# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0001193125-26-091212
**Filing Date:** 2026-3
**Character Count:** 1923091
**Document Hash:** 5c82f35a2cf1e1fc9e886095d0b753b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091212.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091212

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 127

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 137002445
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131
- **LEGAL ENTITY IDENTIFIER:** 549300E40BQMHI2LOX26

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07238
- **FILM NUMBER:** 26720706

**BUSINESS ADDRESS:**
- **STREET 1:** 21650 OXNARD STREET
- **STREET 2:** 10TH FLOOR
- **CITY:** WOODLAND HILLS
- **STATE:** CA
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, SUITE J
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? dbcaa1f0-7952-4981-bb1f-512797bd7e87

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-07238

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

------

5300 Memorial Drive, Suite 1150 Houston, TX 77007

(Address of principal executive offices)

John T. Genoy, President

SunAmerica Asset Management, LLC

One World Trade Center, 285 Fulton Street, Suite 49M

New York, NY 10007

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 366-0066

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

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

### SunAmerica Series Trust SA American Funds Asset Allocation

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Asset Allocation Portfolio (Class 1)\* | $28 | 0.26% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Asset Allocation Portfolio – Class 1 (Feeder Fund) returned 15.83% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index) and 13.70% for the Blended Index which consists of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index (the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Asset Allocation Fund – Class 1 (Master Fund) returned 16.16% for the annual period. U.S. equities saw strong gains, with the S&P 500<sup>®</sup> Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: information technology; materials; industrials

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: corporate bonds; securitized debt

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: financials; energy; utilities

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060765.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA American Funds Asset Allocation Portfolio <br>(Class 1)** | 15.83% | 8.96% | 9.72% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 15.17% |
| **60% S&P 500 Index; 40% Bloomberg U.S. Aggregate Bond Index** | 13.70% | 8.47% | 9.80% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,879M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060805.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C515 (02/26)

SunAmerica Series Trust

### SunAmerica Series Trust SA American Funds Asset Allocation

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Asset Allocation Portfolio (Class 3)\* | $55 | 0.51% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Asset Allocation Portfolio – Class 3 (Feeder Fund) returned 15.57% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index) and 13.70% for the Blended Index which consists of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index (the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Asset Allocation Fund – Class 1 (Master Fund) returned 16.16% for the annual period. U.S. equities saw strong gains, with the S&P 500<sup>®</sup> Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: information technology; materials; industrials

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: corporate bonds; securitized debt

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: financials; energy; utilities

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060766.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Funds Asset Allocation Portfolio <br>(Class 3)** | 15.57% | 8.70% | 9.48% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **60% S&P 500 Index; 40% Bloomberg U.S. Aggregate Bond Index** | 13.70% | 8.47% | 9.78% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,879M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060806.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, the voluntary expense limitation agreement that limited expenses of Class 3 shares of the Portfolio to 0.70% of average daily net assets was terminated. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C713 (02/26)

SunAmerica Series Trust

### SunAmerica Series Trust SA American Funds Global Growth

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Global Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Global Growth Portfolio (Class 1)\* | $33 | 0.30% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Global Growth Portfolio – Class 1 (Feeder Fund) returned 21.57% for the twelve months ended December 31, 2025, compared with a 22.34% return for the MSCI ACWI (net) Index (the broad-based securities market Index & the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Global Growth Fund – Class 1 (Master Fund) returned 21.98% for the annual period. Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis allocations in the following sectors** \| information technology; industrials; financials

**On an absolute basis allocations in the following countries/regions** \| United States; France; Taiwan

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis allocations in the following sectors** \| health care; real estate

**On an absolute basis allocations in the following countries/regions** \| Denmark; Australia

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060767.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA American Funds Global Growth Portfolio <br>(Class 1)** | 21.57% | 8.20% | 12.58% |
| **MSCI ACWI Index (net)** | 22.34% | 11.19% | 11.90% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$391M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060807.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C531 (02/26)

SunAmerica Series Trust

### SunAmerica Series Trust SA American Funds Global Growth

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Global Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Global Growth Portfolio (Class 3)\* | $61 | 0.55% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Global Growth Portfolio – Class 3 (Feeder Fund) returned 21.35% for the twelve months ended December 31, 2025, compared with a 22.34% return for the MSCI ACWI (net) Index (the broad-based securities market Index & the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Global Growth Fund – Class 1 (Master Fund) returned 21.98% for the annual period. Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis allocations in the following sectors** \| information technology; industrials; financials

**On an absolute basis allocations in the following countries/regions** \| United States; France; Taiwan

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis allocations in the following sectors** \| health care; real estate

**On an absolute basis allocations in the following countries/regions** \| Denmark; Australia

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060768.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Funds Global Growth Portfolio <br>(Class 3)** | 21.35% | 7.94% | 11.86% |
| **MSCI ACWI Index (net)** | 22.34% | 11.19% | 11.72% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$391M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060812.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, the voluntary expense limitation agreement that limited expenses of Class 3 shares of the Portfolio to 0.70% of average daily net assets was terminated. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C739 (02/26)

SunAmerica Series Trust

### SunAmerica Series Trust SA American Funds Growth

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth Portfolio (Class 1)\* | $30 | 0.27% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Growth Portfolio – Class 1 (Feeder Fund) returned 20.10% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index & the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Growth Fund – Class 1 (Master Fund) returned 20.54% for the annual period. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500<sup>®</sup> Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis allocations in the following sectors** \| information technology; communication services; industrials

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis allocations in the following sectors** \| financials; energy

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060769.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA American Funds Growth Portfolio <br>(Class 1)** | 20.10% | 13.33% | 18.66% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 15.17% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,257M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060813.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C549 (02/26)

SunAmerica Series Trust

### SunAmerica Series Trust SA American Funds Growth

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth Portfolio (Class 3)\* | $57 | 0.52% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Growth Portfolio – Class 3 (Feeder Fund) returned 19.91% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index & the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Growth Fund – Class 1 (Master Fund) returned 20.54% for the annual period. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500<sup>®</sup> Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis allocations in the following sectors** \| information technology; communication services; industrials

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis allocations in the following sectors** \| financials; energy

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060770.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Funds Growth Portfolio <br>(Class 3)** | 19.91% | 13.07% | 17.65% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,257M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060814.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, the voluntary expense limitation agreement that limited expenses of Class 3 shares of the Portfolio to 0.70% of average daily net assets was terminated. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C747 (02/26)

SunAmerica Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth-Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth-Income Portfolio (Class 1)\* | $32 | 0.29% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Growth-Income Portfolio – Class 1 (Feeder Fund) returned 18.03% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index & the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Growth & Income Fund – Class 1 (Master Fund) returned 18.37% for the annual period. U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500<sup>®</sup> Index reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis allocations in the following sectors** \| information technology; industrials; communication services

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis allocations in the following sectors** \| materials; utilities

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060771.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA American Funds Growth-Income Portfolio <br>(Class 1)** | 18.03% | 13.88% | 14.15% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 15.17% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$549M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060809.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C523 (02/26)

SunAmerica Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds Growth-Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds Growth-Income Portfolio (Class 3)\* | $59 | 0.54% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds Growth-Income Portfolio – Class 3 (Feeder Fund) returned 17.67% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index & the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Growth & Income Fund – Class 1 (Master Fund) returned 18.37% for the annual period. U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500<sup>®</sup> Index reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis allocations in the following sectors** \| information technology; industrials; communication services

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis allocations in the following sectors** \| materials; utilities

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060772.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Funds Growth-Income Portfolio <br>(Class 3)** | 17.67% | 13.57% | 13.59% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$549M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060810.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, the voluntary expense limitation agreement that limited expenses of Class 3 shares of the Portfolio to 0.70% of average daily net assets was terminated. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C721 (02/26)

SunAmerica Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds VCP Managed Allocation Portfolio (Class 1)\* | $29 | 0.27% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds VCP Managed Allocation Portfolio is a Feeder Fund investing in shares of American Funds Insurance Series<sup>®</sup> Managed Risk Growth-Income Fund (Master Fund). The Master Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> Growth-Income Fund and American Funds Insurance Series<sup>®</sup> The Bond Fund of America while seeking to manage Portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the Master Fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the Master Fund's results can be expected to lag those of the Master Fund's underlying funds.

The SA American Funds VCP Managed Allocation Portfolio – Class 1 (Feeder Fund) returned 11.22% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index) and 7.47% for the S&P 500<sup>®</sup> Managed Risk Index – Moderate Index (the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Managed Risk Growth-Income Fund – Class P1 (Master Fund) returned 11.45% for the annual period. U.S. equities saw strong gains, with the S&P 500<sup>®</sup> Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on lingering tariff effects, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: information technology; industrials; communication services. Exposure to the following countries/regions: non-U.S. equities

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: none

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: none. Exposure to the following countries/regions: none

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060773.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA American Funds VCP Managed Allocation Portfolio <br>(Class 1)** | 11.22% | 7.68% | 8.29% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 15.17% |
| **S&P 500<sup>®</sup> Managed Risk Index - Moderate** | 7.47% | 8.36% | 8.91% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,819M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060811.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C499 (02/26)

SunAmerica Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Funds VCP Managed Allocation Portfolio (Class 3)\* | $55 | 0.52% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The SA American Funds VCP Managed Allocation Portfolio is a Feeder Fund investing in shares of American Funds Insurance Series<sup>®</sup> Managed Risk Growth-Income Fund (Master Fund). The Master Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> Growth-Income Fund and American Funds Insurance Series<sup>®</sup> The Bond Fund of America while seeking to manage Portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the Master Fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the Master Fund's results can be expected to lag those of the Master Fund's underlying funds.

The SA American Funds VCP Managed Allocation Portfolio – Class 3 (Feeder Fund) returned 10.83% for the twelve months ended December 31, 2025, compared with a 17.88% return for the S&P 500<sup>®</sup> Index (the broad-based securities market Index) and 7.47% for the S&P 500<sup>®</sup> Managed Risk Index – Moderate Index (the "Performance Index"). The American Funds Insurance Series<sup>®</sup> Managed Risk Growth-Income Fund – Class P1 (Master Fund) returned 11.45% for the annual period. U.S. equities saw strong gains, with the S&P 500<sup>®</sup> Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on lingering tariff effects, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: information technology; industrials; communication services. Exposure to the following countries/regions: non-U.S. equities

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: none

#### TOP PERFORMANCE DETRACTORS
**On an absolute basis for the equity segment of the fund** \| Allocations in the following sectors: none. Exposure to the following countries/regions: none

**On an absolute basis for the fixed income segment of the fund** \| In aggregate: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1060774.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Funds VCP Managed Allocation Portfolio <br>(Class 3)** | 10.83% | 7.40% | 7.96% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **S&P 500<sup>®</sup> Managed Risk Index - Moderate** | 7.47% | 8.36% | 8.78% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,819M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1060808.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_448.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at venerable.onlineprospectus.net/funds/sast_sst/.

86704C655 (02/26)

SunAmerica Series Trust

------

![](gt5bydf881ozl3w87ujmd.jpg)

**ANNUAL SHAREHOLDER REPORT**

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

Asset Allocation Fund

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Asset Allocation Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $32 | 0.30% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 16.16% for the year ended December 31, 2025. That result compares with a 13.70% gain for the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities saw strong gains, with the S&P 500 Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

Within the fund, most equity sectors produced positive returns, with information technology being particularly additive to results. The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio. Conversely, the fund's holdings in the financials, energy and utilities sectors detracted from the broader portfolio's returns.

Fixed income returns lagged equities but continued to help fulfill their roles of serving as a ballast and generating income. Corporate bonds and securitized debt were among the top contributors, though securitized debt lagged the total portfolio return. A modest allocation to high-yield bonds also supported returns.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

$45K $40K $35K $30K $25K $20K $15K $10K

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| $5K |  |  |  |  |  |  |  |  |  |  |
| 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 |

---

Asset Allocation Fund Class 1 — $26,056

S&P 500 Index — $39,827

60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index — $25,428

Bloomberg U.S. Aggregate Index — $12,199

![](ggv4x3j57x73n47hx411r.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** |
| Asset Allocation Fund — Class 1<sup>\*</sup> | 16.16% | 9.24% | 10.05% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>†</sup> | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index<sup>†</sup> | 7.30% | (0.36)% | 2.01% |

---

\*Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

---

| | |
|:---|:---|
| **Key fund statistics** | **Portfolio holdings by asset type (percent of net assets)** |

---

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |

---

---

| | |
|:---|:---|
| Portfolio turnover rate including | 115% |
| mortgage dollar roll transactions | 115% |
| mortgage dollar roll transactions |  |
| Portfolio turnover rate excluding | 72% |
| mortgage dollar roll transactions | 72% |
| mortgage dollar roll transactions |  |

---

Common stocks 65.21% Mortgage-backed obligations 10.22% U.S. Treasury bonds & notes 8.24% U.S. corporate bonds & notes 6.03%

Corporate bonds & notes of issuers outside the U.S. 1.12%

Asset-backed obligations 1.91%

Bonds & notes of governments & government agencies outside the U.S. 0.32%

Other bonds, notes & debt instruments 0.23%

Investment funds 3.06% Other securities 0.22%

Short-term securities & other assets less liabilities 3.44%\*

\*Includes derivatives.

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/AFIS-literature-1**.

**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. INA1ARX-070-0226© 2026 Capital Group. All rights reserved.

![](g4nlbrg3ps6td19ay0evt.jpg)

**ANNUAL SHAREHOLDER REPORT**

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

Global Growth Fund

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $47 | 0.42% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 21.98% for the year ended December 31, 2025. That result compares with a 22.34% gain for the MSCI ACWI (All Country World Index). For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples contributing most significantly. Returns from the communication services and consumer discretionary sectors were also positive, though below the portfolio's overall returns. Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.

Conversely, the health care and real estate sectors were the largest detractors from overall results. Country-wise, holdings in Denmark and Australia were among the most notable detractors for the fund.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

$35K $30K $25K $20K $15K $10K

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| $5K |  |  |  |  |  |  |  |  |  |  |
| 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 |

---

Global Growth Fund Class 1 — $32,349

MSCI ACWI (All Country World Index) — $30,302

![](g90atkchveb3tiv8t9t5m.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** |
| Global Growth Fund — Class 1<sup>\*</sup> | 21.98% | 8.51% | 12.46% |
| MSCI ACWI (All Country World Index)<sup>†</sup> | 22.34% | 11.19% | 11.72% |

---

\*Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $9131 |
| Total number of portfolio holdings | 169 |
| Total advisory fees paid (in millions) | $31 |
| Portfolio turnover rate | 45% |

---

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

Information technology 29.37% Industrials 17.72% Consumer discretionary 13.88% Financials 13.85%

Health care 7.75% Communication services 5.39% Other sectors 8.98%

Short-term securities & other assets less liabilities 3.06%

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/AFIS-literature-1**.

**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. INA1ARX-077-0226© 2026 Capital Group. All rights reserved.

![](gfgfrdplvwiwq57h4crqf.jpg)

**ANNUAL SHAREHOLDER REPORT**

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

Growth Fund

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $37 | 0.34% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 20.54% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-</u> <u>returns-1</u>**.

**What factors influenced results**

U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500 Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25- basis-point rate cuts during the year.

Most sectors posted gains for the fund, with information technology and communication services contributing significantly. The industrials and materials sectors also delivered positive returns. U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund's performance.

Conversely, the financials and energy sectors were detractors from overall results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

$60K $50K $40K $30K $20K $10K

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| $0K |  |  |  |  |  |  |  |  |  |  |
| 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 |

---

GROWTH FUND CLASS 1 — $53,517

S&P 500 INDEX — $39,827

![](gz7ah30v60ho689esljgu.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** |
| Growth Fund — Class 1<sup>\*</sup> | 20.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.66% | 18.26% |
| S&P 500 Index<sup>†</sup> | 17.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42% | 14.82% |

---

\*Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $54679 |
| Total number of portfolio holdings | 241 |
| Total advisory fees paid (in millions) | $152 |
| Portfolio turnover rate | 27% |

---

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

Information technology 30.03% Communication services 17.08% Consumer discretionary 15.69% Health care 10.98% Industrials 9.20%

Financials 7.45% Other sectors 6.62% Other securities 0.66%

Short-term securities & other assets less liabilities 2.29%

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/AFIS-literature-1**.

**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. INA1ARX-027-0226© 2026 Capital Group. All rights reserved.

![](gqlzwecnad4gi3pn86ynd.jpg)

**ANNUAL SHAREHOLDER REPORT**

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

Growth-Income Fund

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Growth-Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $31 | 0.28% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 18.37% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-</u> <u>returns-1</u>**.

**What factors influenced results**

U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

Most sectors contributed positively to fund results, with information technology, industrials and communication services being particularly impactful. Financials posted positive returns, although they lagged the overall portfolio. Consumer staples also added to absolute returns but represented a relatively small portion of fund holdings.

Conversely, the materials and utilities sectors had negative returns and detracted from overall results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

$45K $40K $35K $30K $25K $20K $15K $10K

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| $5K |  |  |  |  |  |  |  |  |  |  |
| 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 |

---

GROWTH-INCOME FUND CLASS 1 — $37,739

S&P 500 INDEX — $39,827

![](gufufuqhwtpisbwpd8e2q.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** |
| Growth-Income Fund — Class 1<sup>\*</sup> | 18.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19% | 14.20% |
| S&P 500 Index<sup>†</sup> | 17.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42% | 14.82% |

---

\*Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

---

| | |
|:---|:---|
| **Key fund statistics** | **Portfolio holdings by sector (percent of net assets)** |

---

---

| | |
|:---|:---|
| Fund net assets (in millions) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

**Changes in and disagreements with accountants**

Information technology 31.31% Industrials 13.55% Financials 11.99%

Health care 10.04%

Consumer discretionary 10.04% Communication services 8.04% Other sectors 12.42%

Bonds, notes & other debt instruments 0.00%\*

Short-term securities & other assets less liabilities 2.61%

\*Less than 0.01%.

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/AFIS-literature-1**.

**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. INA1ARX-026-0226© 2026 Capital Group. All rights reserved.

![](gcktw063il6mmv30brj1n.jpg)

**ANNUAL SHAREHOLDER REPORT**

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

Managed Risk Growth-Income Fund

**Class P1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk Growth-Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-P1</u>**. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P1 | $38 | 0.36% |

---

**Management's discussion of fund performance**

The fund's Class P1 shares gained 11.45% for the year ended December 31, 2025. That result compares with a 7.47% gain for the S&P 500 Managed Risk Index - Moderate. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-P1</u>**.

**What factors influenced results**

U.S. equities saw strong gains, with the S&P 500 Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on lingering tariff effects, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

Domestic equities were the biggest contributors to results, with information technology, industrials and communication services sectors being particularly additive. While non-U.S. equities outpaced domestic stocks, they constituted a relatively small portion of the overall portfolio and added modestly to overall results.

The fund's managed risk strategy, employed to stabilize volatility and reduce downside exposure, did not materially impact the fund's performance over the reporting period. Holdings in fixed income, while posting positive returns, did not contribute significantly to the portfolio's total return, though they continue to offer opportunities for income and stability.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

$45K $40K $35K $30K $25K $20K $15K $10K

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| $5K |  |  |  |  |  |  |  |  |  |  |
| 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 |

---

Managed Risk Growth-Income Fund Class P1 — $24,255

S&P 500 Index — $39,827

S&P 500 Managed Risk Index - Moderate — $23,207

![](gvrholn6709zsvx09lxeo.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** |
| Managed Risk Growth-Income Fund — Class P1<sup>\*</sup> | 11.45% | 7.97% | 9.26% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate<sup>†</sup> | 7.47% | 8.36% | 8.78% |

---

\*Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

---

| | |
|:---|:---|
| **Key fund statistics** | **Portfolio holdings by fund type (percent of net assets)** |

---

---

| | |
|:---|:---|
| Fund net assets (in millions) | $2092 |
| Total number of portfolio holdings | 23 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 29% |

---

**Changes in and disagreements with accountants**

Growth-and-income funds 79.67% Fixed income funds 14.99% Options purchased 0.34%

Short-term securities & other assets less liabilities 5.00%\*

\*Includes derivatives.

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/AFIS-literature-P1**.

**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. INP1ARX-085-0226© 2026 Capital Group. All rights reserved.

------

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
SunAmerica Series Trust (the "registrant") has adopted a Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Code"). During the fiscal year ended December 31, 2025, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant's Principal Executive and Principal Financial Officers (the "Covered Officers").

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that Tracey C. Doi, Jane Jelenko and Charles H. Self III each qualify as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Ms. Doi, Ms. Jelenko and Mr. Self III are considered "independent" for purposes of Item3(a)(2) of Form N-CSR.

------

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| (a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;$125485 | &nbsp;&nbsp;&nbsp;&nbsp;$125485 |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;$43015 | &nbsp;&nbsp;&nbsp;&nbsp;$43015 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

Audit Fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$103488 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;$488000 | &nbsp;&nbsp;&nbsp;&nbsp;$786000 |

---

All other fees are for professional services rendered by the registrant's principal accountant for services associated with issuing a SSAE18 report.

(e) (1) The registrant's audit committee pre-approves all audit services provided by the registrant's principal accountant for the registrant and all non-audit services provided by the registrant's principal accountant for the registrant, its investment adviser and any entities controlling, controlled by, or under common control with the investment adviser ("Adviser Affiliates") that provide ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the preapproval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter .

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2025 and 2024 were $531,015 and $932,503 respectively.

(h) Non-audit services rendered to the registrant's investment adviser and any Adviser Affiliates that provide ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant's audit committee as to whether they were compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not Applicable.

------

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

------

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

(b) Not applicable.

------

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

------

## SunAmerica Series Trust

------

Annual Financial Statements and Other Information

December 31, 2025

------

#### Annual Financial Statements and Other Information December 31, 2025

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_ce3fb8d2-683c-4436-9a5e-a04fb28570bb_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Asset Allocation Portfolio](#xx_ce3fb8d2-683c-4436-9a5e-a04fb28570bb_1)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Global Growth Portfolio](#xx_ce3fb8d2-683c-4436-9a5e-a04fb28570bb_2)<br>| &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Growth Portfolio](#xx_ce3fb8d2-683c-4436-9a5e-a04fb28570bb_3)<br>| &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds Growth-Income Portfolio](#xx_ce3fb8d2-683c-4436-9a5e-a04fb28570bb_4)<br>| &nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio](#xx_ce3fb8d2-683c-4436-9a5e-a04fb28570bb_5)<br>| &nbsp;&nbsp;7 |
| [Statements of Assets and Liabilities](#xx_40220459-f73c-4883-bd07-37ccf2a7ada3_1)<br>| &nbsp;&nbsp;8 |
| [Statements of Operations](#xx_40220459-f73c-4883-bd07-37ccf2a7ada3_2)<br>| &nbsp;&nbsp;9 |
| [Statements of Changes in Net Assets](#xx_40220459-f73c-4883-bd07-37ccf2a7ada3_3)<br>| &nbsp;&nbsp;10 |
| [Notes to Financial Statements](#xx_d442c4c5-a16c-4453-9200-49a10a85bd5b_1)<br>| &nbsp;&nbsp;11 |
| [Financial Highlights](#xx_bec0ef3b-9b01-4203-9c66-f95814b78cb3_1)<br>| &nbsp;&nbsp;18 |
| [Report of Independent Registered Public Accounting Firm](#xx_7550203a-cdda-47ea-9d6e-56989101f213_1)<br>| &nbsp;&nbsp;21 |
| [Shareholder Tax Information](#xx_d59c2d7e-62aa-4174-bffd-6c7bfaa6f748_1)<br>| &nbsp;&nbsp;22 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_bac95a60-5468-4004-907a-bf2ea382ca92_1)<br>| &nbsp;&nbsp;23 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_7c7af1ed-b594-4fe9-bd98-f91bd38171bc_1)<br>| &nbsp;&nbsp;24 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_93fd9ad4-c047-481d-aefd-e379b9ef41fd_1)<br>| &nbsp;&nbsp;25 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_c760ef37-5c07-4e6d-86b6-04731c06f5db_1)<br>| &nbsp;&nbsp;26 |

---

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

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

#### PORTFOLIO OF INVESTMENTS — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.0%** | **INVESTMENT COMPANIES — 100.0%** |  |
| **Asset Allocation Investment Companies — 100.0%** | **Asset Allocation Investment Companies — 100.0%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Asset Allocation Fund, Class 1 | 68319140 | &nbsp;&nbsp;$1879459532 |
| **TOTAL INVESTMENTS<br> (cost $1,676,379,127)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1879459532 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886310) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1878573222 |

---

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

The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$1879459532 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1879459532 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

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

#### PORTFOLIO OF INVESTMENTS — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.1%** | **INVESTMENT COMPANIES — 100.1%** |  |
| **International Equity Investment Companies — 100.1%** | **International Equity Investment Companies — 100.1%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Global Growth Fund, Class 1 | 10081916 | &nbsp;&nbsp;$391077539 |
| **TOTAL INVESTMENTS<br> (cost $338,958,205)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;391077539 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263050) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$390814489 |

---

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

The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$391077539 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$391077539 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

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

#### PORTFOLIO OF INVESTMENTS — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.1%** | **INVESTMENT COMPANIES — 100.1%** |  |
| **Domestic Equity Investment Companies — 100.1%** | **Domestic Equity Investment Companies — 100.1%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Growth Fund, Class 1 | 8918158 | &nbsp;&nbsp;$1257995315 |
| **TOTAL INVESTMENTS<br> (cost $925,037,017)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;1257995315 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650762) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1257344553 |

---

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

The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$1257995315 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1257995315 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

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

#### PORTFOLIO OF INVESTMENTS — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.1%** | **INVESTMENT COMPANIES — 100.1%** |  |
| **Domestic Equity Investment Companies — 100.1%** | **Domestic Equity Investment Companies — 100.1%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Growth-Income Fund, Class 1 | 8113785 | &nbsp;&nbsp;$549546669 |
| **TOTAL INVESTMENTS<br> (cost $452,072,904)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;549546669 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338476) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$549208193 |

---

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

The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$549546669 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$549546669 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

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

#### PORTFOLIO OF INVESTMENTS — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **INVESTMENT COMPANIES — 100.1%** | **INVESTMENT COMPANIES — 100.1%** |  |
| **Asset Allocation Investment Companies — 100.1%** | **Asset Allocation Investment Companies — 100.1%** |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series® — Managed Risk Growth-Income Fund, Class P1 | 121275281 | &nbsp;&nbsp;$1820341963 |
| **TOTAL INVESTMENTS<br> (cost $1,525,195,705)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;1820341963 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929429) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1819412534 |

---

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

The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$1820341963 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1820341963 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Asset<br> Allocation** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Global<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth-<br> Income** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> VCP<br> Managed<br> Allocation** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$1879459532 | &nbsp;&nbsp;$391077539 | &nbsp;&nbsp;$1257995315 | &nbsp;&nbsp;$549546669 | &nbsp;&nbsp;$1820341963 |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124118 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090427 |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;1883174424 | &nbsp;&nbsp;&nbsp;&nbsp;394505251 | &nbsp;&nbsp;&nbsp;&nbsp;1261083524 | &nbsp;&nbsp;&nbsp;&nbsp;552561991 | &nbsp;&nbsp;&nbsp;&nbsp;1821556508 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123291 |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479865 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389207 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145284 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143974 |
| Net assets<br>| &nbsp;&nbsp;$1878573222 | &nbsp;&nbsp;$390814489 | &nbsp;&nbsp;$1257344553 | &nbsp;&nbsp;$549208193 | &nbsp;&nbsp;$1819412534 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$1483735954 | &nbsp;&nbsp;$269716964 | &nbsp;&nbsp;$777354870 | &nbsp;&nbsp;$343337817 | &nbsp;&nbsp;$1367497045 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394837268 | &nbsp;&nbsp;&nbsp;&nbsp;121097525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479989683 | &nbsp;&nbsp;&nbsp;&nbsp;205870376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451915489 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$1878573222 | &nbsp;&nbsp;$390814489 | &nbsp;&nbsp;$1257344553 | &nbsp;&nbsp;$549208193 | &nbsp;&nbsp;$1819412534 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$6433662 | &nbsp;&nbsp;$1540180 | &nbsp;&nbsp;$2437855 | &nbsp;&nbsp;$1978791 | &nbsp;&nbsp;$1085036 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67413 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$17.75 | &nbsp;&nbsp;$12.20 | &nbsp;&nbsp;$18.70 | &nbsp;&nbsp;$15.85 | &nbsp;&nbsp;$16.10 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$1872139560 | &nbsp;&nbsp;$389274309 | &nbsp;&nbsp;$1254906698 | &nbsp;&nbsp;$547229402 | &nbsp;&nbsp;$1818327498 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106095606 | &nbsp;&nbsp;&nbsp;&nbsp;32017559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67475828 | &nbsp;&nbsp;&nbsp;&nbsp;34779225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113487846 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$17.65 | &nbsp;&nbsp;$12.16 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$15.73 | &nbsp;&nbsp;$16.02 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$1676379127 | &nbsp;&nbsp;$338958205 | &nbsp;&nbsp;$925037017 | &nbsp;&nbsp;$452072904 | &nbsp;&nbsp;$1525195705 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### STATEMENTS OF OPERATIONS — For the Year Ended December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Asset<br> Allocation** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Global<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> Growth-<br> Income** | &nbsp;&nbsp;**SA<br> American<br> Funds<br> VCP<br> Managed<br> Allocation** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$40693140 | &nbsp;&nbsp;$6032647 | &nbsp;&nbsp;$2844554 | &nbsp;&nbsp;$5959247 | &nbsp;&nbsp;$41915485 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;40694583 | &nbsp;&nbsp;&nbsp;&nbsp;6032892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5959384 | &nbsp;&nbsp;&nbsp;&nbsp;41915709 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;15828930 | &nbsp;&nbsp;&nbsp;&nbsp;3655192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9874244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412239 | &nbsp;&nbsp;&nbsp;&nbsp;17450790 |
| Service Fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589738 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12443 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141127 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36255 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22733 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44468 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;20682989 | &nbsp;&nbsp;&nbsp;&nbsp;4800028 | &nbsp;&nbsp;&nbsp;&nbsp;13011408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5897400 | &nbsp;&nbsp;&nbsp;&nbsp;22375657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(11173362) | &nbsp;&nbsp;&nbsp;&nbsp;(2693299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6970055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3114522) | &nbsp;&nbsp;&nbsp;&nbsp;(12858477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9509627 | &nbsp;&nbsp;&nbsp;&nbsp;2106729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517180 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31184956 | &nbsp;&nbsp;&nbsp;&nbsp;3926163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3196525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176506 | &nbsp;&nbsp;&nbsp;&nbsp;32398529 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31411796 | &nbsp;&nbsp;&nbsp;&nbsp;17162529 | &nbsp;&nbsp;&nbsp;&nbsp;58757540 | &nbsp;&nbsp;&nbsp;&nbsp;20873487 | &nbsp;&nbsp;&nbsp;&nbsp;54994481 |
| Net realized gain from capital gain distributions received from underlying funds (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;129725789 | &nbsp;&nbsp;&nbsp;&nbsp;47941042 | &nbsp;&nbsp;&nbsp;&nbsp;91756372 | &nbsp;&nbsp;&nbsp;&nbsp;85086854 | &nbsp;&nbsp;&nbsp;&nbsp;69725405 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;161137585 | &nbsp;&nbsp;&nbsp;&nbsp;65103571 | &nbsp;&nbsp;&nbsp;&nbsp;150513912 | &nbsp;&nbsp;&nbsp;&nbsp;105960341 | &nbsp;&nbsp;&nbsp;&nbsp;124719886 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;76426107 | &nbsp;&nbsp;&nbsp;&nbsp;5899787 | &nbsp;&nbsp;&nbsp;&nbsp;68810370 | &nbsp;&nbsp;&nbsp;&nbsp;(23211121) | &nbsp;&nbsp;&nbsp;&nbsp;32194485 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;76426107 | &nbsp;&nbsp;&nbsp;&nbsp;5899787 | &nbsp;&nbsp;&nbsp;&nbsp;68810370 | &nbsp;&nbsp;&nbsp;&nbsp;(23211121) | &nbsp;&nbsp;&nbsp;&nbsp;32194485 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;237563692 | &nbsp;&nbsp;&nbsp;&nbsp;71003358 | &nbsp;&nbsp;&nbsp;&nbsp;219324282 | &nbsp;&nbsp;&nbsp;&nbsp;82749220 | &nbsp;&nbsp;&nbsp;&nbsp;156914371 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$268748648 | &nbsp;&nbsp;$74929521 | &nbsp;&nbsp;$216127757 | &nbsp;&nbsp;$85925726 | &nbsp;&nbsp;$189312900 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA American Funds<br> Asset Allocation** | &nbsp;&nbsp;**SA American Funds<br> Asset Allocation** | &nbsp;&nbsp;**SA American Funds<br> Global Growth** | &nbsp;&nbsp;**SA American Funds<br> Global Growth** | &nbsp;&nbsp;**SA American Funds<br> Growth** | &nbsp;&nbsp;**SA American Funds<br> Growth** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$31184956 | &nbsp;&nbsp;$34432368 | &nbsp;&nbsp;$3926163 | &nbsp;&nbsp;$4670953 | &nbsp;&nbsp;$(3196525) | &nbsp;&nbsp;$611317 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161137585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102198227 | &nbsp;&nbsp;&nbsp;&nbsp;65103571 | &nbsp;&nbsp;&nbsp;&nbsp;36292878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150513912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68305093 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76426107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143211635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68810370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204118453 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268748648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279842230 | &nbsp;&nbsp;&nbsp;&nbsp;74929521 | &nbsp;&nbsp;&nbsp;&nbsp;49041316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216127757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273034863 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363736) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;(136145959) | &nbsp;&nbsp;&nbsp;&nbsp;(106608126) | &nbsp;&nbsp;&nbsp;&nbsp;(40737767) | &nbsp;&nbsp;&nbsp;&nbsp;(42794108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68646101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72773753) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(136614837) | &nbsp;&nbsp;&nbsp;&nbsp;(107061515) | &nbsp;&nbsp;&nbsp;&nbsp;(40905474) | &nbsp;&nbsp;&nbsp;&nbsp;(42970012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68785798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73137489) |
| **CAPITAL SHARE TRANSACTIONS (Note 6)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(128970421) | &nbsp;&nbsp;&nbsp;&nbsp;(103806530) | &nbsp;&nbsp;&nbsp;&nbsp;(25988421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2014485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19486949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5706897) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68974185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8035626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166828908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194190477 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1875409832 | &nbsp;&nbsp;&nbsp;&nbsp;1806435647 | &nbsp;&nbsp;&nbsp;&nbsp;382778863 | &nbsp;&nbsp;&nbsp;&nbsp;378722044 | &nbsp;&nbsp;&nbsp;&nbsp;1090515645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896325168 |
| End of period<br>| &nbsp;&nbsp;$1878573222 | &nbsp;&nbsp;$1875409832 | &nbsp;&nbsp;$390814489 | &nbsp;&nbsp;$382778863 | &nbsp;&nbsp;$1257344553 | &nbsp;&nbsp;$1090515645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA American Funds<br> Growth-Income** | &nbsp;&nbsp;**SA American Funds<br> Growth-Income** | &nbsp;&nbsp;**SA American Funds<br> VCP Managed<br> Allocation** | &nbsp;&nbsp;**SA American Funds<br> VCP Managed<br> Allocation** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$3176506 | &nbsp;&nbsp;$3818855 | &nbsp;&nbsp;$32398529 | &nbsp;&nbsp;$22836813 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;105960341 | &nbsp;&nbsp;&nbsp;&nbsp;40438512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124719886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73727792 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(23211121) | &nbsp;&nbsp;&nbsp;&nbsp;56941248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32194485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215052767 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;85925726 | &nbsp;&nbsp;&nbsp;&nbsp;101198615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189312900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311617372 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133655) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;(44034649) | &nbsp;&nbsp;&nbsp;&nbsp;(29672718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96506308) | &nbsp;&nbsp;&nbsp;&nbsp;(256253296) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(44192852) | &nbsp;&nbsp;&nbsp;&nbsp;(29825498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96564605) | &nbsp;&nbsp;&nbsp;&nbsp;(256386951) |
| **CAPITAL SHARE TRANSACTIONS (Note 6)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5701220) | &nbsp;&nbsp;&nbsp;&nbsp;(161999834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62838168) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;49268479 | &nbsp;&nbsp;&nbsp;&nbsp;65671897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69251539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7607747) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;499939714 | &nbsp;&nbsp;&nbsp;&nbsp;434267817 | &nbsp;&nbsp;&nbsp;&nbsp;1888664073 | &nbsp;&nbsp;&nbsp;&nbsp;1896271820 |
| End of period<br>| &nbsp;&nbsp;$549208193 | &nbsp;&nbsp;$499939714 | &nbsp;&nbsp;$1819412534 | &nbsp;&nbsp;$1888664073 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### NOTES TO FINANCIAL STATEMENTS

------

#### Note 1 — Organization
&nbsp;&nbsp;&nbsp;&nbsp;SunAmerica Series Trust (the "Trust" or "SAST"), a Massachusetts business trust, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust is comprised of 59 portfolios (each, a "Portfolio," and collectively, the "Portfolios"), 5 of which are included in this report. SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"), which as of December 31, 2025, was an indirect wholly-owned subsidiary of Corebridge Financial Inc. ("Corebridge"), serves as investment adviser for all the Portfolios of the Trust. Corebridge and Venerable Holdings, Inc. ("Venerable") entered into a definitive agreement pursuant to which Venerable would acquire SAAMCo (the "Transaction"). The Transaction closed on January 1, 2026. Following the completion of the Transaction, SAAMCo became a wholly-owned subsidiary of Venerable.

&nbsp;&nbsp;&nbsp;&nbsp;Shares of the Portfolios are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by American General Life Insurance Company, a Texas life insurer ("AGL"), The United States Life Insurance Company in the City of New York, a New York life insurer ("USL"), The Variable Annuity Life Insurance Company, a Texas life insurer ("VALIC") (collectively, the "Life Companies"), and variable annuity contracts issued by Nassau Life Insurance Company ("Nassau"), and are also offered to certain affiliated mutual funds. AGL, USL and VALIC are indirect, wholly-owned subsidiaries of Corebridge. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Trust Feeder Funds** | &nbsp;&nbsp;**American Funds Master Funds** | &nbsp;&nbsp;**Feeder Fund %<br> Ownership of Master Fund** |
| SA American Funds® Asset Allocation Portfolio | &nbsp;&nbsp;American Funds® Asset Allocation Fund | &nbsp;&nbsp;6.72% |
| SA American Funds® Global Growth Portfolio | &nbsp;&nbsp;American Funds® Global Growth Fund | &nbsp;&nbsp;4.23% |
| SA American Funds® Growth Portfolio | &nbsp;&nbsp;American Funds® Growth Fund | &nbsp;&nbsp;2.27% |
| SA American Funds® Growth-Income Portfolio | &nbsp;&nbsp;American Funds® Growth-Income Fund | &nbsp;&nbsp;1.25% |
| SA American Funds® VCP Managed Allocation Portfolio | &nbsp;&nbsp;American Funds® Managed Risk Growth-Income Fund | &nbsp;&nbsp;86.91% |

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**The SA American Funds VCP Managed Allocation Portfolio** seeks long-term capital growth and income while seeking to manage volatility and provide downside protection. It invests all or substantially all of its assets in Class P1 shares of the Master Fund, the American Funds Insurance Series® Managed Risk Growth-Income Fund ("the Master

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

------

Managed Risk Fund"), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk Fund invests in the shares of two underlying funds, the American Funds Growth-Income Fund and American Funds Bond Fund (the "Underlying Funds"). The Underlying Funds invest in a diversified portfolio of common stocks and other equity securities, bonds and other debt securities and money market instruments.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

&nbsp;&nbsp;&nbsp;&nbsp;The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of December 31, 2025, is reported on a schedule at the end of each Portfolio's Portfolio of Investments.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;The AFIS investment adviser values the AFIS investments at fair value as defined by U.S. GAAP. The net asset value of per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

&nbsp;&nbsp;&nbsp;&nbsp;Methods and inputs — The AFIS investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of

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[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

------

fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the AFIS investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from third-party pricing vendors. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained by third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilities and terms of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the AFIS investment adviser are fair valued as determined in good faith under fair value guidelines adopted by AFIS investment adviser and approved by the AFIS board of trustees as further described. The AFIS investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The AFIS investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;Processes and structure — The AFIS board of trustees has designated the AFIS investment adviser to make fair value determinations, subject to board oversight. The AFIS investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the AFIS investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the AFIS investment adviser's global risk management group. The Committee reports any changes to the fair valuation guidelines to the AFIS board of trustees. The AFIS board and audit committee also regularly review reports that describe fair value determinations and methods.

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

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

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

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[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;**Operating Segments:** An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.

&nbsp;&nbsp;&nbsp;&nbsp;Per Topic 280, the Portfolios' Principal Executive Officer and Principal Financial Officer act as the Portfolios' CODM and have determined that the Portfolios have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Portfolios' financial statements.

#### Recent Accounting and Regulatory Developments
&nbsp;&nbsp;&nbsp;&nbsp;In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures". ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU2023-09 became effective for fiscal years beginning after December 15, 2024. Adoption of the Rule had no material impact on the Portfolios' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;During the period ended December 31, 2025 the Portfolios did not pay a significant amount of foreign or U.S federal, state or local income taxes and, therefore, did not include any additional disclosures in these financial statements.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended December 31, 2025** | &nbsp;&nbsp;**For the year ended December 31, 2025** | &nbsp;&nbsp;**For the year ended December 31, 2025** | &nbsp;&nbsp;**For the year ended December 31, 2025** | &nbsp;&nbsp;**For the year ended December 31, 2025** |
| **Portfolio** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-term<br> Gains/Capital<br> Loss Carryover** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$42051967 | &nbsp;&nbsp;$150243670 | &nbsp;&nbsp;$202541631 | &nbsp;&nbsp;$34432368 | &nbsp;&nbsp;$102182469 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;4379696 | &nbsp;&nbsp;&nbsp;&nbsp;64650038 | &nbsp;&nbsp;&nbsp;&nbsp;52067793 | &nbsp;&nbsp;&nbsp;&nbsp;4847244 | &nbsp;&nbsp;&nbsp;&nbsp;36058230 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;8603948 | &nbsp;&nbsp;&nbsp;138589421 | &nbsp;&nbsp;&nbsp;332796314 | &nbsp;&nbsp;&nbsp;&nbsp;1056861 | &nbsp;&nbsp;&nbsp;&nbsp;67728937 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;7965399 | &nbsp;&nbsp;&nbsp;101050618 | &nbsp;&nbsp;&nbsp;&nbsp;96854361 | &nbsp;&nbsp;&nbsp;&nbsp;4333047 | &nbsp;&nbsp;&nbsp;&nbsp;39859805 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;32398529 | &nbsp;&nbsp;&nbsp;124719886 | &nbsp;&nbsp;&nbsp;294797075 | &nbsp;&nbsp;&nbsp;22836813 | &nbsp;&nbsp;&nbsp;&nbsp;73727792 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended<br> December 31, 2024** | &nbsp;&nbsp;**For the year ended<br> December 31, 2024** |
| **Portfolio** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$33163431 | &nbsp;&nbsp;$73898084 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;2150973 | &nbsp;&nbsp;&nbsp;&nbsp;40819039 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683653 | &nbsp;&nbsp;&nbsp;&nbsp;72453836 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;4284723 | &nbsp;&nbsp;&nbsp;&nbsp;25540775 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;20559648 | &nbsp;&nbsp;&nbsp;235827303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, there were no reclassifications between total accumulated earnings(loss) and paid-in capital resulting from book/tax differences.

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Gain** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Loss** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Cost of<br> Investments** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$203080405 | &nbsp;&nbsp;$(538774) | &nbsp;&nbsp;$202541631 | &nbsp;&nbsp;$1676917901 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;52119334 | &nbsp;&nbsp;&nbsp;&nbsp;(51541) | &nbsp;&nbsp;&nbsp;&nbsp;52067793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339009746 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;332958298 | &nbsp;&nbsp;&nbsp;(161984) | &nbsp;&nbsp;&nbsp;332796314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925199001 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;97473765 | &nbsp;&nbsp;&nbsp;(619405) | &nbsp;&nbsp;&nbsp;&nbsp;96854360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452692309 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;295146258 | &nbsp;&nbsp;&nbsp;(349183) | &nbsp;&nbsp;&nbsp;294797075 | &nbsp;&nbsp;&nbsp;1525544888 |

---

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

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, SAAMCo has agreed to waive advisory fees as follows:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Amount** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$11173362 |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;2693299 |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;6970055 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;3114522 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;12858477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2027; so that the annual operating expenses do not exceed the following percentage of the Portfolio's average net assets. For purposes of the waived fees and/or reimbursed expense calculations, annual operating expenses shall not include extraordinary expenses (i.e. expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio's business. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of the Portfolio, including a majority of the Independent Trustees. This agreement will be renewed in terms of one year only if the Adviser agrees to extend the expense limitation.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;With the exception of advisory fee waivers, for the year ended December 31, 2025, pursuant to the contractual waivers/reimbursement expense referred to above, SAAMCo did not waive or reimburse any expenses.

&nbsp;&nbsp;&nbsp;&nbsp;Waivers or reimbursements made by the Adviser with respect to a Portfolio, with the exception of advisory fee waivers, are subject to recoupment from that Portfolio within the following two years, provided that the Portfolio is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class. For the year ended December 31, 2025, no amounts were repaid to the Adviser, and there are no remaining balances subject to recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a wholly-owned subsidiary of VALIC. Effective October 1, 2025, VRSCO receives from the Trust and Seasons Series Trust, collectively, an annual fee of $1,000,000, which is allocated to each Portfolio of the Trust and Seasons Series Trust based on shareholder accounts. Prior to that date, the annual fee was $150,000. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

------

transactions and tax reporting. Accordingly, for the year ended December 31, 2025, transfer agent fees were paid (see Statement of Operations) based on the annual fee at the old rate until September 30, 2025 and at the new rate on and after October 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate 0.25% of the average daily net assets of Class 3 shares. The service fees are used to compensate the Life Companies for costs associated with the servicing of Class 3 shares, including the cost of reimbursing the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios' Class 3 shares. Accordingly, for the year ended December 31, 2025, service fees were paid (see Statement of Operations) based on the aforementioned rate.

