | .90 | (.22)<br>| — <br><sup>13</sup><br>| (.22)<br>| 10.76 | 9.02 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| .10 <br><sup>11</sup><br>| .08 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 2.51 <br><sup>11</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>5,6</sup> <br>| 11.08 | .14 | .64 | .78 | (.12)<br>| (.24)<br>| (.36)<br>| 11.50 | 7.17 <br><sup>7</sup><br>| &nbsp;&nbsp; 574 | .53 <br><sup>9</sup><br>| .53 <br><sup>9</sup><br>| .81 <br><sup>9</sup><br>| 2.46 <br><sup>9</sup><br>|
| 12/31/2024 | 10.63 | .33 | .47 | .80 | (.32)<br>| (.03)<br>| (.35)<br>| 11.08 | 7.62 | &nbsp;&nbsp; 567 | .56 | .56 | .84 | 3.01 |
| 12/31/2023 | 10.11 | .30 | .52 | .82 | (.29)<br>| (.01)<br>| (.30)<br>| 10.63 | 8.08 | &nbsp;&nbsp; 549 | .54 | .54 | .82 | 2.90 |
| 12/31/2022 | 11.58 | .28 | (1.40)<br>| (1.12)<br>| (.17)<br>| (.18)<br>| (.35)<br>| 10.11 | (9.56)<br>| &nbsp;&nbsp; 430 | .55 | .55 | .83 | 2.67 |
| 12/31/2021 | 10.74 | .20 | .73 | .93 | (.06)<br>| (.03)<br>| (.09)<br>| 11.58 | 8.75 | &nbsp;&nbsp; 315 | .58 | .56 | .83 | 1.81 |
| 12/31/2020 | 10.08 | .24 | .62 | .86 | (.20)<br>| — <br><sup>13</sup><br>| (.20)<br>| 10.74 | 8.55 | &nbsp;&nbsp; 126 | .55 | .55 | .84 | 2.36 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series - Target Date Series | **62** |

---

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Financial highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** | **Six months ended** <br>**June 30, 2025**<sup>5,6,7</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** | **Six months ended** <br>**June 30, 2025**<sup>5,6,7</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| IS 2070 Fund | &nbsp;&nbsp; — %<sup>14</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 %<sup>10</sup><br>|  |  |  |  |
| IS 2065 Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — %<sup>12,14</sup><br>|  |  |  |
| IS 2060 Fund | &nbsp;&nbsp; — <br><sup>14</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>12,14</sup><br>|  |  |  |
| IS 2055 Fund | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>12,14</sup><br>|  |  |  |
| IS 2050 Fund | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>12,14</sup><br>|  |  |  |
| IS 2045 Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>12,14</sup><br>|  |  |  |
| IS 2040 Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>12,14</sup><br>|  |  |  |
| IS 2035 Fund | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| IS 2030 Fund | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| IS 2025 Fund | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| IS 2020 Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| IS 2015 Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| IS 2010 Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

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<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> This column does not include expenses of the underlying funds in which each fund invests.

<sup>4</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>5</sup> Unaudited.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> Not annualized.

<sup>8</sup> Amount less than $1 million.

<sup>9</sup> Annualized.

<sup>10</sup> For the period May 1, 2024, commencement of operations, through December 31, 2024.

<sup>11</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insurance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>12</sup> For the period May 1, 2023, commencement of operations, through December 31, 2023.

<sup>13</sup> Amount less than $.01.

<sup>14</sup> Amount was either less than 1% or there was no turnover.

Refer to the notes to financial statements.

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| | |
|:---|:---|
| **63** | American Funds Insurance Series - Target Date Series |

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Changes in and disagreements with accountants

------

None

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

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Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

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| | |
|:---|:---|
| American Funds Insurance Series — Target Date Series | **64** |

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Approval of Investment Advisory and Service Agreement – American Funds Insurance Series - Target Date Series

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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 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 total expense levels of each fund to those of other relevant funds. They observed that each fund's total expenses were generally competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying funds in which the funds invest) to those of other relevant funds. The board and the committee noted CRMC's prior elimination of the entire advisory fee payable by the funds under the agreement. The board and committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as 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 other amounts paid to CRMC by the funds.

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series — Target Date Series |

---

------

&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 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 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 underlying funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's expense structure reflected a reasonable sharing of benefits between CRMC and each fund's shareholders.

---

| | |
|:---|:---|
| American Funds Insurance Series — Target Date Series | **66** |

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
None

------

#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

------

#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service Agreement.

------

#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

------

#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the 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 to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

------

#### ITEM 19 - Exhibits
(a)(1) Not applicable for filing of semi-annual reports to shareholders.

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**American Funds Insurance Series**

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: September 05, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: September 05, 2025

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: September 05, 2025

------

## Ex-99.Cert

**CERTIFICATION**

**I, Michael W. Stockton, certify that:**

1. I have reviewed this report on Form N-CSR of **American Funds Insurance Series**;

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 controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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 trustees (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 05, 2025

<u>/s/ Michael W. Stockton</u> Michael W. Stockton,

Executive Vice President and Principal Executive Officer

American Funds Insurance Series

**CERTIFICATION**

I, **Gregory F. Niland**, certify that:

1. I have reviewed this report on Form N-CSR of **American Funds Insurance Series**;

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 controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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 trustees (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 05, 2025

<u>/s/ Gregory F. Niland</u> Gregory F. Niland,

Treasurer and Principal Financial Officer

American Funds Insurance Series

------

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

MICHAEL W. STOCKTON, Executive Vice President and Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Funds Insurance Series (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**American Funds Insurance Series**

<u>/s/ Michael W. Stockton</u>

Michael W. Stockton, Executive Vice President and Principal Executive Officer

Date: September 05, 2025

Principal Financial Officer

**American Funds Insurance Series**

<u>/s/ Gregory F. Niland</u>

Gregory F. Niland, Treasurer and Principal Financial Officer

Date: September 05, 2025

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **American Funds Insurance Series** and will be retained by **American Funds Insurance Series** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

------