#### Note 5 — Purchases and Sales of Investment Securities
&nbsp;&nbsp;&nbsp;&nbsp;The cost of purchases and proceeds from sales and maturities of long—term investments during the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;$13745549 | &nbsp;&nbsp;$288877074 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;5972760 | &nbsp;&nbsp;&nbsp;&nbsp;74955112 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA American Funds Growth<br>| &nbsp;&nbsp;&nbsp;77533609 | &nbsp;&nbsp;&nbsp;132815518 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;&nbsp;22423875 | &nbsp;&nbsp;&nbsp;&nbsp;61829869 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;&nbsp;26454479 | &nbsp;&nbsp;&nbsp;294580774 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA American Funds Asset Allocation Portfolio** | **SA American Funds Asset Allocation Portfolio** | **SA American Funds Asset Allocation Portfolio** | **SA American Funds Asset Allocation Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Global Growth Portfolio** |
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 12/31/25** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14056 | &nbsp;&nbsp;$241129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16295 | &nbsp;&nbsp;$270150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;$267970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;$67612 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175904 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(165129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2806710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1399485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408975) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(124079) | &nbsp;&nbsp;$(2096703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44882) | &nbsp;&nbsp;$(675946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13669 | &nbsp;&nbsp;$166078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13710) | &nbsp;&nbsp;$(165459) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311607 | &nbsp;&nbsp;$5540626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703112 | &nbsp;&nbsp;$11271484 | &nbsp;&nbsp;&nbsp;&nbsp;469701 | &nbsp;&nbsp;$5515720 | &nbsp;&nbsp;&nbsp;1702800 | &nbsp;&nbsp;$20379856 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;7878817 | &nbsp;&nbsp;&nbsp;&nbsp;136145959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512408 | &nbsp;&nbsp;&nbsp;&nbsp;106608126 | &nbsp;&nbsp;&nbsp;3397645 | &nbsp;&nbsp;&nbsp;&nbsp;40737767 | &nbsp;&nbsp;&nbsp;3721227 | &nbsp;&nbsp;&nbsp;&nbsp;42794108 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (15638965) | &nbsp;&nbsp;&nbsp;(268560303) | &nbsp;&nbsp;&nbsp;&nbsp;(13621260) | &nbsp;&nbsp;&nbsp;(221010194) | &nbsp;&nbsp;(6030400) | &nbsp;&nbsp;&nbsp;(72407986) | &nbsp;&nbsp;(5404296) | &nbsp;&nbsp;&nbsp;(65022990) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;(7448541) | &nbsp;&nbsp;$(126873718) | &nbsp;&nbsp;&nbsp;&nbsp;(6405740) | &nbsp;&nbsp;$(103130584) | &nbsp;&nbsp;(2163054) | &nbsp;&nbsp;$(26154499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19731 | &nbsp;&nbsp;$(1849026) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(7572620) | &nbsp;&nbsp;$(128970421) | &nbsp;&nbsp;&nbsp;&nbsp;(6450622) | &nbsp;&nbsp;$(103806530) | &nbsp;&nbsp;(2149385) | &nbsp;&nbsp;$(25988421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;$(2014485) |
|  | **SA American Funds Growth Portfolio** | **SA American Funds Growth Portfolio** | **SA American Funds Growth Portfolio** | **SA American Funds Growth Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** | &nbsp;&nbsp;**SA American Funds Growth-Income Portfolio** |
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 12/31/25** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42684 | &nbsp;&nbsp;$767056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;$52118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31404 | &nbsp;&nbsp;$488096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;$32030 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152780 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(204618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3302410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1087720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84882) | &nbsp;&nbsp;&nbsp;&nbsp;(1228065) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(154448) | &nbsp;&nbsp;$(2395657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41881) | &nbsp;&nbsp;$(671866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;$117436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71941) | &nbsp;&nbsp;$(1043255) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;4408020 | &nbsp;&nbsp;$74026692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812838 | &nbsp;&nbsp;$42819473 | &nbsp;&nbsp;&nbsp;1417097 | &nbsp;&nbsp;$21445839 | &nbsp;&nbsp;&nbsp;1475659 | &nbsp;&nbsp;$20441507 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;3698605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68646101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72773753 | &nbsp;&nbsp;&nbsp;2835457 | &nbsp;&nbsp;&nbsp;&nbsp;44034649 | &nbsp;&nbsp;&nbsp;2080836 | &nbsp;&nbsp;&nbsp;&nbsp;29672718 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(6799389) | &nbsp;&nbsp;&nbsp;(120790187) | &nbsp;&nbsp;&nbsp;&nbsp;(7773816) | &nbsp;&nbsp;&nbsp;(120628257) | &nbsp;&nbsp;(3769057) | &nbsp;&nbsp;&nbsp;(58062319) | &nbsp;&nbsp;(3896458) | &nbsp;&nbsp;&nbsp;(54772190) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;1307236 | &nbsp;&nbsp;$21882606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274967) | &nbsp;&nbsp;$(5035031) | &nbsp;&nbsp;&nbsp;&nbsp;483497 | &nbsp;&nbsp;$7418169 | &nbsp;&nbsp;&nbsp;&nbsp;(339963) | &nbsp;&nbsp;$(4657965) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;1152788 | &nbsp;&nbsp;$19486949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316848) | &nbsp;&nbsp;$(5706897) | &nbsp;&nbsp;&nbsp;&nbsp;488393 | &nbsp;&nbsp;$7535605 | &nbsp;&nbsp;&nbsp;&nbsp;(411904) | &nbsp;&nbsp;$(5701220) |

---

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** | **SA American Funds VCP Managed Allocation Portfolio** |
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | &nbsp;&nbsp;**Year Ended 12/31/24** | &nbsp;&nbsp;**Year Ended 12/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;$8878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874 | &nbsp;&nbsp;$81358 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133655 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48210) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;$31692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10657 | &nbsp;&nbsp;$166803 |
| **Class 3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1714543 | &nbsp;&nbsp;$25741624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986791 | &nbsp;&nbsp;$15951070 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;6065764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96506308 | &nbsp;&nbsp;&nbsp;&nbsp;16981663 | &nbsp;&nbsp;&nbsp;&nbsp;256253296 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (18177262) | &nbsp;&nbsp;&nbsp;(284279458) | &nbsp;&nbsp;&nbsp;&nbsp;(21047350) | &nbsp;&nbsp;&nbsp;(335209337) |
| &nbsp;&nbsp;&nbsp;Total<br>| (10396955) | &nbsp;&nbsp;$(162031526) | &nbsp;&nbsp;&nbsp;&nbsp;(3078896) | &nbsp;&nbsp;$(63004971) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (10394958) | &nbsp;&nbsp;$(161999834) | &nbsp;&nbsp;&nbsp;&nbsp;(3068239) | &nbsp;&nbsp;$(62838168) |

---

#### Note 7 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2025, the following affiliates owned outstanding shares of the following Portfolios:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**VALIC** |
| SA American Funds Asset Allocation<br>| &nbsp;&nbsp;89.28% | &nbsp;&nbsp;&nbsp;7.11% | &nbsp;&nbsp;3.61% |
| SA American Funds Global Growth<br>| &nbsp;&nbsp;93.95 | &nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;0.83 |
| SA American Funds Growth<br>| &nbsp;&nbsp;92.86 | &nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;1.56 |
| SA American Funds Growth-Income<br>| &nbsp;&nbsp;93.07 | &nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;1.30 |
| SA American Funds VCP Managed Allocation<br>| &nbsp;&nbsp;85.20 | &nbsp;&nbsp;10.57 | &nbsp;&nbsp;4.23 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, the Portfolios did not utilize the line of credit.

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### FINANCIAL HIGHLIGHTS

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** | **SA American Funds Asset Allocation Portfolio — Class 1(3)** |
| 12/31/21 | $16.52 | $0.33 | $2.16 | $2.49 | $(0.22) | $(0.16) | $(0.38) | $18.63 | &nbsp;&nbsp;15.12% | $8393 | 0.86% | 0.26% | 1.83% | &nbsp;&nbsp;2% |
| 12/31/22 | 18.63 | 0.32 | (2.90) | (2.58) | (0.34) | (0.56) | (0.90) | 15.15 | (13.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470 | 0.86 | 0.26 | 1.94 | 4 |
| 12/31/23 | 15.15 | 0.33 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.98 | (0.44) | (1.62) | (2.06) | 15.07 | 14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008 | 0.87 | 0.27 | 2.18 | 2 |
| 12/31/24 | 15.07 | 0.35 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;2.47 | (0.34) | (0.66) | (1.00) | 16.54 | 16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8046 | 0.86 | 0.26 | 2.14 | 1 |
| 12/31/25 | 16.54 | 0.33 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.59 | (0.38) | (1.00) | (1.38) | 17.75 | 15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | 0.86 | 0.26 | 1.88 | 1 |
| **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** | **SA American Funds Asset Allocation Portfolio — Class 3(3)** |
| 12/31/21 | 16.46 | 0.24 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;2.43 | (0.19) | (0.16) | (0.35) | 18.54 | 14.80 | 1919874 | 1.11 | 0.51 | 1.35 | 2 |
| 12/31/22 | 18.54 | 0.27 | (2.86) | (2.59) | (0.30) | (0.56) | (0.86) | 15.09 | (13.58) | 1654742 | 1.11 | 0.51 | 1.64 | 4 |
| 12/31/23 | 15.09 | 0.30 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;1.92 | (0.40) | (1.62) | (2.02) | 14.99 | 13.90 | 1798428 | 1.12 | 0.52 | 1.94 | 2 |
| 12/31/24 | 14.99 | 0.30 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;2.42 | (0.30) | (0.66) | (0.96) | 16.45 | 16.19 | 1867364 | 1.11 | 0.51 | 1.83 | 1 |
| 12/31/25 | 16.45 | 0.29 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;2.54 | (0.34) | (1.00) | (1.34) | 17.65 | 15.57 | 1872140 | 1.11 | 0.51 | 1.67 | 1 |
| **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** | **SA American Funds Global Growth Portfolio — Class 1(3)** |
| 12/31/21 | 13.25 | 0.06 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.14 | (0.04) | (1.19) | (1.23) | 14.16 | 16.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | 0.98 | 0.28 | 0.43 | 4 |
| 12/31/22 | 14.16 | 0.06 | (3.57) | (3.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) | 10.58 | (24.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | 0.98 | 0.28 | 0.55 | 11 |
| 12/31/23 | 10.58 | 0.11 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.19 | (0.11) | (1.59) | (1.70) | 11.07 | 22.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | 0.99 | 0.29 | 0.94 | 2 |
| 12/31/24 | 11.07 | 0.16 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;1.56 | (0.10) | (1.33) | (1.43) | 11.20 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | 0.99 | 0.29 | 1.32 | 5 |
| 12/31/25 | 11.20 | 0.16 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;2.39 | (0.19) | (1.20) | (1.39) | 12.20 | 21.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | 1.00 | 0.30 | 1.35 | 2 |
| **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** | **SA American Funds Global Growth Portfolio — Class 3(3)** |
| 12/31/21 | 13.25 | 0.01 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;2.11 | (0.01) | (1.19) | (1.20) | 14.16 | 16.11 | &nbsp;&nbsp;&nbsp;471259 | 1.23 | 0.53 | 0.06 | 4 |
| 12/31/22 | 14.16 | 0.05 | (3.59) | (3.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) | 10.55 | (24.97) | &nbsp;&nbsp;&nbsp;351002 | 1.23 | 0.53 | 0.41 | 11 |
| 12/31/23 | 10.55 | 0.07 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;2.17 | (0.08) | (1.59) | (1.67) | 11.05 | 22.36 | &nbsp;&nbsp;&nbsp;377323 | 1.24 | 0.54 | 0.58 | 2 |
| 12/31/24 | 11.05 | 0.14 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;1.51 | (0.07) | (1.33) | (1.40) | 11.16 | 13.25 | &nbsp;&nbsp;&nbsp;381518 | 1.24 | 0.54 | 1.20 | 5 |
| 12/31/25 | 11.16 | 0.12 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;2.36 | (0.16) | (1.20) | (1.36) | 12.16 | 21.35 | &nbsp;&nbsp;&nbsp;389274 | 1.25 | 0.55 | 1.02 | 2 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** | **SA American Funds Growth Portfolio — Class 1(3)** |
| 12/31/21 | $16.31 | $0.05 | $3.48 | $3.53 | $(0.03) | $(0.71) | $(0.74) | $19.10 | &nbsp;&nbsp;21.93% | $2305 | 0.87% | 0.27% | &nbsp;&nbsp;0.28% | 5% |
| 12/31/22 | 19.10 | &nbsp;&nbsp;0.04 | (5.84) | (5.80) | (0.11) | (1.99) | (2.10) | 11.20 | (29.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | 0.87 | 0.27 | 0.30 | 3 |
| 12/31/23 | 11.20 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;3.97 | &nbsp;&nbsp;4.06 | (0.22) | (1.56) | (1.78) | 13.48 | 38.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | 0.88 | 0.28 | 0.73 | 6 |
| 12/31/24 | 13.48 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;4.16 | &nbsp;&nbsp;4.20 | (0.04) | (1.14) | (1.18) | 16.50 | 31.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 | 0.87 | 0.27 | 0.28 | 4 |
| 12/31/25 | 16.50 | (0.02) | &nbsp;&nbsp;3.34 | &nbsp;&nbsp;3.32 | (0.06) | (1.06) | (1.12) | 18.70 | 20.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 | 0.87 | 0.27 | (0.11) | 7 |
| **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** | **SA American Funds Growth Portfolio — Class 3(3)** |
| 12/31/21 | 16.27 | (0.00) | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;3.48 | (0.00) | (0.71) | (0.71) | 19.04 | 21.69 | &nbsp;&nbsp;&nbsp;828279 | 1.12 | 0.52 | (0.02) | 5 |
| 12/31/22 | 19.04 | &nbsp;&nbsp;0.01 | (5.82) | (5.81) | (0.08) | (1.99) | (2.07) | 11.16 | (30.09) | &nbsp;&nbsp;&nbsp;687642 | 1.12 | 0.52 | 0.10 | 3 |
| 12/31/23 | 11.16 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;4.01 | (0.19) | (1.56) | (1.75) | 13.42 | 38.00 | &nbsp;&nbsp;&nbsp;891920 | 1.13 | 0.53 | 0.08 | 6 |
| 12/31/24 | 13.42 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;4.14 | (0.01) | (1.14) | (1.15) | 16.41 | 31.30 | 1085817 | 1.12 | 0.52 | 0.06 | 4 |
| 12/31/25 | 16.41 | (0.05) | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;3.27 | (0.02) | (1.06) | (1.08) | 18.60 | 19.91 | 1254907 | 1.12 | 0.52 | (0.28) | 7 |
| **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** | **SA American Funds Growth-Income Portfolio — Class 1(3)** |
| 12/31/21 | 11.79 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;2.80 | (0.15) | (0.45) | (0.60) | 13.99 | 24.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | 0.89 | 0.29 | 1.30 | 7 |
| 12/31/22 | 13.99 | &nbsp;&nbsp;0.14 | (2.49) | (2.35) | (0.14) | (0.36) | (0.50) | 11.14 | (16.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | 0.88 | 0.28 | 1.21 | 7 |
| 12/31/23 | 11.14 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;2.75 | (0.31) | (1.04) | (1.35) | 12.54 | 26.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | 0.89 | 0.29 | 1.50 | 4 |
| 12/31/24 | 12.54 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;3.01 | (0.16) | (0.77) | (0.93) | 14.62 | 24.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | 0.88 | 0.28 | 0.80 | 4 |
| 12/31/25 | 14.62 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.49 | &nbsp;&nbsp;2.62 | (0.17) | (1.22) | (1.39) | 15.85 | 18.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | 0.89 | 0.29 | 0.87 | 4 |
| **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** | **SA American Funds Growth-Income Portfolio — Class 3(3)** |
| 12/31/21 | 11.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;2.75 | (0.13) | (0.45) | (0.58) | 13.92 | 23.68 | &nbsp;&nbsp;&nbsp;425777 | 1.13 | 0.53 | 0.88 | 7 |
| 12/31/22 | 13.92 | &nbsp;&nbsp;0.12 | (2.49) | (2.37) | (0.11) | (0.36) | (0.47) | 11.08 | (16.74) | &nbsp;&nbsp;&nbsp;361297 | 1.13 | 0.53 | 1.04 | 7 |
| 12/31/23 | 11.08 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;2.71 | (0.28) | (1.04) | (1.32) | 12.47 | 25.85 | &nbsp;&nbsp;&nbsp;431862 | 1.14 | 0.54 | 1.08 | 4 |
| 12/31/24 | 12.47 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;2.96 | (0.13) | (0.77) | (0.90) | 14.53 | 23.89 | &nbsp;&nbsp;&nbsp;498186 | 1.13 | 0.53 | 0.80 | 4 |
| 12/31/25 | 14.53 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.55 | (0.13) | (1.22) | (1.35) | 15.73 | 17.67 | &nbsp;&nbsp;&nbsp;547229 | 1.14 | 0.54 | 0.61 | 4 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 1(3)** |
| 12/31/21 | $16.19 | $0.23 | $2.14 | $2.37 | $(0.25) | $(0.92) | $(1.17) | $17.39 | &nbsp;&nbsp;14.99% | $947 | 0.96% | 0.26% | 1.37% | 3% |
| 12/31/22 | 17.39 | 0.31 | (3.28) | (2.97) | (0.19) | (0.53) | (0.72) | 13.70 | (16.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | 0.96 | 0.26 | 2.10 | 2 |
| 12/31/23 | 13.70 | 0.20 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;2.11 | (0.31) | (0.51) | (0.82) | 14.99 | 15.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | 0.97 | 0.27 | 1.36 | 1 |
| 12/31/24 | 14.99 | 0.22 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;2.62 | (0.22) | (2.09) | (2.31) | 15.30 | 17.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | 0.96 | 0.26 | 1.38 | 1 |
| 12/31/25 | 15.30 | 0.32 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;1.71 | (0.25) | (0.66) | (0.91) | 16.10 | 11.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | 0.97 | 0.27 | 2.05 | 1 |
| **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** | **SA American Funds VCP Managed Allocation Portfolio — Class 3(3)** |
| 12/31/21 | 16.13 | 0.15 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;2.32 | (0.21) | (0.92) | (1.13) | 17.32 | 14.73 | 2319091 | 1.21 | 0.51 | 0.85 | 3 |
| 12/31/22 | 17.32 | 0.25 | (3.24) | (2.99) | (0.15) | (0.53) | (0.68) | 13.65 | (17.18) | 1825265 | 1.21 | 0.51 | 1.67 | 2 |
| 12/31/23 | 13.65 | 0.16 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;2.06 | (0.27) | (0.51) | (0.78) | 14.93 | 15.57 | 1895451 | 1.22 | 0.52 | 1.11 | 1 |
| 12/31/24 | 14.93 | 0.19 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;2.58 | (0.18) | (2.09) | (2.27) | 15.24 | 17.43 | 1887663 | 1.21 | 0.51 | 1.18 | 1 |
| 12/31/25 | 15.24 | 0.28 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.64 | (0.20) | (0.66) | (0.86) | 16.02 | 10.83 | 1818327 | 1.22 | 0.52 | 1.76 | 1 |

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(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.

See Notes to Financial Statements

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#### SunAmerica Series Trust

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Board of Trustees of SunAmerica Series Trust and Shareholders of SA American Funds Asset Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio

#### Opinions on the Financial Statements
&nbsp;&nbsp;&nbsp;&nbsp;We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA American Funds Asset Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio (five of the portfolios constituting SunAmerica Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
&nbsp;&nbsp;&nbsp;&nbsp;These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2026

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust and Seasons Series Trust) since at least 1986. We have not been able to determine the specific year we began serving as auditor.

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#### SunAmerica Series Trust

#### SHAREHOLDERS TAX INFORMATION (unaudited)

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&nbsp;&nbsp;&nbsp;&nbsp;Certain tax information regarding SunAmerica Series Trust is required to be provided to the shareholders based upon each Portfolio's income and distributions for the taxable year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, the Portfolio paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Net<br> Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Foreign<br> Taxes Credit** | &nbsp;&nbsp;**Foreign<br> Source Income** | &nbsp;&nbsp;**Qualifying % for the<br> Dividends<br> Received Deduction** |
| SA American Funds Asset Allocation Portfolio<br>| &nbsp;&nbsp;$102182469 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;41.40% |
| SA American Funds Global Growth Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;36058230 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;32.40 |
| SA American Funds Growth Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;67728937 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| SA American Funds Growth-Income Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;39859805 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| SA American Funds VCP Managed Allocation Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;73727792 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;94.14 |

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#### SunAmerica Series Trust

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

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

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[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

#### SunAmerica Series Trust

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

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#### Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;On December 8, 2025, a joint special meeting of shareholders (the "Special Meeting") of each of the Portfolios of the Trust was held to consider the proposal listed below. The proposal was approved on behalf of each respective Portfolio and the results of the Special Meeting were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Portfolio of the Trust, to approve a new investment advisory and management agreement between SunAmerica and such Trust, on behalf of such Portfolio, each to take effect upon the Change of Control Event resulting from the Transaction. The material terms of the proposed investment advisory and management agreements are identical to the material terms of the current investment advisory and management agreements (With respect to each Portfolio, to be voted on by shareholders of the Portfolio, voting separately):

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| | | | |
|:---|:---|:---|:---|
| **Name of Portfolio** | &nbsp;&nbsp;**FOR** | &nbsp;&nbsp;**AGAINST** | &nbsp;&nbsp;**ABSTAIN** |
| SA American Funds Asset Allocation Portfolio | &nbsp;&nbsp;&nbsp;95371500.842 | &nbsp;&nbsp;1494235.169 | &nbsp;&nbsp;6078024.495 |
| SA American Funds Global Growth Portfolio | &nbsp;&nbsp;&nbsp;28112705.471 | &nbsp;&nbsp;&nbsp;&nbsp;377592.827 | &nbsp;&nbsp;1887242.719 |
| SA American Funds Growth Portfolio | &nbsp;&nbsp;&nbsp;60749858.166 | &nbsp;&nbsp;&nbsp;&nbsp;540785.578 | &nbsp;&nbsp;3405830.944 |
| SA American Funds Growth-Income Portfolio | &nbsp;&nbsp;&nbsp;31250904.057 | &nbsp;&nbsp;&nbsp;&nbsp;277874.424 | &nbsp;&nbsp;1668736.878 |
| SA American Funds VCP Managed Allocation Portfolio | &nbsp;&nbsp;102205879.658 | &nbsp;&nbsp;3139728.550 | &nbsp;&nbsp;7202895.914 |

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#### SunAmerica Series Trust

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

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

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#### SunAmerica Series Trust

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

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#### Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.
&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on September 18, 2025, the Board of Trustees (the "Board") of SunAmerica Series Trust (the "Trust"), including the Trustees who are not interested persons of the Trust, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved with respect to the American Funds Asset Allocation SAST Portfolio, American Funds Growth SAST Portfolio, American Funds Global Growth SAST Portfolio, American Funds Growth-Income SAST Portfolio and VCP Managed Asset Allocation Portfolio (collectively, the "Portfolios") the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") and the Trust (the "Advisory Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the Advisory Agreement, the Board received materials related to certain factors used in its consideration whether to renew or approve the Advisory Agreement. Those factors included:

(1) the requirements of the Trust in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SunAmerica, including a review of the investment performance of the Portfolios;

(3) the size and structure of the investment advisory fee and any other material payments to the Adviser and, in connection therewith, a review of the costs of services provided and the profits of
SunAmerica Series Trust (the "Trust")realized by the Adviser and its affiliates from the relationship with the Trust;

(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust; and

(6) the organizational capability, resources, personnel and financial condition of the Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board considered (a) the historical relationship between the Trust and SunAmerica; and (b) the conditions and trends prevailing in the economy, the securities markets and the investment company industry.

&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees were separately represented by counsel that is independent of SunAmerica in connection with their consideration of approval of the Advisory Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;The Board received information regarding the Trust's advisory fees compared to advisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable, (the "Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management.

&nbsp;&nbsp;&nbsp;&nbsp;**Nature, Extent and Quality of Services.**

&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica. In making its evaluation, the Board considered that SunAmerica acts as adviser for each Portfolio and manages the daily business affairs of the Trust, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring Portfolio performance and other administrative, compliance and legal services.

&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as may be necessary for the operations of each Portfolio. The Board considered that SunAmerica monitors and reviews the activities of third-party service providers that may provide additional administrative services.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board considered the key personnel of SunAmerica who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios. The Board also considered the compensation program for SunAmerica's investment professionals.

&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the qualifications, background and responsibilities of SunAmerica's staff who is responsible for providing investment management services to the Portfolios and other key personnel of SunAmerica in addition to current and projected staffing levels and compensation practices.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered SunAmerica's reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust's relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SunAmerica's experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica's code of ethics and its risk management process, and that SunAmerica has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios' registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also reviewed and considered SunAmerica's compliance and regulatory history, including information about any litigation, regulatory actions or investigations that could impair its ability to serve as an adviser to the Portfolios. The Board considered SunAmerica's risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica's ability to provide services to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SunAmerica and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

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#### SunAmerica Series Trust

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

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&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Fees and Expenses; Investment Performance.**

&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios' fees (actual or contractual management fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of the Expense Group/Universe for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any.

&nbsp;&nbsp;&nbsp;&nbsp;To assist in analyzing the reasonableness of the advisory fee, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge") as well as information provided by management. The Board also considered advisory fees received by the Adviser with respect to other mutual funds and accounts with similar investment strategies to the Portfolios. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are "Expense Groups" and "Performance Groups" that represent those peer groups of funds used to compare expenses and performance, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;The performance information included annualized returns for the period since inception and the one-, three-, five-and ten-year periods, as applicable, ended June 30, 2024 from Broadridge and performance information as of June 30, 2024 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio's overall performance, performance relative to each Portfolio's relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;As part of its review of the Portfolios' fees and expenses and performance, the Board considered information, including but not limited to the following expense and performance information, provided by Broadridge and management in making its determinations. It was noted that actual advisory fees and total expenses were calculated as of each Portfolio's most recent fiscal year end, which may vary among the Portfolio's Expense Group/Universe.

&nbsp;&nbsp;&nbsp;&nbsp;The Boards considered that certain Portfolios pay advisory fees indirectly to Capital Research & Management Company ("Capital Research") through their investment in the master funds. The Boards further considered the amount of such fees and the amount of the management fees paid to SunAmerica and determined that the amounts paid to SunAmerica by such Portfolios were reasonable in light of the services performed by SunAmerica.

• SA American Funds® Asset Allocation Portfolio (master-feeder fund advised by Capital Research/SunAmerica). The Board noted that both actual management fees and total expenses were below the
medians of its Expense Group. The Board considered that SunAmerica has contractually agreed to waive 0.60% of its investment advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five and ten-year periods. The Board further considered that the Portfolio performed above the medians of its Performance Group for the same periods. The Board took into account management's discussion of the Master Fund's performance.

• SA American Funds® Global Growth Portfolio (master-feeder fund advised by Capital Research/SunAmerica). The Board considered that actual management fees were below and total expenses were at
the medians of its Expense Group. The Board considered that SunAmerica has contractually agreed to waive 0.70% of its investment advisory fee. The Board noted, however, that because of the small size of
the Expense Group, with only three comparable funds, relative comparisons of fees and expenses were less useful than if the Expense Group were larger.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the ten-year period and below that index for the one-, three- and five-year periods. The Board also noted that the Portfolio performed at the median of its Performance Group for the one-year period, below the medians for the three-and five-year periods and above the median for the ten-year period. The Board noted, however, that because the Performance Group was small, with only one or two comparable funds depending on the period, relative comparisons were less useful than if the Performance Group were larger. The Board took into account management's discussion of the Master Fund's performance.

• SA American Funds® Growth-Income Portfolio (master-feeder fund advised by Capital Research/SunAmerica). The Board noted that actual management fees were below and total expenses were at the
medians of its Expense Group. The Board considered that SunAmerica has contractually agreed to waive 0.60% of its investment advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one- and three-year periods and below that index for the five- and ten-year periods. The Board also noted that the Portfolio performed above the medians of its Performance Group for the one- and three-year periods and below the medians for the five- and ten-year periods. The Board took into account management's discussion of the Master Fund's performance.

• SA American Funds® Growth Portfolio (master-feeder fund advised by Capital Research/SunAmerica). The Board noted that both actual management fees and total expenses were below the medians of
its Expense Group. The Board considered that SunAmerica has contractually agreed to waive 0.60% of its investment advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board further considered that the Portfolio performed above the medians of its Performance Group for the same periods.

• SA American Funds® VCP Managed Asset Allocation Portfolio (master-feeder fund advised by Capital Research/SunAmerica). The Board noted that actual management fees were at and total expenses
were slightly above the medians of its Expense Group. The Board further noted that SunAmerica has contractually agreed to waive 0.70% of its advisory fee and that there is an expense limitation of 0.28% and 0.53% on
Class 1 and Class 3 shares, respectively. The Board took account of management's discussion of the Portfolio's expenses and noted that because the Expense Group was small, with only two comparable
funds, comparisons were less useful than if the Expense Group were larger.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed below the median of its Performance Group for the one-year period and above the medians for the three-, five- and ten-year periods. The Board noted, however, that

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#### SunAmerica Series Trust

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

------

because the Performance Group was small, with only two comparable funds, relative comparisons were less useful than if the Performance Group were larger. The Board took account of management's discussion of the Master Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;**Cost of Services & Benefits Derived.**

&nbsp;&nbsp;&nbsp;&nbsp;With respect to indirect costs and benefits, the Board was informed, based on management's judgment, that any indirect costs incurred by SunAmerica in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. The Board considered that SunAmerica is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust's Portfolios pursuant to an arrangement between SunAmerica and certain affiliated life insurance companies (the "Life Companies"). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SunAmerica, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.

&nbsp;&nbsp;&nbsp;&nbsp;In connection with benefits derived from the Trust, the Board considered that the Life Companies may benefit as a result of their direct ownership of the Portfolios' shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may also rely on foreign tax credits with respect to certain foreign securities held by applicable Portfolios. The Board considered that the Life Companies receive financial support from SunAmerica for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of Corebridge Capital Services, Inc., an affiliate of SunAmerica) to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SunAmerica. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the "Variable Contracts"), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;**Profitability and Economies of Scale.**

&nbsp;&nbsp;&nbsp;&nbsp;The Board received information related to SunAmerica's profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust's Portfolios. The profitability analysis reflected the relationship between SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SunAmerica's profitability was generally in the range of the profitability of companies contained in the report.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of nearly all Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that SunAmerica has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SunAmerica, the Trust is able to share common resources and may share certain expenses, which could result in a Portfolio experiencing lower expenses than it otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios' existing fee schedules and the fee schedules for those Portfolios for which management proposed reductions or waivers reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SunAmerica in an appropriate manner.

&nbsp;&nbsp;&nbsp;&nbsp;**Terms of Advisory Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, reviewed the terms of the Advisory Agreement including the duties and responsibilities undertaken by SunAmerica as discussed above. The Board considered that SunAmerica pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SunAmerica.

&nbsp;&nbsp;&nbsp;&nbsp;**Conclusions.**

&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decision to recommend the renewal of the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SunAmerica possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Agreement are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

------

[**Table of Contents**](#JOB_NEW_F_c2cf4eba-b3e7-4ff1-9bbd-76e3630f86c4_TOC)

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

(02/26)

------

![](guw4eybultuyx0iyzymz1.jpg)

**American Funds Insurance Series®**

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

for the year ended December 31, 2025

Lit. No. INGEFP4-998-0226© 2026 Capital Group. All rights reserved.

Global Growth Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 96.94% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 96.94% | Shares | (000) |
| Information technology 29.37% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10705200 | $522985 |
| Broadcom, Inc. | 1107449 | 383288 |
| Microsoft Corp. | 740348 | 358047 |
| NVIDIA Corp. | 1437636 | 268119 |
| ASML Holding NV (ADR) | 120673 | 129103 |
| ASML Holding NV | 105955 | 113257 |
| Micron Technology, Inc. | 433659 | 123771 |
| NEC Corp. | 2693871 | 90835 |
| Samsung Electronics Co., Ltd. | 1068680 | 89068 |
| SK hynix, Inc. | 157999 | 71546 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 336935 | 66427 |
| AppLovin Corp., Class A <sup>(a)</sup> | 85473 | 57593 |
| Tokyo Electron, Ltd. | 237700 | 52203 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 278761 | 44872 |
| International Business Machines Corp. | 131299 | 38892 |
| EPAM Systems, Inc. <sup>(a)</sup> | 179438 | 36763 |
| Salesforce, Inc. | 126566 | 33529 |
| Intel Corp. <sup>(a)</sup> | 902119 | 33288 |
| Capgemini SE | 176911 | 29299 |
| Apple, Inc. | 107144 | 29128 |
| Ubiquiti, Inc. | 51660 | 28586 |
| Oracle Corp. | 102383 | 19956 |
| Dassault Systemes SE | 701879 | 19604 |
| Nemetschek SE | 140877 | 15361 |
| Check Point Software Technologies, Ltd. <sup>(a)</sup> | 79736 | 14796 |
| Synopsys, Inc. <sup>(a)</sup> | 23849 | 11202 |
|  |  | 2681518 |
| Industrials 17.72% |  |  |
| Airbus SE, non-registered shares | 640525 | 148572 |
| Comfort Systems USA, Inc. | 140027 | 130686 |
| Safran SA | 324785 | 113019 |
| General Electric Co. | 315857 | 97293 |
| Siemens AG | 330684 | 92868 |
| Ryanair Holdings PLC (ADR) | 1180370 | 85211 |
| Boeing Co. (The) <sup>(a)</sup> | 372821 | 80947 |
| Saab AB, Class B | 1217750 | 70832 |
| BAE Systems PLC | 2424921 | 55747 |
| GT Capital Holdings, Inc. | 5411899 | 54732 |
| ATI, Inc. <sup>(a)</sup> | 476446 | 54677 |
| TransDigm Group, Inc. | 38430 | 51106 |
| RS Group PLC | 5414909 | 45232 |
| Howmet Aerospace, Inc. | 212197 | 43505 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 797398 | 41441 |
| ASSA ABLOY AB, Class B | 1034590 | 40110 |
| Rocket Lab Corp. <sup>(a)</sup> | 565667 | 39461 |
| DSV A/S | 153094 | 38526 |
| Hitachi, Ltd. | 1228900 | 38125 |
| Copart, Inc. <sup>(a)</sup> | 878862 | 34407 |
| Crane Co. | 178460 | 32913 |
| PACCAR, Inc. | 286995 | 31429 |
| The Toro Co. | 373724 | 29420 |
| Compagnie de Saint-Gobain SA, non-registered shares | 270675 | 27477 |
| Hanwha Aerospace Co., Ltd. | 40475 | 26333 |
| Alliance Global Group, Inc. | 156400700 | 21772 |
| FTAI Aviation, Ltd. | 102740 | 20224 |
| Mitsui & Co., Ltd. | 676500 | 19994 |
| Deere & Co. | 39278 | 18287 |

---

**1**American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| GE Vernova, Inc. | 24758 | $16181 |
| Daikin Industries, Ltd. | 76900 | 9872 |
| Ingersoll-Rand, Inc. | 96000 | 7605 |
|  |  | 1618004 |
| Consumer discretionary 13.88% |  |  |
| Prosus NV, Class N | 1846586 | 114052 |
| MercadoLibre, Inc. <sup>(a)</sup> | 42043 | 84686 |
| Renault SA | 1688781 | 69914 |
| Inchcape PLC | 6234573 | 64629 |
| Booking Holdings, Inc. | 11574 | 61983 |
| Starbucks Corp. | 729678 | 61446 |
| Compagnie Financiere Richemont SA, Class A | 279343 | 60287 |
| Amazon.com, Inc. <sup>(a)</sup> | 239344 | 55245 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1462554 | 54114 |
| Hyundai Motor Co. | 254391 | 52086 |
| LKQ Corp. | 1640562 | 49545 |
| LVMH Moet Hennessy-Louis Vuitton SE | 64729 | 48799 |
| Trip.com Group, Ltd. (ADR) | 672433 | 48355 |
| MGM China Holdings, Ltd. | 28793200 | 48329 |
| General Motors Co. | 519771 | 42268 |
| InterContinental Hotels Group PLC | 299249 | 41918 |
| Restaurant Brands International, Inc. (CAD denominated) | 607375 | 41446 |
| Alibaba Group Holding, Ltd. (ADR) | 268854 | 39409 |
| Entain PLC | 3341847 | 34412 |
| Industria de Diseno Textil SA | 501952 | 33064 |
| Hermes International | 12384 | 30597 |
| Sanrio Co., Ltd. | 912300 | 28622 |
| Carvana Co., Class A <sup>(a)</sup> | 61924 | 26133 |
| D.R. Horton, Inc. | 173953 | 25054 |
| Toll Brothers, Inc. | 167692 | 22675 |
| Wynn Macau, Ltd. | 21430000 | 16295 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 134120 | 12233 |
|  |  | 1267596 |
| Financials 13.85% |  |  |
| Citigroup, Inc. | 1215819 | 141874 |
| Banco Bilbao Vizcaya Argentaria SA | 5187583 | 121338 |
| 3i Group PLC | 2294508 | 99828 |
| Brookfield Corp., Class A | 2138896 | 98154 |
| Aon PLC, Class A | 244466 | 86267 |
| Visa, Inc., Class A | 237305 | 83225 |
| Prudential PLC | 5215411 | 80470 |
| Fiserv, Inc. <sup>(a)</sup> | 1031889 | 69312 |
| Societe Generale | 809341 | 65207 |
| Ameriprise Financial, Inc. | 104697 | 51337 |
| Allianz SE | 106923 | 49042 |
| Aviva PLC | 4545916 | 41620 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR) | 1293921 | 38688 |
| Japan Post Insurance Co., Ltd. | 1156950 | 34716 |
| UniCredit SpA | 359971 | 29883 |
| CME Group, Inc., Class A | 103473 | 28256 |
| Coinbase Global, Inc., Class A <sup>(a)</sup> | 97796 | 22116 |
| MS&AD Insurance Group Holdings, Inc. | 831800 | 19587 |
| Arthur J. Gallagher & Co. | 74138 | 19186 |
| CaixaBank SA, non-registered shares | 1557890 | 19025 |
| HSBC Holdings PLC (GBP denominated) | 1163368 | 18239 |
| HDFC Bank, Ltd. | 1328758 | 14683 |

---

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

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Eurobank SA | 3558529 | $14263 |
| Swissquote Group Holding, Ltd. | 15017 | 9116 |
| CVC Capital Partners PLC | 542527 | 9085 |
|  |  | 1264517 |
| Health care 7.75% |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 213311 | 96707 |
| Argenx SE (ADR) <sup>(a)</sup> | 80747 | 67904 |
| Regeneron Pharmaceuticals, Inc. | 83600 | 64528 |
| Thermo Fisher Scientific, Inc. | 103186 | 59791 |
| UnitedHealth Group, Inc. | 179184 | 59150 |
| Eli Lilly and Co. | 43922 | 47202 |
| EssilorLuxottica SA | 144508 | 45690 |
| Sanofi | 378504 | 36721 |
| Cigna Group (The) | 132736 | 36533 |
| AstraZeneca PLC | 194247 | 35779 |
| Pfizer, Inc. | 1418993 | 35333 |
| Haleon PLC | 6192098 | 31333 |
| Centene Corp. <sup>(a)</sup> | 580852 | 23902 |
| Bayer AG | 537074 | 23168 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 50179 | 19954 |
| Novo Nordisk AS, Class B | 237847 | 12124 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup> | 367000 | 11454 |
|  |  | 707273 |
| Communication services 5.39% |  |  |
| Meta Platforms, Inc., Class A | 213121 | 140679 |
| Alphabet, Inc., Class A | 269199 | 84259 |
| Spotify Technology SA <sup>(a)</sup> | 118391 | 68751 |
| Publicis Groupe SA | 549935 | 57051 |
| Bharti Airtel, Ltd. | 2029589 | 47612 |
| Netflix, Inc. <sup>(a)</sup> | 419340 | 39317 |
| Nintendo Co., Ltd. | 566253 | 38250 |
| Tencent Holdings, Ltd. | 213900 | 16391 |
|  |  | 492310 |
| Consumer staples 3.33% |  |  |
| Nestle SA | 695583 | 69136 |
| Dollar General Corp. | 408173 | 54193 |
| Costco Wholesale Corp. | 44829 | 38658 |
| Carrefour SA, non-registered shares | 2201230 | 36717 |
| Pernod Ricard SA | 384768 | 32940 |
| Coca-Cola HBC AG (CDI) <sup>(a)</sup> | 445087 | 23050 |
| Philip Morris International, Inc. | 121081 | 19421 |
| Monster Beverage Corp. <sup>(a)</sup> | 239297 | 18347 |
| Loblaw Cos., Ltd. | 267760 | 12105 |
|  |  | 304567 |
| Materials 2.48% |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup> | 5358289 | 44201 |
| Agnico Eagle Mines, Ltd. | 240735 | 40824 |
| Amcor PLC (CDI) | 3567000 | 29808 |
| Linde PLC | 63907 | 27249 |
| Sherwin-Williams Co. | 81338 | 26356 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 802920 | 21527 |

---

**3**American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Syensqo SA | 168919 | $13566 |
| Ecolab, Inc. | 46140 | 12113 |
| LyondellBasell Industries NV | 250227 | 10835 |
|  |  | 226479 |
| Energy 1.34% |  |  |
| NAC Kazatomprom JSC (GDR) | 673935 | 37443 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1066948 | 36139 |
| Tourmaline Oil Corp. | 612792 | 27489 |
| Reliance Industries, Ltd. | 789344 | 13778 |
| TotalEnergies SE (EUR denominated) | 112486 | 7331 |
|  |  | 122180 |
| Real estate 1.24% |  |  |
| Mirvac Group REIT | 25439540 | 34719 |
| Simon Property Group, Inc. REIT | 168674 | 31223 |
| Sun Hung Kai Properties, Ltd. | 2378500 | 28855 |
| Dexus REIT | 3935855 | 18150 |
|  |  | 112947 |
| Utilities 0.59% |  |  |
| Oklo, Inc., Class A <sup>(a)(b)</sup> | 258331 | 18538 |
| Veolia Environnement SA | 429985 | 14981 |
| FirstEnergy Corp. | 286296 | 12818 |
| NRG Energy, Inc. | 50420 | 8029 |
|  |  | 54366 |
| Total common stocks (cost: $5,566,337,000) |  | 8851757 |
| Short-term securities 3.17% |  |  |
| Short-term securities 3.17% |  |  |
| **Money market investments 3.16%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup> | 2888549 | 288884 |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> | 1098443 | 1098 |
| Total short-term securities (cost: $289,944,000) |  | 289982 |
| Total investment securities 100.11% (cost: $5,856,281,000) |  | 9141739 |
| Other assets less liabilities (0.11)% |  | (10393) |
| Net assets 100.00% |  | $9131346 |

---

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

![](gex6p7653f4t2l5ruaark.jpg)

Global Growth Fund (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 3.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | $283574 | $1841815 | $1836409 | $(82) | $(14) | $288884 | $12461 |

---

(a)Non-income producing.

(b)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(c)Rate represents the seven-day yield at 12/31/2025.

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

**5**American Funds Insurance Series

Global Small Capitalization Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 96.08% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 96.08% | Shares | (000) |
| Industrials 21.20% |  |  |
| International Container Terminal Services, Inc. | 3664220 | $35133 |
| ATI, Inc. <sup>(a)</sup> | 265862 | 30510 |
| Cleanaway Waste Management, Ltd. | 17157789 | 29580 |
| Trelleborg AB, Class B | 565261 | 23920 |
| Takasago Thermal Engineering Co., Ltd. | 806148 | 22853 |
| Diploma PLC | 300405 | 21440 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 212525 | 20815 |
| Adecco Group AG | 694197 | 20168 |
| Nexans SA | 134522 | 19782 |
| Modine Manufacturing Co. <sup>(a)</sup> | 146345 | 19539 |
| UL Solutions, Inc., Class A | 236384 | 18641 |
| Qantas Airways, Ltd. | 2530925 | 17461 |
| Alaska Air Group, Inc. <sup>(a)</sup> | 343688 | 17287 |
| CBIZ, Inc. <sup>(a)</sup> | 340016 | 17154 |
| Carel Industries SpA | 555967 | 16010 |
| Comfort Systems USA, Inc. | 16788 | 15668 |
| VSE Corp. | 90068 | 15561 |
| Oshkosh Corp. | 106689 | 13403 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 75000 | 12759 |
| Rumo SA | 4373675 | 11683 |
| ICF International, Inc. | 133699 | 11405 |
| Inox Wind, Ltd. <sup>(a)</sup> | 7777781 | 10690 |
| Kandenko Co., Ltd. | 327900 | 10538 |
| AFRY AB, Class B | 642228 | 10430 |
| Badger Infrastructure Solutions, Ltd. | 183079 | 9755 |
| Applied Industrial Technologies, Inc. | 35926 | 9225 |
| Addtech AB, Class B | 245222 | 8714 |
| Howden Joinery Group PLC | 747163 | 8320 |
| Neway Valve (Suzhou) Co., Ltd., Class A | 1107550 | 8219 |
| dormakaba Holding AG | 97220 | 7861 |
| ESAB Corp. | 68792 | 7685 |
| First Advantage Corp. <sup>(a)</sup> | 528767 | 7683 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 24972 | 7647 |
| Beijer Ref AB, Class B | 445805 | 7172 |
| Visional, Inc. <sup>(a)</sup> | 105238 | 6730 |
| IMCD NV | 71611 | 6515 |
| Sinfonia Technology Co., Ltd. | 110986 | 6443 |
| Huber + Suhner AG | 35267 | 6381 |
| Tetra Tech, Inc. | 186785 | 6265 |
| Engcon AB, Class B | 624455 | 5619 |
| Localiza Rent a Car SA, ordinary nominative shares | 663945 | 5236 |
| Localiza Rent a Car SA <sup>(a)</sup> | 25536 | 194 |
| SATS, Ltd. | 1817900 | 5378 |
| SPIE SA | 90533 | 5211 |
| Rosebank Industries PLC <sup>(a)</sup> | 1094795 | 5163 |
| WESCO International, Inc. | 20529 | 5022 |
| XPO, Inc. <sup>(a)</sup> | 35214 | 4786 |
| Saia, Inc. <sup>(a)</sup> | 13577 | 4433 |
| RENK Group AG | 60784 | 3806 |
| Hensoldt AG <sup>(b)</sup> | 41633 | 3598 |
| Matson, Inc. | 28475 | 3518 |
| Reliance Worldwide Corp., Ltd. | 1357484 | 3485 |
| Takuma Co., Ltd. | 204600 | 3237 |
| KEI Industries, Ltd. | 64373 | 3195 |
| IndiaMart InterMesh, Ltd. | 113259 | 2802 |
| Huaming Power Equipment Co., Ltd., Class A | 647600 | 2314 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup> | 98413 | 1652 |
| McGrath RentCorp | 3980 | 418 |
|  |  | 626112 |

---

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

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials 16.44% |  |  |
| IIFL Finance, Ltd. <sup>(a)</sup> | 4298688 | $29178 |
| Stifel Financial Corp. | 224039 | 28054 |
| HDFC Asset Management Co., Ltd. | 907132 | 26969 |
| SLM Corp. | 972198 | 26308 |
| Porto Seguro SA | 2915882 | 25720 |
| Glacier Bancorp, Inc. | 577688 | 25447 |
| Cholamandalam Investment and Finance Co., Ltd. | 1274960 | 24092 |
| First American Financial Corp. | 379577 | 23321 |
| Vontobel Holding AG | 257533 | 20820 |
| Max Financial Services, Ltd. <sup>(a)</sup> | 975628 | 18142 |
| SiriusPoint, Ltd. <sup>(a)</sup> | 767775 | 16807 |
| Kyoto Financial Group, Inc. | 750000 | 16355 |
| Pluxee NV | 1010488 | 15831 |
| Janus Henderson Group PLC | 299721 | 14258 |
| Lazard, Inc., Class A | 274252 | 13318 |
| Home BancShares, Inc. | 449364 | 12483 |
| Gunma Bank, Ltd. (The) | 1068100 | 11747 |
| Sprott, Inc. | 109623 | 10737 |
| GQG Partners, Inc. (CDI) | 9139164 | 10643 |
| Banco del Bajio SA | 3890796 | 9827 |
| Asia Commercial Joint Stock Bank | 10676850 | 9743 |
| SouthState Bank Corp. | 94096 | 8855 |
| Eurobank SA | 2174630 | 8716 |
| EFG International AG | 334117 | 7988 |
| FirstCash Holdings, Inc. | 48401 | 7714 |
| Hokuhoku Financial Group, Inc. | 253900 | 7410 |
| IG Group Holdings PLC | 382385 | 6778 |
| Patria Investments, Ltd., Class A | 397904 | 6323 |
| Discovery, Ltd. | 381042 | 5240 |
| JB Financial Group Co., Ltd. | 282792 | 5023 |
| PJT Partners, Inc., Class A | 28318 | 4735 |
| 360 ONE WAM, Ltd. | 356178 | 4703 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup> | 180849 | 4346 |
| CVB Financial Corp. | 226040 | 4204 |
| Root, Inc., Class A <sup>(a)</sup> | 53525 | 3866 |
| Pinnacle Investment Management Group, Ltd. | 322427 | 3655 |
| Haci A–mer Sabanci Holding AS | 1367842 | 2691 |
| Capitec Bank Holdings, Ltd. | 8764 | 2201 |
| EZCORP, Inc., Class A, nonvoting shares <sup>(a)</sup> | 74602 | 1449 |
|  |  | 485697 |
| Information technology 14.52% |  |  |
| King Slide Works Co., Ltd. | 253784 | 30159 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 80942 | 29834 |
| Semtech Corp. <sup>(a)</sup> | 376056 | 27712 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 156241 | 26761 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 358889 | 26407 |
| Kokusai Electric Corp. | 663891 | 23173 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 305539 | 22048 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup> | 948877 | 17014 |
| CompoSecure, Inc., Class A <sup>(a)</sup> | 145811 | 2811 |
| PAR Technology Corp. <sup>(a)(b)</sup> | 466983 | 16942 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 116697 | 15252 |
| Allegro MicroSystems, Inc. <sup>(a)</sup> | 555183 | 14646 |
| Rogers Corp. <sup>(a)</sup> | 147666 | 13522 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 92021 | 13241 |
| Unity Software, Inc. <sup>(a)</sup> | 277946 | 12277 |
| Agilysys, Inc. <sup>(a)</sup> | 96907 | 11516 |
| Maruwa Co., Ltd. | 41254 | 11156 |
| Riken Keiki Co., Ltd. | 530000 | 10840 |

---

**7**American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Information technology (continued) |  |  |
| Pegasystems, Inc. | 159265 | $9511 |
| Klaviyo, Inc., Class A <sup>(a)</sup> | 284599 | 9241 |
| Tokyo Seimitsu Co., Ltd. | 124023 | 8770 |
| eMemory Technology, Inc. | 157430 | 8595 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 14995 | 6827 |
| Soitec <sup>(a)</sup> | 177920 | 4810 |
| Cellebrite DI, Ltd. <sup>(a)</sup> | 253216 | 4565 |
| Netskope, Inc., Class A <sup>(a)(b)</sup> | 251977 | 4420 |
| Via Transportation, Inc., Class A <sup>(a)(b)</sup> | 141377 | 4101 |
| OBIC Business Consultants Co., Ltd. | 73900 | 3990 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 47429 | 3864 |
| Softcat PLC | 195529 | 3717 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup> | 38110 | 3530 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 8355 | 3507 |
| Shibaura Mechatronics Corp. | 26300 | 3190 |
| Commvault Systems, Inc. <sup>(a)</sup> | 24418 | 3061 |
| HPSP Co., Ltd. | 132490 | 3056 |
| Cipher Mining, Inc. <sup>(a)(b)</sup> | 206487 | 3048 |
| MARA Holdings, Inc. <sup>(a)(b)</sup> | 327085 | 2937 |
| ASMPT, Ltd. | 293500 | 2921 |
| Domo, Inc., Class B <sup>(a)</sup> | 300977 | 2537 |
| Wolfspeed, Inc. <sup>(a)(b)</sup> | 89368 | 1556 |
| Hexaware Technologies, Ltd. | 126699 | 1079 |
| Bitdeer Technologies Group, Class A <sup>(a)(b)</sup> | 49512 | 555 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup> | 678736 | 265 |
|  |  | 428964 |
| Consumer discretionary 11.70% |  |  |
| CAVA Group, Inc. <sup>(a)(b)</sup> | 547511 | 32133 |
| Light & Wonder, Inc. CHESS Depositary Interest <sup>(a)</sup> | 266937 | 27998 |
| Entain PLC | 2694154 | 27743 |
| TopBuild Corp. <sup>(a)</sup> | 49920 | 20826 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 535848 | 18465 |
| Thor Industries, Inc. | 170817 | 17538 |
| Champion Homes, Inc. <sup>(a)</sup> | 182251 | 15400 |
| Sega Sammy Holdings, Inc. | 878000 | 13727 |
| Wyndham Hotels & Resorts, Inc. | 175062 | 13228 |
| Acushnet Holdings Corp. | 165000 | 13170 |
| LKQ Corp. | 420833 | 12709 |
| Patrick Industries, Inc. | 96348 | 10447 |
| Guzman y Gomez, Ltd. | 668245 | 9643 |
| Food & Life Cos., Ltd. | 184900 | 9373 |
| Steven Madden, Ltd. <sup>(b)</sup> | 208312 | 8674 |
| Ollies Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 74296 | 8144 |
| Aditya Vision, Ltd. | 1363712 | 7408 |
| Cartrade Tech, Ltd. <sup>(a)</sup> | 227495 | 7154 |
| tonies SE, Class A <sup>(a)</sup> | 568903 | 6987 |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 41039 | 6825 |
| Dominos Pizza Enterprises, Ltd. | 486762 | 6810 |
| Lottomatica Group SpA | 254958 | 6691 |
| MRF, Ltd. | 3861 | 6567 |
| Yonex Co., Ltd. | 300000 | 6362 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 33840 | 5972 |
| Inchcape PLC | 420301 | 4357 |
| Camping World Holdings, Inc., Class A | 426336 | 4148 |
| Cairn Homes PLC (EUR denominated) | 1597882 | 3891 |
| Savers Value Village, Inc. <sup>(a)</sup> | 367506 | 3433 |
| Zalando SE, non-registered shares <sup>(a)</sup> | 115415 | 3427 |
| Smartfit Escola de Ginastica e Danca SA | 677584 | 2865 |

---

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

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Coats Group PLC | 2231726 | $2529 |
| Groupe Dynamite, Inc. | 8500 | 512 |
| Metaplanet, Inc. <sup>(a)</sup> | 137850 | 350 |
|  |  | 345506 |
| Health care 10.57% |  |  |
| Insulet Corp. <sup>(a)</sup> | 85352 | 24260 |
| Ensign Group, Inc. (The) | 127853 | 22272 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup> | 417299 | 19593 |
| IDEAYA Biosciences, Inc. <sup>(a)(b)</sup> | 486851 | 16830 |
| Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup> | 54843 | 16617 |
| Max Healthcare Institute, Ltd. | 1220256 | 14191 |
| Addus HomeCare Corp. <sup>(a)</sup> | 125640 | 13492 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> | 171932 | 13378 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 112926 | 12088 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup> | 873841 | 12047 |
| ADMA Biologics, Inc. <sup>(a)</sup> | 596196 | 10875 |
| Vitrolife AB | 730264 | 10864 |
| Bio-Techne Corp. | 178365 | 10490 |
| Zealand Pharma AS <sup>(a)</sup> | 132343 | 9631 |
| Masimo Corp. <sup>(a)(b)</sup> | 72354 | 9410 |
| Vimian Group AB (publ) <sup>(a)(b)</sup> | 2729438 | 8952 |
| Asker Healthcare Group AB <sup>(a)</sup> | 964065 | 8829 |
| iRhythm Technologies, Inc. <sup>(a)</sup> | 45776 | 8122 |
| Encompass Health Corp. | 62771 | 6662 |
| BridgeBio Pharma, Inc. <sup>(a)</sup> | 86007 | 6579 |
| Shanghai Conant Optical Co., Ltd., Class H | 902000 | 6258 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup> | 85657 | 6243 |
| Indegene, Ltd. | 933888 | 5409 |
| Denali Therapeutics, Inc. <sup>(a)</sup> | 315416 | 5208 |
| CONMED Corp. | 124153 | 5041 |
| Dr. Lal PathLabs, Ltd. | 301052 | 4966 |
| AddLife AB, Class B | 285033 | 4923 |
| Aster DM Healthcare, Ltd. | 688425 | 4725 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 53648 | 3310 |
| Inhibrx Biosciences, Inc. <sup>(a)(b)</sup> | 41358 | 3267 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup> | 138269 | 2129 |
| Waystar Holding Corp. <sup>(a)</sup> | 59700 | 1955 |
| Biohaven, Ltd. <sup>(a)</sup> | 164617 | 1859 |
| GeneDx Holdings Corp., Class A <sup>(a)</sup> | 12764 | 1660 |
|  |  | 312135 |
| Materials 7.75% |  |  |
| Resonac Holdings Co., Ltd. | 1078714 | 45051 |
| Materion Corp. | 237927 | 29579 |
| Sumitomo Bakelite Co., Ltd. | 830059 | 27399 |
| Celanese Corp. | 567064 | 23975 |
| Lundin Mining Corp. | 1000000 | 21493 |
| Lundin Gold, Inc. | 202100 | 16789 |
| Knife River Corp. <sup>(a)</sup> | 174361 | 12266 |
| Dyno Nobel, Ltd. | 5112453 | 10919 |
| Louisiana-Pacific Corp. | 110000 | 8884 |
| Vicat SACA | 85775 | 7625 |
| Acerinox SA | 437480 | 6481 |
| Mitsui Kinzoku Co., Ltd. | 41700 | 4711 |
| Umicore SA | 168404 | 3515 |
| Cabot Corp. | 48229 | 3197 |
| Huhtamaki OYJ | 82277 | 2867 |

---

**9**American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Arkema SA | 34302 | $2098 |
| Mayr-Melnhof Karton AG, non-registered shares | 17249 | 1882 |
| Titan SA | 1455 | 90 |
|  |  | 228821 |
| Communication services 3.97% |  |  |
| Nippon Television Holdings, Inc. | 986700 | 23925 |
| Magnite, Inc. <sup>(a)</sup> | 1429601 | 23202 |
| Springer Nature AG & Co. KGaA, non-registered shares | 593839 | 13346 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup> | 900000 | 12177 |
| New York Times Co., Class A | 175000 | 12149 |
| Indosat Tbk PT | 85573409 | 11905 |
| Kadokawa Corp. | 529800 | 10749 |
| Rightmove PLC | 1080615 | 7555 |
| Bharti Hexacom, Ltd. | 63232 | 1282 |
| Starz Entertainment Corp. <sup>(a)</sup> | 82800 | 969 |
|  |  | 117259 |
| Consumer staples 3.25% |  |  |
| Raia Drogasil SA, ordinary nominative shares | 7751754 | 33248 |
| BBB Foods, Inc., Class A <sup>(a)</sup> | 767003 | 25610 |
| Universal Robina Corp. | 13048305 | 14887 |
| Lamb Weston Holdings, Inc. | 320000 | 13405 |
| Apotea Sverige AB <sup>(a)</sup> | 593629 | 5929 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 40599 | 3087 |
|  |  | 96166 |
| Energy 2.66% |  |  |
| Weatherford International | 409326 | 32034 |
| CNX Resources Corp. <sup>(a)</sup> | 525389 | 19319 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 207708 | 10107 |
| Aegis Logistics Ltd. | 790464 | 6306 |
| Secure Waste Infrastructure Corp. | 369037 | 4643 |
| Cactus, Inc., Class A | 77043 | 3519 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup> | 953011 | 2643 |
|  |  | 78571 |
| Real estate 2.41% |  |  |
| Charter Hall Group REIT | 1491963 | 24257 |
| Embassy Office Parks REIT | 4429528 | 21465 |
| Mindspace Business Parks REIT | 1250000 | 6607 |
| NTT DC REIT <sup>(a)</sup> | 5706900 | 5815 |
| Lodha Developers, Ltd. | 442564 | 5226 |
| St. Joe Co. | 70902 | 4209 |
| Altus Group, Ltd. | 88775 | 3668 |
|  |  | 71247 |
| Utilities 1.61% |  |  |
| Black Hills Corp. | 280286 | 19457 |
| Talen Energy Corp. <sup>(a)</sup> | 23357 | 8755 |

---

American Funds Insurance Series **10**

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Utilities (continued) |  |  |
| Nippon Gas Co., Ltd. | 364000 | $6893 |
| SembCorp Industries, Ltd. | 1425500 | 6655 |
| IDACORP, Inc. | 45900 | 5809 |
|  |  | 47569 |
| Total common stocks (cost: $2,108,611,000) |  | 2838047 |
| Preferred securities 0.66% |  |  |
| Preferred securities 0.66% |  |  |
| Information technology 0.41% |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup> | 3006 | 10054 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup> | 2158609 | 842 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup> | 287894 | 112 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup> | 274070 | 107 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup> | 183819 | 72 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup> | 89605 | 35 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup> | 75980 | 30 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup> | 42368 | 16 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup> | 33838 | 13 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup> | 154354 | 807 |
|  |  | 12088 |
| Financials 0.25% |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup> | 500000 | 7200 |
| Total preferred securities (cost: $27,808,000) |  | 19288 |
| Rights & warrants 0.00% |  |  |
| Rights & warrants 0.00% |  |  |
| Consumer discretionary 0.00% |  |  |
| Smartfit Escola de Ginastica e Danca SA, rights, expire 1/6/2026 <sup>(a)</sup> | 21419 | 12 |
| Convertible bonds & notes 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal amount |  |
| Convertible bonds & notes 0.05% | (000) |  |
| Information technology 0.05% |  |  |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 | USD773 | 1149 |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(e)</sup> | 291 | 432 |
| Total convertible bonds & notes (cost: $923,000) |  | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |
| Bonds, notes & other debt instruments 0.03% |  |  |
| **Corporate bonds and notes 0.03%** |  |  |
| Information technology 0.03% |  |  |
| Wolfspeed, Inc. 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(f)(g)</sup> | 1173 | 945 |
| Total bonds, notes & other debt instruments (cost: $1,334,000) |  | 945 |
| Short-term securities 6.72% | Shares |  |
| Short-term securities 6.72% | Shares |  |
| **Money market investments 2.90%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)</sup> | 856817 | 85690 |

---

**11**American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Short-term securities (continued) |  |  |  |  |  |  |  |  | Value |
| Short-term securities (continued) |  |  |  |  | Shares | Shares |  | (000) | (000) |
| **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** |  |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup> |  | 55116990 | 55116990 |  | $55117 | $55117 |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup> |  |  |  |  | 138082 | 138082 |  | 13810 | 13810 |
|  |  |  |  |  |  |  |  | 68927 | 68927 |
|  |  |  |  | Weighted |  |  |  |  |  |
|  |  |  |  | Weighted |  |  |  |  |  |
|  |  |  | average yield | average yield | Principal amount | Principal amount |  |  |  |
|  |  |  | at acquisition | at acquisition | (000) | (000) |  |  |  |
| **Commercial paper 1.49%** |  |  |  |  |  |  |  |  |  |
| Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.214% | USD21,500 | USD21,500 |  | 21464 | 21464 |
| TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.868 | 22500 | 22500 |  | 22479 | 22479 |
|  |  |  |  |  |  |  |  | 43943 | 43943 |
| Total short-term securities (cost: $198,558,000) |  |  |  |  |  |  |  | 198560 | 198560 |
| Total investment securities 103.54% (cost: $2,337,234,000) |  |  |  |  |  |  |  | 3058433 | 3058433 |
| Other assets less liabilities (3.54)% |  |  |  |  |  |  |  | (104630) | (104630) |
| Net assets 100.00% |  |  |  |  |  |  |  | $2953803 | $2953803 |
| **Investments in affiliates <sup>(i)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(i)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(i)</sup>** |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend | Dividend |
|  | Value at |  |  | realized | appreciation |  | Value at | or interest | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | 12/31/2025 | income | income |
|  | (000) | (000) | (000) | (000) | (000) |  | (000) | (000) | (000) |
| Common stocks 0.00% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer discretionary 0.00% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lands' End, Inc. <sup>(a)(k)</sup> | $27594 | $— | $16981 | $2176 | $(12789) | $ | $— | $ |  |
| Short-term securities 3.37% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.90% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(h)</sup> | 16001 | 781768 | 712093 | 10 | 4 |  | 85690 | 4646 | 4646 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.47% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup> | 19927 |  | 6117<sup>(l)</sup> |  |  |  | 13810 |  | —(m) |
| &nbsp;&nbsp;&nbsp;Total short-term securities |  |  |  |  |  |  | 99500 |  |  |
| &nbsp;&nbsp;&nbsp;Total 3.37% |  |  |  | $2186 | $(12785) | $99500 | $99500 | $4646 | $4646 |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |
|  | Acquisition |  |  | Cost | Value |  |  | Percent | Percent |
|  | Acquisition |  |  | Cost | Value |  |  |  | of net |
|  |  |  |  | (000) | (000) |  |  |  | assets |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc., Class A <sup>(a)</sup> | 12/24/2025 |  | $17554 | $17554 | $17014 |  |  | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> | 5/28/2021 |  | 14344 | 14344 | 10054 |  |  | 0.34 | 0.34 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> | 2/25/2021 |  |  | 4748 | 842 |  |  | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd. <sup>(a)(d)</sup> | 3/16/2021 |  |  | 1418 | 265 |  |  | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> | 3/16/2021 |  |  | 602 | 112 |  |  | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> | 3/16/2021 |  |  | 573 | 107 |  |  |  | 0.00<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 |  |  | 384 | 72 |  |  |  | 0.00<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> | 3/16/2021 |  |  | 187 | 35 |  |  |  | 0.00<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 |  |  | 159 | 30 |  |  |  | 0.00<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> | 3/16/2021 |  |  | 88 | 16 |  |  |  | 0.00<sup>(n)</sup> |
|  |  |  |  |  | American Funds Insurance Series | American Funds Insurance Series | American Funds Insurance Series | American Funds Insurance Series | **12** |

---

![](g47whj7yqq1jhemfxpe6r.jpg)

Global Small Capitalization Fund (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | $71 | $13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> | 5/27/2021 | 4517 | 807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;Total |  | $44645 | $29367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |

---

(a)Non-income producing.

(b)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(c)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(d)Value determined using significant unobservable inputs.

(e)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,375,000, which represented 1.50% of the net assets of the fund.

(f)Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

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

(h)Rate represents the seven-day yield at 12/31/2025.

(i)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

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

(k)Affiliated issuer during the reporting period but no longer held at 12/31/2025.

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

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

(n)Amount less than 0.01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

CDI = CREST Depository Interest

EUR = Euros

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

**13**American Funds Insurance Series

Growth Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 97.05% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 97.05% | Shares | (000) |
| Information technology 30.03% |  |  |
| NVIDIA Corp. | 14633168 | $2729086 |
| Broadcom, Inc. | 7127917 | 2466972 |
| Microsoft Corp. | 4705891 | 2275863 |
| Micron Technology, Inc. | 4145247 | 1183095 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 6681199 | 1075473 |
| Apple, Inc. | 3469920 | 943333 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 3933670 | 775523 |
| Salesforce, Inc. | 2329847 | 617200 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9590699 | 468538 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 178139 | 54135 |
| SK hynix, Inc. | 1021431 | 462530 |
| Strategy, Inc., Class A <sup>(a)</sup> | 2430046 | 369246 |
| Constellation Software, Inc. | 144522 | 347619 |
| Fair Isaac Corp. <sup>(a)</sup> | 159463 | 269591 |
| Synopsys, Inc. <sup>(a)</sup> | 548921 | 257839 |
| AppLovin Corp., Class A <sup>(a)</sup> | 321334 | 216521 |
| KLA Corp. | 161842 | 196651 |
| Unity Software, Inc. <sup>(a)</sup> | 4187714 | 184971 |
| Adobe, Inc. <sup>(a)</sup> | 464126 | 162440 |
| Intel Corp. <sup>(a)</sup> | 4381849 | 161690 |
| Amphenol Corp., Class A | 1061587 | 143463 |
| ASML Holding NV (ADR) | 121131 | 129593 |
| ASML Holding NV | 11142 | 11910 |
| Klaviyo, Inc., Class A <sup>(a)</sup> | 3758673 | 122044 |
| Gartner, Inc. <sup>(a)</sup> | 440392 | 111102 |
| DocuSign, Inc. <sup>(a)</sup> | 1362952 | 93226 |
| Intuit, Inc. | 109602 | 72603 |
| Fortinet, Inc. <sup>(a)</sup> | 840566 | 66749 |
| Monday.com, Ltd. <sup>(a)</sup> | 437980 | 64628 |
| HubSpot, Inc. <sup>(a)</sup> | 133103 | 53414 |
| Accenture PLC, Class A | 194545 | 52196 |
| Datadog, Inc., Class A <sup>(a)</sup> | 322570 | 43866 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 1465500 | 42324 |
| Tower Semiconductor, Ltd. <sup>(a)</sup> | 328759 | 38603 |
| Atlassian Corp., Class A <sup>(a)</sup> | 175462 | 28449 |
| Applied Materials, Inc. | 102877 | 26438 |
| Hewlett Packard Enterprise Co. | 1097823 | 26370 |
| OpenAI Group PBC, Class A <sup>(a)(b)</sup> | 35568 | 17228 |
| MKS, Inc. | 101047 | 16147 |
| ServiceNow, Inc. <sup>(a)</sup> | 100415 | 15383 |
| TE Connectivity PLC | 58501 | 13310 |
| Stripe, Inc., Class B <sup>(a)(b)(c)</sup> | 168598 | 6983 |
| Figma, Inc. <sup>(a)</sup> | 181900 | 6798 |
|  |  | 16421143 |
| Communication services 17.08% |  |  |
| Meta Platforms, Inc., Class A | 6338307 | 4183853 |
| Alphabet, Inc., Class A | 5117670 | 1601831 |
| Alphabet, Inc., Class C | 4890122 | 1534520 |
| Netflix, Inc. <sup>(a)</sup> | 11967549 | 1122077 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 1673146 | 238423 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup> | 27200000 | 219504 |
| ROBLOX Corp., Class A <sup>(a)</sup> | 2022582 | 163890 |
| Reddit, Inc., Class A <sup>(a)</sup> | 385000 | 88500 |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 257459 | 53745 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 205671 | 52658 |
| T-Mobile US, Inc. | 142902 | 29015 |

---

American Funds Insurance Series **14**

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Communication services (continued) |  |  |
| Nintendo Co., Ltd. | 411400 | $27790 |
| Spotify Technology SA <sup>(a)</sup> | 36511 | 21202 |
| Stubhub Holdings, Inc., Class A <sup>(a)(d)</sup> | 289405 | 3916 |
|  |  | 9340924 |
| Consumer discretionary 15.69% |  |  |
| Tesla, Inc. <sup>(a)</sup> | 7508443 | 3376697 |
| Amazon.com, Inc. <sup>(a)</sup> | 4731936 | 1092225 |
| Royal Caribbean Cruises, Ltd. | 1873957 | 522684 |
| D.R. Horton, Inc. | 3192890 | 459872 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 9143057 | 338293 |
| DoorDash, Inc., Class A <sup>(a)</sup> | 1463440 | 331440 |
| NIKE, Inc., Class B | 4175649 | 266031 |
| Flutter Entertainment PLC <sup>(a)</sup> | 1088583 | 234089 |
| Burlington Stores, Inc. <sup>(a)</sup> | 606948 | 175317 |
| Tractor Supply Co. | 3325000 | 166283 |
| Hermes International | 61000 | 150713 |
| Wayfair, Inc., Class A <sup>(a)</sup> | 1406061 | 141183 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 6094950 | 136039 |
| Rivian Automotive, Inc., Class A <sup>(a)</sup> | 6072024 | 119680 |
| Aramark | 3218114 | 118620 |
| Home Depot, Inc. | 315781 | 108660 |
| Texas Roadhouse, Inc. | 569220 | 94491 |
| LVMH Moet Hennessy-Louis Vuitton SE | 103754 | 78220 |
| CAVA Group, Inc. <sup>(a)</sup> | 1153603 | 67705 |
| Service Corp. International | 848647 | 66169 |
| Amadeus IT Group SA, Class A, non-registered shares | 900457 | 66047 |
| Five Below, Inc. <sup>(a)</sup> | 252000 | 47467 |
| Duolingo, Inc., Class A <sup>(a)</sup> | 267716 | 46984 |
| TopBuild Corp. <sup>(a)</sup> | 109349 | 45619 |
| Churchill Downs, Inc. | 393735 | 44799 |
| Booking Holdings, Inc. | 8123 | 43501 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 1260429 | 43434 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup> | 690678 | 42055 |
| YUM! Brands, Inc. | 246744 | 37327 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 310795 | 28348 |
| Polaris, Inc. | 371000 | 23466 |
| Starbucks Corp. | 250453 | 21091 |
| AutoZone, Inc. <sup>(a)</sup> | 5049 | 17124 |
| Marriott International, Inc., Class A | 46380 | 14389 |
| Caesars Entertainment, Inc. <sup>(a)</sup> | 356300 | 8334 |
| Helen of Troy, Ltd. <sup>(a)</sup> | 269597 | 5729 |
|  |  | 8580125 |
| Health care 10.98% |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 1991933 | 1128151 |
| Eli Lilly and Co. | 939135 | 1009270 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1501764 | 680840 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 1708686 | 679459 |
| HCA Healthcare, Inc. | 627846 | 293116 |
| UnitedHealth Group, Inc. | 835333 | 275752 |
| Thermo Fisher Scientific, Inc. | 472926 | 274037 |
| Boston Scientific Corp. <sup>(a)</sup> | 2452163 | 233814 |
| Amgen, Inc. | 520625 | 170406 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 1674900 | 132501 |
| Illumina, Inc. <sup>(a)</sup> | 993454 | 130302 |
| Guardant Health, Inc. <sup>(a)</sup> | 1005728 | 102725 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup> | 444896 | 94870 |
| Moderna, Inc. <sup>(a)</sup> | 3047100 | 89859 |

---

**15**American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 62042 | $86498 |
| Danaher Corp. | 375705 | 86006 |
| Align Technology, Inc. <sup>(a)</sup> | 540602 | 84415 |
| Hims & Hers Health, Inc., Class A <sup>(a)(d)</sup> | 2320554 | 75348 |
| Insmed, Inc. <sup>(a)</sup> | 418330 | 72806 |
| EssilorLuxottica SA | 229003 | 72405 |
| BioNTech SE (ADR) <sup>(a)</sup> | 562734 | 53572 |
| Royalty Pharma PLC, Class A | 955185 | 36908 |
| Abbott Laboratories | 241437 | 30250 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 105500 | 23781 |
| CRISPR Therapeutics AG <sup>(a)(d)</sup> | 334619 | 17547 |
| Regeneron Pharmaceuticals, Inc. | 21203 | 16366 |
| Humana, Inc. | 52111 | 13347 |
| QIAGEN NV | 294396 | 13239 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> | 41200 | 9197 |
| Verily Life Sciences, LLC <sup>(a)(b)(c)</sup> | 300178 | 8789 |
| Doximity, Inc., Class A <sup>(a)</sup> | 172495 | 7638 |
|  |  | 6003214 |
| Industrials 9.20% |  |  |
| TransDigm Group, Inc. | 716472 | 952800 |
| General Electric Co. | 1458179 | 449163 |
| Uber Technologies, Inc. <sup>(a)</sup> | 3678126 | 300540 |
| Quanta Services, Inc. | 656371 | 277028 |
| FTAI Aviation, Ltd. | 1289761 | 253889 |
| Ingersoll-Rand, Inc. | 3178452 | 251797 |
| ATI, Inc. <sup>(a)</sup> | 2086140 | 239405 |
| Republic Services, Inc. | 1037338 | 219843 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 1596411 | 178511 |
| Rocket Lab Corp. <sup>(a)</sup> | 2320675 | 161890 |
| Northrop Grumman Corp. | 202123 | 115253 |
| United Rentals, Inc. | 132903 | 107561 |
| GE Vernova, Inc. | 164046 | 107216 |
| Ryanair Holdings PLC (ADR) | 1404492 | 101390 |
| Ryanair Holdings PLC | 96554 | 3353 |
| Airbus SE, non-registered shares | 426445 | 98915 |
| Copart, Inc. <sup>(a)</sup> | 2348144 | 91930 |
| Saia, Inc. <sup>(a)</sup> | 280378 | 91549 |
| Axon Enterprise, Inc. <sup>(a)</sup> | 157223 | 89292 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 518058 | 88133 |
| Old Dominion Freight Line, Inc. | 490000 | 76832 |
| Tetra Tech, Inc. | 2192104 | 73523 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 701174 | 68673 |
| Equifax, Inc. | 308063 | 66843 |
| Boeing Co. (The) <sup>(a)</sup> | 307821 | 66834 |
| Willscot Holdings Corp., Class A | 3295427 | 62053 |
| ITT, Inc. | 343000 | 59514 |
| Rolls-Royce Holdings PLC | 3673109 | 57092 |
| Loar Holdings, Inc. <sup>(a)</sup> | 817165 | 55567 |
| HEICO Corp. | 137622 | 44533 |
| Carrier Global Corp. | 709345 | 37482 |
| XPO, Inc. <sup>(a)</sup> | 263564 | 35821 |
| Enerpac Tool Group Corp., Class A | 924087 | 35337 |
| Applied Industrial Technologies, Inc. | 93197 | 23930 |
| Lennox International, Inc. | 43370 | 21060 |
| Caterpillar, Inc. | 30500 | 17472 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 160656 | 16530 |
| SPX Technologies, Inc. <sup>(a)</sup> | 65962 | 13196 |

---

American Funds Insurance Series **16**

![](g6r6o1wbvq3onufx70p60.jpg)

Growth Fund (continued)

Common stocks (continued)

Industrials (continued)

Safran SA

Einride AB <sup>(a)(b)(c)</sup>

Einride AB (EUR denominated) <sup>(a)(b)(c)</sup>

---

| | |
|:---|:---|
|  | Value |
| Shares | (000) |
| 31998 | $11135 |
| 128088 | 2621 |
| 78648 | 1609 |
|  | 5027115 |

---

---

| | | |
|:---|:---|:---|
| Financials 7.45% |  |  |
| Visa, Inc., Class A | 2133721 | 748317 |
| Bank of America Corp. | 9094572 | 500202 |
| Toast, Inc., Class A <sup>(a)</sup> | 8375874 | 297427 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 3595701 | 267628 |
| Mastercard, Inc., Class A | 467855 | 267089 |
| Capital One Financial Corp. | 955209 | 231504 |
| KKR & Co., Inc. | 1738534 | 221628 |
| Apollo Asset Management, Inc. | 1370731 | 198427 |
| LPL Financial Holdings, Inc. | 477139 | 170420 |
| Block, Inc., Class A <sup>(a)</sup> | 2393874 | 155817 |
| Brookfield Corp., Class A | 3275187 | 150298 |
| American Express Co. | 292646 | 108264 |
| UBS Group AG | 2174000 | 100498 |
| Blue Owl Capital, Inc., Class A <sup>(d)</sup> | 6686183 | 99892 |
| Coinbase Global, Inc., Class A <sup>(a)</sup> | 330462 | 74731 |
| Progressive Corp. | 307337 | 69987 |
| Truist Financial Corp. | 1350366 | 66452 |
| Blackstone, Inc. | 372497 | 57417 |
| Ares Management Corp., Class A | 346466 | 55999 |
| Marsh & McLennan Cos., Inc. | 267515 | 49629 |
| Brown & Brown, Inc. | 598260 | 47681 |
| Ryan Specialty Holdings, Inc., Class A | 870000 | 44918 |
| Kinsale Capital Group, Inc. | 73584 | 28780 |
| Intercontinental Exchange, Inc. | 176208 | 28539 |
| Aon PLC, Class A | 57337 | 20233 |
| Tradeweb Markets, Inc., Class A | 118829 | 12779 |
|  |  | 4074556 |
| Consumer staples 1.87% |  |  |
| Performance Food Group Co. <sup>(a)</sup> | 3559500 | 320070 |
| Costco Wholesale Corp. | 303405 | 261638 |
| Philip Morris International, Inc. | 1376564 | 220801 |
| Bunge Global SA | 679809 | 60557 |
| Church & Dwight Co., Inc. | 600863 | 50382 |
| Walmart, Inc. | 421746 | 46987 |
| Dollar Tree Stores, Inc. <sup>(a)</sup> | 326400 | 40151 |
| Estee Lauder Cos., Inc. (The), Class A | 163107 | 17081 |
| JUUL Labs, Inc., Class A <sup>(a)(b)(c)(e)</sup> | 2496349 | 4743 |
|  |  | 1022410 |
| Materials 1.79% |  |  |
| Wheaton Precious Metals Corp. | 2483836 | 291900 |
| Grupo Mexico, SAB de CV, Series B | 19156155 | 180876 |
| Albemarle Corp. | 1072000 | 151624 |
| Royal Gold, Inc. | 551247 | 122537 |
| Barrick Mining Corp. | 1945890 | 84743 |
| Franco-Nevada Corp. (CAD denominated) | 323280 | 67011 |
| Glencore PLC | 5275000 | 28695 |
| Linde PLC | 61350 | 26159 |
| Ecolab, Inc. | 93883 | 24646 |
|  |  | 978191 |

---

**17**American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy 1.55% |  |  |
| EOG Resources, Inc. | 2238224 | $235036 |
| Baker Hughes Co., Class A | 3500000 | 159390 |
| TechnipFMC PLC | 2000000 | 89120 |
| ConocoPhillips | 815850 | 76372 |
| Viper Energy, Inc., Class A | 1904761 | 73581 |
| Diamondback Energy, Inc. | 325000 | 48857 |
| EQT Corp. | 775751 | 41580 |
| Cenovus Energy, Inc. (CAD denominated) | 2415901 | 40871 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1087226 | 36826 |
| Tourmaline Oil Corp. | 596759 | 26769 |
| SLB, Ltd. | 470914 | 18074 |
|  |  | 846476 |
| Real estate 0.74% |  |  |
| Welltower, Inc. REIT | 908669 | 168658 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup> | 2105080 | 143609 |
| CoStar Group, Inc. <sup>(a)</sup> | 1393047 | 93668 |
|  |  | 405935 |
| Utilities 0.67% |  |  |
| Constellation Energy Corp. | 509942 | 180147 |
| NRG Energy, Inc. | 505712 | 80530 |
| Vistra Corp. | 455512 | 73488 |
| Southern Co. (The) | 357034 | 31133 |
|  |  | 365298 |
| Total common stocks (cost: $21,705,770,000) |  | 53065387 |
| Preferred securities 0.58% |  |  |
| Preferred securities 0.58% |  |  |
| Information technology 0.57% |  |  |
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)(c)</sup> | 613792 | 154007 |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup> | 2763342 | 114458 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup> | 52656 | 2181 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)(c)</sup> | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)(c)</sup> | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)(c)</sup> | 406310 | 1706 |
|  |  | 311948 |
| Industrials 0.01% |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(b)(c)</sup> | 154765 | 3167 |
| Total preferred securities (cost: $182,580,000) |  | 315115 |
| Rights & warrants 0.00% |  |  |
| Rights & warrants 0.00% |  |  |
| Information technology 0.00% |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup> | 53352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(f) |
| Total rights & warrants (cost: $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(f) |
| Convertible stocks 0.08% |  |  |
| Information technology 0.07% |  |  |
| OpenAI Group PBC, Class A-2, convertible preferred shares <sup>(b)</sup> | 73144 | 35429 |

---

American Funds Insurance Series **18**

Growth Fund (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Convertible stocks (continued) |  |  |  |  |  |  |  | Value |
| Convertible stocks (continued) |  |  |  |  | Shares | Shares |  | (000) |
| Materials 0.01% |  |  |  |  |  |  |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 |  |  | 128700 | 128700 | $ | 7644 |
| Industrials 0.00% |  |  |  |  |  |  |  |  |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup> | Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup> | Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup> |  |  | 809003 | 809003 |  | 534 |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup> | Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup> |  |  |  | 171920 | 171920 |  | 113 |
|  |  |  |  |  |  |  |  | 647 |
| Total convertible stocks (cost: $32,010,000) |  |  |  |  |  |  |  | 43720 |
| Short-term securities 2.43% |  |  |  |  |  |  |  |  |
| Short-term securities 2.43% |  |  |  |  |  |  |  |  |
| **Money market investments 2.38%** |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup> |  |  |  |  | 13034717 | 13034717 |  | 1303602 |
| **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** |  |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup> | 26762407 | 26762407 |  | 26762 |
| Total short-term securities (cost: $1,330,110,000) |  |  |  |  |  |  |  | 1330364 |
| Total investment securities 100.14% (cost: $23,250,470,000) |  |  |  |  |  |  |  | 54754586 |
| Other assets less liabilities (0.14)% |  |  |  |  |  |  |  | (75804) |
| Net assets 100.00% |  |  |  |  |  |  | $54678782 | $54678782 |
| **Investments in affiliates <sup>(h)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(h)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(h)</sup>** |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend |
|  | Value at |  | realized | realized | appreciation |  | Value at | or interest |
|  | 1/1/2025 | Additions | gain (loss) | gain (loss) | (depreciation) | 12/31/2025 | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) |  | (000) | (000) |
| Short-term securities 2.38% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.38% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(g)</sup> | $1045665 | $5918652 | $66 | $66 | $56 | $1303602 | $1303602 | $51607 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(g)</sup> | 4032 |  | 4032<sup>(j)</sup> |  |  |  |  | —(k) |
| &nbsp;&nbsp;&nbsp;Total 2.38% |  |  |  | $66 | $56 | $1303602 | $1303602 | $51607 |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |
|  |  | Acquisition | Cost | Cost | Value |  |  | Percent |
|  |  | Acquisition | Cost | Cost | Value |  |  | of net |
|  |  | date(s) | (000) |  | (000) |  |  | assets |
| &nbsp;&nbsp;&nbsp;Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup> |  | 8/29/2025 | $86525 |  | $154007 |  |  | 0.28% |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> |  | 3/15/2023 | 55638 |  | 114458 |  |  | 0.21 |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Class B <sup>(a)(b)</sup> |  | 5/6/'2021 | 6766 |  | 6983 |  |  | 0.01 |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> | 3/15/2021 | 2113 |  | 2181 |  |  | 0.01 |
| &nbsp;&nbsp;&nbsp;PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup> |  | 5/28/2021 | 23781 |  | 37291 |  |  | 0.07 |
| &nbsp;&nbsp;&nbsp;PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup> | 5/23/2025-6/3/2025 | 5/23/2025-6/3/2025 | 2305 |  | 2305 |  |  | 0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Verily Life Sciences, LLC <sup>(a)(b)</sup> |  | 12/21/2018 | 37000 |  | 8789 |  |  | 0.02 |

---

**19**American Funds Insurance Series

![](g8ecekcnypu5v30ed17gn.jpg)

Growth Fund (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Acquisition | Cost |  | Value | Percent |
|  | Acquisition | Cost |  | Value | of net |
|  | date(s) | (000) |  | (000) | assets |
| &nbsp;&nbsp;&nbsp;Einride AB, Series C, preferred shares <sup>(a)(b)</sup> | 11/23/2022-8/1/2024 | $5262 | $ | $3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Einride AB <sup>(a)(b)</sup> | 7/14/2025 | 4355 |  | 2621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Einride AB (EUR denominated) <sup>(a)(b)</sup> | 2/1/2023 | 2674 |  | 1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;JUUL Labs, Inc., Class A <sup>(a)(b)(e)</sup> | 7/29/2024 | 19001 |  | 4743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)</sup> | 12/1/2021 | 6956 |  | 1706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Long Wall Co., Class A-10, noncumulative convertible preferred |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares <sup>(b)</sup> | 12/14/2023 | 1382 |  | 534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Long Wall Co., Class A-9, noncumulative convertible preferred |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares <sup>(b)</sup> | 10/22/2021 | 10452 |  | 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $264210 |  | $340507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% |

---

(a)Non-income producing.

(b)Value determined using significant unobservable inputs.

(c)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(d)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(e)Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $4,743,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents.

(f)Amount less than one thousand.

(g)Rate represents the seven-day yield at 12/31/2025.

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

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

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

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

(l)Amount less than 0.01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

American Funds Insurance Series **20**

International Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 98.16% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 98.16% | Shares | (000) |
| Financials 16.89% |  |  |
| Standard Chartered PLC | 11011203 | $268904 |
| 3i Group PLC | 2897302 | 126054 |
| Banco Bilbao Vizcaya Argentaria SA | 5332751 | 124734 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 6922206 | 115878 |
| KB Financial Group, Inc. | 1185335 | 102470 |
| Mizuho Financial Group, Inc. | 2515100 | 91328 |
| Banco Santander SA | 6836212 | 80222 |
| Banco BPM SpA | 3615692 | 54921 |
| AIA Group, Ltd. | 5207391 | 53488 |
| ING Groep NV | 1613867 | 45368 |
| Munchener Ruckversicherungs-Gesellschaft AG | 56655 | 37414 |
| Tokio Marine Holdings, Inc. | 905800 | 33629 |
| Bank Central Asia Tbk PT | 56767400 | 27401 |
| BPER Banca SpA <sup>(b)</sup> | 1418221 | 19178 |
| NatWest Group PLC | 1567793 | 13674 |
| Allianz SE | 27705 | 12707 |
| Hana Financial Group, Inc. | 186011 | 12133 |
| Brookfield Corp., Class A (CAD denominated) | 233122 | 10704 |
| Japan Post Bank Co., Ltd. | 619400 | 8711 |
| China Merchants Bank Co., Ltd., Class A | 1205700 | 7264 |
| ICICI Bank, Ltd. | 442491 | 6606 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup> | 35499 | 5829 |
|  |  | 1258617 |
| Industrials 16.27% |  |  |
| Airbus SE, non-registered shares | 1101390 | 255471 |
| Rolls-Royce Holdings PLC | 8463724 | 131553 |
| Siemens AG | 303400 | 85206 |
| MTU Aero Engines AG | 179935 | 75054 |
| Recruit Holdings Co., Ltd. | 1308162 | 74627 |
| Melrose Industries PLC | 9427170 | 74169 |
| Techtronic Industries Co., Ltd. | 5617550 | 64539 |
| Volvo AB, Class B | 1368822 | 43876 |
| Diploma PLC | 598717 | 42730 |
| Localiza Rent a Car SA, ordinary nominative shares | 5068783 | 39975 |
| Localiza Rent a Car SA <sup>(a)</sup> | 194953 | 1476 |
| WEG SA | 3980205 | 35650 |
| ITOCHU Corp. | 2657500 | 33545 |
| Marubeni Corp. | 1159900 | 32276 |
| IHI Corp. | 1824200 | 32164 |
| Hitachi, Ltd. | 990979 | 30744 |
| Schneider Electric SE | 95190 | 26092 |
| Rumo SA | 9764390 | 26083 |
| Safran SA | 56700 | 19730 |
| RELX PLC | 379889 | 15366 |
| DSV A/S | 50961 | 12824 |
| Bureau Veritas SA | 386859 | 12320 |
| AtkinsRealis Group, Inc. | 172152 | 11113 |
| Singapore Technologies Engineering, Ltd. | 1674050 | 10922 |
| Experian PLC | 236977 | 10718 |
| Larsen & Toubro, Ltd. | 126454 | 5745 |
| Compagnie de Saint-Gobain SA, non-registered shares | 46865 | 4757 |
| Ashtead Group PLC | 54171 | 3696 |
|  |  | 1212421 |
| Information technology 15.10% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9377867 | 458141 |
| SK hynix, Inc. | 314984 | 142633 |
| Tokyo Electron, Ltd. | 647298 | 142158 |

---

**21**American Funds Insurance Series

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Information technology (continued) |  |  |
| ASML Holding NV | 120453 | $128754 |
| Samsung Electronics Co., Ltd. | 1529763 | 127497 |
| Nebius Group NV, Class A <sup>(a)(b)</sup> | 330786 | 27689 |
| ARM Holdings PLC (ADR) <sup>(a)</sup> | 196800 | 21512 |
| SAP SE | 74969 | 18343 |
| Xiaomi Corp., Class B <sup>(a)</sup> | 1932600 | 9754 |
| NEC Corp. | 244075 | 8230 |
| Infineon Technologies AG | 183939 | 8150 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)(d)</sup> | 4819 | 7933 |
| Elite Material Co., Ltd. | 151233 | 7844 |
| Delta Electronics, Inc. | 244000 | 7424 |
| Tata Consultancy Services, Ltd. | 137136 | 4902 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 28772 | 4632 |
|  |  | 1125596 |
| Materials 12.39% |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 14456903 | 387610 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 8609925 | 97921 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(d)</sup> | 3675281 | 41799 |
| Grupo Mexico, SAB de CV, Series B | 8937237 | 84387 |
| Nitto Denko Corp. | 3520415 | 83649 |
| Anglo American PLC | 1721774 | 70953 |
| Nippon Steel Corp. | 9999000 | 40892 |
| Shin-Etsu Chemical Co., Ltd. | 1077664 | 33513 |
| Air Liquide SA | 118039 | 22213 |
| Antofagasta PLC | 379688 | 16665 |
| Wheaton Precious Metals Corp. | 88388 | 10387 |
| Smurfit Westrock PLC | 247511 | 9571 |
| Nippon Sanso Holdings Corp. | 304021 | 9078 |
| Akzo Nobel NV | 88591 | 6153 |
| Buzzi SpA | 87826 | 5339 |
| DSM-Firmenich AG | 36039 | 2912 |
|  |  | 923042 |
| Communication services 9.56% |  |  |
| SoftBank Group Corp. | 10784964 | 304053 |
| Tencent Holdings, Ltd. | 1764115 | 135179 |
| Bharti Airtel, Ltd. | 4398206 | 103178 |
| Singapore Telecommunications, Ltd. | 11548300 | 40916 |
| Nintendo Co., Ltd. | 536900 | 36267 |
| Deutsche Telekom AG | 974869 | 31622 |
| NetEase, Inc. | 734816 | 20222 |
| Universal Music Group NV | 657391 | 17175 |
| Spotify Technology SA <sup>(a)</sup> | 25659 | 14900 |
| Advanced Info Service PCL, foreign registered shares | 867289 | 8614 |
|  |  | 712126 |
| Consumer discretionary 9.04% |  |  |
| Moncler SpA | 1032407 | 66354 |
| MercadoLibre, Inc. <sup>(a)</sup> | 32883 | 66235 |
| Kering SA | 179269 | 63257 |
| Compagnie Financiere Richemont SA, Class A | 273347 | 58993 |
| Maruti Suzuki India, Ltd. | 288268 | 53589 |
| Trip.com Group, Ltd. | 580746 | 41659 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 313738 | 40023 |
| Prosus NV, Class N | 643657 | 39754 |
| Industria de Diseno Textil SA | 566003 | 37283 |
| Hyundai Motor Co. | 162486 | 33269 |

---

American Funds Insurance Series **22**

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Ferrari NV (EUR denominated) | 87650 | $32635 |
| NEXT PLC | 129015 | 23737 |
| Flutter Entertainment PLC <sup>(a)</sup> | 98385 | 21157 |
| Midea Group Co., Ltd., Class A | 1128302 | 12614 |
| Fast Retailing Co., Ltd. | 33500 | 12149 |
| Aristocrat Leisure, Ltd. | 297447 | 11535 |
| Shimano, Inc. <sup>(b)</sup> | 101600 | 10727 |
| Zensho Holdings Co., Ltd. | 166100 | 9520 |
| Galaxy Entertainment Group, Ltd. | 1925384 | 9443 |
| Compass Group PLC | 292214 | 9297 |
| ANTA Sports Products, Ltd. | 596775 | 6164 |
| Ryohin Keikaku Co., Ltd. | 321757 | 5717 |
| LVMH Moet Hennessy-Louis Vuitton SE | 5799 | 4372 |
| Hermes International | 1637 | 4044 |
|  |  | 673527 |
| Health care 6.01% |  |  |
| Novo Nordisk AS, Class B | 3391577 | 172878 |
| Daiichi Sankyo Co., Ltd. | 5868579 | 124987 |
| Zealand Pharma AS <sup>(a)</sup> | 463564 | 33735 |
| Eurofins Scientific SE, non-registered shares | 451508 | 33021 |
| AstraZeneca PLC | 177294 | 32656 |
| EssilorLuxottica SA | 70441 | 22272 |
| Sanofi | 130708 | 12681 |
| Sandoz Group AG | 159215 | 11604 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup> | 274738 | 3788 |
|  |  | 447622 |
| Energy 5.59% |  |  |
| Reliance Industries, Ltd. | 12131748 | 211754 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 4062860 | 137614 |
| Cenovus Energy, Inc. (CAD denominated) | 2880905 | 48738 |
| Shell PLC (GBP denominated) | 316792 | 11637 |
| Neste OYJ | 300618 | 6803 |
|  |  | 416546 |
| Consumer staples 4.50% |  |  |
| British American Tobacco PLC | 2634440 | 149314 |
| Danone SA | 659961 | 59548 |
| L'Oreal SA, non-registered shares | 86941 | 37344 |
| JBS NV (BDR) <sup>(a)</sup> | 2188693 | 31566 |
| Marks and Spencer Group PLC | 4024381 | 17902 |
| Ajinomoto Co., Inc. | 669004 | 14150 |
| Avenue Supermarts, Ltd. <sup>(a)</sup> | 262709 | 11052 |
| Kweichow Moutai Co., Ltd., Class A | 46534 | 9164 |
| Imperial Brands PLC | 136845 | 5753 |
|  |  | 335793 |
| Utilities 2.81% |  |  |
| Engie SA | 2395754 | 62993 |
| Gulf Development PCL | 27764456 | 36817 |
| E.ON SE | 1586206 | 30069 |
| SSE PLC | 987562 | 28958 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 783149 | 18770 |

---

**23**American Funds Insurance Series

International Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | Shares | (000) |
| Utilities (continued) |  |  |  |  |  |  |  |
| SembCorp Industries, Ltd. |  |  |  |  | 2815100 | 2815100 | $13142 |
| National Grid PLC |  |  |  |  | 702416 | 702416 | 10825 |
| RWE AG |  |  |  |  | 148645 | 148645 | 7909 |
|  |  |  |  |  |  |  | 209483 |
| Total common stocks (cost: $4,876,359,000) |  |  |  |  |  |  | 7314773 |
| Preferred securities 0.46% |  |  |  |  |  |  |  |
| Preferred securities 0.46% |  |  |  |  |  |  |  |
| Financials 0.45% |  |  |  |  |  |  |  |
| Itau Unibanco Holding SA, preferred nominative shares |  |  |  |  | 4652963 | 4652963 | 33353 |
| Information technology 0.01% |  |  |  |  |  |  |  |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup> | Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup> | Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup> |  |  |  | 422 | 695 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup> | Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup> | Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup> |  |  |  | 18 | 29 |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup> | Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup> | Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup> |  |  |  | 1 | 2 |
|  |  |  |  |  |  |  | 726 |
| Total preferred securities (cost: $27,145,000) |  |  |  |  |  |  | 34079 |
| Rights & warrants 0.00% |  |  |  |  |  |  |  |
| Rights & warrants 0.00% |  |  |  |  |  |  |  |
| Information technology 0.00% |  |  |  |  |  |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup> |  |  |  |  | 7730 | 7730 | —(e) |
| Total rights & warrants (cost: $0) |  |  |  |  |  |  | —(e) |
| Short-term securities 2.00% |  |  |  |  |  |  |  |
| **Money market investments 1.65%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup> |  |  |  |  | 1227629 | 1227629 | 122775 |
| **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> |  | 26275215 | 26275215 | 26276 |
| Total short-term securities (cost: $149,031,000) |  |  |  |  |  |  | 149051 |
| Total investment securities 100.62% (cost: $5,052,535,000) |  |  |  |  |  |  | 7497903 |
| Other assets less liabilities (0.62)% |  |  |  |  |  |  | (45923) |
| Net assets 100.00% |  |  |  |  |  |  | $7451980 |
| **Investments in affiliates <sup>(g)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(g)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(g)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 1.65% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 1.65% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(f)</sup> | $396476 | $1657364 | $1930982 | $(57) | $(26) | $122775 | $11400 |

---

American Funds Insurance Series **24**

![](gv20mcwmzp8w085jres4o.jpg)

International Fund (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Net | Net |  |  |  |
|  | Value at |  | Net | unrealized |  | Dividend | Dividend |
|  | Value at |  | realized | appreciation | Value at | or interest | or interest |
|  | 1/1/2025 | Additions | gain (loss) | (depreciation) | 12/31/2025 |  | income |
|  | (000) | (000) | (000) | (000) | (000) |  | (000) |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(f)</sup> | $1000 | $—<br> $1000<sup>(i)</sup> | $— | $— | $— | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(j) |
| &nbsp;&nbsp;&nbsp;Total 1.65% |  |  | $(57) | $(26) | $122775 | $11400 | $11400 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 12/18/2023 | $32962 | $41799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd. <sup>(a)(c)</sup> | 8/26/2021-11/04/2021 | 8215 | 7933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd., Series A, noncumulative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(a)(c)</sup> | 11/4/2021 | 719 | 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(a)(c)</sup> | 11/4/2021 | 31 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(a)(c)</sup> | 11/4/2021 | 2 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $41929 | $50458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |

---

(a)Non-income producing.

(b)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(c)Value determined using significant unobservable inputs.

(d)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(e)Amount less than one thousand.

(f)Rate represents the seven-day yield at 12/31/2025.

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

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

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

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

(k)Amount less than 0.01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

**25**American Funds Insurance Series

New World Fund<sup>®</sup>

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 95.33% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 95.33% | Shares | (000) |
| Information technology 22.63% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6571269 | $321028 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 11523 | 3502 |
| SK hynix, Inc. | 251877 | 114056 |
| Microsoft Corp. | 157353 | 76099 |
| Broadcom, Inc. | 210679 | 72916 |
| NVIDIA Corp. | 320938 | 59855 |
| ASML Holding NV | 25289 | 27032 |
| ASML Holding NV (ADR) | 8318 | 8899 |
| Tokyo Electron, Ltd. | 162200 | 35622 |
| KLA Corp. | 14976 | 18197 |
| Samsung Electronics Co., Ltd. | 191723 | 15979 |
| MediaTek, Inc. | 326000 | 14772 |
| Xiaomi Corp., Class B <sup>(a)</sup> | 2534000 | 12789 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 59018 | 11635 |
| Elite Material Co., Ltd. | 220800 | 11453 |
| Capgemini SE | 66733 | 11052 |
| Accton Technology Corp. | 248000 | 9289 |
| Apple, Inc. | 28459 | 7737 |
| Intel Corp. <sup>(a)</sup> | 194842 | 7190 |
| Jentech Precision Industrial Co., Ltd. | 77000 | 6634 |
| SAP SE | 21612 | 5288 |
| SAP SE (ADR) | 4295 | 1043 |
| Corning, Inc. | 63115 | 5526 |
| E Ink Holdings, Inc. | 780000 | 4901 |
| Oracle Corp. | 24649 | 4804 |
| Micron Technology, Inc. | 16655 | 4753 |
| Baidu, Inc., Class A <sup>(a)</sup> | 275000 | 4508 |
| Kokusai Electric Corp. | 114900 | 4011 |
| TDK Corp. | 234000 | 3311 |
| Synopsys, Inc. <sup>(a)</sup> | 7030 | 3302 |
| eMemory Technology, Inc. | 59000 | 3221 |
| Infineon Technologies AG | 67805 | 3004 |
| Zhongji Innolight Co., Ltd., Class A | 33800 | 2928 |
| Keyence Corp. | 7900 | 2862 |
| Globant SA <sup>(a)</sup> | 36120 | 2361 |
| Delta Electronics, Inc. | 74000 | 2252 |
| Unity Software, Inc. <sup>(a)</sup> | 47136 | 2082 |
| EPAM Systems, Inc. <sup>(a)</sup> | 9701 | 1988 |
| ASE Technology Holding Co., Ltd. | 242000 | 1918 |
| Tata Consultancy Services, Ltd. | 40821 | 1459 |
| LITE-ON Technology Corp. | 207000 | 1066 |
| HCL Technologies, Ltd. | 51253 | 926 |
| Coforge, Ltd. | 49378 | 914 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 5689 | 819 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)(c)</sup> | 385 | 634 |
| Disco Corp. | 1400 | 432 |
|  |  | 916049 |
| Financials 17.42% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 2139537 | 50044 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 2908006 | 48680 |
| Mastercard, Inc., Class A | 56665 | 32349 |
| Standard Chartered PLC | 1298185 | 31703 |
| Abu Dhabi Islamic Bank PJSC | 4188342 | 23675 |
| AIA Group, Ltd. | 2150600 | 22090 |
| Capitec Bank Holdings, Ltd. | 84912 | 21323 |
| KB Financial Group, Inc. | 241411 | 20869 |
| HDFC Bank, Ltd. | 1864902 | 20607 |
| Kotak Mahindra Bank, Ltd. | 836821 | 20495 |
| UniCredit SpA | 246716 | 20481 |

---

American Funds Insurance Series **26**

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Eurobank SA | 4059024 | $16268 |
| Hana Financial Group, Inc. | 227598 | 14846 |
| Cholamandalam Investment and Finance Co., Ltd. | 773211 | 14611 |
| PICC Property and Casualty Co., Ltd., Class H | 6828947 | 14318 |
| Al Rajhi Banking and Investment Corp., non-registered shares | 549635 | 14288 |
| ICICI Bank, Ltd. | 612943 | 9151 |
| ICICI Bank, Ltd. (ADR) | 161921 | 4825 |
| Visa, Inc., Class A | 39040 | 13692 |
| Banco Santander SA | 1156519 | 13572 |
| XP, Inc., Class A | 827903 | 13553 |
| Axis Bank, Ltd. | 911541 | 12903 |
| PB Fintech, Ltd. <sup>(a)</sup> | 622762 | 12650 |
| National Bank of Greece SA | 658867 | 10036 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 1164044 | 9792 |
| Shriram Finance, Ltd. | 879069 | 9744 |
| AU Small Finance Bank, Ltd. | 854088 | 9451 |
| Emirates NBD Bank PJSC | 1224960 | 9289 |
| Credicorp, Ltd. | 29914 | 8585 |
| Saudi National Bank (The) | 810380 | 8182 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H | 8799000 | 7605 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup> | 44570 | 7319 |
| FirstRand, Ltd. | 1266252 | 6927 |
| Brookfield Corp., Class A | 149687 | 6869 |
| Grupo Financiero Banorte, SAB de CV, Series O | 721373 | 6687 |
| Banco BTG Pactual SA, units | 690847 | 6593 |
| China Merchants Bank Co., Ltd., Class H | 827000 | 5593 |
| China Merchants Bank Co., Ltd., Class A | 145100 | 874 |
| Bank of the Philippine Islands | 3172748 | 6261 |
| BSE, Ltd. | 210546 | 6167 |
| Commercial International Bank - Egypt (CIB) SAE (GDR) | 2846265 | 6083 |
| Samsung Life Insurance Co., Ltd. | 53225 | 5796 |
| Hong Kong Exchanges and Clearing, Ltd. | 103600 | 5413 |
| Prudential PLC | 347501 | 5362 |
| Bajaj Finance, Ltd. | 486776 | 5345 |
| Saudi Awwal Bank SJSC, non-registered shares | 603009 | 5200 |
| Abu Dhabi Commercial Bank PJSC | 1288462 | 5017 |
| Aon PLC, Class A | 12683 | 4476 |
| Vietnam Technological and Commercial JSCB (The) | 3227600 | 4279 |
| Kasikornbank PCL, foreign registered shares | 680500 | 4204 |
| Bank Central Asia Tbk PT | 8589523 | 4146 |
| Central Depository Services (India), Ltd. | 257071 | 4129 |
| Banco Santander (Brasil) SA, units <sup>(a)</sup> | 672725 | 4114 |
| Public Bank Bhd. | 3623000 | 4054 |
| B3 SA - Brasil, Bolsa, Balcao | 1469781 | 3826 |
| Samsung Fire & Marine Insurance Co., Ltd. | 10900 | 3757 |
| 3i Group PLC | 85342 | 3713 |
| Qatar National Bank QPSC | 621752 | 3186 |
| HSBC Holdings PLC (GBP denominated) | 189882 | 2977 |
| Akbank TAS | 1817792 | 2963 |
| OTP Bank PLC | 25466 | 2729 |
| Discovery, Ltd. | 193692 | 2664 |
| CVC Capital Partners PLC | 158241 | 2650 |
| 360 ONE WAM, Ltd. | 177690 | 2346 |
| Kaspi.kz JSC (ADR) <sup>(a)</sup> | 28783 | 2249 |
| Bajaj Finserv, Ltd. | 74043 | 1679 |
| Bank of Ningbo Co., Ltd., Class A | 407300 | 1637 |
| Woori Financial Group, Inc. | 80845 | 1573 |
| BDO Unibank, Inc. | 685630 | 1563 |
| S&P Global, Inc. | 2769 | 1447 |
| Wise PLC, Class A <sup>(a)</sup> | 101638 | 1221 |
| Shinhan Financial Group Co., Ltd. | 13940 | 744 |

---

**27**American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Asia Commercial Joint Stock Bank | 584970 | $534 |
| Edenred SA | 18236 | 405 |
| Haci A–mer Sabanci Holding AS | 140669 | 277 |
| Erste Group Bank AG | 1804 | 217 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 2662164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 704942 |
| Consumer discretionary 12.67% |  |  |
| MercadoLibre, Inc. <sup>(a)</sup> | 33795 | 68072 |
| Trip.com Group, Ltd. (ADR) | 474251 | 34103 |
| Trip.com Group, Ltd. | 385395 | 27646 |
| Alibaba Group Holding, Ltd. | 1441572 | 26383 |
| Alibaba Group Holding, Ltd. (ADR) | 119790 | 17559 |
| Midea Group Co., Ltd., Class A | 2890833 | 32318 |
| LVMH Moet Hennessy-Louis Vuitton SE | 40672 | 30663 |
| Eicher Motors, Ltd. | 219346 | 17835 |
| Compagnie Financiere Richemont SA, Class A | 81116 | 17506 |
| MakeMyTrip, Ltd. <sup>(a)</sup> | 168896 | 13870 |
| Prosus NV, Class N | 213414 | 13181 |
| Maruti Suzuki India, Ltd. | 69319 | 12886 |
| H World Group, Ltd. (ADR) | 253777 | 11940 |
| H World Group, Ltd. | 190600 | 901 |
| BYD Co., Ltd., Class A | 722123 | 10082 |
| BYD Co., Ltd., Class H | 211400 | 2574 |
| Galaxy Entertainment Group, Ltd. | 2192000 | 10751 |
| Ryohin Keikaku Co., Ltd. | 574800 | 10212 |
| Eternal, Ltd. <sup>(a)</sup> | 3260114 | 10115 |
| Jumbo SA | 289567 | 9514 |
| TVS Motor Co., Ltd. | 204915 | 8475 |
| Vibra Energia SA | 1778591 | 8364 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 65079 | 8302 |
| Hyundai Motor Co. | 38193 | 7820 |
| Meituan, Class B <sup>(a)</sup> | 464500 | 6129 |
| Naspers, Ltd., Class N | 88840 | 5901 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup> | 50247 | 5698 |
| Wynn Resorts, Ltd. | 44454 | 5349 |
| Tesla, Inc. <sup>(a)</sup> | 11561 | 5199 |
| Li Ning Co., Ltd. | 2006155 | 4804 |
| Inchcape PLC | 461897 | 4788 |
| Hermes International | 1746 | 4314 |
| Moncler SpA | 66313 | 4262 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 41403 | 3150 |
| Royal Caribbean Cruises, Ltd. | 10578 | 2950 |
| Coupang, Inc., Class A <sup>(a)</sup> | 124997 | 2949 |
| Lenskart Solutions, Ltd. <sup>(a)</sup> | 578142 | 2899 |
| YUM! Brands, Inc. | 18610 | 2815 |
| Pepkor Holdings, Ltd. | 1716852 | 2745 |
| Amadeus IT Group SA, Class A, non-registered shares | 37373 | 2741 |
| ANTA Sports Products, Ltd. | 239200 | 2471 |
| Swiggy, Ltd. <sup>(a)</sup> | 550157 | 2364 |
| Marriott International, Inc., Class A | 7554 | 2344 |
| Starbucks Corp. | 27127 | 2284 |
| Shenzhou International Group Holdings, Ltd. | 284200 | 2221 |
| Booking Holdings, Inc. | 402 | 2153 |
| InterContinental Hotels Group PLC | 15169 | 2125 |
| Mahindra & Mahindra, Ltd. | 50625 | 2090 |
| adidas AG | 10534 | 2074 |
| Ferrari NV (EUR denominated) | 4981 | 1855 |
| Industria de Diseno Textil SA | 27544 | 1814 |
| Fast Retailing Co., Ltd. | 3900 | 1414 |

---

American Funds Insurance Series **28**

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Sands China, Ltd. | 496000 | $1250 |
| Laopu Gold Co., Ltd., Class H | 15700 | 1245 |
| NIKE, Inc., Class B | 18962 | 1208 |
| Shangri-La Asia, Ltd. | 1774000 | 1083 |
| Tube Investments of India, Ltd. | 36685 | 1067 |
| Renault SA | 25328 | 1049 |
| Cyrela Brazil Realty SA, ordinary nominative shares | 179166 | 984 |
| Kering SA | 2102 | 742 |
| Hilton Worldwide Holdings, Inc. | 2449 | 704 |
| Evolution AB | 6810 | 463 |
| Compagnie Generale des Etablissements Michelin | 1122 | 37 |
|  |  | 512806 |
| Industrials 12.11% |  |  |
| Airbus SE, non-registered shares | 221232 | 51315 |
| International Container Terminal Services, Inc. | 4053790 | 38869 |
| Rolls-Royce Holdings PLC | 2174320 | 33796 |
| Hitachi, Ltd. | 960800 | 29807 |
| General Electric Co. | 84289 | 25964 |
| Kanzhun, Ltd., Class A (ADR) | 932453 | 19003 |
| Kanzhun, Ltd., Class A | 98200 | 994 |
| Copa Holdings SA, Class A | 149024 | 17974 |
| Rumo SA | 5874027 | 15691 |
| Safran SA | 42173 | 14675 |
| Localiza Rent a Car SA, ordinary nominative shares | 1712066 | 13502 |
| Localiza Rent a Car SA <sup>(a)</sup> | 65848 | 499 |
| IHI Corp. | 716379 | 12631 |
| Contemporary Amperex Technology Co., Ltd., Class A | 230376 | 12061 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 1115202 | 11996 |
| DSV A/S | 45402 | 11425 |
| Daikin Industries, Ltd. | 78900 | 10129 |
| BAE Systems PLC | 436368 | 10032 |
| WEG SA | 1109286 | 9936 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 352685 | 9265 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR) | 1043 | 275 |
| AGCO Corp. | 88171 | 9198 |
| Uber Technologies, Inc. <sup>(a)</sup> | 112415 | 9185 |
| Leonardo SpA | 157234 | 9007 |
| Aselan Elektronik Sanayi ve Ticaret AS | 1557059 | 8420 |
| TransDigm Group, Inc. | 6188 | 8229 |
| Siemens AG | 28236 | 7930 |
| Mitsui & Co., Ltd. | 242100 | 7155 |
| Techtronic Industries Co., Ltd. | 620500 | 7129 |
| Weichai Power Co., Ltd., Class A | 1977896 | 4847 |
| Weichai Power Co., Ltd., Class H | 947000 | 2279 |
| Motiva Infraestrutura de Mobilidade SA | 2511108 | 6872 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 399864 | 6272 |
| Hanwha Aerospace Co., Ltd. | 9460 | 6155 |
| Larsen & Toubro, Ltd. | 126929 | 5767 |
| Full Truck Alliance Co., Ltd., Class A (ADR) | 433721 | 4654 |
| Mitsubishi Heavy Industries, Ltd. | 162100 | 3970 |
| Schneider Electric SE | 14248 | 3905 |
| SM Investments Corp. | 321280 | 3820 |
| Ayala Corp. | 383020 | 3047 |
| GT Capital Holdings, Inc. | 288570 | 2918 |
| Carrier Global Corp. | 54462 | 2878 |
| InPost SA <sup>(a)(e)</sup> | 218978 | 2682 |
| International Consolidated Airlines Group SA (CDI) | 463348 | 2566 |
| Embraer SA | 143113 | 2312 |
| Ingersoll-Rand, Inc. | 25137 | 1991 |

---

**29**American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Bureau Veritas SA | 61362 | $1954 |
| Boeing Co. (The) <sup>(a)</sup> | 7510 | 1631 |
| Turk Hava Yollari Anonim Ortakligi, non-registered shares | 218301 | 1368 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup> | 200986 | 1003 |
| Wizz Air Holdings PLC <sup>(a)</sup> | 57166 | 983 |
| Haitian International Holdings, Ltd. | 103146 | 293 |
|  |  | 490259 |
| Communication services 9.72% |  |  |
| Tencent Holdings, Ltd. | 1429401 | 109531 |
| Alphabet, Inc., Class C | 86392 | 27110 |
| Alphabet, Inc., Class A | 82543 | 25836 |
| Bharti Airtel, Ltd. | 2045799 | 47992 |
| Bharti Airtel, Ltd., interim shares | 50511 | 952 |
| Meta Platforms, Inc., Class A | 60664 | 40044 |
| NetEase, Inc. | 1132600 | 31168 |
| MTN Group, Ltd. | 2718770 | 27783 |
| KT Corp. (ADR) | 648437 | 12301 |
| Netflix, Inc. <sup>(a)</sup> | 118609 | 11121 |
| Telkom Indonesia (Persero) Tbk PT, Class B | 43499200 | 9047 |
| America Movil, SAB de CV, Class B (ADR) | 384073 | 7939 |
| True Corp. PCL, foreign registered shares | 22087986 | 7629 |
| True Corp. PCL, nonvoting depository receipts | 753600 | 260 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup> | 56652 | 7402 |
| Spotify Technology SA <sup>(a)</sup> | 10315 | 5990 |
| Tencent Music Entertainment Group, Class A (ADR) | 338146 | 5928 |
| Orange | 311481 | 5197 |
| ROBLOX Corp., Class A <sup>(a)</sup> | 38832 | 3146 |
| Advanced Info Service PCL, foreign registered shares | 267800 | 2660 |
| NAVER Corp. | 9774 | 1638 |
| TIM SA | 412735 | 1615 |
| Singapore Telecommunications, Ltd. | 349300 | 1237 |
|  |  | 393526 |
| Materials 6.40% |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 1702702 | 45652 |
| Grupo Mexico, SAB de CV, Series B | 2472433 | 23345 |
| Barrick Mining Corp. | 438294 | 19088 |
| Vale SA, ordinary nominative shares | 1025947 | 13414 |
| Vale SA (ADR), ordinary nominative shares | 205656 | 2680 |
| Glencore PLC | 2503454 | 13618 |
| APL Apollo Tubes, Ltd. | 546975 | 11649 |
| Valterra Platinum, Ltd. (ZAR denominated) | 128112 | 10846 |
| Valterra Platinum, Ltd. (ADR) | 41308 | 578 |
| Amcor PLC (CDI) | 1254386 | 10482 |
| Nitto Denko Corp. | 428636 | 10185 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup> | 436300 | 8156 |
| BASF SE | 145775 | 7616 |
| Anhui Conch Cement Co., Ltd., Class H | 2253000 | 6373 |
| Linde PLC | 14574 | 6214 |
| Impala Platinum Holdings, Ltd. | 375422 | 5913 |
| Saudi Basic Industries Corp. non-registered shares | 353199 | 4829 |
| Nutrien, Ltd. (CAD denominated) <sup>(e)</sup> | 71918 | 4439 |
| Siam Cement PCL, foreign registered shares | 730100 | 4239 |
| Suzano SA | 438657 | 4109 |
| Pan American Silver Corp. | 77019 | 3990 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 344873 | 3922 |
| Southern Copper Corp. | 25418 | 3647 |
| Wheaton Precious Metals Corp. (CAD denominated) | 29705 | 3492 |

---

American Funds Insurance Series **30**

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Anglo American PLC | 79828 | $3290 |
| Sika AG | 15591 | 3195 |
| Nippon Steel Corp. | 776600 | 3176 |
| Freeport-McMoRan, Inc. | 59811 | 3038 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup> | 212068 | 2746 |
| Antofagasta PLC | 52060 | 2285 |
| Corteva, Inc. | 31708 | 2125 |
| Asian Paints, Ltd. | 66679 | 2054 |
| Ecolab, Inc. | 7627 | 2002 |
| Heidelberg Materials AG, non-registered shares | 6287 | 1646 |
| Syensqo SA | 19822 | 1592 |
| SRF, Ltd. | 41937 | 1435 |
| Arkema SA | 17359 | 1062 |
| China Hongqiao Group Ltd. <sup>(a)</sup> | 177000 | 736 |
| Alrosa PJSC <sup>(a)(b)</sup> | 1123215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 258858 |
| Health care 5.19% |  |  |
| Novo Nordisk AS, Class B | 683766 | 34853 |
| Max Healthcare Institute, Ltd. | 2447517 | 28464 |
| AstraZeneca PLC | 113238 | 20858 |
| Laurus Labs, Ltd. | 1535536 | 18916 |
| Eli Lilly and Co. | 17384 | 18682 |
| Thermo Fisher Scientific, Inc. | 25506 | 14779 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 30544 | 9280 |
| BeOne Medicines, Ltd. <sup>(a)</sup> | 36200 | 841 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A | 879888 | 7483 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup> | 184800 | 1688 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup> | 236793 | 7390 |
| Innovent Biologics, Inc. <sup>(a)</sup> | 741373 | 7225 |
| EssilorLuxottica SA | 18490 | 5846 |
| Abbott Laboratories | 39403 | 4937 |
| Danaher Corp. | 18692 | 4279 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 52908 | 3625 |
| Rede D'Or Sao Luiz SA | 427339 | 3164 |
| OdontoPrev SA | 1320175 | 2690 |
| Align Technology, Inc. <sup>(a)</sup> | 16246 | 2537 |
| bioMerieux SA | 17603 | 2279 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 1181 | 1647 |
| Mankind Pharma, Ltd. | 62374 | 1527 |
| Lupin, Ltd. | 59641 | 1398 |
| WuXi AppTec Co., Ltd., Class H | 107700 | 1357 |
| Asahi Intecc Co., Ltd. | 71500 | 1339 |
| Alcon, Inc. | 13781 | 1095 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup> | 240500 | 969 |
| Medtronic PLC | 6899 | 663 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup> | 35921 | 161 |
|  |  | 209972 |
| Consumer staples 4.47% |  |  |
| Nestle SA | 291813 | 29004 |
| Kweichow Moutai Co., Ltd., Class A | 121770 | 23981 |
| Arca Continental, SAB de CV | 1036505 | 11217 |
| JBS NV (BDR) <sup>(a)</sup> | 641172 | 9247 |
| Carlsberg A/S, Class B | 60316 | 7907 |
| Raia Drogasil SA, ordinary nominative shares | 1634665 | 7011 |
| Avenue Supermarts, Ltd. <sup>(a)</sup> | 161965 | 6814 |
| Shoprite Holdings, Ltd. | 411541 | 6721 |
| ITC, Ltd. | 1420089 | 6374 |

---

**31**American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer staples (continued) |  |  |
| Anheuser-Busch InBev SA/NV | 91753 | $5887 |
| KT&G Corp. | 54838 | 5399 |
| Tsingtao Brewery Co., Ltd., Class H | 782634 | 4891 |
| Philip Morris International, Inc. | 29930 | 4801 |
| Dino Polska SA, non-registered shares <sup>(a)</sup> | 398251 | 4585 |
| BBB Foods, Inc., Class A <sup>(a)</sup> | 125631 | 4195 |
| Pernod Ricard SA | 47700 | 4084 |
| Monster Beverage Corp. <sup>(a)</sup> | 51591 | 3956 |
| Varun Beverages, Ltd. | 712894 | 3882 |
| Wal-Mart de Mexico, SAB de CV, Series V | 1180937 | 3681 |
| United Spirits, Ltd. | 219491 | 3526 |
| British American Tobacco PLC | 57337 | 3250 |
| PepsiCo, Inc. | 18460 | 2649 |
| Danone SA | 28109 | 2536 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates | 1141636 | 2434 |
| L'Oreal SA, non-registered shares | 5436 | 2335 |
| Zabka Group <sup>(a)</sup> | 321671 | 2049 |
| Coca-Cola Co. | 27396 | 1915 |
| Walmart, Inc. | 14179 | 1580 |
| Mondelez International, Inc., Class A | 29118 | 1567 |
| WH Group, Ltd. | 1189000 | 1324 |
| Godrej Consumer Products, Ltd. | 85234 | 1159 |
| JD Health International, Inc. <sup>(a)</sup> | 107650 | 765 |
|  |  | 180726 |
| Energy 2.20% |  |  |
| Reliance Industries, Ltd. | 1530507 | 26714 |
| TotalEnergies SE (EUR denominated) | 197891 | 12898 |
| ADNOC Drilling Co. PJSC | 7034034 | 10228 |
| Adnoc Gas PLC | 9312887 | 9002 |
| SLB, Ltd. | 220133 | 8449 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 172702 | 8404 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares | 633133 | 7502 |
| Shell PLC (GBP denominated) | 75967 | 2790 |
| Chevron Corp. | 16599 | 2530 |
| Borr Drilling, Ltd. <sup>(a)</sup> | 149981 | 604 |
| Rosneft Oil Co. PJSC <sup>(b)</sup> | 588661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 89121 |
| Real estate 1.37% |  |  |
| Lodha Developers, Ltd. | 2449911 | 28933 |
| China Resources Mixc Lifestyle Services, Ltd. | 1563200 | 8595 |
| China Resources Land, Ltd. | 1570000 | 5468 |
| Emaar Properties PJSC | 1141749 | 4368 |
| CK Asset Holdings, Ltd. | 762500 | 3841 |
| SM Prime Holdings, Inc. | 8122500 | 3133 |
| Fibra Uno Administracion REIT, SA de CV | 300200 | 450 |
| Longfor Group Holdings, Ltd. <sup>(e)</sup> | 336846 | 369 |
| ALLOS SA, ordinary nominative shares | 60365 | 312 |
|  |  | 55469 |
| Utilities 1.15% |  |  |
| Power Grid Corp. of India, Ltd. | 3911064 | 11505 |
| Gulf Development PCL | 7715193 | 10231 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 401325 | 9618 |
| SembCorp Industries, Ltd. | 1195100 | 5579 |
| Equatorial Energia SA | 782855 | 5486 |

---

American Funds Insurance Series **32**

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Utilities (continued) |  |  |
| CPFL Energia SA | 251145 | $2438 |
| AES Corp. | 74667 | 1071 |
| Engie SA | 23878 | 628 |
|  |  | 46556 |
| Total common stocks (cost: $2,320,519,000) |  | 3858284 |
| Preferred securities 0.73% |  |  |
| Preferred securities 0.73% |  |  |
| Financials 0.32% |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares | 1332401 | 9540 |
| Itau Unibanco Holding SA, preferred nominative shares | 459389 | 3293 |
|  |  | 12833 |
| Real estate 0.20% |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(c)</sup> | 32657 | 6550 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(c)</sup> | 8400 | 1685 |
|  |  | 8235 |
| Information technology 0.16% |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 104453 | 6410 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 34 | 56 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 1 | 2 |
|  |  | 6468 |
| Consumer discretionary 0.05% |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(e)</sup> | 35497 | 1902 |
| TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup> | 915260 | 102 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(c)</sup> | 7768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 2004 |
| Total preferred securities (cost: $27,027,000) |  | 29540 |
| Bonds, notes & other debt instruments 2.81% | Principal amount |  |
| Bonds, notes & other debt instruments 2.81% | Principal amount |  |
| Bonds, notes & other debt instruments 2.81% | (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.48%** |  |  |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup> | USD200 | 178 |
| Angola (Republic of) 8.25% 5/9/2028 | 600 | 604 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup> | 445 | 435 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup> | 280 | 273 |
| Asian Development Bank 5.25% 4/29/2035 | PHP25,800 | 432 |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL13,989 | 2473 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(g)</sup> | 15081 | 2674 |
| Brazil (Federative Republic of) 10.00% 1/1/2029 | 21 | 3 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 6065 | 973 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(g)</sup> | 3325 | 557 |
| Brazil (Federative Republic of) 10.00% 1/1/2033 | 14543 | 2237 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 17300 | 2589 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(g)</sup> | 5298 | 842 |
| Chile (Republic of) 4.70% 9/1/2030 | CLP810,000 | 884 |
| Chile (Republic of) 5.30% 11/1/2037 | 425000 | 471 |
| Chile (Republic of) 4.34% 3/7/2042 | USD350 | 312 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | CNY5,610 | 830 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051 | 23270 | 4192 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 1250 | 206 |

---

**33**American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054 | CNY4,480 | $668 |
| Colombia (Republic of) 3.25% 4/22/2032 | USD700 | 592 |
| Colombia (Republic of) 5.20% 5/15/2049 | 391 | 288 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP4,320,700 | 895 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033 | 1734800 | 463 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034 | 2054300 | 387 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035 | 877300 | 217 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(g)</sup> | 6870 | 562 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042 | 4146300 | 820 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 | 3235300 | 493 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR150 | 171 |
| Czech Republic 3.50% 5/30/2035 | CZK15,840 | 713 |
| Czech Republic 1.95% 7/30/2037 | 17900 | 661 |
| Dominican Republic (Government of) 8.625% 4/20/2027 <sup>(f)</sup> | USD383 | 396 |
| Dominican Republic (Government of) 5.875% 1/30/2060 | 335 | 300 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup> | 960 | 979 |
| Egypt (Arab Republic of) 25.318% 8/13/2027 | EGP33,072 | 715 |
| Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR100 | 121 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 | USD1,165 | 1246 |
| Egypt (Arab Republic of) 8.50% 1/31/2047 | 400 | 393 |
| Egypt (Arab Republic of) 8.875% 5/29/2050 | 386 | 392 |
| Gabonese (Republic of) 6.625% 2/6/2031 | 720 | 560 |
| Gabonese (Republic of) 7.00% 11/24/2031 | 500 | 383 |
| Honduras (Republic of) 6.25% 1/19/2027 | 875 | 885 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup> | 281 | 279 |
| Hungary (Republic of) 2.00% 5/23/2029 | HUF255,550 | 684 |
| Hungary (Republic of) 6.75% 7/23/2031 | 433980 | 1347 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup> | USD330 | 353 |
| Hungary (Republic of) 4.75% 11/24/2032 | HUF180,830 | 498 |
| India (Republic of) 7.32% 11/13/2030 | INR3,480 | 40 |
| India (Republic of) 6.54% 1/17/2032 | 15620 | 174 |
| India (Republic of) 7.18% 7/24/2037 | 176070 | 2008 |
| India (Republic of) 7.09% 8/5/2054 | 280280 | 3044 |
| Indonesia (Republic of) 6.375% 4/15/2032 | IDR317,000 | 20 |
| Indonesia (Republic of) 7.50% 6/15/2035 | 7953000 | 522 |
| Indonesia (Republic of) 6.625% 2/17/2037 | USD300 | 343 |
| Indonesia (Republic of) 7.125% 6/15/2038 | IDR7,242,000 | 464 |
| Indonesia (Republic of) 7.50% 4/15/2040 | 8852000 | 581 |
| Indonesia (Republic of) 7.125% 8/15/2040 | 13148000 | 847 |
| Indonesia (Republic of) 7.125% 6/15/2042 | 8210000 | 522 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030 | 2341000 | 148 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033 | 16818000 | 1062 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29553000 | 1834 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup> | USD945 | 976 |
| Kenya (Republic of) 6.30% 1/23/2034 | 645 | 591 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup> | 555 | 593 |
| Kenya (Republic of) 9.50% 3/5/2036 | 330 | 353 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR8,766 | 2215 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038 | 616 | 169 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 3245 | 824 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 2200 | 540 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049 | 1030 | 283 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050 | 2202 | 553 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052 | 989 | 301 |
| Malaysia (Federation of), Series 0124, 4.28% 3/23/2054 | 1255 | 324 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028 | USD490 | 511 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | EUR340 | 409 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup> | USD255 | 263 |
| Morocco (Kingdom of) 3.875% 4/2/2029 | EUR625 | 743 |
| Morocco (Kingdom of) 4.75% 4/2/2035 | 200 | 240 |
| Mozambique (Republic of) 9.00% 9/15/2031 | USD540 | 463 |

---

American Funds Insurance Series **34**

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Nigeria (Republic of) 18.50% 2/21/2031 | NGN730,360 | $534 |
| Nigeria (Republic of) 7.875% 2/16/2032 | USD280 | 293 |
| Nigeria (Republic of) 8.631% 1/13/2036 <sup>(f)</sup> | 390 | 419 |
| Oman (Sultanate of) 6.00% 8/1/2029 | 715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048 | 485 | 535 |
| Panama (Republic of) 3.75% 4/17/2026 | 100 | 100 |
| Panama (Republic of) 7.875% 3/1/2057 | 600 | 701 |
| Paraguay (Republic of) 4.95% 4/28/2031 | 320 | 325 |
| Peru (Republic of) 3.00% 1/15/2034 | 225 | 196 |
| Peru (Republic of) 6.55% 3/14/2037 | 360 | 399 |
| Peru (Republic of) 3.55% 3/10/2051 | 490 | 344 |
| Peru (Republic of) 2.78% 12/1/2060 | 100 | 55 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup> | 400 | 353 |
| Philippines (Republic of) 6.375% 7/27/2030 | PHP12,110 | 211 |
| Philippines (Republic of) 6.00% 8/20/2030 | 14790 | 253 |
| Philippines (Republic of) 6.75% 9/15/2032 | 41240 | 734 |
| Philippines (Republic of) 6.375% 10/23/2034 | USD145 | 163 |
| Philippines (Republic of) 3.95% 1/20/2040 | 500 | 443 |
| Poland (Republic of), Series 0429, 5.75% 4/25/2029 | PLN2,410 | 705 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033 | USD370 | 377 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033 | PLN8,434 | 2514 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034 | 6920 | 1921 |
| Romania (Republic of) 5.25% 5/30/2032 | EUR450 | 542 |
| Romania (Republic of) 5.25% 5/30/2032 | 230 | 277 |
| Romania (Republic of) 2.00% 4/14/2033 | 300 | 288 |
| Romania (Republic of) 5.625% 5/30/2037 | 390 | 448 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033 | USD480 | 488 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054 | 2300 | 2277 |
| Sharjah (Emirate of) 4.625% 2/13/2032 | EUR506 | 602 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup> | USD200 | 215 |
| South Africa (Republic of) 11.625% 3/31/2053 | ZAR13,912 | 1061 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031 | 482 | 28 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 11495 | 711 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035 | 8388 | 528 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040 | 28192 | 1707 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044 | 15670 | 906 |
| Thailand (Kingdom of) 3.45% 6/17/2043 | THB40,963 | 1521 |
| Turkey (Republic of) 37.84% 7/14/2027 | TRY30,000 | 728 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028 | USD200 | 221 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028 | TRY23,445 | 419 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030 | USD500 | 629 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043 | 1710 | 1323 |
| United Mexican States 6.875% 5/13/2037 | 610 | 652 |
| United Mexican States 5.125% 3/19/2038 | EUR420 | 492 |
| United Mexican States 4.75% 3/8/2044 | USD800 | 661 |
| United Mexican States 3.75% 4/19/2071 | 200 | 119 |
| United Mexican States, Series M20, 8.50% 5/31/2029 | MXN29,350 | 1645 |
| United Mexican States, Series M, 7.75% 5/29/2031 | 56500 | 3025 |
| United Mexican States, Series M, 7.50% 5/26/2033 | 36500 | 1887 |
| United Mexican States, Series M, 7.75% 11/23/2034 | 38324 | 1976 |
| United Mexican States, Series M30, 8.50% 11/18/2038 | 21600 | 1126 |
| United Mexican States, Series M, 7.75% 11/13/2042 | 20000 | 951 |
| United Mexican States, Series M, 8.00% 7/31/2053 | 19887 | 943 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(h)</sup> | USD244 | 65 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(h)</sup> | 145 | 41 |
|  |  | 100414 |
| **Corporate bonds and notes 0.33%** |  |  |
| **Corporate bonds and notes 0.33%** |  |  |
| Energy 0.07% |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup> | 410 | 429 |

---

**35**American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup> | USD255 | $252 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 610 | 591 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030 | 200 | 191 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup> | 430 | 318 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup> | 250 | 260 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(f)</sup> | 220 | 218 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(f)</sup> | 390 | 390 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup> | 335 | 343 |
|  |  | 2992 |
| Communication services 0.06% |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,710 | 786 |
| America Movil, SAB de CV, 9.50% 1/27/2031 | 17130 | 969 |
| America Movil, SAB de CV, 10.30% 1/30/2034 | 2820 | 166 |
| PLDT, Inc. 2.50% 1/23/2031 | USD210 | 192 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup> | 380 | 273 |
|  |  | 2386 |
| Consumer discretionary 0.05% |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 410 | 279 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup> | 400 | 373 |
| Meituan 3.05% 10/28/2030 | 200 | 187 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup> | 345 | 363 |
| MercadoLibre, Inc. 3.125% 1/14/2031 | 200 | 185 |
| Sands China, Ltd. 4.375% 6/18/2030 | 220 | 217 |
| Wynn Macau, Ltd. 5.625% 8/26/2028 | 260 | 260 |
|  |  | 1864 |
| Financials 0.04% |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.90% on 9/25/2029) <sup>(i)</sup> | 400 | 380 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on |  |  |
| &nbsp;&nbsp;&nbsp;6/29/2033) <sup>(f)(i)</sup> | 340 | 376 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030 | 300 | 282 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(i)</sup> | 400 | 438 |
|  |  | 1476 |
| Materials 0.03% |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup> | 355 | 139 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup> | 400 | 372 |
| PT Krakatau Posco 6.375% 6/11/2027 | 345 | 352 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup> | 520 | 530 |
|  |  | 1393 |
| Utilities 0.03% |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup> | 275 | 291 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup> | 261 | 246 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup> | 173 | 172 |
| Greenko Dutch BV 3.85% 3/29/2026 | 173 | 172 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;Note Constant Maturity + 6.404% on 3/2/2030) <sup>(i)</sup> | 350 | 354 |
|  |  | 1235 |

---

American Funds Insurance Series **36**

New World Fund<sup>®</sup> (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) |  |  | Principal amount |  | Value |
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) |  |  | (000) |  | (000) |
| **Corporate bonds and notes (continued)** |  |  |  |  |  |  |
| Industrials 0.02% |  |  |  |  |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup> | IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup> |  |  | USD335 | $ | $346 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup> |  |  |  | 355 |  | 374 |
| Mexico City Airport Trust 4.25% 10/31/2026 |  |  |  | 200 |  | 199 |
|  |  |  |  |  |  | 919 |
| Consumer staples 0.02% |  |  |  |  |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 |  | 200 |  | 213 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup> |  |  |  | 200 |  | 200 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup> |  |  |  | 420 |  | 426 |
|  |  |  |  |  |  | 839 |
| Health care 0.01% |  |  |  |  |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030 |  |  |  | 280 |  | 273 |
| Total corporate bonds and notes |  |  |  |  |  | 13377 |
| Total bonds, notes & other debt instruments (cost: $110,411,000) | Total bonds, notes & other debt instruments (cost: $110,411,000) |  |  |  |  | 113791 |
| Short-term securities 1.66% |  |  |  | Shares |  |  |
| Short-term securities 1.66% |  |  |  | Shares |  |  |
| **Money market investments 1.50%** |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup> |  |  |  | 608937 |  | 60900 |
| **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup> | 5942714 |  | 5943 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted |  |  |  |
|  |  |  | average yield | Principal amount |  |  |
|  |  |  | at acquisition | (000) |  |  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |  |  |  |  |
| Egypt (Arab Republic of) 1/6/2026 |  |  | 19.531% | EGP12,600 |  | 264 |
| Total short-term securities (cost: $67,083,000) |  |  |  |  |  | 67107 |
| Total investment securities 100.53% (cost: $2,525,040,000) | Total investment securities 100.53% (cost: $2,525,040,000) |  |  |  |  | 4068722 |
| Other assets less liabilities (0.53)% |  |  |  |  |  | (21354) |
| Net assets 100.00% |  |  |  |  | $4047368 | $4047368 |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
|  |  |  |  |  |  | Value and |
|  |  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation | appreciation |
|  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) |  | (000) |
| 2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | USD(417) |  | $—(d) |
| 5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | (1775) |  | 7 |
| 5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | 656 |  | 1 |
| 10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | (1799) |  | 13 |

---

**37**American Funds Insurance Series

![](g8c6vysku1j6t8i55ep1o.jpg)

New World Fund<sup>®</sup> (continued)

**Futures contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  | appreciation |
|  |  |  |  |  |  |  | Notional | (depreciation) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of | Expiration | amount | at 12/31/2025 |
| Contracts | Contracts |  |  | &nbsp;&nbsp;&nbsp;Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | date | (000) | (000) |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures |  | &nbsp;&nbsp;&nbsp;Long | 18 | 3/31/2026 | USD2,070 | $(17) |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures |  | &nbsp;&nbsp;&nbsp;Short | 1 | 3/31/2026 | (118) | 3 |
|  |  |  |  |  |  |  |  | $7 |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  |  |  | appreciation |
|  | Contract amount |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold | Currency sold |  |  | Settlement | at 12/31/2025 |
|  | (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |  | Counterparty |  | date | (000) |
| MXN | 1600 | USD | 89 | 89 | UBS AG |  | 1/5/2026 | $—(d) |
| USD | 88 | MXN | 1600 | 1600 | Goldman Sachs |  | 1/5/2026 | (1) |
| MYR | 397 | USD | 97 | 97 | BNP Paribas |  | 1/8/2026 | 1 |
| MYR | 350 | USD | 86 | 86 | JPMorgan Chase |  | 1/8/2026 | —(d) |
| USD | 835 | MYR | 3443 | 3443 | JPMorgan Chase |  | 1/8/2026 | (15) |
| CZK | 52445 | USD | 2529 | 2529 | Bank of New York Mellon |  | 1/9/2026 | 22 |
| USD | 196 | IDR 3,257,000 | IDR 3,257,000 | IDR 3,257,000 | Goldman Sachs |  | 1/9/2026 | 1 |
| IDR | 1360795 | USD | 82 | 82 | Citibank |  | 1/9/2026 | —(d) |
| INR | 5512 | USD | 61 | 61 | HSBC Bank |  | 1/9/2026 | —(d) |
| INR | 7000 | USD | 77 | 77 | Goldman Sachs |  | 1/9/2026 | —(d) |
| IDR | 1452260 | USD | 87 | 87 | Goldman Sachs |  | 1/9/2026 | —(d) |
| USD | 145 | MXN | 2603 | 2603 | Citibank |  | 1/9/2026 | —(d) |
| USD | 1570 | CZK | 32520 | 32520 | JPMorgan Chase |  | 1/9/2026 | (12) |
| USD | 784 | COP 3,027,600 | COP 3,027,600 | COP 3,027,600 | Citibank |  | 1/9/2026 | (14) |
| ZAR | 21461 | USD | 1256 | 1256 | Citibank |  | 1/12/2026 | 39 |
| CNH | 13485 | USD | 1920 | 1920 | UBS AG |  | 1/12/2026 | 14 |
| THB | 30030 | USD | 953 | 953 | HSBC Bank |  | 1/12/2026 | 1 |
| ZAR | 1300 | USD | 78 | 78 | UBS AG |  | 1/12/2026 | 1 |
| BRL | 470 | USD | 86 | 86 | Barclays Bank PLC |  | 1/12/2026 | —(d) |
| PLN | 517 | USD | 144 | 144 | Citibank |  | 1/12/2026 | —(d) |
| PLN | 250 | USD | 70 | 70 | JPMorgan Chase |  | 1/12/2026 | —(d) |
| USD | 819 | BRL | 4516 | 4516 | Citibank |  | 1/12/2026 | (3) |
| USD | 2267 | ZAR | 37931 | 37931 | Bank of America |  | 1/12/2026 | (21) |
| BRL | 4255 | USD | 782 | 782 | Citibank |  | 1/23/2026 | (10) |
| USD | 1859 | EUR | 1580 | 1580 | Morgan Stanley |  | 1/30/2026 | —(d) |
| USD | 917 | PHP | 54395 | 54395 | Bank of America |  | 3/16/2026 | (1) |
|  |  |  |  |  |  |  |  | $2 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 1.50% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 1.50% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(j)</sup> | $94686 | $618645 | $652434 | $11 | $(8) | $60900 | $5504 |

---

American Funds Insurance Series **38**

![](gpo9gy4nxgmz83reiw4oj.jpg)

New World Fund<sup>®</sup> (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> | 5/26/2021 | $5258 | $6550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;&nbsp;QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> | 12/20/2021 | 1716 | 1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd. <sup>(a)(b)</sup> | 8/26/2021-11/4/2021 | 656 | 634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd., Series A, noncumulative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 58 | 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 2 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;Getir BV, Series D, preferred shares <sup>(a)(b)</sup> | 5/27/2021 | 3500 | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $11190 | $8927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |

---

(a)Non-income producing.

(b)Value determined using significant unobservable inputs.

(c)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(d)Amount less than one thousand.

(e)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(f)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,247,000, which represented 0.28% of the net assets of the fund.

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

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

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

(j)Rate represents the seven-day yield at 12/31/2025.

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

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

(m)Amount less than 0.01%.

Key to abbreviation(s)

ADR = American Depositary Receipts BDR = Brazilian Depositary Receipts BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest CLP = Chilean pesos

CNH = Chinese yuan renminbi CNY = Chinese yuan renminbi COP = Colombian pesos CZK = Czech korunas

EGP = Egyptian pounds EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts HUF = Hungarian forints

Refer to the notes to financial statements.

IDR = Indonesian rupiah INR = Indian rupees MXN = Mexican pesos MYR = Malaysian ringgits NGN = Nigerian naira PHP = Philippine pesos PLN = Polish zloty

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate THB = Thai baht

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

**39**American Funds Insurance Series

Washington Mutual Investors Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 96.71% | Shares | (000) |
| Information technology 22.47% |  |  |
| Broadcom, Inc. | 2374965 | $821975 |
| Microsoft Corp. | 1413570 | 683631 |
| Apple, Inc. | 1139590 | 309809 |
| NVIDIA Corp. | 1094267 | 204081 |
| KLA Corp. | 103353 | 125582 |
| ASML Holding NV (ADR) | 110497 | 118216 |
| International Business Machines Corp. | 319206 | 94552 |
| Salesforce, Inc. | 288774 | 76499 |
| Accenture PLC, Class A | 257970 | 69213 |
| Intel Corp. <sup>(a)</sup> | 943406 | 34812 |
| SAP SE (ADR) <sup>(b)</sup> | 108684 | 26401 |
| Texas Instruments, Inc. | 108648 | 18849 |
| Amphenol Corp., Class A | 134593 | 18189 |
| Synopsys, Inc. <sup>(a)</sup> | 31950 | 15008 |
| Applied Materials, Inc. | 56534 | 14529 |
| TE Connectivity PLC | 61452 | 13981 |
| Fair Isaac Corp. <sup>(a)</sup> | 8068 | 13640 |
| Adobe, Inc. <sup>(a)</sup> | 34743 | 12160 |
| Hewlett Packard Enterprise Co. | 406300 | 9759 |
| Motorola Solutions, Inc. | 9895 | 3793 |
| Oracle Corp. | 19421 | 3785 |
| ASM International NV (ADR) <sup>(b)</sup> | 4561 | 2752 |
|  |  | 2691216 |
| Financials 17.03% |  |  |
| Marsh & McLennan Cos., Inc. | 1130032 | 209644 |
| JPMorgan Chase & Co. | 593105 | 191110 |
| Bank of America Corp. | 3357568 | 184666 |
| Visa, Inc., Class A | 493213 | 172975 |
| Capital One Financial Corp. | 511844 | 124050 |
| BlackRock, Inc. | 103920 | 111230 |
| Mastercard, Inc., Class A | 191588 | 109374 |
| Truist Financial Corp. | 1734572 | 85358 |
| Citizens Financial Group, Inc. | 1377669 | 80470 |
| Arthur J. Gallagher & Co. | 300484 | 77762 |
| KKR & Co., Inc. | 535221 | 68230 |
| Wells Fargo & Co. | 712560 | 66411 |
| Chubb, Ltd. | 187408 | 58494 |
| Progressive Corp. | 249074 | 56719 |
| Apollo Asset Management, Inc. | 387751 | 56131 |
| Morgan Stanley | 290174 | 51515 |
| American Express Co. | 138945 | 51403 |
| Blackstone, Inc. | 247025 | 38076 |
| CME Group, Inc., Class A | 134353 | 36689 |
| Aon PLC, Class A | 95985 | 33871 |
| S&P Global, Inc. | 50609 | 26448 |
| Citigroup, Inc. | 207496 | 24213 |
| KeyCorp | 1068093 | 22045 |
| PNC Financial Services Group, Inc. | 89774 | 18738 |
| Brookfield Asset Management, Ltd., Class A | 345786 | 18116 |
| Goldman Sachs Group, Inc. | 19811 | 17414 |
| Carlyle Group, Inc. (The) | 270192 | 15971 |
| Equitable Holdings, Inc. | 217170 | 10348 |
| Fifth Third Bancorp | 178306 | 8346 |
| Intercontinental Exchange, Inc. | 48480 | 7852 |
| Charles Schwab Corp. (The) | 57745 | 5769 |
|  |  | 2039438 |

---

American Funds Insurance Series **40**

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials 12.74% |  |  |
| RTX Corp. | 1032583 | $189376 |
| General Electric Co. | 510619 | 157286 |
| Northrop Grumman Corp. | 268954 | 153360 |
| Union Pacific Corp. | 381988 | 88361 |
| Paychex, Inc. | 783023 | 87839 |
| Caterpillar, Inc. | 147575 | 84541 |
| Boeing Co. (The) <sup>(a)</sup> | 371244 | 80604 |
| Deere & Co. | 161235 | 75066 |
| L3Harris Technologies, Inc. | 231680 | 68014 |
| 3M Co. | 390205 | 62472 |
| Delta Air Lines, Inc. | 807328 | 56029 |
| Parker-Hannifin Corp. | 58375 | 51309 |
| Lennox International, Inc. | 89406 | 43414 |
| Deutsche Post AG (ADR) | 688904 | 37676 |
| Ingersoll-Rand, Inc. | 459350 | 36390 |
| Verisk Analytics, Inc. | 160459 | 35893 |
| Watsco, Inc. | 93957 | 31659 |
| Siemens AG (ADR) | 196210 | 27460 |
| Waste Connections, Inc. | 130488 | 22882 |
| Johnson Controls International PLC | 162195 | 19423 |
| FedEx Corp. | 61924 | 17887 |
| HEICO Corp. | 44486 | 14395 |
| Republic Services, Inc. | 67539 | 14314 |
| Equifax, Inc. | 60828 | 13198 |
| BAE Systems PLC (ADR) | 136409 | 12670 |
| CSX Corp. | 290528 | 10532 |
| RELX PLC (ADR) | 231829 | 9371 |
| Waste Management, Inc. | 40322 | 8859 |
| Applied Industrial Technologies, Inc. | 22716 | 5833 |
| Trane Technologies PLC | 14265 | 5552 |
| ITT, Inc. | 20862 | 3620 |
|  |  | 1525285 |
| Health care 12.16% |  |  |
| Eli Lilly and Co. | 244400 | 262652 |
| UnitedHealth Group, Inc. | 621229 | 205074 |
| Amgen, Inc. | 599792 | 196318 |
| Abbott Laboratories | 1132764 | 141924 |
| CVS Health Corp. | 1753200 | 139134 |
| AbbVie, Inc. | 388820 | 88841 |
| Gilead Sciences, Inc. | 687176 | 84344 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 137037 | 62127 |
| Johnson & Johnson | 246753 | 51065 |
| Danaher Corp. | 217204 | 49722 |
| Thermo Fisher Scientific, Inc. | 84887 | 49188 |
| AstraZeneca PLC (ADR) | 391907 | 36028 |
| Zimmer Biomet Holdings, Inc. | 220098 | 19791 |
| Illumina, Inc. <sup>(a)</sup> | 110721 | 14522 |
| Elevance Health, Inc. | 39244 | 13757 |
| Humana, Inc. | 47537 | 12176 |
| Novo Nordisk AS, Class B (ADR) | 187415 | 9536 |
| Cooper Cos., Inc. <sup>(a)</sup> | 79881 | 6547 |
| Bristol-Myers Squibb Co. | 96148 | 5186 |
| McKesson Corp. | 4752 | 3898 |
| Align Technology, Inc. <sup>(a)</sup> | 15745 | 2459 |
| Cardinal Health, Inc. | 6793 | 1396 |
|  |  | 1455685 |

---

**41**American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer staples 8.25% |  |  |
| Philip Morris International, Inc. | 2510056 | $402613 |
| British American Tobacco PLC (ADR) | 2455192 | 139013 |
| Keurig Dr Pepper, Inc. | 2702930 | 75709 |
| Mondelez International, Inc., Class A | 1268407 | 68278 |
| Coca-Cola Co. | 758395 | 53020 |
| Constellation Brands, Inc., Class A | 284585 | 39261 |
| Costco Wholesale Corp. | 41990 | 36210 |
| Altria Group, Inc. | 590291 | 34036 |
| Hershey Co. | 124140 | 22591 |
| Nestle SA (ADR) | 200456 | 19801 |
| Procter & Gamble Co. | 136221 | 19522 |
| Church & Dwight Co., Inc. | 227492 | 19075 |
| Walmart, Inc. | 150441 | 16761 |
| Estee Lauder Cos., Inc. (The), Class A | 152224 | 15941 |
| Kraft Heinz Co. (The) | 413643 | 10031 |
| Target Corp. | 98519 | 9630 |
| Bunge Global SA | 74092 | 6600 |
|  |  | 988092 |
| Consumer discretionary 6.88% |  |  |
| Royal Caribbean Cruises, Ltd. | 596363 | 166337 |
| Home Depot, Inc. | 256784 | 88359 |
| Starbucks Corp. | 1021649 | 86033 |
| Amazon.com, Inc. <sup>(a)</sup> | 331292 | 76469 |
| YUM! Brands, Inc. | 502512 | 76020 |
| D.R. Horton, Inc. | 411529 | 59272 |
| TJX Cos., Inc. (The) | 383447 | 58901 |
| Darden Restaurants, Inc. | 317938 | 58507 |
| NIKE, Inc., Class B | 537367 | 34236 |
| Marriott International, Inc., Class A | 88679 | 27512 |
| General Motors Co. | 276739 | 22504 |
| Vail Resorts, Inc. | 149560 | 19862 |
| Tractor Supply Co. | 373740 | 18691 |
| Toll Brothers, Inc. | 81236 | 10985 |
| Texas Roadhouse, Inc. | 43999 | 7304 |
| Sony Group Corp. (ADR) | 268839 | 6882 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 165637 | 6129 |
|  |  | 824003 |
| Communication services 5.40% |  |  |
| Alphabet, Inc., Class A | 591527 | 185148 |
| Alphabet, Inc., Class C | 565134 | 177339 |
| Meta Platforms, Inc., Class A | 234761 | 154963 |
| Comcast Corp., Class A | 3570517 | 106723 |
| Verizon Communications, Inc. | 261888 | 10667 |
| Walt Disney Co. (The) | 56380 | 6414 |
| AT&T, Inc. | 210004 | 5217 |
|  |  | 646471 |
| Utilities 4.03% |  |  |
| Constellation Energy Corp. | 322322 | 113867 |
| Sempra | 1251080 | 110458 |
| Southern Co. (The) | 946592 | 82543 |
| FirstEnergy Corp. | 1218911 | 54571 |
| DTE Energy Co. | 221096 | 28517 |
| Exelon Corp. | 631441 | 27525 |
| Entergy Corp. | 182766 | 16893 |
| CenterPoint Energy, Inc. | 437803 | 16785 |

---

American Funds Insurance Series **42**

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Utilities (continued) |  |  |
| Public Service Enterprise Group, Inc. | 184231 | $14794 |
| NextEra Energy, Inc. | 125328 | 10061 |
| Atmos Energy Corp. | 38564 | 6464 |
|  |  | 482478 |
| Energy 2.92% |  |  |
| Exxon Mobil Corp. | 678218 | 81617 |
| ConocoPhillips | 836045 | 78262 |
| Canadian Natural Resources, Ltd. | 1659500 | 56174 |
| EOG Resources, Inc. | 404283 | 42454 |
| Baker Hughes Co., Class A | 572294 | 26062 |
| TC Energy Corp. | 425469 | 23405 |
| Chevron Corp. | 114799 | 17496 |
| Halliburton Co. | 398694 | 11267 |
| SLB, Ltd. | 216823 | 8322 |
| TotalEnergies SE <sup>(b)</sup> | 65622 | 4293 |
|  |  | 349352 |
| Real estate 2.59% |  |  |
| Welltower, Inc. REIT | 972251 | 180459 |
| Simon Property Group, Inc. REIT | 158605 | 29359 |
| Public Storage REIT | 107805 | 27975 |
| Prologis, Inc. REIT | 200496 | 25595 |
| Ventas, Inc. REIT | 219292 | 16969 |
| American Tower Corp. REIT | 95755 | 16812 |
| Rexford Industrial Realty, Inc. REIT | 156135 | 6046 |
| Extra Space Storage, Inc. REIT | 42274 | 5505 |
| CoStar Group, Inc. <sup>(a)</sup> | 23002 | 1547 |
|  |  | 310267 |
| Materials 2.24% |  |  |
| Air Products and Chemicals, Inc. | 314661 | 77728 |
| Wheaton Precious Metals Corp. | 558352 | 65618 |
| International Paper Co. | 1327824 | 52303 |
| Linde PLC | 63825 | 27214 |
| Royal Gold, Inc. | 81893 | 18204 |
| Corteva, Inc. | 260264 | 17445 |
| H.B. Fuller Co. | 114890 | 6831 |
| Nucor Corp. | 16976 | 2769 |
|  |  | 268112 |
| Total common stocks (cost: $7,030,725,000) |  | 11580399 |
| Convertible stocks 0.86% |  |  |
| Convertible stocks 0.86% |  |  |
| Industrials 0.36% |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 627490 | 43334 |
| Financials 0.33% |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 590703 | 30622 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 116666 | 8811 |
|  |  | 39433 |

---

**43**American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Convertible stocks (continued) |  |  |  |  |  |  |  |  | Value |
| Convertible stocks (continued) |  |  |  |  | Shares | Shares |  | (000) | (000) |
| Utilities 0.17% |  |  |  |  |  |  |  |  |  |
| Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028 | Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028 | Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028 |  |  | 406324 | 406324 | $ | $20463 | 20463 |
| Total convertible stocks (cost: $91,575,000) |  |  |  |  |  |  |  | 103230 | 103230 |
| Short-term securities 2.29% |  |  |  |  |  |  |  |  |  |
| Short-term securities 2.29% |  |  |  |  |  |  |  |  |  |
| **Money market investments 2.28%** |  |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup> |  |  |  |  | 2725029 | 2725029 |  | 272530 | 272530 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> |  | 776786 | 776786 |  | 777 | 777 |
| Total short-term securities (cost: $273,250,000) |  |  |  |  |  |  |  | 273307 | 273307 |
| Total investment securities 99.86% (cost: $7,395,550,000) |  |  |  |  |  |  |  | 11956936 | 11956936 |
| Other assets less liabilities 0.14% |  |  |  |  |  |  |  | 17120 | 17120 |
| Net assets 100.00% |  |  |  |  |  |  | $11974056 | $11974056 | $11974056 |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend | Dividend |
|  | Value at |  |  | realized | appreciation |  | Value at | or interest | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | 12/31/2025 |  | income |
|  | (000) | (000) | (000) | (000) | (000) |  | (000) | (000) | (000) |
| Short-term securities 2.28% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.28% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | $245250 | $1790503 | $1763183 | $(10) | $(30) | $272530 | $272530 | $13883 | $13883 |
| &nbsp;&nbsp;&nbsp;Money market investments purchased with collateral |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from securities on loan 0.00% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | 9850 |  | 9850<sup>(f)</sup> |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(g) |
| &nbsp;&nbsp;&nbsp;Total 2.28% |  |  |  | $(10) | $(30) | $272530 | $272530 | $13883 | $13883 |

---

(a)Non-income producing.

(b)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(c)Rate represents the seven-day yield at 12/31/2025.

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

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

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

American Funds Insurance Series **44**

U.S. Small and Mid Cap Equity Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 97.32% |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 97.32% | Shares | (000) |
| Financials 23.78% |  |  |
| Capital One Financial Corp. | 12848 | $3114 |
| Brown & Brown, Inc. | 29424 | 2345 |
| Fifth Third Bancorp | 42787 | 2003 |
| RenaissanceRe Holdings, Ltd. | 6629 | 1864 |
| Victory Capital Holdings, Inc., Class A | 27021 | 1705 |
| LPL Financial Holdings, Inc. | 3231 | 1154 |
| StepStone Group, Inc., Class A | 17773 | 1140 |
| KeyCorp | 47885 | 988 |
| Hamilton Lane, Inc., Class A | 7175 | 964 |
| TPG, Inc., Class A | 13727 | 876 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 11444 | 852 |
| WEX, Inc. <sup>(a)</sup> | 5173 | 771 |
| Radian Group, Inc. | 18868 | 679 |
| Kinsale Capital Group, Inc. | 1670 | 653 |
| Fiserv, Inc. <sup>(a)</sup> | 9281 | 623 |
| Ally Financial, Inc. | 10613 | 481 |
| Ameriprise Financial, Inc. | 957 | 469 |
| Accelerant Holdings, Class A <sup>(a)</sup> | 27142 | 444 |
| Artisan Partners Asset Management, Inc., Class A | 10148 | 413 |
| Tradeweb Markets, Inc., Class A | 3687 | 396 |
| Arthur J. Gallagher & Co. | 1462 | 378 |
| Citizens Financial Group, Inc. | 6328 | 370 |
| Essent Group, Ltd. | 4628 | 301 |
| Figure Technology Solutions, Inc. <sup>(a)</sup> | 6252 | 255 |
| GQG Partners, Inc. (CDI) | 195382 | 228 |
| Blue Owl Capital, Inc., Class A | 15107 | 226 |
|  |  | 23692 |
| Industrials 19.73% |  |  |
| XPO, Inc. <sup>(a)</sup> | 11702 | 1590 |
| Comfort Systems USA, Inc. | 1510 | 1409 |
| Crane Co. | 7592 | 1400 |
| Ingersoll-Rand, Inc. | 16463 | 1304 |
| United Rentals, Inc. | 1565 | 1267 |
| Karman Holdings, Inc. <sup>(a)</sup> | 16913 | 1238 |
| AGCO Corp. | 8507 | 887 |
| ATI, Inc. <sup>(a)</sup> | 7165 | 822 |
| Bloom Energy Corp., Class A <sup>(a)</sup> | 9349 | 812 |
| APi Group Corp. <sup>(a)</sup> | 18288 | 700 |
| Generac Holdings, Inc. <sup>(a)</sup> | 5120 | 698 |
| AMETEK, Inc. | 3100 | 637 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 5013 | 624 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 11721 | 609 |
| PACCAR, Inc. | 4584 | 502 |
| Applied Industrial Technologies, Inc. | 1852 | 476 |
| The Toro Co. | 5383 | 424 |
| CSW Industrials, Inc. | 1425 | 418 |
| FTAI Aviation, Ltd. | 2030 | 400 |
| Copart, Inc. <sup>(a)</sup> | 9486 | 371 |
| HEICO Corp. | 1059 | 343 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 3265 | 336 |
| L3Harris Technologies, Inc. | 1140 | 335 |
| Kadant, Inc. | 1153 | 329 |
| ESCO Technologies, Inc. | 1528 | 299 |
| VSE Corp. | 1708 | 295 |
| Graco, Inc. | 3172 | 260 |
| Oshkosh Corp. | 1699 | 213 |
| Robert Half, Inc. | 6882 | 187 |

---

**45**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Fluor Corp. <sup>(a)</sup> | 4663 | $185 |
| United Parcel Service, Inc., Class B | 1684 | 167 |
| CBIZ, Inc. <sup>(a)</sup> | 2383 | 120 |
|  |  | 19657 |
| Consumer discretionary 15.60% |  |  |
| Hilton Worldwide Holdings, Inc. | 5955 | 1711 |
| YUM! Brands, Inc. | 9944 | 1504 |
| Vail Resorts, Inc. | 10303 | 1368 |
| LKQ Corp. | 42592 | 1286 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 13584 | 1034 |
| General Motors Co. | 11011 | 895 |
| Five Below, Inc. <sup>(a)</sup> | 4322 | 814 |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 7439 | 770 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 5826 | 591 |
| TopBuild Corp. <sup>(a)</sup> | 1258 | 525 |
| Flutter Entertainment PLC <sup>(a)</sup> | 2429 | 522 |
| Wingstop, Inc. | 2071 | 494 |
| Darden Restaurants, Inc. | 2559 | 471 |
| D.R. Horton, Inc. | 3011 | 434 |
| Murphy USA, Inc. | 927 | 374 |
| Toll Brothers, Inc. | 2406 | 325 |
| Cavco Industries, Inc. <sup>(a)</sup> | 546 | 322 |
| Royal Caribbean Cruises, Ltd. | 1101 | 307 |
| Chewy, Inc., Class A <sup>(a)</sup> | 8811 | 291 |
| Texas Roadhouse, Inc. | 1657 | 275 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 7178 | 266 |
| Brinker International, Inc. <sup>(a)</sup> | 1778 | 255 |
| SharkNinja, Inc. <sup>(a)</sup> | 1946 | 218 |
| AutoZone, Inc. <sup>(a)</sup> | 53 | 180 |
| Polaris, Inc. | 2608 | 165 |
| CAVA Group, Inc. <sup>(a)</sup> | 2391 | 140 |
|  |  | 15537 |
| Information technology 11.44% |  |  |
| Ingram Micro Holding Corp. <sup>(b)</sup> | 64723 | 1381 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 3571 | 1316 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 2398 | 1092 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 4973 | 1010 |
| Ciena Corp. <sup>(a)</sup> | 3954 | 925 |
| Flex, Ltd. <sup>(a)</sup> | 13238 | 800 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 1765 | 741 |
| Procore Technologies, Inc. <sup>(a)</sup> | 8507 | 619 |
| Vontier Corp. | 16007 | 595 |
| Fair Isaac Corp. <sup>(a)</sup> | 313 | 529 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 2395 | 472 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup> | 20637 | 370 |
| Hewlett Packard Enterprise Co. | 12286 | 295 |
| EPAM Systems, Inc. <sup>(a)</sup> | 1350 | 277 |
| Snowflake, Inc. <sup>(a)</sup> | 1173 | 257 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 7980 | 230 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup> | 8318 | 201 |
| CoreWeave, Inc., Class A <sup>(a)</sup> | 1559 | 112 |
| Figma, Inc. <sup>(a)</sup> | 2983 | 111 |
| Via Transportation, Inc., Class A <sup>(a)</sup> | 2340 | 68 |
|  |  | 11401 |

---

American Funds Insurance Series **46**

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

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care 8.63% |  |  |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 14469 | $1145 |
| Illumina, Inc. <sup>(a)</sup> | 5359 | 703 |
| Align Technology, Inc. <sup>(a)</sup> | 4477 | 699 |
| Medline, Inc., Class A <sup>(a)</sup> | 14700 | 617 |
| Cooper Cos., Inc. <sup>(a)</sup> | 6773 | 555 |
| Exact Sciences Corp. <sup>(a)</sup> | 4899 | 498 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 6858 | 462 |
| Doximity, Inc., Class A <sup>(a)</sup> | 8847 | 392 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> | 1752 | 391 |
| Penumbra, Inc. <sup>(a)</sup> | 1219 | 379 |
| Natera, Inc. <sup>(a)</sup> | 1649 | 378 |
| Alignment Healthcare, Inc. <sup>(a)</sup> | 18667 | 369 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 10863 | 353 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup> | 9798 | 344 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 1442 | 325 |
| Regeneron Pharmaceuticals, Inc. | 376 | 290 |
| Centessa Pharmaceuticals PLC (ADR) <sup>(a)</sup> | 9157 | 229 |
| Krystal Biotech, Inc. <sup>(a)</sup> | 886 | 218 |
| Zimmer Biomet Holdings, Inc. | 1962 | 176 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 200 | 79 |
|  |  | 8602 |
| Consumer staples 7.13% |  |  |
| US Foods Holding Corp. <sup>(a)</sup> | 29695 | 2237 |
| Monster Beverage Corp. <sup>(a)</sup> | 16752 | 1284 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 11527 | 877 |
| Dollar General Corp. | 4932 | 655 |
| Caseys General Stores, Inc. | 1137 | 628 |
| Estee Lauder Cos., Inc. (The), Class A | 4095 | 429 |
| Keurig Dr Pepper, Inc. | 11715 | 328 |
| Maplebear, Inc. <sup>(a)</sup> | 6897 | 310 |
| Constellation Brands, Inc., Class A | 1758 | 243 |
| The Campbell's Co. | 4131 | 115 |
|  |  | 7106 |
| Energy 2.50% |  |  |
| Diamondback Energy, Inc. | 5754 | 865 |
| Baker Hughes Co., Class A | 13613 | 620 |
| Viper Energy, Inc., Class A | 8310 | 321 |
| Permian Resources Corp., Class A | 18919 | 266 |
| SLB, Ltd. | 6256 | 240 |
| EOG Resources, Inc. | 1661 | 174 |
|  |  | 2486 |
| Real estate 2.43% |  |  |
| Simon Property Group, Inc. REIT | 6717 | 1244 |
| Essex Property Trust, Inc. REIT | 2217 | 580 |
| Crown Castle, Inc. REIT | 5004 | 445 |
| Alexandria Real Estate Equities, Inc. REIT | 3072 | 150 |
|  |  | 2419 |
| Materials 2.29% |  |  |
| International Paper Co. | 19368 | 763 |
| Westlake Corp. | 6765 | 500 |

---

**47**American Funds Insurance Series

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | Shares |  | (000) |
| Materials (continued) |  |  |  |  |  |  |  |  |
| Element Solutions, Inc. |  |  |  |  | 17078 | 17078 | $ | 427 |
| Perpetua Resources Corp. <sup>(a)</sup> |  |  |  |  | 16342 | 16342 |  | 396 |
| Corteva, Inc. |  |  |  |  | 2901 | 2901 |  | 194 |
|  |  |  |  |  |  |  |  | 2280 |
| Communication services 1.90% |  |  |  |  |  |  |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup> |  |  |  |  | 14370 | 14370 |  | 1164 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> |  |  |  |  | 3723 | 3723 |  | 530 |
| Charter Communications, Inc., Class A <sup>(a)</sup> |  |  |  |  | 761 | 761 |  | 159 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup> |  |  |  |  | 2858 | 2858 |  | 39 |
|  |  |  |  |  |  |  |  | 1892 |
| Utilities 1.89% |  |  |  |  |  |  |  |  |
| Exelon Corp. |  |  |  |  | 29519 | 29519 |  | 1287 |
| NRG Energy, Inc. |  |  |  |  | 3150 | 3150 |  | 501 |
| FirstEnergy Corp. |  |  |  |  | 2147 | 2147 |  | 96 |
|  |  |  |  |  |  |  |  | 1884 |
| Total common stocks (cost: $93,297,000) |  |  |  |  |  |  |  | 96956 |
| Short-term securities 3.82% |  |  |  |  |  |  |  |  |
| Short-term securities 3.82% |  |  |  |  |  |  |  |  |
| **Money market investments 2.97%** |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup> |  |  |  |  | 29620 | 29620 |  | 2963 |
| **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup> |  | 846291 | 846291 |  | 846 |
| Total short-term securities (cost: $3,808,000) |  |  |  |  |  |  |  | 3809 |
| Total investment securities 101.14% (cost: $97,105,000) |  |  |  |  |  |  |  | 100765 |
| Other assets less liabilities (1.14)% |  |  |  |  |  |  |  | (1139) |
| Net assets 100.00% |  |  |  |  |  |  | $99626 | $99626 |
| **Investments in affiliates <sup>(e)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(e)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(e)</sup>** |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 |  | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) |  | (000) |
| Short-term securities 2.97% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.97% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(d)</sup> | $288 | $29708 | $27033 | $—(g) | $—(g) | $2963 |  | $60 |
| **Restricted securities <sup>(c)</sup>** |  |  |  |  |  |  |  |  |
|  | Acquisition | Acquisition |  | Cost | Value |  |  | Percent |
|  | Acquisition | Acquisition |  | Cost | Value |  |  | of net |
|  |  | date(s) |  | (000) | (000) |  |  | assets |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc., Class A <sup>(a)</sup> | 12/24/2025 | 12/24/2025 |  | $382 | $370 |  |  | 0.37% |

---

American Funds Insurance Series **48**

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

(a)Non-income producing.

(b)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(c)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(d)Rate represents the seven-day yield at 12/31/2025.

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

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

(g)Amount less than one thousand.

Key to abbreviation(s)

ADR = American Depositary Receipts

CDI = CREST Depository Interest

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

**49**American Funds Insurance Series

Capital World Growth and Income Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 98.15% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 98.15% | Shares | (000) |
| Information technology 23.97% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2005772 | $97989 |
| Broadcom, Inc. | 268307 | 92861 |
| Microsoft Corp. | 146416 | 70810 |
| NVIDIA Corp. | 281180 | 52440 |
| Apple, Inc. | 140959 | 38321 |
| Micron Technology, Inc. | 111566 | 31842 |
| ASML Holding NV | 16667 | 17815 |
| ASML Holding NV (ADR) | 1512 | 1618 |
| International Business Machines Corp. | 48120 | 14254 |
| Tokyo Electron, Ltd. | 51975 | 11415 |
| Intel Corp. <sup>(a)</sup> | 273031 | 10075 |
| MediaTek, Inc. | 157094 | 7118 |
| Amphenol Corp., Class A | 32412 | 4380 |
| Lenovo Group, Ltd. | 3686000 | 4371 |
| Seagate Technology Holdings PLC | 15867 | 4370 |
| Synopsys, Inc. <sup>(a)</sup> | 8886 | 4174 |
| Applied Materials, Inc. | 15190 | 3904 |
| Oracle Corp. | 18982 | 3700 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 18872 | 3038 |
| Accenture PLC, Class A | 10643 | 2855 |
| Samsung Electronics Co., Ltd. | 33844 | 2821 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 12488 | 2462 |
| Capgemini SE | 14098 | 2335 |
| Allegro MicroSystems, Inc. <sup>(a)</sup> | 88141 | 2325 |
| EPAM Systems, Inc. <sup>(a)</sup> | 9877 | 2024 |
| Constellation Software, Inc. | 721 | 1734 |
| AppLovin Corp., Class A <sup>(a)</sup> | 2510 | 1691 |
| KLA Corp. | 1314 | 1597 |
| Marvell Technology, Inc. | 18061 | 1535 |
| Salesforce, Inc. | 4029 | 1067 |
| SAP SE | 3885 | 950 |
| Fair Isaac Corp. <sup>(a)</sup> | 458 | 774 |
| Strategy, Inc., Class A <sup>(a)</sup> | 4258 | 647 |
| Corning, Inc. | 7323 | 641 |
| Advantech Co., Ltd. | 30098 | 274 |
|  |  | 500227 |
| Industrials 16.25% |  |  |
| General Electric Co. | 80356 | 24752 |
| Airbus SE, non-registered shares | 90056 | 20889 |
| BAE Systems PLC | 890700 | 20476 |
| Siemens AG | 64151 | 18016 |
| RTX Corp. | 95086 | 17439 |
| TransDigm Group, Inc. | 11792 | 15682 |
| Leonardo SpA | 255861 | 14657 |
| Deere & Co. | 29808 | 13878 |
| Volvo AB, Class B | 391329 | 12544 |
| Melrose Industries PLC | 1317195 | 10363 |
| Ryanair Holdings PLC (ADR) | 143498 | 10359 |
| Hitachi, Ltd. | 269600 | 8364 |
| Compagnie de Saint-Gobain SA, non-registered shares | 78427 | 7961 |
| Union Pacific Corp. | 34166 | 7903 |
| Carrier Global Corp. | 147179 | 7777 |
| Safran SA | 22132 | 7701 |
| United Rentals, Inc. | 9239 | 7477 |
| Mitsui & Co., Ltd. | 252500 | 7463 |
| Rolls-Royce Holdings PLC | 438695 | 6819 |
| Siemens Energy AG | 41713 | 5895 |
| Ingersoll-Rand, Inc. | 73089 | 5790 |
| L3Harris Technologies, Inc. | 19651 | 5769 |

---

American Funds Insurance Series **50**

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Parker-Hannifin Corp. | 5942 | $5223 |
| Deutsche Post AG | 94991 | 5203 |
| Lockheed Martin Corp. | 10189 | 4928 |
| ITOCHU Corp. | 377000 | 4759 |
| Prysmian SpA | 47580 | 4744 |
| RELX PLC | 102326 | 4139 |
| Techtronic Industries Co., Ltd. | 352500 | 4050 |
| IHI Corp. | 204168 | 3600 |
| XPO, Inc. <sup>(a)</sup> | 24624 | 3347 |
| Saab AB, Class B | 50858 | 2958 |
| International Consolidated Airlines Group SA (CDI) | 528593 | 2927 |
| GE Vernova, Inc. | 4428 | 2894 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 54167 | 2815 |
| Bureau Veritas SA | 84710 | 2698 |
| Weir Group PLC (The) | 53913 | 2058 |
| MTU Aero Engines AG | 4854 | 2025 |
| FTAI Aviation, Ltd. | 9560 | 1882 |
| Crane Co. | 9711 | 1791 |
| Marubeni Corp. | 63000 | 1753 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 9858 | 1677 |
| Bouygues SA | 30905 | 1602 |
| Comfort Systems USA, Inc. | 1627 | 1518 |
| Recruit Holdings Co., Ltd. | 25350 | 1446 |
| Bunzl PLC | 42369 | 1182 |
| Randstad NV, non-registered shares | 28055 | 1067 |
| Woodward, Inc. | 3354 | 1014 |
| Vestas Wind Systems AS | 35740 | 965 |
| SECOM Co., Ltd. | 27100 | 963 |
| Howmet Aerospace, Inc. | 4522 | 927 |
| Rocket Lab Corp. <sup>(a)</sup> | 12810 | 894 |
| Boeing Co. (The) <sup>(a)</sup> | 3785 | 822 |
| Diploma PLC | 11469 | 818 |
| PACCAR, Inc. | 7084 | 776 |
| Ferguson Enterprises, Inc. | 2880 | 641 |
| Valmet OYJ | 17763 | 588 |
| FedEx Corp. | 1469 | 424 |
|  |  | 339092 |
| Financials 14.57% |  |  |
| Chubb, Ltd. | 41141 | 12841 |
| Citigroup, Inc. | 109791 | 12811 |
| NatWest Group PLC | 1411295 | 12309 |
| Zurich Insurance Group AG | 15887 | 12058 |
| JPMorgan Chase & Co. | 36957 | 11908 |
| Capital One Financial Corp. | 44690 | 10831 |
| Aviva PLC | 1178167 | 10787 |
| Mastercard, Inc., Class A | 18307 | 10451 |
| Apollo Asset Management, Inc. | 66212 | 9585 |
| BPER Banca SpA | 688480 | 9310 |
| Visa, Inc., Class A | 23806 | 8349 |
| Bank of America Corp. | 151204 | 8316 |
| American Express Co. | 21561 | 7976 |
| Wells Fargo & Co. | 73531 | 6853 |
| UniCredit SpA | 82515 | 6850 |
| ING Groep NV | 242789 | 6825 |
| BlackRock, Inc. | 5785 | 6192 |
| Arthur J. Gallagher & Co. | 22281 | 5766 |
| Banco Bilbao Vizcaya Argentaria SA | 240821 | 5633 |
| Blackstone, Inc. | 34103 | 5257 |
| Galaxy Digital, Inc., Class A <sup>(a)(b)</sup> | 153894 | 3441 |

---

**51**American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Galaxy Digital, Inc., Class A <sup>(a)</sup> | 73055 | $1634 |
| AIA Group, Ltd. | 489469 | 5028 |
| HDFC Life Insurance Co., Ltd. | 586869 | 4905 |
| Munchener Ruckversicherungs-Gesellschaft AG | 7210 | 4761 |
| Mizuho Financial Group, Inc. | 128300 | 4659 |
| 3i Group PLC | 103448 | 4501 |
| Aon PLC, Class A | 12706 | 4484 |
| Israel Discount Bank, Ltd., Class A | 416534 | 4423 |
| Erste Group Bank AG | 33771 | 4063 |
| Partners Group Holding AG | 3097 | 3804 |
| Postal Savings Bank of China Co., Ltd., Class H | 5553383 | 3790 |
| FinecoBank SpA | 138712 | 3602 |
| BNP Paribas SA | 36364 | 3441 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 404280 | 3401 |
| KB Financial Group, Inc. | 39325 | 3400 |
| Blue Owl Capital, Inc., Class A | 224513 | 3354 |
| Svenska Handelsbanken AB, Class A | 226988 | 3310 |
| Progressive Corp. | 13531 | 3081 |
| DBS Group Holdings, Ltd. | 66200 | 2897 |
| Marsh & McLennan Cos., Inc. | 14198 | 2634 |
| Danske Bank AS | 52190 | 2603 |
| Ares Management Corp., Class A | 14926 | 2412 |
| Morgan Stanley | 13148 | 2334 |
| TPG, Inc., Class A | 36181 | 2310 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 132234 | 2214 |
| HDFC Bank, Ltd. | 127497 | 1409 |
| HDFC Bank, Ltd. (ADR) | 17258 | 630 |
| HSBC Holdings PLC (HKD denominated) | 130000 | 2036 |
| B3 SA - Brasil, Bolsa, Balcao | 732050 | 1905 |
| AXA SA | 39014 | 1876 |
| American International Group, Inc. | 20908 | 1789 |
| Brown & Brown, Inc. | 22407 | 1786 |
| Banco Comercial Portugues, SA | 1692704 | 1774 |
| IG Group Holdings PLC | 93625 | 1660 |
| CaixaBank SA, non-registered shares | 125217 | 1529 |
| CVC Capital Partners PLC | 88920 | 1489 |
| National Bank of Canada | 11544 | 1452 |
| Skandinaviska Enskilda Banken AB, Class A | 62547 | 1320 |
| Federal Home Loan Mortgage Corp. <sup>(a)</sup> | 122752 | 1245 |
| Fannie Mae <sup>(a)</sup> | 99902 | 1072 |
| Allianz SE | 2300 | 1055 |
| Bank Hapoalim BM | 46635 | 1055 |
| Credicorp, Ltd. | 3392 | 973 |
| Abu Dhabi Islamic Bank PJSC | 164126 | 928 |
| China Merchants Bank Co., Ltd., Class H | 122403 | 828 |
| Goldman Sachs Group, Inc. | 871 | 766 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated) | 14178 | 743 |
| LPL Financial Holdings, Inc. | 2038 | 728 |
| Fidelity National Information Services, Inc. | 10845 | 721 |
| Macquarie Group, Ltd. | 4650 | 626 |
| XP, Inc., Class A | 36512 | 598 |
| Standard Chartered PLC | 19485 | 476 |
| Tokio Marine Holdings, Inc. | 6000 | 223 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 3196952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 304086 |
| Communication services 9.18% |  |  |
| Alphabet, Inc., Class A | 119827 | 37506 |
| Alphabet, Inc., Class C | 112570 | 35324 |
| Meta Platforms, Inc., Class A | 40871 | 26979 |

---

American Funds Insurance Series **52**

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Communication services (continued) |  |  |
| SoftBank Group Corp. | 669268 | $18868 |
| Netflix, Inc. <sup>(a)</sup> | 123855 | 11613 |
| Publicis Groupe SA | 105250 | 10919 |
| Singapore Telecommunications, Ltd. | 2193563 | 7772 |
| NetEase, Inc. | 212900 | 5859 |
| NetEase, Inc. (ADR) | 4006 | 551 |
| Orange | 323745 | 5402 |
| Bharti Airtel, Ltd. | 210509 | 4938 |
| Bharti Airtel, Ltd., interim shares | 12466 | 235 |
| Tencent Holdings, Ltd. | 58900 | 4513 |
| Comcast Corp., Class A | 149929 | 4481 |
| Universal Music Group NV | 157145 | 4106 |
| AT&T, Inc. | 129224 | 3210 |
| Nintendo Co., Ltd. | 38800 | 2621 |
| Spotify Technology SA <sup>(a)</sup> | 4149 | 2409 |
| Omnicom Group, Inc. | 25602 | 2067 |
| Walt Disney Co. (The) | 10917 | 1242 |
| SoftBank Corp. | 677450 | 930 |
|  |  | 191545 |
| Consumer discretionary 8.32% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 144814 | 33426 |
| Industria de Diseno Textil SA | 183973 | 12118 |
| Trip.com Group, Ltd. (ADR) | 79347 | 5706 |
| Trip.com Group, Ltd. | 77636 | 5569 |
| Compagnie Financiere Richemont SA, Class A | 50205 | 10835 |
| Tesla, Inc. <sup>(a)</sup> | 23878 | 10738 |
| Flutter Entertainment PLC <sup>(a)</sup> | 41831 | 8995 |
| Starbucks Corp. | 104616 | 8810 |
| Royal Caribbean Cruises, Ltd. | 31446 | 8771 |
| MercadoLibre, Inc. <sup>(a)</sup> | 4232 | 8524 |
| NEXT PLC | 38851 | 7148 |
| Las Vegas Sands Corp. | 94294 | 6138 |
| LVMH Moet Hennessy-Louis Vuitton SE | 7475 | 5635 |
| Booking Holdings, Inc. | 927 | 4964 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 124254 | 4597 |
| D.R. Horton, Inc. | 28110 | 4049 |
| Alibaba Group Holding, Ltd. (ADR) | 20723 | 3038 |
| Hermes International | 1159 | 2864 |
| Compagnie Generale des Etablissements Michelin | 73679 | 2444 |
| Restaurant Brands International, Inc. (CAD denominated) | 27334 | 1865 |
| Hyundai Motor Co. | 8986 | 1840 |
| InterContinental Hotels Group PLC | 12632 | 1769 |
| Moncler SpA | 27170 | 1746 |
| Compass Group PLC | 54547 | 1735 |
| Carvana Co., Class A <sup>(a)</sup> | 3915 | 1652 |
| Suzuki Motor Corp. | 98200 | 1459 |
| Aristocrat Leisure, Ltd. | 34618 | 1343 |
| Midea Group Co., Ltd., Class A | 113000 | 1263 |
| NIKE, Inc., Class B | 16141 | 1028 |
| Accor SA | 15785 | 894 |
| Zensho Holdings Co., Ltd. | 14300 | 820 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 5758 | 735 |
| Dollarama, Inc. | 4772 | 713 |
| Kering SA | 1243 | 439 |
|  |  | 173670 |
| Health care 8.25% |  |  |
| Eli Lilly and Co. | 36376 | 39093 |

---

**53**American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Health care (continued) |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 35954 | $16300 |
| Abbott Laboratories | 108041 | 13536 |
| Medtronic PLC | 125128 | 12020 |
| UnitedHealth Group, Inc. | 24947 | 8235 |
| Novo Nordisk AS, Class B | 160061 | 8159 |
| Johnson & Johnson | 36478 | 7549 |
| Gilead Sciences, Inc. | 57932 | 7111 |
| Stryker Corp. | 17674 | 6212 |
| AstraZeneca PLC | 32200 | 5931 |
| Takeda Pharmaceutical Co., Ltd. | 189000 | 5872 |
| Sanofi | 57677 | 5596 |
| Thermo Fisher Scientific, Inc. | 9013 | 5223 |
| Daiichi Sankyo Co., Ltd. | 225900 | 4811 |
| Amgen, Inc. | 14470 | 4736 |
| EssilorLuxottica SA | 14229 | 4499 |
| Insulet Corp. <sup>(a)</sup> | 10684 | 3037 |
| AbbVie, Inc. | 10898 | 2490 |
| GE HealthCare Technologies, Inc. | 18849 | 1546 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 24993 | 1485 |
| CVS Health Corp. | 17836 | 1415 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 7751 | 1345 |
| Haleon PLC | 244709 | 1238 |
| Lonza Group AG | 1598 | 1081 |
| Boston Scientific Corp. <sup>(a)</sup> | 10853 | 1035 |
| Rede D'Or Sao Luiz SA | 122458 | 907 |
| Chugai Pharmaceutical Co., Ltd. | 17100 | 899 |
| Fresenius SE & Co. KGaA | 11068 | 637 |
| agilon health, Inc. <sup>(a)</sup> | 125582 | 86 |
|  |  | 172084 |
| Materials 6.04% |  |  |
| Vale SA, ordinary nominative shares | 1042597 | 13632 |
| Vale SA (ADR), ordinary nominative shares | 147928 | 1927 |
| Freeport-McMoRan, Inc. | 290202 | 14739 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 356560 | 9560 |
| Heidelberg Materials AG, non-registered shares | 31146 | 8156 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 626382 | 7124 |
| Anglo American PLC | 157771 | 6502 |
| Glencore PLC | 958289 | 5213 |
| Linde PLC | 11690 | 4984 |
| Anglogold Ashanti PLC | 58022 | 4948 |
| Air Products and Chemicals, Inc. | 18354 | 4534 |
| Corteva, Inc. | 64430 | 4319 |
| Antofagasta PLC | 91571 | 4019 |
| Agnico Eagle Mines, Ltd. | 23441 | 3975 |
| Nippon Steel Corp. | 865000 | 3538 |
| Smurfit Westrock PLC | 88600 | 3426 |
| CRH PLC | 26681 | 3330 |
| Southern Copper Corp. | 22583 | 3240 |
| Rio Tinto PLC | 40408 | 3224 |
| Air Liquide SA | 12636 | 2378 |
| Grupo Mexico, SAB de CV, Series B | 249486 | 2356 |
| LyondellBasell Industries NV | 51002 | 2208 |
| Lundin Mining Corp. | 100869 | 2168 |
| Dow, Inc. | 84972 | 1987 |
| Franco-Nevada Corp. | 8714 | 1806 |
| Akzo Nobel NV | 11772 | 818 |
| Shin-Etsu Chemical Co., Ltd. | 26000 | 809 |

---

American Funds Insurance Series **54**

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup> | 76018 | $627 |
| BASF SE | 6478 | 338 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup> | 8900 | 166 |
|  |  | 126051 |
| Consumer staples 4.82% |  |  |
| Philip Morris International, Inc. | 264831 | 42479 |
| British American Tobacco PLC | 257586 | 14599 |
| Nestle SA | 124694 | 12394 |
| Imperial Brands PLC | 254415 | 10696 |
| JBS NV (BDR) <sup>(a)</sup> | 221456 | 3194 |
| Ocado Group PLC <sup>(a)</sup> | 792264 | 2515 |
| Danone SA | 23736 | 2142 |
| Bunge Global SA | 22247 | 1982 |
| Sysco Corp. | 23248 | 1713 |
| Walmart, Inc. | 12868 | 1434 |
| US Foods Holding Corp. <sup>(a)</sup> | 14397 | 1084 |
| Ajinomoto Co., Inc. | 49400 | 1045 |
| Procter & Gamble Co. | 7275 | 1042 |
| Loblaw Cos., Ltd. | 21096 | 954 |
| Arca Continental, SAB de CV | 87378 | 946 |
| Keurig Dr Pepper, Inc. | 29253 | 819 |
| Kweichow Moutai Co., Ltd., Class A | 4100 | 807 |
| Coca-Cola Co. | 10706 | 748 |
|  |  | 100593 |
| Energy 3.72% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 482117 | 16330 |
| Cameco Corp. (CAD denominated) | 118635 | 10863 |
| Cameco Corp. | 46105 | 4218 |
| Shell PLC (GBP denominated) | 341079 | 12530 |
| Shell PLC (EUR denominated) | 14064 | 519 |
| EOG Resources, Inc. | 110268 | 11579 |
| Baker Hughes Co., Class A | 95061 | 4329 |
| TC Energy Corp. (CAD denominated) | 74780 | 4118 |
| Neste OYJ | 166062 | 3758 |
| BP PLC | 633071 | 3675 |
| Suncor Energy, Inc. | 68819 | 3055 |
| Expand Energy Corp. | 12380 | 1366 |
| Tourmaline Oil Corp. | 14829 | 665 |
| ADNOC Drilling Co. PJSC | 381223 | 554 |
|  |  | 77559 |
| Utilities 2.19% |  |  |
| Engie SA | 596827 | 15693 |
| Southern Co. (The) | 61750 | 5385 |
| Iberdrola SA, non-registered shares | 225821 | 4888 |
| Pinnacle West Capital Corp. | 36700 | 3255 |
| NextEra Energy, Inc. | 38632 | 3101 |
| E.ON SE | 150047 | 2845 |
| National Grid PLC | 154423 | 2380 |
| Dominion Energy, Inc. | 39815 | 2333 |
| Duke Energy Corp. | 18764 | 2199 |
| Constellation Energy Corp. | 5656 | 1998 |
| DTE Energy Co. | 10779 | 1390 |
| SSE PLC | 5948 | 174 |
|  |  | 45641 |

---

**55**American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Real estate 0.84% |  |  |
| Prologis, Inc. REIT | 48096 | $6140 |
| China Resources Mixc Lifestyle Services, Ltd. | 924400 | 5083 |
| Mitsubishi Estate Co., Ltd. | 73600 | 1793 |
| Simon Property Group, Inc. REIT | 7706 | 1426 |
| UDR, Inc. REIT | 32096 | 1177 |
| VICI Properties, Inc. REIT | 39802 | 1119 |
| Goodman Logistics (HK), Ltd. REIT | 40304 | 829 |
|  |  | 17567 |
| Total common stocks (cost: $1,169,007,000) |  | 2048115 |
| Preferred securities 0.30% |  |  |
| Preferred securities 0.30% |  |  |
| Financials 0.30% |  |  |
| Itau Unibanco Holding SA, preferred nominative shares | 330165 | 2367 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares | 226056 | 1618 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)</sup> | 80909 | 1232 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(e)</sup> | 69041 | 994 |
|  |  | 6211 |
| Total preferred securities (cost: $5,265,000) |  | 6211 |
| Bonds, notes & other debt instruments 0.05% | Principal amount |  |
| Bonds, notes & other debt instruments 0.05% | Principal amount |  |
| Bonds, notes & other debt instruments 0.05% | (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |  |  |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL3,300 | 584 |
| **Corporate bonds and notes 0.02%** |  |  |
| **Corporate bonds and notes 0.02%** |  |  |
| Health care 0.02% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | USD432 | 428 |
| Total bonds, notes & other debt instruments (cost: $967,000) |  | 1012 |
| Short-term securities 1.30% | Shares |  |
| Short-term securities 1.30% | Shares |  |
| **Money market investments 1.26%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup> | 262010 | 26204 |
| **Money market investments purchased with collateral from securities on loan 0.04%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> | 906417 | 906 |
| Total short-term securities (cost: $27,106,000) |  | 27110 |
| Total investment securities 99.80% (cost: $1,202,345,000) |  | 2082448 |
| Other assets less liabilities 0.20% |  | 4261 |
| Net assets 100.00% |  | $2086709 |

---

American Funds Insurance Series **56**

![](gcrx622rp0dcoqfzk3qxt.jpg)

Capital World Growth and Income Fund (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 1.26% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 1.26% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(f)</sup> | $46673 | $322340 | $342810 | $5 | $(4) | $26204 | $2805 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Galaxy Digital, Inc., Class A <sup>(a)</sup> | 10/10/2025 | $5540 | $3441 | 0.16% |

---

(a)Non-income producing.

(b)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(c)Value determined using significant unobservable inputs.

(d)Amount less than one thousand.

(e)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(f)Rate represents the seven-day yield at 12/31/2025.

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

**57**American Funds Insurance Series

Growth-Income Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 97.39% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 97.39% | Shares | (000) |
| Information technology 31.31% |  |  |
| NVIDIA Corp. | 16585113 | $3093124 |
| Microsoft Corp. | 6355199 | 3073501 |
| Broadcom, Inc. | 6636411 | 2296862 |
| Apple, Inc. | 6072252 | 1650802 |
| Applied Materials, Inc. | 3375839 | 867557 |
| Amphenol Corp., Class A | 3401335 | 459656 |
| Oracle Corp. | 1505598 | 293456 |
| Seagate Technology Holdings PLC | 1046348 | 288154 |
| Cognizant Technology Solutions Corp., Class A | 3381043 | 280627 |
| Accenture PLC, Class A | 888876 | 238485 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4102000 | 200397 |
| Arista Networks, Inc. <sup>(a)</sup> | 1418856 | 185913 |
| Entegris, Inc. | 1768942 | 149033 |
| Salesforce, Inc. | 535038 | 141737 |
| AppLovin Corp., Class A <sup>(a)</sup> | 102313 | 68940 |
| Texas Instruments, Inc. | 374945 | 65049 |
| Marvell Technology, Inc. | 761477 | 64710 |
| Adobe, Inc. <sup>(a)</sup> | 163526 | 57232 |
| Corning, Inc. | 600000 | 52536 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 220554 | 40626 |
| ASML Holding NV | 28845 | 30833 |
| QUALCOMM, Inc. | 141313 | 24172 |
| Micron Technology, Inc. | 78021 | 22268 |
| Fair Isaac Corp. <sup>(a)</sup> | 8541 | 14440 |
|  |  | 13660110 |
| Industrials 13.55% |  |  |
| RTX Corp. | 7418732 | 1360595 |
| Automatic Data Processing, Inc. | 1993331 | 512745 |
| Airbus SE, non-registered shares | 1921964 | 445806 |
| General Dynamics Corp. | 1230528 | 414270 |
| GFL Environmental, Inc., subordinate voting shares | 8706752 | 373955 |
| Carrier Global Corp. | 6005807 | 317347 |
| General Electric Co. | 1019662 | 314087 |
| Uber Technologies, Inc. <sup>(a)</sup> | 2826696 | 230969 |
| XPO, Inc. <sup>(a)</sup> | 1695007 | 230368 |
| Union Pacific Corp. | 862971 | 199622 |
| Ingersoll-Rand, Inc. | 2494401 | 197606 |
| Caterpillar, Inc. | 326877 | 187258 |
| Paychex, Inc. | 1519430 | 170450 |
| Honeywell International, Inc. | 828971 | 161724 |
| United Rentals, Inc. | 188542 | 152591 |
| TransDigm Group, Inc. | 113503 | 150942 |
| L3Harris Technologies, Inc. | 459926 | 135020 |
| CSX Corp. | 3114334 | 112895 |
| APi Group Corp. <sup>(a)</sup> | 1733157 | 66311 |
| Waste Management, Inc. | 284081 | 62415 |
| Woodward, Inc. | 204293 | 61762 |
| Boeing Co. (The) <sup>(a)</sup> | 238104 | 51697 |
|  |  | 5910435 |
| Financials 11.99% |  |  |
| JPMorgan Chase & Co. | 2413448 | 777661 |
| Mastercard, Inc., Class A | 1060909 | 605652 |
| BlackRock, Inc. | 504695 | 540195 |
| Wells Fargo & Co. | 5041337 | 469853 |
| Fidelity National Information Services, Inc. | 6205397 | 412411 |
| Progressive Corp. | 766051 | 174445 |
| Morgan Stanley | 957257 | 169942 |

---

American Funds Insurance Series **58**

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Capital One Financial Corp. | 697472 | $169039 |
| Visa, Inc., Class A | 445602 | 156277 |
| Chubb, Ltd. | 495560 | 154674 |
| Goldman Sachs Group, Inc. | 174257 | 153172 |
| Marsh & McLennan Cos., Inc. | 798956 | 148222 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 269334 | 135381 |
| B3 SA - Brasil, Bolsa, Balcao | 44971737 | 117059 |
| American Express Co. | 303325 | 112215 |
| PNC Financial Services Group, Inc. | 520903 | 108728 |
| Pinnacle Financial Partners, Inc. | 1131294 | 107937 |
| U.S. Bancorp | 1948827 | 103989 |
| Arthur J. Gallagher & Co. | 374193 | 96837 |
| Apollo Asset Management, Inc. | 665703 | 96367 |
| State Street Corp. | 681940 | 87977 |
| S&P Global, Inc. | 165000 | 86227 |
| CME Group, Inc., Class A | 292470 | 79868 |
| Blackstone, Inc. | 400140 | 61678 |
| PayPal Holdings, Inc. | 1053348 | 61495 |
| American International Group, Inc. | 507353 | 43404 |
|  |  | 5230705 |
| Health care 10.04% |  |  |
| Eli Lilly and Co. | 1648956 | 1772100 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1484547 | 673034 |
| AbbVie, Inc. | 1684603 | 384915 |
| UnitedHealth Group, Inc. | 1032933 | 340981 |
| Abbott Laboratories | 2330871 | 292035 |
| Thermo Fisher Scientific, Inc. | 277075 | 160551 |
| Cencora, Inc. | 401982 | 135769 |
| Cigna Group (The) | 321281 | 88426 |
| Johnson & Johnson | 426488 | 88262 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 122132 | 69171 |
| Danaher Corp. | 250263 | 57290 |
| Gilead Sciences, Inc. | 430961 | 52896 |
| Amgen, Inc. | 151000 | 49424 |
| GE HealthCare Technologies, Inc. | 582499 | 47777 |
| Insulet Corp. <sup>(a)</sup> | 162641 | 46229 |
| CVS Health Corp. | 535085 | 42464 |
| Stryker Corp. | 111700 | 39259 |
| Medtronic PLC | 210000 | 20173 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 49075 | 19515 |
|  |  | 4380271 |
| Consumer discretionary 10.04% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 8601419 | 1985379 |
| Starbucks Corp. | 5641121 | 475039 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup> | 4910876 | 371066 |
| Royal Caribbean Cruises, Ltd. | 1137038 | 317143 |
| Tesla, Inc. <sup>(a)</sup> | 703606 | 316426 |
| Home Depot, Inc. | 737552 | 253792 |
| Las Vegas Sands Corp. | 2000000 | 130180 |
| Viking Holdings, Ltd. <sup>(a)</sup> | 1559413 | 111358 |
| Carvana Co., Class A <sup>(a)</sup> | 214692 | 90604 |
| Sony Group Corp. | 3009200 | 76915 |
| TJX Cos., Inc. (The) | 495864 | 76170 |
| Booking Holdings, Inc. | 12304 | 65892 |

---

**59**American Funds Insurance Series

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| YUM! Brands, Inc. | 272921 | $41287 |
| DoorDash, Inc., Class A <sup>(a)</sup> | 155002 | 35105 |
| Hilton Worldwide Holdings, Inc. | 107229 | 30801 |
|  |  | 4377157 |
| Communication services 8.04% |  |  |
| Alphabet, Inc., Class A | 3942665 | 1234054 |
| Alphabet, Inc., Class C | 1489089 | 467276 |
| Meta Platforms, Inc., Class A | 2114599 | 1395826 |
| Netflix, Inc. <sup>(a)</sup> | 2229300 | 209019 |
| SoftBank Group Corp. | 3459180 | 97522 |
| Universal Music Group NV | 3239458 | 84633 |
| Comcast Corp., Class A | 624053 | 18653 |
|  |  | 3506983 |
| Energy 3.96% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 14093913 | 477379 |
| Baker Hughes Co., Class A | 8127441 | 370124 |
| Exxon Mobil Corp. | 2651600 | 319094 |
| Halliburton Co. | 6689719 | 189051 |
| Expand Energy Corp. | 1031973 | 113888 |
| TC Energy Corp. | 1629755 | 89653 |
| Chevron Corp. | 444985 | 67820 |
| EOG Resources, Inc. | 575078 | 60389 |
| ConocoPhillips | 434738 | 40696 |
|  |  | 1728094 |
| Consumer staples 2.85% |  |  |
| British American Tobacco PLC | 9929507 | 562781 |
| Procter & Gamble Co. | 1304474 | 186944 |
| Philip Morris International, Inc. | 1042193 | 167168 |
| Coca-Cola Co. | 1948634 | 136229 |
| Imperial Brands PLC | 2747647 | 115516 |
| Mondelez International, Inc., Class A | 791236 | 42592 |
| Keurig Dr Pepper, Inc. | 1164623 | 32621 |
|  |  | 1243851 |
| Materials 2.32% |  |  |
| Air Products and Chemicals, Inc. | 1408433 | 347911 |
| Linde PLC | 650775 | 277484 |
| International Paper Co. | 5806574 | 228721 |
| Eastman Chemical Co. | 1101906 | 70335 |
| Freeport-McMoRan, Inc. | 983347 | 49944 |
| LyondellBasell Industries NV | 769974 | 33340 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup> | 82401 | 4003 |
|  |  | 1011738 |
| Utilities 2.06% |  |  |
| Dominion Energy, Inc. | 5379096 | 315161 |
| PG&E Corp. | 12562973 | 201887 |
| CenterPoint Energy, Inc. | 3037684 | 116465 |
| Entergy Corp. | 1203020 | 111195 |
| NextEra Energy, Inc. | 1051314 | 84400 |
| Sempra | 800000 | 70632 |
|  |  | 899740 |

---

American Funds Insurance Series **60**

Growth-Income Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  |  | Shares | (000) | (000) |
| Real estate 1.23% |  |  |  |  |  |  |  |
| Equinix, Inc. REIT |  |  |  |  | 235188 | $180192 | 180192 |
| VICI Properties, Inc. REIT |  |  |  |  | 4092873 | 115092 | 115092 |
| Prologis, Inc. REIT |  |  |  |  | 866060 | 110561 | 110561 |
| American Tower Corp. REIT |  |  |  |  | 428106 | 75162 | 75162 |
| Welltower, Inc. REIT |  |  |  |  | 306310 | 56854 | 56854 |
|  |  |  |  |  |  | 537861 | 537861 |
| Total common stocks (cost: $21,697,459,000) |  |  |  |  |  | 42486945 | 42486945 |
| Bonds, notes & other debt instruments 0.00% |  |  |  |  | Principal amount |  |  |
| Bonds, notes & other debt instruments 0.00% |  |  |  |  | Principal amount |  |  |
| Bonds, notes & other debt instruments 0.00% |  |  |  |  | (000) |  |  |
| **Corporate bonds and notes 0.00%** |  |  |  |  |  |  |  |
| Consumer discretionary 0.00% |  |  |  |  |  |  |  |
| General Motors Financial Co., Inc. 5.25% 3/1/2026 |  |  |  |  | USD827 | 828 | 828 |
| Total bonds, notes & other debt instruments (cost: $823,000) |  |  |  |  |  | 828 | 828 |
| Short-term securities 2.57% |  |  |  |  | Shares |  |  |
| Short-term securities 2.57% |  |  |  |  | Shares |  |  |
| **Money market investments 2.57%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup> |  |  |  |  | 11226233 | 1122736 | 1122736 |
| Total short-term securities (cost: $1,122,564,000) |  |  |  |  |  | 1122736 | 1122736 |
| Total investment securities 99.96% (cost: $22,820,846,000) |  |  |  |  |  | 43610509 | 43610509 |
| Other assets less liabilities 0.04% |  |  |  |  |  | 16802 | 16802 |
| Net assets 100.00% |  |  |  |  |  | $43627311 | $43627311 |
| **Investments in affiliates <sup>(b)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(b)</sup>** |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(b)</sup>** |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized | Dividend | Dividend |
|  | Value at |  |  | realized | appreciation | or interest | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) |  | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Common stocks 0.85% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer discretionary 0.85% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | $509003 | $16347 | $32068 | $6460 | $(128676) | $7713 | $7713 |
| Short-term securities 2.57% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 2.57% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | 1471964 | 7003318 | 7352457 | (76) | (13) | 58916 | 58916 |
| &nbsp;&nbsp;&nbsp;Total 3.42% |  |  |  | $6384 | $(128689) | $66629 | $66629 |

---

(a)Non-income producing.

(b)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

(c)Rate represents the seven-day yield at 12/31/2025.

Key to abbreviation(s)

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

**61**American Funds Insurance Series

International Growth and Income Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 98.22% |  | Value |
| Common stocks 98.22% | Shares | (000) |
| Financials 23.17% |  |  |
| Societe Generale | 71822 | $5787 |
| UniCredit SpA | 64734 | 5374 |
| Banco Bilbao Vizcaya Argentaria SA | 180709 | 4227 |
| CaixaBank SA, non-registered shares | 322031 | 3933 |
| Skandinaviska Enskilda Banken AB, Class A | 181807 | 3838 |
| AIA Group, Ltd. | 315000 | 3235 |
| AXA SA | 55165 | 2653 |
| Prudential PLC | 167374 | 2582 |
| Zurich Insurance Group AG | 3392 | 2575 |
| HSBC Holdings PLC (GBP denominated) | 106640 | 1672 |
| HSBC Holdings PLC (HKD denominated) | 54400 | 852 |
| KB Financial Group, Inc. | 27563 | 2383 |
| NatWest Group PLC | 257839 | 2249 |
| Bank Hapoalim BM | 94366 | 2135 |
| DBS Group Holdings, Ltd. | 48424 | 2119 |
| London Stock Exchange Group PLC | 17476 | 2104 |
| Banco Santander SA | 179202 | 2103 |
| Aviva PLC | 203542 | 1864 |
| Euronext NV | 12370 | 1857 |
| HDFC Bank, Ltd. | 165124 | 1825 |
| Bank Leumi le-Israel BM | 80689 | 1779 |
| PICC Property and Casualty Co., Ltd., Class H | 814000 | 1707 |
| Resona Holdings, Inc. | 177400 | 1682 |
| Allianz SE | 3484 | 1598 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 188500 | 1586 |
| Munchener Ruckversicherungs-Gesellschaft AG | 2235 | 1476 |
| Japan Post Bank Co., Ltd. | 101247 | 1424 |
| Kotak Mahindra Bank, Ltd. | 51877 | 1270 |
| Axis Bank, Ltd. | 82195 | 1163 |
| Tokio Marine Holdings, Inc. | 29600 | 1099 |
| Deutsche Bank AG | 26134 | 1016 |
| Aon PLC, Class A | 2825 | 997 |
| 3i Group PLC | 20568 | 895 |
| Hiscox, Ltd. | 46402 | 885 |
| Pluxee NV | 55838 | 875 |
| Mizuho Financial Group, Inc. | 23000 | 835 |
| Standard Chartered PLC | 33124 | 809 |
| Canadian Imperial Bank of Commerce | 8888 | 806 |
| Tryg A/S | 30239 | 791 |
| CVC Capital Partners PLC | 45723 | 766 |
| ING Groep NV | 27110 | 762 |
| Credicorp, Ltd. | 2641 | 758 |
| Abu Dhabi Islamic Bank PJSC | 132924 | 751 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H | 862000 | 745 |
| Plus500, Ltd. | 15229 | 743 |
| T&D Holdings, Inc. | 30700 | 707 |
| Adyen NV <sup>(a)</sup> | 440 | 706 |
| XP, Inc., Class A | 37915 | 621 |
| Etoro Group, Ltd., Class A <sup>(a)</sup> | 17585 | 618 |
| Rakuten Bank, Ltd. <sup>(a)</sup> | 14100 | 617 |
| Macquarie Group, Ltd. | 4442 | 598 |
| Partners Group Holding AG | 481 | 591 |
| Hana Financial Group, Inc. | 8229 | 537 |
| Brookfield Corp., Class A (CAD denominated) | 11523 | 529 |
| Grupo Financiero Banorte, SAB de CV, Series O | 53789 | 499 |
| Abu Dhabi Commercial Bank PJSC | 117171 | 456 |
| Samsung Life Insurance Co., Ltd. | 4190 | 456 |
| Saudi National Bank (The) | 43606 | 440 |
| Intesa Sanpaolo SpA | 62539 | 433 |
| Sampo Oyj, Class A | 35512 | 430 |
| Royal Bank of Canada | 2381 | 406 |

---

American Funds Insurance Series **62**

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| Banca Generali SpA | 5981 | $401 |
| MS&AD Insurance Group Holdings, Inc. | 15900 | 374 |
| Hong Kong Exchanges and Clearing, Ltd. | 6400 | 334 |
| Grupo Financiero Inbursa, SAB de CV | 133251 | 322 |
| FirstRand, Ltd. | 55703 | 305 |
| BAWAG Group AG <sup>(a)</sup> | 2019 | 303 |
| Bank Central Asia Tbk PT | 602500 | 291 |
| Medibank Private, Ltd. | 34548 | 110 |
| Edenred SA | 3313 | 74 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 476388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 93743 |
| Industrials 14.36% |  |  |
| Airbus SE, non-registered shares | 28600 | 6634 |
| BAE Systems PLC | 270689 | 6223 |
| Ryanair Holdings PLC (ADR) | 73850 | 5331 |
| Siemens AG | 11417 | 3206 |
| Deutsche Post AG | 42158 | 2309 |
| Hitachi, Ltd. | 69400 | 2153 |
| RELX PLC | 45021 | 1821 |
| DSV A/S | 6897 | 1736 |
| Safran SA | 4958 | 1725 |
| ABB, Ltd. | 21982 | 1625 |
| ITOCHU Corp. | 103000 | 1300 |
| Compagnie de Saint-Gobain SA, non-registered shares | 12706 | 1290 |
| Canadian National Railway Co. (CAD denominated) | 12406 | 1227 |
| Diploma PLC | 17130 | 1223 |
| Deutsche Lufthansa AG | 118669 | 1173 |
| Copa Holdings SA, Class A | 9695 | 1169 |
| ASSA ABLOY AB, Class B | 29656 | 1150 |
| Alliance Global Group, Inc. | 7546600 | 1051 |
| Singapore Technologies Engineering, Ltd. | 158800 | 1036 |
| Motiva Infraestrutura de Mobilidade SA | 334768 | 916 |
| Epiroc AB, Class B | 32965 | 665 |
| Epiroc AB, Class A | 9201 | 208 |
| Rolls-Royce Holdings PLC | 55860 | 868 |
| SPIE SA | 15016 | 864 |
| Mitsui & Co., Ltd. | 29200 | 863 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 4769 | 811 |
| IHI Corp. | 45641 | 805 |
| Wolters Kluwer NV | 7371 | 765 |
| Kanzhun, Ltd., Class A (ADR) | 27807 | 567 |
| Kanzhun, Ltd., Class A | 16700 | 169 |
| Full Truck Alliance Co., Ltd., Class A (ADR) | 68004 | 730 |
| SGH, Ltd. | 21792 | 672 |
| Caterpillar, Inc. | 1129 | 647 |
| Komatsu, Ltd. | 19300 | 617 |
| Volvo AB, Class B | 17440 | 559 |
| Kingspan Group PLC | 5764 | 498 |
| Daikin Industries, Ltd. | 3800 | 488 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 18040 | 474 |
| Recruit Holdings Co., Ltd. | 8000 | 456 |
| SMC Corp. | 1200 | 418 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 22500 | 353 |
| International Consolidated Airlines Group SA (CDI) | 62974 | 349 |
| Brambles, Ltd. | 20392 | 313 |

---

**63**American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Ashtead Group PLC | 4377 | $299 |
| International Container Terminal Services, Inc. | 30700 | 294 |
| Wizz Air Holdings PLC <sup>(a)</sup> | 3748 | 64 |
|  |  | 58114 |
| Information technology 13.46% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 383000 | 18711 |
| ASML Holding NV | 7692 | 8222 |
| Samsung Electronics Co., Ltd. | 65385 | 5449 |
| MediaTek, Inc. | 91000 | 4123 |
| SK hynix, Inc. | 6576 | 2978 |
| Broadcom, Inc. | 7657 | 2650 |
| SAP SE | 8332 | 2039 |
| NEC Corp. | 53700 | 1811 |
| ASMPT, Ltd. | 128900 | 1283 |
| Tokyo Electron, Ltd. | 5400 | 1186 |
| Sage Group PLC (The) | 61338 | 893 |
| Capgemini SE | 4775 | 791 |
| Accton Technology Corp. | 21000 | 786 |
| Halma PLC | 13514 | 640 |
| Bechtle AG, non-registered shares | 11841 | 608 |
| Lenovo Group, Ltd. | 422000 | 500 |
| Fujitsu, Ltd. | 14800 | 406 |
| ASM International NV | 605 | 365 |
| Jentech Precision Industrial Co., Ltd. | 4000 | 345 |
| Lumine Group, Inc., subordinate voting shares <sup>(a)</sup> | 10019 | 198 |
| Keyence Corp. | 500 | 181 |
| eMemory Technology, Inc. | 3000 | 164 |
| Newgen Software Technologies, Ltd. | 13433 | 126 |
|  |  | 54455 |
| Consumer discretionary 9.16% |  |  |
| Industria de Diseno Textil SA | 84429 | 5561 |
| Trip.com Group, Ltd. (ADR) | 34793 | 2502 |
| Trip.com Group, Ltd. | 9800 | 703 |
| Prosus NV, Class N | 46295 | 2859 |
| Renault SA | 63846 | 2643 |
| LVMH Moet Hennessy-Louis Vuitton SE | 2789 | 2103 |
| MGM China Holdings, Ltd. | 1130400 | 1897 |
| H World Group, Ltd. (ADR) | 27339 | 1286 |
| Nitori Holdings Co., Ltd. | 68900 | 1206 |
| Amadeus IT Group SA, Class A, non-registered shares | 16285 | 1195 |
| Moncler SpA | 17462 | 1122 |
| Midea Group Co., Ltd., Class A | 88300 | 987 |
| Hyundai Motor Co. | 4578 | 937 |
| Entain PLC | 90259 | 930 |
| ANTA Sports Products, Ltd. | 88200 | 911 |
| Compagnie Financiere Richemont SA, Class A | 3955 | 854 |
| Evolution AB | 12432 | 846 |
| InterContinental Hotels Group PLC | 5768 | 808 |
| Suzuki Motor Corp. | 48300 | 717 |
| Games Workshop Group PLC | 2550 | 647 |
| B&M European Value Retail SA | 255033 | 580 |
| Accor SA | 9477 | 537 |
| Berkeley Group Holdings PLC | 9423 | 495 |
| Restaurant Brands International, Inc. (CAD denominated) | 7186 | 490 |
| Meituan, Class B <sup>(a)</sup> | 36700 | 484 |
| Compagnie Generale des Etablissements Michelin | 13559 | 450 |
| Galaxy Entertainment Group, Ltd. | 87361 | 429 |

---

American Funds Insurance Series **64**

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Consumer discretionary (continued) |  |  |
| Paltac Corp. | 13700 | $422 |
| Dixon Technologies (India), Ltd. | 3136 | 422 |
| D'Ieteren Group | 2336 | 421 |
| Aristocrat Leisure, Ltd. | 9860 | 383 |
| Maruti Suzuki India, Ltd. | 1900 | 353 |
| Alibaba Group Holding, Ltd. (ADR) | 2241 | 329 |
| Amber Enterprises India, Ltd. <sup>(a)</sup> | 4286 | 305 |
| BYD Co., Ltd., Class A | 17800 | 249 |
|  |  | 37063 |
| Consumer staples 8.06% |  |  |
| British American Tobacco PLC | 121643 | 6894 |
| Nestle SA | 48668 | 4837 |
| Philip Morris International, Inc. | 23763 | 3812 |
| Pernod Ricard SA | 31124 | 2665 |
| Imperial Brands PLC | 47541 | 1999 |
| Carlsberg A/S, Class B | 13206 | 1731 |
| Carrefour SA, non-registered shares | 87378 | 1458 |
| KT&G Corp. | 13480 | 1327 |
| Arca Continental, SAB de CV | 122057 | 1321 |
| L'Oreal SA, non-registered shares | 2952 | 1268 |
| Danone SA | 12837 | 1158 |
| Anheuser-Busch InBev SA/NV | 14891 | 955 |
| Yamazaki Baking Co., Ltd. | 38000 | 800 |
| Kweichow Moutai Co., Ltd., Class A | 2990 | 589 |
| Ocado Group PLC <sup>(a)</sup> | 168153 | 534 |
| Unilever PLC | 7516 | 491 |
| Tsingtao Brewery Co., Ltd., Class H | 65738 | 411 |
| United Spirits, Ltd. | 23192 | 373 |
|  |  | 32623 |
| Materials 7.38% |  |  |
| Barrick Mining Corp. | 84106 | 3663 |
| Glencore PLC | 562062 | 3057 |
| BASF SE | 43621 | 2279 |
| Valterra Platinum, Ltd. (ZAR denominated) | 21023 | 1780 |
| Valterra Platinum, Ltd. (GBP denominated) | 1235 | 102 |
| Agnico Eagle Mines, Ltd. | 10958 | 1858 |
| Heidelberg Materials AG, non-registered shares | 7035 | 1842 |
| Amcor PLC | 111303 | 928 |
| Amcor PLC (CDI) | 83938 | 702 |
| Vale SA (ADR), ordinary nominative shares | 71119 | 927 |
| Vale SA, ordinary nominative shares | 31452 | 411 |
| Linde PLC | 2521 | 1075 |
| Norsk Hydro ASA | 136521 | 1055 |
| Anhui Conch Cement Co., Ltd., Class H | 364000 | 1030 |
| Southern Copper Corp. | 7079 | 1016 |
| Impala Platinum Holdings, Ltd. | 60988 | 960 |
| Grupo Mexico, SAB de CV, Series B | 96492 | 911 |
| Mitsubishi Chemical Group Corp. | 148200 | 866 |
| Nutrien, Ltd. (CAD denominated) <sup>(d)</sup> | 12924 | 798 |
| Air Liquide SA | 3291 | 619 |
| Pan American Silver Corp. | 10970 | 568 |
| Franco-Nevada Corp. (CAD denominated) | 2507 | 520 |
| Shin-Etsu Chemical Co., Ltd. | 15900 | 494 |
| Holcim, Ltd. | 4384 | 430 |
| Saudi Basic Industries Corp. non-registered shares | 30558 | 418 |
| Rio Tinto PLC | 4810 | 384 |
| Fortescue, Ltd. | 23214 | 339 |

---

**65**American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Smurfit Westrock PLC | 6985 | $270 |
| Givaudan SA | 43 | 171 |
| Freeport-McMoRan, Inc. | 2750 | 140 |
| Antofagasta PLC | 3109 | 136 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup> | 5700 | 107 |
| Alrosa PJSC <sup>(a)(b)</sup> | 53607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 29856 |
| Health care 7.34% |  |  |
| AstraZeneca PLC | 38403 | 7074 |
| Sanofi | 69990 | 6790 |
| Novo Nordisk AS, Class B | 53114 | 2707 |
| Roche Holding AG, nonvoting non-registered shares | 6476 | 2676 |
| EssilorLuxottica SA | 7815 | 2471 |
| Bayer AG | 41796 | 1803 |
| Chugai Pharmaceutical Co., Ltd. | 23600 | 1241 |
| Grifols SA, Class B (ADR) | 111869 | 1046 |
| bioMerieux SA | 7827 | 1013 |
| Haleon PLC | 171515 | 868 |
| Genus PLC | 14818 | 516 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup> | 39000 | 356 |
| Max Healthcare Institute, Ltd. | 29463 | 343 |
| Fresenius SE & Co. KGaA | 5932 | 341 |
| Daiichi Sankyo Co., Ltd. | 13300 | 283 |
| HOYA Corp. | 1100 | 167 |
| Euroapi SA <sup>(a)</sup> | 1412 | 4 |
|  |  | 29699 |
| Communication services 6.89% |  |  |
| Koninklijke KPN NV | 788424 | 3688 |
| Tencent Holdings, Ltd. | 41600 | 3188 |
| Singapore Telecommunications, Ltd. | 888400 | 3148 |
| Orange | 157504 | 2628 |
| Publicis Groupe SA | 23008 | 2387 |
| Bharti Airtel, Ltd. | 87940 | 2063 |
| BT Group PLC | 457419 | 1131 |
| Nintendo Co., Ltd. | 15800 | 1067 |
| MTN Group, Ltd. | 99852 | 1020 |
| Nippon Television Holdings, Inc. | 40600 | 984 |
| Swisscom AG <sup>(a)</sup> | 1279 | 929 |
| NetEase, Inc. | 32700 | 900 |
| HYBE Co., Ltd. | 3482 | 794 |
| Advanced Info Service PCL, foreign registered shares | 79600 | 791 |
| America Movil, SAB de CV, Class B (ADR) | 28591 | 591 |
| Universal Music Group NV | 19644 | 513 |
| Indus Towers, Ltd. <sup>(a)</sup> | 95111 | 443 |
| Spotify Technology SA <sup>(a)</sup> | 718 | 417 |
| Bezeq - The Israel Telecommunication Corp., Ltd. | 179312 | 400 |
| KT Corp. (ADR) | 21009 | 399 |
| Deutsche Telekom AG | 11484 | 373 |
|  |  | 27854 |
| Energy 4.09% |  |  |
| TotalEnergies SE (EUR denominated) | 61065 | 3980 |
| Cameco Corp. (CAD denominated) | 30495 | 2792 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 55772 | 1889 |
| Shell PLC (GBP denominated) | 47821 | 1757 |
| Cenovus Energy, Inc. (CAD denominated) | 82434 | 1395 |

---

American Funds Insurance Series **66**

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy (continued) |  |  |
| Cenovus Energy, Inc. | 12261 | $207 |
| SLB, Ltd. | 31870 | 1223 |
| Gaztransport & Technigaz SA | 3851 | 706 |
| TC Energy Corp. (CAD denominated) | 12547 | 691 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares | 44300 | 525 |
| BP PLC | 80418 | 467 |
| ADNOC Drilling Co. PJSC | 255406 | 371 |
| Tourmaline Oil Corp. | 5853 | 263 |
| Adnoc Gas PLC | 236746 | 229 |
| South Bow Corp. | 2470 | 68 |
| Sovcomflot PAO <sup>(a)(b)</sup> | 356717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 16563 |
| Utilities 2.82% |  |  |
| Engie SA | 109339 | 2875 |
| RWE AG | 42284 | 2250 |
| SSE PLC | 76631 | 2247 |
| Iberdrola SA, non-registered shares | 103600 | 2242 |
| Brookfield Infrastructure Partners, LP | 17993 | 625 |
| Snam SpA | 79832 | 530 |
| CPFL Energia SA | 44362 | 431 |
| Veolia Environnement SA | 6331 | 221 |
|  |  | 11421 |
| Real estate 1.49% |  |  |
| Mitsubishi Estate Co., Ltd. | 76900 | 1873 |
| Prologis Property Mexico, SA de CV, REIT | 183868 | 770 |
| CK Asset Holdings, Ltd. | 120500 | 607 |
| Henderson Land Development Co., Ltd. | 162000 | 585 |
| China Resources Land, Ltd. | 152500 | 531 |
| Link REIT | 91068 | 406 |
| Sun Hung Kai Properties, Ltd. | 33000 | 400 |
| CapitaLand Integrated Commercial Trust REIT | 207700 | 385 |
| Longfor Group Holdings, Ltd. <sup>(d)</sup> | 236242 | 259 |
| Goodman Logistics (HK), Ltd. REIT | 10467 | 215 |
|  |  | 6031 |
| Total common stocks (cost: $267,862,000) |  | 397422 |
| Preferred securities 0.05% |  |  |
| Preferred securities 0.05% |  |  |
| Materials 0.05% |  |  |
| Gerdau SA, preferred nominative shares | 54142 | 201 |
| Total preferred securities (cost: $203,000) |  | 201 |
| Short-term securities 1.54% |  |  |
| Short-term securities 1.54% |  |  |
| **Money market investments 1.35%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(e)(f)</sup> | 54405 | 5441 |

---

**67**American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Short-term securities (continued) |  |  |  |  |  |  |  | Value |
| Short-term securities (continued) |  |  |  |  | Shares | Shares |  | (000) |
| **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** |  |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup> |  | 762897 | 762897 | $ | $763 |
| Total short-term securities (cost: $6,203,000) |  |  |  |  |  |  |  | 6204 |
| Total investment securities 99.81% (cost: $274,268,000) |  |  |  |  |  |  |  | 403827 |
| Other assets less liabilities 0.19% |  |  |  |  |  |  |  | 788 |
| Net assets 100.00% |  |  |  |  |  |  | $404615 | $404615 |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |  |
| **Investments in affiliates <sup>(f)</sup>** |  |  |  |  |  |  |  |  |
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at |  | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 |  | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) |  | (000) |
| Short-term securities 1.35% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 1.35% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(e)</sup> | $11674 | $93352 | $99583 | $1 | $(3) | $5441 |  | $489 |

---

(a)Non-income producing.

(b)Value determined using significant unobservable inputs.

(c)Amount less than one thousand.

(d)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(e)Rate represents the seven-day yield at 12/31/2025.

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series **68**

Capital Income Builder

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 77.84% |  | Value |
| Common stocks 77.84% | Shares | (000) |
| Financials 16.08% |  |  |
| JPMorgan Chase & Co. | 79207 | $25522 |
| NatWest Group PLC | 1731569 | 15103 |
| Morgan Stanley | 85027 | 15095 |
| Zurich Insurance Group AG | 15915 | 12080 |
| Wells Fargo & Co. | 121236 | 11299 |
| Munchener Ruckversicherungs-Gesellschaft AG | 15382 | 10158 |
| BlackRock, Inc. | 9038 | 9674 |
| ING Groep NV | 336786 | 9467 |
| DBS Group Holdings, Ltd. | 201816 | 8832 |
| PNC Financial Services Group, Inc. | 42111 | 8790 |
| Progressive Corp. | 31499 | 7173 |
| Truist Financial Corp. | 133958 | 6592 |
| Banco Santander SA | 543341 | 6376 |
| Tokio Marine Holdings, Inc. | 169500 | 6293 |
| Banco Bilbao Vizcaya Argentaria SA | 255877 | 5985 |
| KB Financial Group, Inc. | 67948 | 5874 |
| American International Group, Inc. | 61289 | 5243 |
| AIA Group, Ltd. | 475600 | 4885 |
| TPG, Inc., Class A | 74597 | 4762 |
| Sampo Oyj, Class A | 382120 | 4632 |
| National Bank of Canada | 34385 | 4324 |
| Power Corp. of Canada, subordinate voting shares | 73430 | 3903 |
| Toronto-Dominion Bank (The) (CAD denominated) | 39762 | 3747 |
| East West Bancorp, Inc. | 32600 | 3664 |
| UniCredit SpA | 43377 | 3601 |
| Intact Financial Corp. | 16137 | 3359 |
| Euronext NV | 21230 | 3186 |
| Hana Financial Group, Inc. | 48224 | 3146 |
| 360 ONE WAM, Ltd. | 229493 | 3031 |
| EFG International AG | 108196 | 2587 |
| BNP Paribas SA | 25427 | 2406 |
| PICC Property and Casualty Co., Ltd., Class H | 1138000 | 2386 |
| Mizuho Financial Group, Inc. | 64500 | 2342 |
| Skandinaviska Enskilda Banken AB, Class A | 108326 | 2287 |
| 3i Group PLC | 51598 | 2245 |
| Webster Financial Corp. | 35040 | 2205 |
| Apollo Asset Management, Inc. | 13850 | 2005 |
| Marsh & McLennan Cos., Inc. | 10553 | 1958 |
| Banco BPM SpA | 128347 | 1950 |
| London Stock Exchange Group PLC | 15893 | 1914 |
| Deutsche Bank AG | 49165 | 1912 |
| BPER Banca SpA | 141331 | 1911 |
| Swiss Re AG | 10507 | 1752 |
| State Street Corp. | 12200 | 1574 |
| CME Group, Inc., Class A | 5612 | 1533 |
| Bank Central Asia Tbk PT | 2982500 | 1440 |
| Standard Chartered PLC | 56936 | 1390 |
| Japan Post Bank Co., Ltd. | 98700 | 1388 |
| Western Union Co. <sup>(a)</sup> | 142256 | 1324 |
| Allianz SE | 2883 | 1322 |
| Hong Kong Exchanges and Clearing, Ltd. | 22700 | 1186 |
| Bank of America Corp. | 21552 | 1185 |
| Canadian Imperial Bank of Commerce | 12297 | 1115 |
| Patria Investments, Ltd., Class A | 70098 | 1114 |
| Blackstone, Inc. | 7179 | 1107 |
| Citizens Financial Group, Inc. | 18221 | 1064 |
| SouthState Bank Corp. | 10883 | 1024 |
| Vontobel Holding AG | 10189 | 824 |
| Equitable Holdings, Inc. | 16750 | 798 |
| Resona Holdings, Inc. | 62400 | 592 |
| Houlihan Lokey, Inc., Class A | 2796 | 487 |

---

**69**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Financials (continued) |  |  |
| T&D Holdings, Inc. | 21000 | $484 |
| Medibank Private, Ltd. | 134820 | 430 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 204176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
|  |  | 267037 |
| Information technology 10.58% |  |  |
| Broadcom, Inc. | 198986 | 68869 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 857800 | 41907 |
| Microsoft Corp. | 48647 | 23527 |
| Accenture PLC, Class A | 42563 | 11420 |
| Seagate Technology Holdings PLC | 21770 | 5995 |
| KLA Corp. | 3790 | 4605 |
| Texas Instruments, Inc. | 19132 | 3319 |
| Tokyo Electron, Ltd. | 14700 | 3228 |
| TE Connectivity PLC | 11194 | 2547 |
| MediaTek, Inc. | 52000 | 2356 |
| TDK Corp. | 145400 | 2057 |
| SAP SE | 8376 | 2049 |
| Analog Devices, Inc. | 5814 | 1577 |
| Skyworks Solutions, Inc. | 17043 | 1081 |
| Samsung Electronics Co., Ltd. | 7752 | 646 |
| Capgemini SE | 2465 | 408 |
|  |  | 175591 |
| Health care 8.92% |  |  |
| AbbVie, Inc. | 110866 | 25332 |
| AstraZeneca PLC | 95762 | 17638 |
| Abbott Laboratories | 132522 | 16604 |
| Amgen, Inc. | 48793 | 15970 |
| Gilead Sciences, Inc. | 110674 | 13584 |
| Sanofi | 116243 | 11278 |
| Johnson & Johnson | 38511 | 7970 |
| UnitedHealth Group, Inc. | 22859 | 7546 |
| Medtronic PLC | 77419 | 7437 |
| Novo Nordisk AS, Class B | 120968 | 6166 |
| CVS Health Corp. | 46518 | 3692 |
| Takeda Pharmaceutical Co., Ltd. | 108825 | 3381 |
| Bristol-Myers Squibb Co. | 51448 | 2775 |
| Merck & Co., Inc. | 20750 | 2184 |
| Sandoz Group AG | 19286 | 1406 |
| EBOS Group, Ltd. | 82604 | 1302 |
| Roche Holding AG, nonvoting non-registered shares | 2615 | 1081 |
| GSK PLC | 43796 | 1076 |
| Royalty Pharma PLC, Class A | 24004 | 927 |
| EssilorLuxottica SA | 2582 | 816 |
|  |  | 148165 |
| Industrials 8.89% |  |  |
| RTX Corp. | 170579 | 31284 |
| Volvo AB, Class B | 337790 | 10827 |
| Siemens AG | 32234 | 9052 |
| Marubeni Corp. | 248100 | 6904 |
| BAE Systems PLC | 262306 | 6030 |
| Deutsche Post AG | 105963 | 5804 |
| RELX PLC | 135157 | 5467 |
| Mitsubishi Corp. | 214081 | 4906 |
| Union Pacific Corp. | 20631 | 4772 |
| Singapore Technologies Engineering, Ltd. | 657600 | 4290 |

---

American Funds Insurance Series **70**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| ITOCHU Corp. | 307500 | $3881 |
| Bouygues SA | 71499 | 3706 |
| Northrop Grumman Corp. | 6044 | 3446 |
| Honeywell International, Inc. | 17528 | 3420 |
| Paychex, Inc. | 29637 | 3325 |
| Automatic Data Processing, Inc. | 12517 | 3220 |
| Airbus SE, non-registered shares | 12478 | 2894 |
| FedEx Corp. | 9893 | 2858 |
| Watsco, Inc. | 8477 | 2856 |
| Schneider Electric SE | 9854 | 2701 |
| Broadridge Financial Solutions, Inc. | 11281 | 2518 |
| Localiza Rent a Car SA, ordinary nominative shares | 281769 | 2222 |
| Localiza Rent a Car SA <sup>(d)</sup> | 10837 | 82 |
| Hikari Tsushin, Inc. | 7100 | 1984 |
| Bureau Veritas SA | 60554 | 1928 |
| Trinity Industries, Inc. | 71017 | 1878 |
| Canadian National Railway Co. (CAD denominated) | 17596 | 1740 |
| Wolters Kluwer NV | 14975 | 1555 |
| Epiroc AB, Class A | 60943 | 1379 |
| Epiroc AB, Class B | 4933 | 100 |
| SPIE SA | 24869 | 1432 |
| PACCAR, Inc. | 12078 | 1323 |
| Ryanair Holdings PLC (ADR) | 18149 | 1310 |
| UL Solutions, Inc., Class A | 16361 | 1290 |
| Carrier Global Corp. | 23347 | 1234 |
| Transurban Group | 121112 | 1145 |
| Sulzer AG | 3498 | 649 |
| Brambles, Ltd. | 40982 | 628 |
| Caterpillar, Inc. | 1059 | 607 |
| Computershare Ltd. | 22570 | 513 |
| Robert Half, Inc. | 16144 | 438 |
|  |  | 147598 |
| Consumer staples 8.01% |  |  |
| Philip Morris International, Inc. | 243788 | 39104 |
| British American Tobacco PLC | 522457 | 29612 |
| British American Tobacco PLC (ADR) | 42214 | 2390 |
| Mondelez International, Inc., Class A | 238135 | 12819 |
| Imperial Brands PLC | 193418 | 8132 |
| Nestle SA | 56409 | 5607 |
| Sysco Corp. | 57332 | 4225 |
| Danone SA | 46784 | 4221 |
| Coca-Cola Co. | 50926 | 3560 |
| Altria Group, Inc. | 60789 | 3505 |
| Procter & Gamble Co. | 18551 | 2658 |
| Carlsberg A/S, Class B | 18209 | 2387 |
| Kimberly-Clark Corp. | 20235 | 2041 |
| WH Group, Ltd. | 1742500 | 1940 |
| General Mills, Inc. | 39690 | 1846 |
| Unilever PLC | 23728 | 1551 |
| Marks and Spencer Group PLC | 341848 | 1521 |
| PepsiCo, Inc. | 8237 | 1182 |
| Dollar General Corp. | 8654 | 1149 |
| Anheuser-Busch InBev SA/NV | 12119 | 777 |
| ITC, Ltd. | 169385 | 760 |
| Pernod Ricard SA | 8821 | 755 |
| Molson Coors Beverage Co., Class B, restricted voting shares | 15116 | 706 |
| Constellation Brands, Inc., Class A | 4173 | 576 |
|  |  | 133024 |

---

**71**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Utilities 5.67% |  |  |
| Dominion Energy, Inc. | 193401 | $11331 |
| National Grid PLC | 593470 | 9146 |
| SSE PLC | 303935 | 8912 |
| Engie SA | 334941 | 8807 |
| Iberdrola SA, non-registered shares | 368808 | 7983 |
| E.ON SE | 279307 | 5295 |
| Pinnacle West Capital Corp. | 58731 | 5209 |
| DTE Energy Co. | 38794 | 5004 |
| CenterPoint Energy, Inc. | 126239 | 4840 |
| Sempra | 49773 | 4395 |
| Duke Energy Corp. | 33977 | 3982 |
| RWE AG | 59273 | 3154 |
| Atmos Energy Corp. | 16350 | 2741 |
| Exelon Corp. | 62697 | 2733 |
| AES Corp. | 138163 | 1981 |
| Power Grid Corp. of India, Ltd. | 637504 | 1875 |
| Entergy Corp. | 17392 | 1608 |
| NextEra Energy, Inc. | 19324 | 1551 |
| Southern Co. (The) | 17393 | 1517 |
| SembCorp Industries, Ltd. | 268900 | 1255 |
| Power Assets Holdings, Ltd. | 127000 | 900 |
|  |  | 94219 |
| Consumer discretionary 5.15% |  |  |
| Industria de Diseno Textil SA | 200194 | 13187 |
| McDonald's Corp. | 28168 | 8609 |
| Starbucks Corp. | 98994 | 8336 |
| LVMH Moet Hennessy-Louis Vuitton SE | 9855 | 7430 |
| Home Depot, Inc. | 19641 | 6758 |
| YUM! Brands, Inc. | 38261 | 5788 |
| Midea Group Co., Ltd., Class A | 497866 | 5566 |
| Compagnie Generale des Etablissements Michelin | 154783 | 5133 |
| Royal Caribbean Cruises, Ltd. | 18121 | 5054 |
| Evolution AB | 62107 | 4227 |
| Amadeus IT Group SA, Class A, non-registered shares | 44461 | 3261 |
| Compagnie Financiere Richemont SA, Class A | 11721 | 2530 |
| Tractor Supply Co. | 38329 | 1917 |
| Restaurant Brands International, Inc. | 27181 | 1855 |
| NEXT PLC | 9190 | 1691 |
| Galaxy Entertainment Group, Ltd. | 288000 | 1413 |
| Vail Resorts, Inc. | 8836 | 1173 |
| Darden Restaurants, Inc. | 3355 | 617 |
| Jumbo SA | 15226 | 500 |
| Aristocrat Leisure, Ltd. | 11598 | 450 |
|  |  | 85495 |
| Energy 4.71% |  |  |
| Exxon Mobil Corp. | 138000 | 16607 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 426351 | 14441 |
| Canadian Natural Resources, Ltd. | 19944 | 675 |
| Shell PLC (GBP denominated) | 231846 | 8517 |
| Shell PLC (ADR) | 9821 | 721 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup> | 133821 | 7369 |
| TotalEnergies SE (EUR denominated) | 92774 | 6047 |
| ConocoPhillips | 50076 | 4688 |
| South Bow Corp. <sup>(a)</sup> | 155157 | 4267 |
| EQT Corp. | 64885 | 3478 |
| EOG Resources, Inc. | 28657 | 3009 |
| Chevron Corp. | 18330 | 2794 |

---

American Funds Insurance Series **72**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Energy (continued) |  |  |
| ONEOK, Inc. | 35701 | $2624 |
| DT Midstream, Inc. | 10692 | 1280 |
| Cenovus Energy, Inc. | 62889 | 1064 |
| Adnoc Gas PLC | 656312 | 634 |
|  |  | 78215 |
| Materials 3.55% |  |  |
| Air Products and Chemicals, Inc. | 30617 | 7563 |
| Smurfit Westrock PLC | 158869 | 6143 |
| Nitto Denko Corp. | 245538 | 5834 |
| Rio Tinto PLC | 66849 | 5334 |
| International Paper Co. | 134100 | 5282 |
| Barrick Mining Corp. | 106459 | 4636 |
| Anglo American PLC | 103247 | 4255 |
| Vale SA, ordinary nominative shares | 217725 | 2847 |
| Vale SA (ADR), ordinary nominative shares | 96273 | 1254 |
| Shin-Etsu Chemical Co., Ltd. | 121262 | 3771 |
| Linde PLC | 8159 | 3479 |
| Amcor PLC | 301316 | 2513 |
| BASF SE | 44227 | 2311 |
| Antofagasta PLC | 51846 | 2276 |
| Eastman Chemical Co. | 8693 | 555 |
| Air Liquide SA | 2512 | 473 |
| Givaudan SA | 110 | 437 |
|  |  | 58963 |
| Communication services 3.52% |  |  |
| Singapore Telecommunications, Ltd. | 3937700 | 13951 |
| T-Mobile US, Inc. | 38544 | 7826 |
| Publicis Groupe SA | 68287 | 7084 |
| AT&T, Inc. | 248999 | 6185 |
| Koninklijke KPN NV | 1163701 | 5444 |
| Comcast Corp., Class A | 134482 | 4020 |
| Verizon Communications, Inc. | 67668 | 2756 |
| NetEase, Inc. | 97400 | 2680 |
| Omnicom Group, Inc. | 26622 | 2150 |
| Nintendo Co., Ltd. | 23700 | 1601 |
| HKT Trust and HKT, Ltd., units | 1023240 | 1512 |
| Deutsche Telekom AG | 44105 | 1431 |
| America Movil, SAB de CV, Class B (ADR) | 38200 | 790 |
| Telkom Indonesia (Persero) Tbk PT, Class B | 2512000 | 523 |
| Swisscom AG <sup>(d)</sup> | 566 | 411 |
|  |  | 58364 |
| Real estate 2.76% |  |  |
| Welltower, Inc. REIT | 58648 | 10886 |
| Prologis, Inc. REIT | 38994 | 4978 |
| American Tower Corp. REIT | 26189 | 4598 |
| VICI Properties, Inc. REIT | 160317 | 4508 |
| Rexford Industrial Realty, Inc. REIT | 98470 | 3813 |
| Extra Space Storage, Inc. REIT | 19058 | 2482 |
| Public Storage REIT | 8874 | 2303 |
| Mindspace Business Parks REIT | 413863 | 2187 |
| UDR, Inc. REIT | 48752 | 1788 |
| CK Asset Holdings, Ltd. | 328500 | 1655 |
| Equinix, Inc. REIT | 1780 | 1364 |
| Link REIT | 302148 | 1346 |
| CTP NV | 56484 | 1183 |

---

**73**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Real estate (continued) |  |  |
| Sun Communities, Inc. REIT | 5902 | $731 |
| Embassy Office Parks REIT | 140661 | 681 |
| SBA Communications Corp. REIT, Class A | 2744 | 531 |
| Longfor Group Holdings, Ltd. | 357634 | 392 |
| Lineage, Inc. REIT | 7600 | 266 |
| Kimco Realty Corp. REIT | 5095 | 103 |
|  |  | 45795 |
| Total common stocks (cost: $866,080,000) |  | 1292466 |
| Convertible stocks 0.29% |  |  |
| Convertible stocks 0.29% |  |  |
| Information technology 0.16% |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028 | 44749 | 2608 |
| Utilities 0.09% |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 31400 | 1531 |
| Financials 0.04% |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 13000 | 674 |
| Total convertible stocks (cost: $4,335,000) |  | 4813 |
| Bonds, notes & other debt instruments 14.62% | Principal amount |  |
| Bonds, notes & other debt instruments 14.62% | Principal amount |  |
| Bonds, notes & other debt instruments 14.62% | (000) |  |
| **U.S. Treasury bonds & notes 5.92%** |  |  |
| U.S. Treasury 5.92% |  |  |
| U.S. Treasury 4.00% 2/15/2026 | USD2,369 | 2370 |
| U.S. Treasury 0.75% 3/31/2026 | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026 | 3850 | 3806 |
| U.S. Treasury 1.875% 6/30/2026 | 3855 | 3825 |
| U.S. Treasury 1.125% 10/31/2026 | 995 | 975 |
| U.S. Treasury 2.00% 11/15/2026 | 2800 | 2763 |
| U.S. Treasury 4.625% 11/15/2026 | 1200 | 1211 |
| U.S. Treasury 4.00% 1/15/2027 | 6541 | 6573 |
| U.S. Treasury 0.50% 4/30/2027 | 2375 | 2284 |
| U.S. Treasury 2.625% 5/31/2027 | 80 | 79 |
| U.S. Treasury 3.50% 9/30/2027 | 1811 | 1812 |
| U.S. Treasury 3.375% 11/30/2027 | 9 | 9 |
| U.S. Treasury 3.375% 12/31/2027 | 17721 | 17687 |
| U.S. Treasury 4.00% 2/29/2028 | 745 | 753 |
| U.S. Treasury 1.25% 3/31/2028 | 1350 | 1285 |
| U.S. Treasury 3.625% 3/31/2028 | 3 | 4 |
| U.S. Treasury 3.50% 12/15/2028 <sup>(e)</sup> | 10891 | 10878 |
| U.S. Treasury 4.00% 7/31/2029 | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030 | 345 | 381 |
| U.S. Treasury 3.625% 9/30/2030 | 809 | 806 |
| U.S. Treasury 3.625% 12/31/2030 | 12352 | 12295 |
| U.S. Treasury 3.75% 8/31/2031 | 297 | 296 |
| U.S. Treasury 4.125% 11/15/2032 | 9 | 9 |
| U.S. Treasury 3.875% 12/31/2032 | 6955 | 6927 |
| U.S. Treasury 4.375% 5/15/2034 | 18 | 18 |
| U.S. Treasury 4.00% 11/15/2035 | 6687 | 6596 |
| U.S. Treasury 4.50% 8/15/2039 | 1045 | 1048 |
| U.S. Treasury 4.75% 2/15/2041 | 1730 | 1764 |
| U.S. Treasury 2.00% 11/15/2041 | 300 | 210 |
| U.S. Treasury 4.625% 11/15/2045 | 679 | 664 |

---

American Funds Insurance Series **74**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 2.375% 5/15/2051 | USD196 | $124 |
| U.S. Treasury 4.00% 11/15/2052 | 152 | 132 |
| U.S. Treasury 4.75% 8/15/2055 | 8884 | 8753 |
| U.S. Treasury 4.625% 11/15/2055 | 2038 | 1968 |
| Total U.S. Treasury bonds & notes |  | 98331 |
| **Mortgage-backed obligations 5.04%** |  |  |
| **Mortgage-backed obligations 5.04%** |  |  |
| Federal agency mortgage-backed obligations 4.20% |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(f)</sup> | 729 | 697 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(f)</sup> | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(f)</sup> | 254 | 240 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(f)</sup> | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(f)</sup> | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(f)</sup> | 1 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(f)</sup> | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(f)</sup> | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(f)</sup> | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(f)</sup> | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(f)</sup> | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(f)</sup> | 1 | 1 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(f)</sup> | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(f)</sup> | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(f)</sup> | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(f)</sup> | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(f)</sup> | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(f)</sup> | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(f)</sup> | 14 | 14 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(f)</sup> | 20 | 19 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(f)</sup> | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(f)</sup> | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(f)</sup> | 28 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(f)</sup> | 154 | 145 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(f)</sup> | 1759 | 1653 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(f)</sup> | 2453 | 2212 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(f)</sup> | 281 | 256 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(f)</sup> | 111 | 98 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(f)</sup> | 74 | 66 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(f)</sup> | 40 | 36 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(f)</sup> | 11 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(f)</sup> | 117 | 104 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(f)</sup> | 78 | 70 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(f)</sup> | 40 | 33 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(f)</sup> | 119 | 107 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(f)</sup> | 179 | 145 |
| Fannie Mae Pool #MA4255 2.00% 2/1/2051 <sup>(f)</sup> | 50 | 41 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(f)</sup> | 21 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(f)</sup> | 151 | 135 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(f)</sup> | 18 | 16 |
| Fannie Mae Pool #BT1267 3.00% 6/1/2051 <sup>(f)</sup> | 151 | 134 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(f)</sup> | 14 | 12 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(f)</sup> | 104 | 94 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(f)</sup> | 167 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(f)</sup> | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(f)</sup> | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(f)</sup> | 70 | 65 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(f)</sup> | 148 | 126 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(f)</sup> | 768 | 695 |
| Fannie Mae Pool #BU8803 3.00% 2/1/2052 <sup>(f)</sup> | 99 | 88 |

---

**75**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(f)</sup> | USD443 | $393 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(f)</sup> | 254 | 237 |
| Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(f)</sup> | 214 | 182 |
| Fannie Mae Pool #FS8677 2.50% 4/1/2052 <sup>(f)</sup> | 129 | 110 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(f)</sup> | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(f)</sup> | 100 | 96 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(f)</sup> | 8 | 8 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(f)</sup> | 172 | 146 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(f)</sup> | 143 | 121 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(f)</sup> | 615 | 545 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(f)</sup> | 49 | 50 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(f)</sup> | 145 | 118 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(f)</sup> | 103 | 105 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(f)</sup> | 94 | 96 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(f)</sup> | 138 | 141 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(f)</sup> | 86 | 87 |
| Fannie Mae Pool #MA5036 3.00% 4/1/2053 <sup>(f)</sup> | 174 | 154 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(f)</sup> | 762 | 726 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(f)</sup> | 223 | 224 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(f)</sup> | 57 | 57 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(f)</sup> | 233 | 237 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(f)</sup> | 1222 | 1261 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(f)</sup> | 287 | 293 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(f)</sup> | 335 | 345 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(f)</sup> | 211 | 218 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(f)</sup> | 155 | 160 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(f)</sup> | 258 | 245 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(f)</sup> | 95 | 93 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(f)</sup> | 117 | 117 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(f)</sup> | 755 | 768 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(f)</sup> | 355 | 366 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(f)</sup> | 876 | 833 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(f)</sup> | 39 | 40 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(f)</sup> | 586 | 604 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(f)</sup> | 57 | 60 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(f)</sup> | 22 | 23 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(f)</sup> | 396 | 417 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(f)</sup> | 23 | 25 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(f)</sup> | 790 | 804 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(f)</sup> | 106 | 109 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(f)</sup> | 54 | 56 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(f)</sup> | 884 | 904 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(f)</sup> | 99 | 101 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(f)</sup> | 65 | 66 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(f)</sup> | 362 | 376 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(f)</sup> | 105 | 108 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(f)</sup> | 25 | 26 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(f)</sup> | 17 | 18 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(f)</sup> | 40 | 41 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(f)</sup> | 143 | 146 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(f)</sup> | 701 | 720 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(f)</sup> | 164 | 169 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(f)</sup> | 153 | 158 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(f)</sup> | 94 | 96 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(f)</sup> | 89 | 93 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(f)</sup> | 67 | 68 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(f)</sup> | 18 | 19 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(f)</sup> | 2561 | 2660 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(f)</sup> | 299 | 308 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(f)</sup> | 9 | 9 |

---

American Funds Insurance Series **76**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(f)</sup> | USD9 | $9 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(f)</sup> | 9 | 9 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(f)</sup> | 8 | 8 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(f)</sup> | 6 | 6 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(f)</sup> | 32 | 33 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(f)</sup> | 16 | 17 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(f)</sup> | 217 | 220 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(f)</sup> | 32 | 33 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(f)</sup> | 3 | 3 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(f)</sup> | 2 | 2 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(f)</sup> | 94 | 97 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(f)</sup> | 226 | 230 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(f)</sup> | 553 | 543 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(f)</sup> | 192 | 191 |
| Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(f)</sup> | 302 | 286 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(f)</sup> | 65 | 62 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(f)</sup> | 38 | 39 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(f)</sup> | 422 | 412 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(f)</sup> | 524 | 538 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(f)</sup> | 309 | 302 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(f)</sup> | 31 | 32 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(f)</sup> | 421 | 437 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(f)</sup> | 236 | 246 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(f)</sup> | 2011 | 2115 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(f)</sup> | 247 | 234 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(f)</sup> | 327 | 319 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(f)</sup> | 67 | 68 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(f)</sup> | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(f)</sup> | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(f)</sup> | 19 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(f)</sup> | 178 | 183 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(f)</sup> | 13 | 13 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(f)</sup> | 911 | 936 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(f)</sup> | 2 | 2 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(f)</sup> | 855 | 888 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(f)</sup> | 169 | 175 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(f)</sup> | 150 | 152 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(f)</sup> | 2 | 2 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(f)</sup> | 104 | 108 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(f)</sup> | 768 | 808 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(f)</sup> | 246 | 250 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(f)</sup> | 311 | 322 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(f)</sup> | 213 | 218 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(f)</sup> | 505 | 496 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(f)</sup> | 356 | 310 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(f)</sup> | 379 | 359 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(f)</sup> | 105 | 100 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(f)</sup> | 59 | 51 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(f)</sup> | 102 | 89 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(f)</sup> | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(f)</sup> | 171 | 166 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(f)</sup> | 12 | 12 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(f)</sup> | 10 | 10 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(f)</sup> | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(f)</sup> | 21 | 20 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(f)</sup> | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(f)</sup> | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(f)</sup> | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(f)</sup> | 12 | 12 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(f)</sup> | 894 | 890 |

---

**77**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(f)</sup> | USD11 | $10 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(f)</sup> | 129 | 115 |
| Freddie Mac Pool #QB6480 2.00% 12/1/2050 <sup>(f)</sup> | 67 | 55 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(f)</sup> | 60 | 54 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(f)</sup> | 120 | 107 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(f)</sup> | 46 | 39 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(f)</sup> | 11 | 10 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(f)</sup> | 101 | 90 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(f)</sup> | 235 | 191 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(f)</sup> | 107 | 95 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(f)</sup> | 7 | 6 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(f)</sup> | 440 | 374 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(f)</sup> | 733 | 651 |
| Freddie Mac Pool #SD8214 3.50% 5/1/2052 <sup>(f)</sup> | 217 | 201 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(f)</sup> | 439 | 389 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(f)</sup> | 284 | 271 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(f)</sup> | 710 | 696 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(f)</sup> | 765 | 648 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(f)</sup> | 354 | 300 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(f)</sup> | 141 | 125 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(f)</sup> | 42 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(f)</sup> | 107 | 95 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(f)</sup> | 159 | 157 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(f)</sup> | 536 | 537 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(f)</sup> | 266 | 271 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(f)</sup> | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(f)</sup> | 2337 | 2167 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(f)</sup> | 98 | 100 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(f)</sup> | 22 | 19 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(f)</sup> | 415 | 406 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(f)</sup> | 727 | 694 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(f)</sup> | 88 | 88 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(f)</sup> | 480 | 488 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(f)</sup> | 362 | 369 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(f)</sup> | 30 | 30 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(f)</sup> | 906 | 921 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(f)</sup> | 71 | 74 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(f)</sup> | 14 | 14 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(f)</sup> | 11 | 12 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(f)</sup> | 11 | 12 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(f)</sup> | 11 | 12 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(f)</sup> | 8 | 8 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(f)</sup> | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(f)</sup> | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(f)</sup> | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(f)</sup> | 30 | 30 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(f)</sup> | 17 | 18 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(f)</sup> | 16 | 16 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(f)</sup> | 198 | 201 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(f)</sup> | 587 | 588 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(f)</sup> | 42 | 43 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(f)</sup> | 9 | 9 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(f)</sup> | 51 | 49 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(f)</sup> | 6 | 7 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(f)</sup> | 15 | 15 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(f)</sup> | 1009 | 1038 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(f)</sup> | 802 | 814 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(f)</sup> | 17 | 17 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(f)</sup> | 8 | 8 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(f)</sup> | 419 | 434 |

---

American Funds Insurance Series **78**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(f)</sup> | USD8 | $8 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(f)</sup> | 261 | 267 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(f)</sup> | 45 | 46 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(f)</sup> | 16 | 17 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(f)</sup> | 89 | 90 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(f)</sup> | 22 | 23 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(f)</sup> | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(f)</sup> | 72 | 73 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(f)</sup> | 58 | 59 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(f)</sup> | 272 | 284 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(f)</sup> | 235 | 243 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(f)</sup> | 79 | 81 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(f)</sup> | 68 | 70 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(f)</sup> | 16 | 16 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(f)</sup> | 14 | 14 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(f)</sup> | 134 | 139 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(f)</sup> | 146 | 150 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(f)</sup> | 16 | 16 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(f)</sup> | 9 | 9 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(f)</sup> | 5 | 5 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(f)</sup> | 2 | 2 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(f)</sup> | 111 | 116 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(f)</sup> | 35 | 37 |
| Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(f)</sup> | 23 | 24 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(f)</sup> | 18 | 19 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(f)</sup> | 17 | 17 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(f)</sup> | 17 | 17 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(f)</sup> | 8 | 8 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(f)</sup> | 44 | 45 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(f)</sup> | 104 | 106 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(f)</sup> | 80 | 78 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(f)</sup> | 51 | 51 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(f)</sup> | 60 | 61 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(f)</sup> | 15 | 16 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(f)</sup> | 320 | 325 |
| Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(f)</sup> | 46 | 48 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(f)</sup> | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(f)</sup> | 452 | 476 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(f)</sup> | 36 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(f)</sup> | 160 | 165 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(f)</sup> | 85 | 87 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(f)</sup> | 7 | 7 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(f)</sup> | 97 | 100 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(f)</sup> | 132 | 137 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(f)</sup> | 12 | 12 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(f)</sup> | 387 | 398 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(f)</sup> | 293 | 301 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(f)</sup> | 19 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(f)</sup> | 36 | 37 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(f)</sup> | 15 | 15 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(f)</sup> | 552 | 574 |
| Freddie Mac Pool #QY4677 6.50% 6/1/2055 <sup>(f)</sup> | 261 | 271 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(f)</sup> | 492 | 491 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(f)</sup> | 228 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(f)</sup> | 324 | 333 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(f)</sup> | 132 | 138 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(f)</sup> | 4 | 4 |
| Freddie Mac Pool #RJ5151 6.50% 8/1/2055 <sup>(f)</sup> | 450 | 467 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(f)</sup> | 1 | 1 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(f)</sup> | 37 | 38 |

---

**79**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(f)(g)</sup> | USD160 | $161 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(f)</sup> | 85 | 81 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(f)</sup> | 177 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(f)(g)</sup> | 170 | 162 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(f)(g)</sup> | 78 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(f)</sup> | 65 | 60 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(f)(g)</sup> | 13 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(f)</sup> | 808 | 726 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(f)</sup> | 268 | 262 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(f)</sup> | 426 | 415 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(f)</sup> | 11 | 11 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(f)</sup> | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(f)</sup> | 644 | 634 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(f)</sup> | 927 | 893 |
| Government National Mortgage Assn. 4.50% 1/1/2056 <sup>(f)(h)</sup> | 48 | 47 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(f)</sup> | 151 | 150 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(f)</sup> | 2647 | 2523 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(f)</sup> | 56 | 53 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(f)</sup> | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(f)</sup> | 358 | 359 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(f)</sup> | 963 | 965 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(f)</sup> | 24 | 23 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(f)</sup> | 432 | 437 |
| Government National Mortgage Assn. Pool #MB0259 5.50% 3/20/2055 <sup>(f)</sup> | 95 | 96 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(f)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup> | —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(f)(h)</sup> | 212 | 171 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(f)(h)</sup> | 261 | 231 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(f)(h)</sup> | 1 | 1 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(f)(h)</sup> | 248 | 242 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(f)(h)</sup> | 78 | 78 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(f)(h)</sup> | 403 | 419 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(f)(h)</sup> | 1166 | 1227 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(f)(h)</sup> | 173 | 160 |
|  |  | 69743 |
| Commercial mortgage-backed securities 0.45% |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 <sup>(f)(g)(i)</sup> | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(f)(g)</sup> | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(f)(g)</sup> | 122 | 128 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) |  |  |
| &nbsp;&nbsp;&nbsp;5.865% 6/15/2027 <sup>(f)(g)(i)</sup> | 332 | 333 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(f)(g)(i)</sup> | 106 | 106 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(f)(g)(i)</sup> | 79 | 79 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(f)(g)(i)</sup> | 78 | 78 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(g)(i)</sup> | 590 | 599 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(g)(i)</sup> | 169 | 170 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(f)(g)(i)</sup> | 732 | 734 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(f)(g)(i)</sup> | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(g)(i)</sup> | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(g)(i)</sup> | 237 | 244 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(f)(g)(i)</sup> | 574 | 589 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup> | 213 | 214 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup> | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup> | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup> | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(f)(g)(i)</sup> | 100 | 100 |

---

American Funds Insurance Series **80**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(f)(g)(i)</sup> | USD100 | $100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(f)(g)</sup> | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(f)(g)(i)</sup> | 592 | 599 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(g)(i)</sup> | 329 | 342 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(f)(g)(i)</sup> | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(f)(g)(i)</sup> | 243 | 247 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(g)(i)</sup> | 541 | 561 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;6.624% 7/25/2054 <sup>(f)(g)(i)</sup> | 108 | 110 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(g)(i)</sup> | 312 | 313 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) |  |  |
| &nbsp;&nbsp;&nbsp;6.391% 2/15/2042 <sup>(f)(g)(i)</sup> | 597 | 593 |
|  |  | 7427 |
| Collateralized mortgage-backed obligations (privately originated) 0.39% |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(g)(i)</sup> | 72 | 66 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(f)(i)(j)</sup> | 489 | 479 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(f)(g)(i)</sup> | 56 | 53 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(f)(g)(i)</sup> | 142 | 141 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(g)(i)</sup> | 358 | 352 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(f)(g)(i)</sup> | 131 | 125 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(f)(g)(i)</sup> | 6 | 5 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) |  |  |
| &nbsp;&nbsp;&nbsp;6.274% 12/25/2042 <sup>(f)(g)(i)</sup> | 25 | 25 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;5.774% 6/25/2043 <sup>(f)(g)(i)</sup> | 187 | 188 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;5.574% 7/25/2043 <sup>(f)(g)(i)</sup> | 58 | 58 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;4.974% 5/25/2044 <sup>(f)(g)(i)</sup> | 38 | 38 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) |  |  |
| &nbsp;&nbsp;&nbsp;5.474% 9/25/2044 <sup>(f)(g)(i)</sup> | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(g)(i)</sup> | 7 | 7 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(f)(g)(i)</sup> | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(f)(g)(i)</sup> | 160 | 160 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(f)(g)(i)</sup> | 90 | 90 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(f)(i)(j)</sup> | 81 | 81 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(f)(i)</sup> | 48 | 48 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(f)(i)(j)</sup> | 670 | 677 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(f)(i)</sup> | 54 | 54 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(f)(i)</sup> | 90 | 90 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(f)(i)(j)</sup> | 392 | 393 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/1/2028) <sup>(f)(i)(j)</sup> | 101 | 102 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(f)(g)(i)</sup> | 138 | 138 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(f)(i)(j)</sup> | 141 | 143 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(f)(i)(j)</sup> | 317 | 321 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(f)(i)(j)</sup> | 814 | 823 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(f)(i)</sup> | 554 | 527 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(f)(i)</sup> | 95 | 94 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;5.50% 10/17/2041 <sup>(f)(g)(i)</sup> | 140 | 140 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(f)(g)(i)</sup> | 13 | 13 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(f)(g)(i)</sup> | 11 | 11 |

---

**81**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(f)(g)(i)</sup> | USD6 | $6 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(f)(i)</sup> | 304 | 279 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(i)</sup> | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(f)(i)</sup> | 195 | 193 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(f)(i)</sup> | 167 | 167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(f)(i)(j)</sup> | 64 | 65 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(f)(g)(i)</sup> | 87 | 88 |
|  |  | 6494 |
| Total mortgage-backed obligations |  | 83664 |
| **Corporate bonds and notes 2.84%** |  |  |
| **Corporate bonds and notes 2.84%** |  |  |
| Financials 0.49% |  |  |
| American Express Co. 4.90% 2/13/2026 | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(j)</sup> | 50 | 52 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(j)</sup> | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030 | 685 | 703 |
| American International Group, Inc. 5.125% 3/27/2033 | 17 | 18 |
| Aon Corp. 5.35% 2/28/2033 | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 125 | 128 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 50 | 51 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(j)</sup> | 22 | 20 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(j)</sup> | 238 | 213 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(j)</sup> | 118 | 122 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(j)</sup> | 75 | 78 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(i)(j)</sup> | 400 | 416 |
| CaixaBank SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(i)(j)</sup> | 200 | 213 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(j)</sup> | 45 | 49 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(j)</sup> | 95 | 101 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(j)</sup> | 86 | 88 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(j)</sup> | 35 | 32 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(j)</sup> | 44 | 46 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(j)</sup> | 55 | 56 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 180 | 177 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 7 | 6 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on |  |  |
| &nbsp;&nbsp;&nbsp;4/1/2027) <sup>(i)(j)</sup> | 200 | 200 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(j)</sup> | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(j)</sup> | 150 | 152 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(j)</sup> | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(j)</sup> | 45 | 46 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(j)</sup> | 60 | 63 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(j)</sup> | 40 | 40 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(j)</sup> | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(j)</sup> | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(j)</sup> | 198 | 203 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(j)</sup> | 52 | 52 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(j)</sup> | 20 | 18 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(j)</sup> | 328 | 339 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(j)</sup> | 412 | 432 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028 | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(j)</sup> | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(j)</sup> | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(j)</sup> | 140 | 146 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(j)</sup> | 488 | 494 |

---

American Funds Insurance Series **82**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(j)</sup> | USD35 | $36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(j)</sup> | 57 | 59 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(j)</sup> | 129 | 128 |
| Navient Corp. 5.00% 3/15/2027 | 150 | 150 |
| Navient Corp. 5.625% 8/1/2033 | 125 | 114 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(i)</sup> | 150 | 147 |
| OneMain Finance Corp. 6.625% 5/15/2029 | 540 | 560 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(i)</sup> | 25 | 26 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(j)</sup> | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(i)</sup> | 100 | 102 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(j)</sup> | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(j)</sup> | 50 | 52 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(j)</sup> | 10 | 11 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(j)</sup> | 40 | 42 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(j)</sup> | 97 | 96 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(j)</sup> | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(j)</sup> | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(i)(j)</sup> | 200 | 209 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(i)(j)</sup> | 374 | 371 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(j)</sup> | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(j)</sup> | 55 | 57 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(j)</sup> | 104 | 115 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(j)</sup> | 80 | 84 |
|  |  | 8142 |
| Health care 0.36% |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 | 175 | 180 |
| AbbVie, Inc. 5.35% 3/15/2044 | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054 | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064 | 25 | 24 |
| Amgen, Inc. 5.15% 3/2/2028 | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029 | 100 | 100 |
| Amgen, Inc. 5.25% 3/2/2030 | 124 | 129 |
| Amgen, Inc. 4.20% 3/1/2033 | 133 | 130 |
| Amgen, Inc. 5.25% 3/2/2033 | 71 | 74 |
| Amgen, Inc. 5.60% 3/2/2043 | 105 | 106 |
| Amgen, Inc. 4.20% 2/22/2052 | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053 | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053 | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063 | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 | 50 | 52 |
| Baxter International, Inc. 4.45% 2/15/2029 | 271 | 272 |
| Baxter International, Inc. 4.90% 12/15/2030 | 338 | 341 |
| Baxter International, Inc. 3.132% 12/1/2051 | 25 | 16 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 260 | 271 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 295 | 307 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 325 | 319 |
| Centene Corp. 4.625% 12/15/2029 | 530 | 515 |
| Centene Corp. 2.625% 8/1/2031 | 40 | 35 |
| CVS Health Corp. 5.125% 2/21/2030 | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033 | 23 | 24 |
| CVS Health Corp. 5.70% 6/1/2034 | 97 | 102 |
| CVS Health Corp. 6.00% 6/1/2044 | 50 | 50 |
| CVS Health Corp. 6.05% 6/1/2054 | 50 | 50 |
| CVS Health Corp. 6.20% 9/15/2055 | 50 | 51 |
| Elevance Health, Inc. 4.95% 11/1/2031 | 30 | 31 |
| Elevance Health, Inc. 5.20% 2/15/2035 | 13 | 13 |

---

**83**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Health care (continued) |  |  |
| Gilead Sciences, Inc. 1.65% 10/1/2030 | USD8 | $7 |
| HCA, Inc. 2.375% 7/15/2031 | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029 | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031 | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(i)</sup> | 380 | 393 |
| Merck & Co., Inc. 1.70% 6/10/2027 | 118 | 115 |
| Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 108 |
| Merck & Co., Inc. 4.50% 5/17/2033 | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044 | 35 | 33 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(i)</sup> | 290 | 285 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(i)</sup> | 40 | 36 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(i)</sup> | 105 | 67 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030 | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 17 | 16 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 362 | 366 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 600 | 661 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 89 | 67 |
|  |  | 6025 |
| Communication services 0.34% |  |  |
| Alphabet, Inc. 4.375% 11/15/2032 | 22 | 22 |
| Alphabet, Inc. 4.70% 11/15/2035 | 28 | 28 |
| America Movil, SAB de CV, 8.46% 12/18/2036 | MXN1,300 | 65 |
| AT&T, Inc. 3.50% 6/1/2041 | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(i)</sup> | 25 | 23 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(i)</sup> | 655 | 558 |
| Charter Communications Operating, LLC 6.10% 6/1/2029 | 41 | 43 |
| Charter Communications Operating, LLC 5.85% 12/1/2035 | 17 | 17 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 | 10 | 10 |
| Discovery Communications, LLC 3.625% 5/15/2030 | 42 | 37 |
| EchoStar Corp. 10.75% 11/30/2029 | 64 | 71 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(k)</sup> | 313 | 321 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(i)</sup> | 195 | 203 |
| Meta Platforms, Inc. 4.30% 8/15/2029 | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034 | 53 | 53 |
| Meta Platforms, Inc. 4.875% 11/15/2035 | 325 | 325 |
| Meta Platforms, Inc. 5.50% 11/15/2045 | 134 | 130 |
| Meta Platforms, Inc. 5.40% 8/15/2054 | 29 | 27 |
| Meta Platforms, Inc. 5.625% 11/15/2055 | 287 | 276 |
| Meta Platforms, Inc. 5.55% 8/15/2064 | 40 | 37 |
| Meta Platforms, Inc. 5.75% 11/15/2065 | 138 | 132 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(i)</sup> | 253 | 248 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(i)</sup> | 780 | 763 |
| TEGNA, Inc. 5.00% 9/15/2029 | 360 | 357 |
| T-Mobile USA, Inc. 3.875% 4/15/2030 | 625 | 615 |
| T-Mobile USA, Inc. 2.55% 2/15/2031 | 203 | 185 |
| T-Mobile USA, Inc. 6.00% 6/15/2054 | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(i)</sup> | 340 | 347 |
| Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 125 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 250 | 232 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 374 | 264 |
|  |  | 5683 |
| Industrials 0.26% |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(i)</sup> | 200 | 207 |
| Boeing Co. (The) 2.75% 2/1/2026 | 91 | 91 |

---

American Funds Insurance Series **84**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Industrials (continued) |  |  |
| Boeing Co. (The) 6.259% 5/1/2027 | USD376 | $386 |
| Boeing Co. (The) 6.298% 5/1/2029 | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031 | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031 | 92 | 100 |
| Boeing Co. (The) 6.528% 5/1/2034 | 1291 | 1429 |
| Boeing Co. (The) 5.805% 5/1/2050 | 136 | 134 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 25 | 19 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048 | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052 | 35 | 30 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(i)</sup> | 430 | 455 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(i)</sup> | 90 | 95 |
| Icahn Enterprises, LP 5.25% 5/15/2027 | 440 | 434 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053 | 13 | 13 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 15 | 16 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(i)</sup> | 55 | 54 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053 | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(i)</sup> | 190 | 199 |
| Republic Services, Inc. 5.00% 4/1/2034 | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031 | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034 | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054 | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032 | 17 | 16 |
| Union Pacific Corp. 3.50% 2/14/2053 | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030 | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035 | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054 | 25 | 24 |
|  |  | 4247 |
| Consumer discretionary 0.25% |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030 | 8 | 7 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 | 7 | 6 |
| Amazon.com, Inc. 4.65% 11/20/2035 | 34 | 34 |
| Amazon.com, Inc. 5.45% 11/20/2055 | 155 | 151 |
| Amazon.com, Inc. 5.55% 11/20/2065 | 70 | 68 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(i)</sup> | 290 | 288 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(i)</sup> | 25 | 24 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(i)</sup> | 310 | 319 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(i)</sup> | 175 | 181 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 306 | 303 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 604 | 607 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 622 | 637 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 200 | 210 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 970 | 916 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034 | 11 | 11 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035 | 16 | 17 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(i)</sup> | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052 | 10 | 9 |
| Newell Brands, Inc. 6.375% 5/15/2030 | 160 | 157 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(i)</sup> | 150 | 150 |
|  |  | 4151 |
| Information technology 0.23% |  |  |
| Broadcom, Inc. 5.05% 7/12/2027 | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(i)</sup> | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029 | 45 | 46 |

---

**85**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Information technology (continued) |  |  |
| Broadcom, Inc. 5.15% 11/15/2031 | USD104 | $108 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(i)</sup> | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034 | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(i)</sup> | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031 | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034 | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035 | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054 | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064 | 11 | 10 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(i)</sup> | 200 | 209 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(i)</sup> | 250 | 267 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(i)</sup> | 100 | 103 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 832 | 796 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 58 | 53 |
| Intel Corp. 3.05% 8/12/2051 | 10 | 6 |
| Intel Corp. 5.60% 2/21/2054 | 42 | 39 |
| Intel Corp. 3.10% 2/15/2060 | 110 | 62 |
| Oracle Corp. 4.80% 9/26/2032 | 55 | 53 |
| Oracle Corp. 5.50% 8/3/2035 | 18 | 18 |
| Oracle Corp. 5.20% 9/26/2035 | 405 | 388 |
| Oracle Corp. 5.875% 9/26/2045 | 40 | 36 |
| Oracle Corp. 6.00% 8/3/2055 | 110 | 97 |
| Oracle Corp. 5.95% 9/26/2055 | 95 | 84 |
| Oracle Corp. 6.10% 9/26/2065 | 40 | 35 |
| Synopsys, Inc. 4.65% 4/1/2028 | 40 | 41 |
| Synopsys, Inc. 4.85% 4/1/2030 | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032 | 40 | 41 |
| Synopsys, Inc. 5.15% 4/1/2035 | 780 | 793 |
| Synopsys, Inc. 5.70% 4/1/2055 | 380 | 377 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(i)</sup> | 75 | 77 |
|  |  | 3886 |
| Energy 0.23% |  |  |
| APA Corp. 4.25% 1/15/2030 | 385 | 379 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(i)</sup> | 300 | 302 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 | 44 | 40 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(i)</sup> | 9 | 10 |
| ConocoPhillips Co. 5.50% 1/15/2055 | 50 | 48 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(i)</sup> | 270 | 256 |
| Energy Transfer, LP 6.10% 12/1/2028 | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029 | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030 | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055 | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030 | 365 | 340 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 210 | 151 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(i)</sup> | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(i)</sup> | 400 | 375 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(i)(l)</sup> | 148 | 43 |
| Occidental Petroleum Corp. 5.55% 10/1/2034 | 124 | 127 |
| Petroleos Mexicanos 6.50% 1/23/2029 | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029 | 177 | 189 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 300 | 305 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(i)</sup> | 20 | 20 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(i)</sup> | 20 | 20 |
| TotalEnergies Capital SA 4.724% 9/10/2034 | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(i)</sup> | 595 | 542 |

---

American Funds Insurance Series **86**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(i)</sup> | USD195 | $200 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(i)</sup> | 100 | 102 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(i)</sup> | 75 | 82 |
|  |  | 3826 |
| Utilities 0.21% |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051 | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032 | 42 | 39 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 | 25 | 26 |
| Edison International 4.125% 3/15/2028 | 132 | 131 |
| Edison International 5.45% 6/15/2029 | 100 | 102 |
| Edison International 5.25% 3/15/2032 | 389 | 389 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(i)(j)</sup> | 200 | 233 |
| FirstEnergy Corp. 2.65% 3/1/2030 | 393 | 367 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 107 | 97 |
| Florida Power & Light Co. 5.10% 4/1/2033 | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033 | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 | 97 | 97 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 | 105 | 104 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 284 | 286 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 | 375 | 338 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 50 | 54 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 | 377 | 388 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 162 | 137 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 256 | 173 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054 | 25 | 24 |
| PacifiCorp 5.50% 5/15/2054 | 95 | 85 |
| PacifiCorp 5.80% 1/15/2055 | 25 | 23 |
| Southern California Edison Co. 5.20% 6/1/2034 | 40 | 40 |
| Southern California Edison Co. 3.60% 2/1/2045 | 206 | 149 |
| Southern California Edison Co. 5.90% 3/1/2055 | 30 | 29 |
| Union Electric Co. 3.90% 4/1/2052 | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027 | 25 | 26 |
|  |  | 3449 |
| Real estate 0.18% |  |  |
| American Tower Corp. 4.05% 3/15/2032 | 11 | 11 |
| Boston Properties, LP 2.45% 10/1/2033 | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034 | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035 | 95 | 98 |
| Crown Castle, Inc. 5.00% 1/11/2028 | 54 | 55 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(i)</sup> | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 550 | 518 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(i)</sup> | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 | 475 | 460 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033 | 99 | 100 |
| Prologis, LP 5.00% 3/15/2034 | 40 | 41 |
| Service Properties Trust 0% 9/30/2027 <sup>(i)</sup> | 45 | 41 |
| Service Properties Trust 3.95% 1/15/2028 | 480 | 453 |
| Service Properties Trust 8.375% 6/15/2029 | 680 | 684 |
|  |  | 3034 |
| Consumer staples 0.17% |  |  |
| Altria Group, Inc. 4.875% 2/4/2028 | 13 | 13 |
| Altria Group, Inc. 5.25% 8/6/2035 | 48 | 49 |

---

**87**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer staples (continued) |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(i)</sup> | USD260 | $256 |
| BAT Capital Corp. 6.343% 8/2/2030 | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032 | 413 | 430 |
| BAT Capital Corp. 6.421% 8/2/2033 | 38 | 42 |
| BAT Capital Corp. 7.079% 8/2/2043 | 31 | 35 |
| BAT Capital Corp. 4.54% 8/15/2047 | 55 | 46 |
| BAT Capital Corp. 4.758% 9/6/2049 | 121 | 102 |
| BAT Capital Corp. 7.081% 8/2/2053 | 69 | 78 |
| BAT International Finance PLC 4.448% 3/16/2028 | 150 | 151 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(i)</sup> | 119 | 120 |
| H.J. Heinz Co. 4.875% 10/1/2049 | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(i)</sup> | 25 | 26 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(i)</sup> | 165 | 170 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(i)</sup> | 71 | 72 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(i)</sup> | 145 | 144 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(i)</sup> | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034 | 127 | 127 |
| Philip Morris International, Inc. 5.125% 11/17/2027 | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029 | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030 | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030 | 70 | 74 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033 | 55 | 57 |
| Philip Morris International, Inc. 5.625% 9/7/2033 | 30 | 32 |
| Philip Morris International, Inc. 4.90% 11/1/2034 | 90 | 91 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(i)</sup> | 330 | 334 |
|  |  | 2828 |
| Materials 0.12% |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 7 | 7 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 60 | 61 |
| Celanese US Holdings, LLC 6.85% 11/15/2028 | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 27 | 29 |
| Celanese US Holdings, LLC 6.879% 7/15/2032 | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 23 | 24 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(i)</sup> | 545 | 575 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(i)</sup> | 40 | 42 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(i)</sup> | 750 | 488 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 | 7 | 7 |
| Dow Chemical Co. (The) 5.65% 3/15/2036 | 4 | 4 |
| Dow Chemical Co. (The) 5.55% 11/30/2048 | 15 | 13 |
| Dow Chemical Co. (The) 3.60% 11/15/2050 | 75 | 49 |
| Dow Chemical Co. (The) 6.90% 5/15/2053 | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054 | 63 | 55 |
| LYB International Finance III, LLC 5.125% 1/15/2031 | 2 | 2 |
| LYB International Finance III, LLC 5.50% 3/1/2034 | 5 | 5 |
| LYB International Finance III, LLC 5.875% 1/15/2036 | 32 | 32 |
| LYB International Finance III, LLC 3.625% 4/1/2051 | 102 | 66 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(i)</sup> | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(i)</sup> | 325 | 318 |
|  |  | 1929 |
| Total corporate bonds and notes |  | 47200 |

---

American Funds Insurance Series **88**

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations 0.73%** |  |  |
| Other asset-backed securities 0.39% |  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(f)(i)</sup> | USD100 | $100 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(i)</sup> | 215 | 215 |
| Auxilior Term Funding, LLC, Series 2024-1, Class A2, 5.84% 3/15/2027 <sup>(f)(i)</sup> | 61 | 61 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(f)(i)</sup> | 277 | 281 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(f)(i)</sup> | 42 | 43 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(f)(i)</sup> | 554 | 565 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(i)</sup> | 347 | 294 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(i)</sup> | 86 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(f)(i)</sup> | 90 | 57 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(f)(i)</sup> | 90 | 58 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(i)</sup> | 312 | 254 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(f)(i)</sup> | 483 | 477 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(f)(i)</sup> | 181 | 182 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(f)(i)</sup> | 134 | 135 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(i)</sup> | 322 | 309 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(f)(i)</sup> | 60 | 56 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(i)</sup> | 73 | 72 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(i)</sup> | 278 | 267 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(i)</sup> | 354 | 359 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(f)(i)</sup> | 138 | 139 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(i)</sup> | 935 | 783 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(f)(i)</sup> | 315 | 317 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(f)(i)</sup> | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(f)(i)</sup> | 127 | 128 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(f)(i)</sup> | 20 | 19 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(f)(i)</sup> | 85 | 85 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(f)(i)</sup> | 139 | 141 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(i)</sup> | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(f)(i)</sup> | 175 | 176 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(f)(i)</sup> | 45 | 46 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(f)(i)</sup> | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(f)(i)</sup> | 28 | 28 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(i)</sup> | 72 | 70 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(f)(i)</sup> | 189 | 190 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(i)</sup> | 69 | 70 |
|  |  | 6421 |
| Auto loan 0.27% |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(i)</sup> | 66 | 66 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(i)</sup> | 33 | 33 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(i)</sup> | 339 | 353 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(f)(i)</sup> | 497 | 499 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(f)</sup> | 11 | 11 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(i)</sup> | 185 | 185 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(f)(i)</sup> | 150 | 151 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(f)(i)</sup> | 273 | 275 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(f)(i)</sup> | 176 | 180 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(i)</sup> | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(f)(i)</sup> | 188 | 189 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(i)</sup> | 65 | 65 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(f)(i)</sup> | 285 | 293 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(f)(i)</sup> | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(f)</sup> | 10 | 10 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(f)</sup> | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(i)</sup> | 268 | 263 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(i)</sup> | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(i)</sup> | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(i)</sup> | 187 | 191 |

---

**89**American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Auto loan (continued) |  |  |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(f)</sup> | USD5 | $5 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(f)</sup> | 28 | 28 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(i)</sup> | 335 | 334 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(f)(i)</sup> | 632 | 639 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(f)(i)</sup> | 188 | 190 |
|  |  | 4582 |
| Credit card 0.04% |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(i)</sup> | 400 | 401 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(f)(i)</sup> | 246 | 248 |
|  |  | 649 |
| Student loan 0.03% |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(f)(i)</sup> | 23 | 21 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(i)</sup> | 42 | 39 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(i)</sup> | 94 | 89 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(i)</sup> | 188 | 178 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2062 <sup>(f)(g)(i)</sup> | 98 | 98 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(f)(i)</sup> | 39 | 35 |
|  |  | 460 |
| Total asset-backed obligations |  | 12112 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |  |  |
| Mexico 0.03% |  |  |
| United Mexican States 3.25% 4/16/2030 | 200 | 189 |
| United Mexican States 7.375% 5/13/2055 | 245 | 265 |
|  |  | 454 |
| Saudi Arabia 0.01% |  |  |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 198 |
| Peru 0.01% |  |  |
| Peru (Republic of) 2.783% 1/23/2031 | 190 | 176 |
| Total bonds & notes of governments & government agencies outside the U.S. |  | 828 |
| **Municipals 0.02%** |  |  |
| **Municipals 0.02%** |  |  |
| Illinois 0.01% |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 196 | 201 |
| Massachusetts 0.01% |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 135 | 140 |
| Total municipals |  | 341 |
| **Loans 0.02%** |  |  |
| **Loans 0.02%** |  |  |
| Financials 0.02% |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% |  |  |
| &nbsp;&nbsp;&nbsp;11/17/2029 (b)(g)(i)(m) | 221 | 220 |
| Total bonds, notes & other debt instruments (cost: $243,321,000) |  | 242696 |

---

American Funds Insurance Series **90**

Capital Income Builder (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment funds 2.29% | Investment funds 2.29% |  |  |  |  |  |  |  |  | Value |
| Investment funds 2.29% | Investment funds 2.29% |  |  |  |  |  |  |  | Shares | (000) |
| Capital Group Central Corporate Bond Fund <sup>(n)</sup> | Capital Group Central Corporate Bond Fund <sup>(n)</sup> | Capital Group Central Corporate Bond Fund <sup>(n)</sup> |  |  |  |  |  |  | 4482146 | $38098 |
| Total investment funds (cost: $40,853,000) | Total investment funds (cost: $40,853,000) | Total investment funds (cost: $40,853,000) |  |  |  |  |  |  |  | 38098 |
| Short-term securities 5.53% | Short-term securities 5.53% | Short-term securities 5.53% |  |  |  |  |  |  |  |  |
| Short-term securities 5.53% | Short-term securities 5.53% | Short-term securities 5.53% |  |  |  |  |  |  |  |  |
| **Money market investments 4.90%** | **Money market investments 4.90%** | **Money market investments 4.90%** |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup> | Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup> | Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup> |  |  |  |  |  |  | 814073 | 81415 |
| **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** |  |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> |  |  | 10408626 | 10409 |
| Total short-term securities (cost: $91,803,000) | Total short-term securities (cost: $91,803,000) | Total short-term securities (cost: $91,803,000) |  |  |  |  |  |  |  | 91824 |
| Total investment securities 100.57% (cost: $1,246,392,000) | Total investment securities 100.57% (cost: $1,246,392,000) | Total investment securities 100.57% (cost: $1,246,392,000) | Total investment securities 100.57% (cost: $1,246,392,000) | Total investment securities 100.57% (cost: $1,246,392,000) |  |  |  |  |  | 1669897 |
| Other assets less liabilities (0.57)% | Other assets less liabilities (0.57)% |  |  |  |  |  |  |  |  | (9521) |
| Net assets 100.00% | Net assets 100.00% |  |  |  |  |  |  |  |  | $1660376 |
| **Futures contracts** |  |  |  |  |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  |  |  | appreciation |
|  |  |  |  |  |  |  |  | Notional | Notional | (depreciation) |
|  |  |  |  |  | Number of | Expiration |  |  | amount | at 12/31/2025 |
| Contracts |  |  |  | Type | contracts | date |  |  | (000) | (000) |
| 2 Year U.S. Treasury Note Futures | 2 Year U.S. Treasury Note Futures |  |  | Long | 389 | 4/6/2026 | USD81,219 | USD81,219 | USD81,219 | $(17) |
| 5 Year U.S. Treasury Note Futures | 5 Year U.S. Treasury Note Futures |  |  | Long | 251 | 4/6/2026 |  |  | 27436 | (61) |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures |  |  | Short | 21 | 3/31/2026 |  |  | (2361) | 21 |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures |  | Short | 40 | 3/31/2026 |  |  | (4601) | 15 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  |  | Long | 32 | 3/31/2026 |  |  | 3699 | (41) |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures |  | Long | 99 | 3/31/2026 |  |  | 11682 | (196) |
|  |  |  |  |  |  |  |  |  |  | $(279) |
| **Swap contracts** |  |  |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |  |  |
| Interest rate swaps |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps | &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps | &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay | Pay |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay | Pay |  | Notional | Value at | Value at | paid | (depreciation) |
|  |  |  |  |  |  | Notional | Value at | Value at | paid | (depreciation) |
|  |  |  |  |  |  | Notional | Value at | Value at | paid | (depreciation) |
|  | Payment |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 |  | (received) | at 12/31/2025 |
| Rate | frequency | Rate |  | &nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) |  | (000) | (000) |
| 3.16% | At maturity | U.S. Urban CPI | U.S. Urban CPI | &nbsp;&nbsp;&nbsp;&nbsp;At maturity | 6/23/2026 | USD350 | $1 |  |  | $1 |
| U.S. Urban CPI | At maturity | 3.17% |  | &nbsp;&nbsp;&nbsp;&nbsp;At maturity | 6/23/2026 | USD338 | (1) | (1) |  | (1) |
| SOFR | Annual | 3.055% |  | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/6/2031 | USD6,700 | 139 |  |  | 139 |
| SOFR | Annual | 4.1275% |  | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 7/27/2050 | USD310 | 3 |  |  | 3 |
| SOFR | Annual | 2.91% |  | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/18/2050 | USD592 | 118 |  |  | 118 |
|  |  |  |  |  |  |  | $260 |  |  | $260 |

---

**91**American Funds Insurance Series

![](g5meejxqh3m991hcyq2dv.jpg)

Capital Income Builder (continued)

**Swap contracts (continued)**

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;&nbsp;Financing | Payment | Expiration | amount <sup>(q)</sup> | 12/31/2025 <sup>(r)</sup> | (received) | at 12/31/2025 |
| index | &nbsp;&nbsp;&nbsp;&nbsp;rate received | frequency | date | (000) | (000) | (000) | (000) |
| CDX.NA.IG.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | Quarterly | 12/20/2030 | USD5,044 | $114 | $116 | $(2) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Investment funds 2.29% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $30920 | $6389 | $— | $— | $789 | $38098 | $1550 |
| Short-term securities 4.90% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 4.90% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(o)</sup> | 60575 | 370953 | 350129 | 16 |  | 81415 | 4186 |
| &nbsp;&nbsp;&nbsp;Total 7.19% |  |  |  | $16 | $789 | $119513 | $5736 |

---

(a)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(b)Value determined using significant unobservable inputs.

(c)Amount less than one thousand.

(d)Non-income producing.

(e)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,717,000, which represented 0.10% of the net assets of the fund.

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

(g)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(h)Represents securities transacted on a TBA basis.

(i)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund.

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

(k)Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

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

(m)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $219,000, which represented 0.01% of the net assets of the fund.

(n)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

(o)Rate represents the seven-day yield at 12/31/2025.

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

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

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

---

| | | |
|:---|:---|:---|
| Key to abbreviation(s) |  |  |
| ADR = American Depositary Receipts | EUR = Euros | REIT = Real Estate Investment Trust |
| Assn. = Association | Fncg. = Financing | Rev. = Revenue |
| Auth. = Authority | GBP = British pounds | SOFR = Secured Overnight Financing Rate |
| CAD = Canadian dollars | GO = General Obligation | TBA = To be announced |
| CME = CME Group | ICE = Intercontinental Exchange, Inc. | USD = U.S. dollars |
| CPI = Consumer Price Index | MXN = Mexican pesos | UST = U.S. Treasury |
| Refer to the notes to financial statements. |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series **92** |

---

Asset Allocation Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 65.21% | Shares | (000) |
| Information technology 17.87% |  |  |
| Broadcom, Inc. | 3822547 | $1322984 |
| Microsoft Corp. | 2068123 | 1000186 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2399280 | 729117 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2384000 | 116467 |
| NVIDIA Corp. | 2011419 | 375130 |
| Apple, Inc. | 1295354 | 352155 |
| Micron Technology, Inc. | 764060 | 218070 |
| Intel Corp. <sup>(a)</sup> | 5553952 | 204941 |
| Salesforce, Inc. | 503780 | 133456 |
| International Business Machines Corp. | 427285 | 126566 |
| ASML Holding NV (ADR) | 93894 | 100453 |
| KLA Corp. | 77592 | 94280 |
| Hewlett Packard Enterprise Co. | 2023462 | 48604 |
| Strategy, Inc., Class A <sup>(a)</sup> | 295563 | 44911 |
| Diebold Nixdorf, Inc. <sup>(a)</sup> | 532940 | 36181 |
| Adobe, Inc. <sup>(a)</sup> | 62600 | 21909 |
| Applied Materials, Inc. | 79781 | 20503 |
|  |  | 4945913 |
| Financials 10.49% |  |  |
| Apollo Asset Management, Inc. | 1920083 | 277951 |
| Arthur J. Gallagher & Co. | 854008 | 221009 |
| Mastercard, Inc., Class A | 361601 | 206431 |
| Synchrony Financial | 2440754 | 203632 |
| Aon PLC, Class A | 569972 | 201132 |
| Visa, Inc., Class A | 553014 | 193948 |
| Bank of America Corp. | 3142147 | 172818 |
| Capital One Financial Corp. | 702338 | 170219 |
| Blue Owl Capital, Inc., Class A <sup>(b)</sup> | 9813216 | 146609 |
| Ares Management Corp., Class A | 845012 | 136579 |
| American Express Co. | 337999 | 125043 |
| Wells Fargo & Co. | 1334032 | 124332 |
| JPMorgan Chase & Co. | 295492 | 95213 |
| Fiserv, Inc. <sup>(a)</sup> | 1269859 | 85296 |
| Brookfield Corp., Class A | 1805226 | 82842 |
| Citigroup, Inc. | 700000 | 81683 |
| Brown & Brown, Inc. | 964468 | 76868 |
| Chubb, Ltd. | 235906 | 73631 |
| Progressive Corp. | 280641 | 63908 |
| Intercontinental Exchange, Inc. | 374162 | 60599 |
| Blackstone, Inc. | 320000 | 49325 |
| Kinsale Capital Group, Inc. | 65779 | 25728 |
| Goldman Sachs Group, Inc. | 24707 | 21717 |
| Figure Technology Solutions, Inc. <sup>(a)(b)</sup> | 152555 | 6230 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 8880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 2902743 |
| Industrials 9.72% |  |  |
| ATI, Inc. <sup>(a)</sup> | 3475291 | 398824 |
| Boeing Co. (The) <sup>(a)</sup> | 1355000 | 294198 |
| TransDigm Group, Inc. | 160869 | 213932 |
| L3Harris Technologies, Inc. | 644021 | 189065 |
| General Electric Co. | 602503 | 185589 |
| Deere & Co. | 377997 | 175984 |
| Parker-Hannifin Corp. | 183536 | 161321 |
| Union Pacific Corp. | 677572 | 156736 |
| Caterpillar, Inc. | 190000 | 108845 |
| Safran SA | 312100 | 108605 |
| United Rentals, Inc. | 125193 | 101321 |

---

**93**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Northrop Grumman Corp. | 173106 | $98707 |
| GE Vernova, Inc. | 150939 | 98649 |
| Ingersoll-Rand, Inc. | 1177013 | 93243 |
| Quanta Services, Inc. | 152260 | 64263 |
| Airbus SE, non-registered shares | 230632 | 53496 |
| Trane Technologies PLC | 137366 | 53463 |
| FTAI Aviation, Ltd. | 249989 | 49210 |
| CSX Corp. | 1000000 | 36250 |
| Copart, Inc. <sup>(a)</sup> | 835833 | 32723 |
| Carrier Global Corp. | 283011 | 14954 |
|  |  | 2689378 |
| Health care 6.97% |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 720148 | 326486 |
| Gilead Sciences, Inc. | 1904140 | 233714 |
| Eli Lilly and Co. | 186995 | 200960 |
| UnitedHealth Group, Inc. | 596573 | 196935 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 405917 | 161413 |
| Amgen, Inc. | 441538 | 144520 |
| Thermo Fisher Scientific, Inc. | 217042 | 125765 |
| CVS Health Corp. | 1451353 | 115179 |
| Illumina, Inc. <sup>(a)</sup> | 699527 | 91750 |
| Abbott Laboratories | 637270 | 79844 |
| Cooper Cos., Inc. <sup>(a)</sup> | 889428 | 72897 |
| Johnson & Johnson | 311733 | 64513 |
| AbbVie, Inc. | 129914 | 29684 |
| Boston Scientific Corp. <sup>(a)</sup> | 300752 | 28677 |
| Centene Corp. <sup>(a)</sup> | 675000 | 27776 |
| Rotech Healthcare, Inc. <sup>(a)(c)(e)</sup> | 184138 | 12613 |
| Medline, Inc., Class A <sup>(a)(b)</sup> | 272900 | 11462 |
| Mallinckrodt PLC <sup>(a)</sup> | 36079 | 3227 |
| Par Health, Inc. <sup>(a)(f)</sup> | 36079 | 338 |
| Carbon Health Technologies, Inc., Class A <sup>(a)(c)</sup> | 4955500 | 50 |
|  |  | 1927803 |
| Consumer discretionary 5.73% |  |  |
| Booking Holdings, Inc. | 52599 | 281685 |
| Royal Caribbean Cruises, Ltd. | 648815 | 180967 |
| Amazon.com, Inc. <sup>(a)</sup> | 780642 | 180188 |
| Starbucks Corp. | 1513090 | 127417 |
| D.R. Horton, Inc. | 700917 | 100953 |
| NIKE, Inc., Class B | 1525710 | 97203 |
| Carnival Corp. | 2758206 | 84236 |
| Darden Restaurants, Inc. | 424583 | 78132 |
| Compagnie Financiere Richemont SA, Class A | 346887 | 74864 |
| Home Depot, Inc. | 191765 | 65986 |
| Texas Roadhouse, Inc. | 385658 | 64019 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1692984 | 62640 |
| Tesla, Inc. <sup>(a)</sup> | 94134 | 42334 |
| Hilton Worldwide Holdings, Inc. | 122663 | 35235 |
| Toll Brothers, Inc. | 246730 | 33363 |
| Restaurant Brands International, Inc. | 461542 | 31491 |
| AutoZone, Inc. <sup>(a)</sup> | 7013 | 23785 |
| YUM! Brands, Inc. | 91381 | 13824 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 237954 | 8200 |
| Aimbridge Topco, LLC <sup>(a)(c)</sup> | 10722 | 793 |
|  |  | 1587315 |

---

American Funds Insurance Series **94**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Communication services 4.71% |  |  |
| Alphabet, Inc., Class C | 1147684 | $360143 |
| Alphabet, Inc., Class A | 1068646 | 334486 |
| Meta Platforms, Inc., Class A | 553906 | 365628 |
| Comcast Corp., Class A | 6199119 | 185292 |
| Netflix, Inc. <sup>(a)</sup> | 346997 | 32534 |
| Tencent Holdings, Ltd. | 321500 | 24636 |
|  |  | 1302719 |
| Materials 4.10% |  |  |
| Royal Gold, Inc. | 1301065 | 289214 |
| Wheaton Precious Metals Corp. | 2388702 | 280720 |
| Franco-Nevada Corp. (CAD denominated) | 1179377 | 244468 |
| Lundin Mining Corp. | 7678233 | 165027 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 3889750 | 104290 |
| Corteva, Inc. | 466775 | 31288 |
| Air Products and Chemicals, Inc. | 45664 | 11280 |
| Agnico Eagle Mines, Ltd. | 56110 | 9515 |
| Venator Materials PLC <sup>(a)(c)</sup> | 4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
|  |  | 1135802 |
| Consumer staples 3.48% |  |  |
| Philip Morris International, Inc. | 3615272 | 579890 |
| Constellation Brands, Inc., Class A | 629955 | 86909 |
| Keurig Dr Pepper, Inc. | 3042963 | 85233 |
| Nestle SA | 617055 | 61331 |
| Costco Wholesale Corp. | 69889 | 60268 |
| US Foods Holding Corp. <sup>(a)</sup> | 514932 | 38785 |
| Estee Lauder Cos., Inc. (The), Class A | 275858 | 28888 |
| Coca-Cola Co. | 160431 | 11216 |
| Procter & Gamble Co. | 75358 | 10799 |
|  |  | 963319 |
| Utilities 1.01% |  |  |
| Southern Co. (The) | 1503479 | 131104 |
| DTE Energy Co. | 848144 | 109394 |
| Vistra Corp. | 144910 | 23378 |
| FirstEnergy Corp. | 323684 | 14491 |
|  |  | 278367 |
| Energy 0.92% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 3480603 | 117892 |
| ConocoPhillips | 824000 | 77135 |
| EOG Resources, Inc. | 222924 | 23409 |
| Halliburton Co. | 593792 | 16781 |
| SLB, Ltd. | 286500 | 10996 |
| Exxon Mobil Corp. | 58185 | 7002 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup> | 76004 | 897 |
| Altera Infrastructure, LP <sup>(c)</sup> | 16129 | 655 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup> | 150315 | 171 |
| Expand Energy Corp. | 636 | 70 |
|  |  | 255008 |

---

**95**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Real estate 0.21% |  |  |
| American Tower Corp. REIT | 136942 | $24043 |
| Simon Property Group, Inc. REIT | 114326 | 21163 |
| Crown Castle, Inc. REIT | 134329 | 11938 |
|  |  | 57144 |
| Total common stocks (cost: $10,036,058,000) |  | 18045511 |
| Preferred securities 0.00% |  |  |
| Preferred securities 0.00% |  |  |
| Industrials 0.00% |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(c)(f)</sup> | 450 | 755 |
| Total preferred securities (cost: $465,000) |  | 755 |
| Rights & warrants 0.00% |  |  |
| Rights & warrants 0.00% |  |  |
| Energy 0.00% |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(a)</sup> | 1201 | 119 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(c)</sup> | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Total rights & warrants (cost: $875,000) |  | 119 |
| Convertible stocks 0.12% |  |  |
| Convertible stocks 0.12% |  |  |
| Industrials 0.07% |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 262145 | 18104 |
| Information technology 0.05% |  |  |
| Strategy, Inc. 8.00% perpetual convertible preferred shares | 189521 | 14926 |
| Total convertible stocks (cost: $30,331,000) |  | 33030 |
| Convertible bonds & notes 0.10% | Principal amount |  |
| Convertible bonds & notes 0.10% | Principal amount |  |
| Convertible bonds & notes 0.10% | (000) |  |
| Information technology 0.03% |  |  |
| Macom Technology Solutions Holdings, convertible notes, 0.25% 3/15/2026 | USD1,529 | 3180 |
| Seagate HDD Cayman, convertible notes, 3.50% 6/1/2028 | 536 | 1803 |
| Terawulf, Inc., convertible notes, 1.00% 9/1/2031 <sup>(f)</sup> | 1739 | 2060 |
| Western Digital Corp., convertible notes, 3.00% 11/15/2028 | 416 | 1908 |
|  |  | 8951 |
| Communication services 0.02% |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup> | 1290 | 4312 |
| Spotify USA, Inc., convertible notes, 0% 3/15/2026 | 1800 | 2048 |
|  |  | 6360 |
| Real estate 0.02% |  |  |
| Ventas Realty, LP, convertible notes, 3.75% 6/1/2026 | 1873 | 2649 |
| Welltower OP, LLC, convertible notes, 2.75% 5/15/2028 <sup>(f)</sup> | 1422 | 2789 |
|  |  | 5438 |
| Utilities 0.01% |  |  |
| CenterPoint Energy, Inc., convertible notes, 3.00% 8/1/2028 <sup>(f)</sup> | 2785 | 2822 |

---

American Funds Insurance Series **96**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible bonds & notes (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Convertible bonds & notes (continued) | (000) | (000) |
| Health care 0.01% |  |  |
| Halozyme Therapeutics, Inc. convertible notes, 1.00% 8/15/2028 | USD1,818 | $2417 |
| Industrials 0.01% |  |  |
| Axon Enterprise, Inc., convertible notes, 0.50% 12/15/2027 | 692 | 1743 |
| Total convertible bonds & notes (cost: $25,052,000) |  | 27731 |
| Bonds, notes & other debt instruments 28.07% |  |  |
| Bonds, notes & other debt instruments 28.07% |  |  |
| **Mortgage-backed obligations 10.22%** |  |  |
| Federal agency mortgage-backed obligations 9.21% |  |  |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(h)</sup> | 2 | 2 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(h)</sup> | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup> | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup> | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(h)</sup> | 5 | 5 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(h)</sup> | 2 | 2 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(h)</sup> | 120 | 124 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(h)</sup> | 76 | 78 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(h)</sup> | 209 | 210 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(h)</sup> | 221 | 211 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(h)</sup> | 240 | 250 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(h)</sup> | 475 | 503 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(h)</sup> | 121 | 128 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(h)</sup> | 3745 | 3567 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(h)</sup> | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(h)</sup> | 39 | 42 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(h)</sup> | 343 | 363 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(h)</sup> | 62 | 64 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(h)</sup> | 116 | 110 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(h)</sup> | 37 | 38 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(h)</sup> | 565 | 598 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(h)</sup> | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(h)</sup> | 213 | 225 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(h)</sup> | 663 | 703 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(h)</sup> | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(h)</sup> | 208 | 221 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(h)</sup> | 135 | 142 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(h)</sup> | 12 | 13 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(h)</sup> | 467 | 495 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(h)</sup> | 65 | 68 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(h)</sup> | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(h)</sup> | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(h)</sup> | 43 | 46 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(h)</sup> | 128 | 136 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(h)</sup> | 155 | 162 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(h)</sup> | 324 | 342 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(h)</sup> | 5259 | 4598 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(h)</sup> | 16006 | 13515 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(h)</sup> | 2339 | 2240 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(h)</sup> | 1283 | 1254 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(h)</sup> | 725 | 709 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(h)</sup> | 690 | 675 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(h)</sup> | 4040 | 3856 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(h)</sup> | 6624 | 6291 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(h)</sup> | 931 | 885 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(h)</sup> | 2088 | 1982 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(h)</sup> | 79 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(h)</sup> | 273 | 251 |

---

**97**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(h)</sup> | USD1,089 | $1053 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(h)</sup> | 1207 | 1137 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(h)</sup> | 1785 | 1685 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(h)</sup> | 358 | 328 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(h)</sup> | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(h)</sup> | 1182 | 1110 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(h)</sup> | 1788 | 1734 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(h)</sup> | 7 | 7 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(h)</sup> | 8 | 7 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(h)</sup> | 12659 | 11913 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(h)</sup> | 1711 | 1626 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(h)</sup> | 1341 | 1215 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(h)</sup> | 30 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(h)</sup> | 4327 | 3740 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(h)</sup> | 414 | 351 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(h)</sup> | 298 | 253 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(h)</sup> | 9745 | 8426 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup> | 515 | 418 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup> | 286 | 256 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(h)</sup> | 1134 | 960 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(h)</sup> | 2292 | 1856 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup> | 7872 | 6762 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(h)</sup> | 1248 | 1082 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(h)</sup> | 685 | 581 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(h)</sup> | 38 | 33 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(h)</sup> | 10867 | 9832 |
| Fannie Mae Pool #FM5218 2.00% 12/1/2050 <sup>(h)</sup> | 3688 | 2993 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(h)</sup> | 1924 | 1559 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(h)</sup> | 1584 | 1285 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(h)</sup> | 920 | 914 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup> | 4967 | 4057 |
| Fannie Mae Pool #BR1283 2.00% 1/1/2051 <sup>(h)</sup> | 196 | 159 |
| Fannie Mae Pool #CA8513 2.50% 1/1/2051 <sup>(h)</sup> | 1079 | 916 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(h)</sup> | 759 | 643 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(h)</sup> | 74 | 63 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(h)</sup> | 28 | 23 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(h)</sup> | 5851 | 4750 |
| Fannie Mae Pool #BR2689 2.00% 2/1/2051 <sup>(h)</sup> | 1860 | 1506 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(h)</sup> | 1806 | 1467 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup> | 328 | 265 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(h)</sup> | 3067 | 2642 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(h)</sup> | 370 | 314 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(h)</sup> | 59 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(h)</sup> | 3989 | 3253 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(h)</sup> | 1708 | 1383 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(h)</sup> | 93 | 79 |
| Fannie Mae Pool #FM7407 2.50% 4/1/2051 <sup>(h)</sup> | 40 | 34 |
| Fannie Mae Pool #FM6810 3.00% 4/1/2051 <sup>(h)</sup> | 5630 | 4987 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup> | 4366 | 3899 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup> | 529 | 473 |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(h)</sup> | 1943 | 1573 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(h)</sup> | 1933 | 1565 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(h)</sup> | 4751 | 4022 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(h)</sup> | 1336 | 1131 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(h)</sup> | 365 | 309 |
| Fannie Mae Pool #BR9324 2.50% 5/1/2051 <sup>(h)</sup> | 227 | 192 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup> | 137 | 116 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(h)</sup> | 2078 | 1682 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup> | 33828 | 28636 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(h)</sup> | 9006 | 7624 |

---

American Funds Insurance Series **98**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup> | USD397 | $354 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(h)</sup> | 149 | 121 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(h)</sup> | 1988 | 1683 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup> | 1226 | 1038 |
| Fannie Mae Pool #FM8203 2.50% 7/1/2051 <sup>(h)</sup> | 942 | 798 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(h)</sup> | 3723 | 3377 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(h)</sup> | 67 | 59 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(h)</sup> | 1898 | 1536 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup> | 3960 | 3365 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(h)</sup> | 1498 | 1268 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(h)</sup> | 655 | 556 |
| Fannie Mae Pool #BT4725 2.50% 9/1/2051 <sup>(h)</sup> | 301 | 255 |
| Fannie Mae Pool #BU0341 2.50% 9/1/2051 <sup>(h)</sup> | 197 | 167 |
| Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup> | 34 | 28 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(h)</sup> | 1462 | 1237 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup> | 766 | 648 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup> | 516 | 438 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(h)</sup> | 131 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(h)</sup> | 86 | 73 |
| Fannie Mae Pool #BU0968 2.00% 11/1/2051 <sup>(h)</sup> | 11198 | 9064 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup> | 7447 | 6051 |
| Fannie Mae Pool #BU1027 2.00% 11/1/2051 <sup>(h)</sup> | 4515 | 3655 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(h)</sup> | 2938 | 2487 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup> | 998 | 845 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(h)</sup> | 7616 | 6799 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup> | 2352 | 1910 |
| Fannie Mae Pool #CB2361 2.00% 12/1/2051 <sup>(h)</sup> | 174 | 141 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup> | 41191 | 34868 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(h)</sup> | 13649 | 11740 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(h)</sup> | 6406 | 5514 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup> | 155 | 133 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup> | 74 | 64 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup> | 74 | 64 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup> | 74 | 63 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup> | 2869 | 2331 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(h)</sup> | 1189 | 965 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(h)</sup> | 7061 | 5977 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup> | 982 | 831 |
| Fannie Mae Pool #FP0038 2.50% 1/1/2052 <sup>(h)</sup> | 713 | 605 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(h)</sup> | 695 | 589 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup> | 405 | 343 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(h)</sup> | 119 | 101 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup> | 63 | 53 |
| Fannie Mae Pool #FS2534 2.50% 1/1/2052 <sup>(h)</sup> | 23 | 20 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(h)</sup> | 22 | 18 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(h)</sup> | 9435 | 8425 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(h)</sup> | 6414 | 5193 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup> | 4953 | 4020 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(h)</sup> | 1800 | 1458 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup> | 963 | 780 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(h)</sup> | 8024 | 6805 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(h)</sup> | 1897 | 1606 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(h)</sup> | 949 | 805 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(h)</sup> | 675 | 574 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(h)</sup> | 657 | 557 |
| Fannie Mae Pool #FS6380 2.50% 2/1/2052 <sup>(h)</sup> | 548 | 465 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(h)</sup> | 141 | 120 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(h)</sup> | 51302 | 46443 |
| Fannie Mae Pool #CB2913 3.50% 2/1/2052 <sup>(h)</sup> | 2077 | 1926 |
| Fannie Mae Pool #CB2912 3.50% 2/1/2052 <sup>(h)</sup> | 38 | 35 |

---

**99**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup> | USD2,845 | $2303 |
| Fannie Mae Pool #CB3040 2.00% 3/1/2052 <sup>(h)</sup> | 2578 | 2092 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup> | 2382 | 1932 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup> | 1765 | 1432 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup> | 1261 | 1021 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup> | 1255 | 1016 |
| Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup> | 4296 | 3636 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(h)</sup> | 786 | 669 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(h)</sup> | 769 | 653 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(h)</sup> | 611 | 520 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(h)</sup> | 158 | 135 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(h)</sup> | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(h)</sup> | 336 | 298 |
| Fannie Mae Pool #BV3799 3.50% 3/1/2052 <sup>(h)</sup> | 40 | 37 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup> | 5722 | 4643 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup> | 2913 | 2363 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(h)</sup> | 2069 | 1675 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(h)</sup> | 871 | 741 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(h)</sup> | 857 | 729 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(h)</sup> | 856 | 728 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup> | 157 | 134 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(h)</sup> | 134 | 114 |
| Fannie Mae Pool #BV6683 3.50% 4/1/2052 <sup>(h)</sup> | 23 | 21 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(h)</sup> | 615 | 587 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup> | 9376 | 7619 |
| Fannie Mae Pool #BT2353 2.00% 5/1/2052 <sup>(h)</sup> | 998 | 808 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(h)</sup> | 898 | 764 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(h)</sup> | 836 | 711 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(h)</sup> | 151 | 128 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(h)</sup> | 151 | 128 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(h)</sup> | 110 | 93 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(h)</sup> | 40 | 34 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup> | 2584 | 2396 |
| Fannie Mae Pool #CB3597 3.50% 5/1/2052 <sup>(h)</sup> | 44 | 41 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup> | 2335 | 1892 |
| Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup> | 1940 | 1571 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(h)</sup> | 690 | 559 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(h)</sup> | 1413 | 1202 |
| Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup> | 324 | 287 |
| Fannie Mae Pool #FS3546 3.50% 6/1/2052 <sup>(h)</sup> | 38 | 35 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(h)</sup> | 5004 | 4778 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(h)</sup> | 1272 | 1214 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(h)</sup> | 4482 | 4398 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup> | 4816 | 3904 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup> | 59903 | 50708 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup> | 14208 | 12049 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(h)</sup> | 162 | 138 |
| Fannie Mae Pool #CB4315 3.00% 7/1/2052 <sup>(h)</sup> | 99 | 88 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(h)</sup> | 22 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(h)</sup> | 154 | 131 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(h)</sup> | 92 | 79 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup> | 2291 | 2029 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(h)</sup> | 545 | 537 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(h)</sup> | 862 | 868 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup> | 15984 | 12983 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(h)</sup> | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(h)</sup> | 9021 | 8845 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(h)</sup> | 832 | 817 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup> | 388 | 390 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(h)</sup> | 866 | 826 |

---

American Funds Insurance Series **100**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(h)</sup> | USD862 | $823 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup> | 9335 | 9152 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(h)</sup> | 2582 | 2534 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(h)</sup> | 873 | 740 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(h)</sup> | 2212 | 2255 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(h)</sup> | 21 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(h)</sup> | 2562 | 2512 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(h)</sup> | 560 | 535 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(h)</sup> | 907 | 921 |
| Fannie Mae Pool #FS8509 3.50% 3/1/2053 <sup>(h)</sup> | 282 | 261 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(h)</sup> | 887 | 847 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup> | 2321 | 2372 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(h)</sup> | 301 | 287 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup> | 2028 | 2032 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(h)</sup> | 6645 | 6336 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(h)</sup> | 10165 | 10195 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup> | 662 | 665 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup> | 896 | 910 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(h)</sup> | 157 | 160 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(h)</sup> | 211 | 220 |
| Fannie Mae Pool #MA5063 2.50% 6/1/2053 <sup>(h)</sup> | 290 | 245 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(h)</sup> | 279 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(h)</sup> | 22288 | 22347 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(h)</sup> | 564 | 574 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(h)</sup> | 1105 | 1158 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(h)</sup> | 402 | 419 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(h)</sup> | 312 | 327 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup> | 11111 | 9008 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(h)</sup> | 811 | 688 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(h)</sup> | 758 | 643 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(h)</sup> | 8193 | 7791 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(h)</sup> | 13301 | 13030 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(h)</sup> | 2137 | 2174 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(h)</sup> | 93 | 95 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup> | 5144 | 5247 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(h)</sup> | 17413 | 17924 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(h)</sup> | 1621 | 1649 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(h)</sup> | 3950 | 4066 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(h)</sup> | 13131 | 12499 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(h)</sup> | 12922 | 12314 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup> | 3788 | 3852 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup> | 6118 | 6297 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(h)</sup> | 27 | 28 |
| Fannie Mae Pool #MA5262 3.50% 12/1/2053 <sup>(h)</sup> | 33 | 31 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(h)</sup> | 10954 | 10413 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(h)</sup> | 260 | 264 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(h)</sup> | 144 | 148 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup> | 6339 | 6599 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup> | 1895 | 1987 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(h)</sup> | 12268 | 11652 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(h)</sup> | 1869 | 1783 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup> | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(h)</sup> | 504 | 512 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(h)</sup> | 3043 | 3135 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(h)</sup> | 1800 | 1871 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup> | 10411 | 10571 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(h)</sup> | 4423 | 4499 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(h)</sup> | 805 | 831 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup> | 783 | 805 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(h)</sup> | 8 | 8 |

---

**101**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(h)</sup> | USD6,917 | $7037 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(h)</sup> | 1025 | 1040 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(h)</sup> | 1833 | 1885 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup> | 936 | 972 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(h)</sup> | 931 | 960 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup> | 831 | 857 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(h)</sup> | 754 | 781 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(h)</sup> | 1843 | 1916 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup> | 909 | 948 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(h)</sup> | 51 | 54 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(h)</sup> | 5332 | 5414 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup> | 2307 | 2353 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(h)</sup> | 1398 | 1426 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup> | 10396 | 10680 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(h)</sup> | 1133 | 1164 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(h)</sup> | 646 | 667 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup> | 415 | 428 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(h)</sup> | 112 | 115 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(h)</sup> | 4088 | 4294 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(h)</sup> | 3177 | 3327 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup> | 1383 | 1448 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup> | 379 | 396 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup> | 229 | 240 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(h)</sup> | 401 | 402 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup> | 1368 | 1391 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(h)</sup> | 7916 | 8133 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup> | 2684 | 2787 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup> | 1347 | 1388 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup> | 1197 | 1234 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup> | 1088 | 1125 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(h)</sup> | 1053 | 1082 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(h)</sup> | 854 | 877 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(h)</sup> | 308 | 319 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup> | 260 | 270 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup> | 248 | 259 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(h)</sup> | 3859 | 4011 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(h)</sup> | 1451 | 1518 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup> | 1212 | 1270 |
| Fannie Mae Pool #MA5467 4.00% 9/1/2054 <sup>(h)</sup> | 1162 | 1103 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup> | 3687 | 3744 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(h)</sup> | 2297 | 2345 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup> | 2080 | 2120 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup> | 1072 | 1088 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup> | 2704 | 2796 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(h)</sup> | 372 | 382 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(h)</sup> | 183 | 188 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(h)</sup> | 11790 | 12256 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(h)</sup> | 2115 | 2008 |
| Fannie Mae Pool #DC4862 4.00% 10/1/2054 <sup>(h)</sup> | 494 | 470 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(h)</sup> | 492 | 506 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(h)</sup> | 114 | 117 |
| Fannie Mae Pool #FS9439 3.50% 11/1/2054 <sup>(h)</sup> | 905 | 839 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(h)</sup> | 1665 | 1585 |
| Fannie Mae Pool #DB7429 4.00% 11/1/2054 <sup>(h)</sup> | 1059 | 1006 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(h)</sup> | 1812 | 1846 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(h)</sup> | 498 | 505 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup> | 285 | 289 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(h)</sup> | 980 | 983 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup> | 83 | 83 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(h)</sup> | 1406 | 1432 |

---

American Funds Insurance Series **102**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup> | USD23,968 | $24641 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(h)</sup> | 2749 | 2824 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(h)</sup> | 273 | 281 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(h)</sup> | 822 | 780 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(h)</sup> | 13465 | 13156 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(h)</sup> | 1773 | 1779 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup> | 4294 | 4412 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(h)</sup> | 2640 | 2712 |
| Fannie Mae Pool #MA5635 3.50% 2/1/2055 <sup>(h)</sup> | —(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(d) |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(h)</sup> | 214 | 209 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup> | 1673 | 1698 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup> | 18858 | 19373 |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(h)</sup> | 1500 | 1424 |
| Fannie Mae Pool #MB0304 4.00% 3/1/2055 <sup>(h)</sup> | 910 | 864 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup> | 11592 | 11326 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup> | 6556 | 6736 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(h)</sup> | 40481 | 42078 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(h)</sup> | 29589 | 30774 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(h)</sup> | 4987 | 4735 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup> | 12283 | 12001 |
| Fannie Mae Pool #DD6453 5.50% 4/1/2055 <sup>(h)</sup> | 190 | 193 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup> | 8403 | 8634 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(h)</sup> | 282 | 290 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(h)</sup> | 277 | 285 |
| Fannie Mae Pool #DD6102 4.00% 5/1/2055 <sup>(h)</sup> | 414 | 393 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(h)</sup> | 162 | 154 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup> | 16971 | 17438 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup> | 5642 | 5726 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(h)</sup> | 2388 | 2454 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(h)</sup> | 1206 | 1239 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(h)</sup> | 957 | 984 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup> | 14216 | 14775 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(h)</sup> | 9839 | 10233 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup> | 1763 | 1788 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup> | 2066 | 2123 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup> | 1184 | 1232 |
| Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup> | 2000 | 1854 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup> | 4496 | 4562 |
| Fannie Mae Pool #BV6254 4.00% 10/1/2055 <sup>(h)</sup> | 592 | 562 |
| Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup> | 1294 | 1228 |
| Fannie Mae Pool #DF3744 4.00% 11/1/2055 <sup>(h)</sup> | 550 | 522 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup> | 447 | 424 |
| Fannie Mae Pool #MA5942 4.00% 1/1/2056 <sup>(h)</sup> | 442 | 419 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(h)</sup> | 5242 | 4991 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(h)</sup> | 9003 | 8883 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(h)</sup> | 3211 | 2799 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup> | 8932 | 7368 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup> | 731 | 632 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup> | 3094 | 2816 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(h)</sup> | 3366 | 3175 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(h)</sup> | 18 | 19 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(h)</sup> | 50 | 52 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(h)</sup> | 23 | 21 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(h)</sup> | 6741 | 6425 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(h)</sup> | 173 | 163 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(h)</sup> | 48 | 45 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(h)</sup> | 282 | 290 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(h)</sup> | 35 | 38 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(h)</sup> | 41 | 42 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(h)</sup> | 17345 | 15228 |

---

**103**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(h)</sup> | USD398 | $410 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(h)</sup> | 1161 | 1138 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(h)</sup> | 776 | 760 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(h)</sup> | 510 | 499 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(h)(i)</sup> | 135 | 135 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(h)</sup> | 3402 | 3305 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(h)</sup> | 3205 | 3122 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(h)</sup> | 3124 | 2905 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(h)</sup> | 169 | 168 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(h)</sup> | 149 | 149 |
| Freddie Mac Pool #760015 4.021% 1/1/2047 <sup>(h)(i)</sup> | 320 | 315 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(h)</sup> | 1036 | 979 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(h)</sup> | 1757 | 1699 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(h)</sup> | 1496 | 1489 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(h)</sup> | 724 | 614 |
| Freddie Mac Pool #SI2046 2.50% 8/1/2050 <sup>(h)</sup> | 2467 | 2095 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup> | 279 | 249 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(h)</sup> | 24391 | 19925 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(h)</sup> | 14020 | 11609 |
| Freddie Mac Pool #RA3952 2.00% 11/1/2050 <sup>(h)</sup> | 1958 | 1589 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(h)</sup> | 1755 | 1420 |
| Freddie Mac Pool #QB8422 2.00% 2/1/2051 <sup>(h)</sup> | 2154 | 1743 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(h)</sup> | 56 | 47 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(h)</sup> | 23 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(h)</sup> | 57 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(h)</sup> | 25274 | 20734 |
| Freddie Mac Pool #SD3984 2.00% 5/1/2051 <sup>(h)</sup> | 1958 | 1585 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup> | 51 | 41 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(h)</sup> | 396 | 336 |
| Freddie Mac Pool #SD0862 2.50% 6/1/2051 <sup>(h)</sup> | 51 | 43 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(h)</sup> | 640 | 542 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(h)</sup> | 318 | 287 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup> | 764 | 622 |
| Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup> | 857 | 725 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup> | 322 | 286 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(h)</sup> | 7934 | 6858 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup> | 5449 | 4723 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup> | 1377 | 1166 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(h)</sup> | 1093 | 925 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(h)</sup> | 46 | 39 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(h)</sup> | 5282 | 4768 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup> | 600 | 532 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(h)</sup> | 93 | 83 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup> | 6616 | 5600 |
| Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup> | 298 | 252 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(h)</sup> | 144 | 130 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup> | 3564 | 2888 |
| Freddie Mac Pool #QD2256 3.00% 11/1/2051 <sup>(h)</sup> | 781 | 693 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup> | 1565 | 1270 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup> | 16714 | 14149 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(h)</sup> | 5300 | 4562 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(h)</sup> | 2929 | 2485 |
| Freddie Mac Pool #QD2923 2.50% 12/1/2051 <sup>(h)</sup> | 153 | 130 |
| Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup> | 206 | 166 |
| Freddie Mac Pool #SD0838 2.00% 1/1/2052 <sup>(h)</sup> | 74 | 60 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(h)</sup> | 2530 | 2148 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(h)</sup> | 1888 | 1631 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(h)</sup> | 882 | 751 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052 <sup>(h)</sup> | 24 | 20 |
| Freddie Mac Pool #QD5662 3.00% 1/1/2052 <sup>(h)</sup> | 1983 | 1759 |

---

American Funds Insurance Series **104**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(h)</sup> | USD269 | $242 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup> | 4236 | 3429 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(h)</sup> | 1623 | 1315 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(h)</sup> | 1548 | 1253 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup> | 829 | 671 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup> | 800 | 650 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(h)</sup> | 512 | 436 |
| Freddie Mac Pool #QD6848 2.50% 2/1/2052 <sup>(h)</sup> | 66 | 56 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(h)</sup> | 813 | 757 |
| Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup> | 7311 | 5925 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup> | 3659 | 2966 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup> | 2808 | 2279 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(h)</sup> | 1702 | 1378 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup> | 1054 | 855 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup> | 823 | 667 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(h)</sup> | 249 | 201 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(h)</sup> | 54 | 44 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(h)</sup> | 775 | 659 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(h)</sup> | 28 | 24 |
| Freddie Mac Pool #QD7983 3.50% 3/1/2052 <sup>(h)</sup> | 456 | 423 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup> | 2852 | 2314 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(h)</sup> | 1682 | 1362 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(h)</sup> | 1527 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup> | 1023 | 828 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(h)</sup> | 762 | 649 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(h)</sup> | 577 | 490 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup> | 335 | 284 |
| Freddie Mac Pool #RA7177 2.50% 4/1/2052 <sup>(h)</sup> | 133 | 112 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup> | 107 | 91 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup> | 73 | 63 |
| Freddie Mac Pool #QD9765 2.50% 4/1/2052 <sup>(h)</sup> | 27 | 23 |
| Freddie Mac Pool #QE0744 3.50% 4/1/2052 <sup>(h)</sup> | 349 | 323 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(h)</sup> | 802 | 682 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(h)</sup> | 153 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(h)</sup> | 113 | 96 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(h)</sup> | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup> | 28843 | 25619 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup> | 3427 | 2786 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup> | 14498 | 12856 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup> | 282 | 250 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(h)</sup> | 1748 | 1669 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup> | 10697 | 9055 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(h)</sup> | 2478 | 2102 |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(h)</sup> | 336 | 285 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup> | 28640 | 25396 |
| Freddie Mac Pool #QE8277 3.50% 7/1/2052 <sup>(h)</sup> | 36 | 34 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(h)</sup> | 1110 | 994 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(h)</sup> | 34523 | 34040 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup> | 157 | 154 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(h)</sup> | 839 | 713 |
| Freddie Mac Pool #RA8252 2.50% 9/1/2052 <sup>(h)</sup> | 712 | 607 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(h)</sup> | 96 | 82 |
| Freddie Mac Pool #QF0925 3.00% 9/1/2052 <sup>(h)</sup> | 1857 | 1646 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(h)</sup> | 687 | 674 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup> | 161 | 158 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(h)</sup> | 101 | 99 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(h)</sup> | 875 | 879 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(h)</sup> | 28 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(h)</sup> | 997 | 978 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup> | 67 | 66 |

---

**105**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup> | USD2,573 | $2523 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup> | 4928 | 4937 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(h)</sup> | 221 | 187 |
| Freddie Mac Pool #SD8303 2.50% 1/1/2053 <sup>(h)</sup> | 68 | 58 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup> | 11528 | 11302 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(h)</sup> | 916 | 777 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(h)</sup> | 1774 | 1685 |
| Freddie Mac Pool #RA8676 2.50% 3/1/2053 <sup>(h)</sup> | 655 | 556 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(h)</sup> | 2159 | 2061 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup> | 1008 | 1013 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(h)</sup> | 9888 | 9394 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(h)</sup> | 69 | 68 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(h)</sup> | 9024 | 9040 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(h)</sup> | 2887 | 2743 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(h)</sup> | 3457 | 3462 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(h)</sup> | 2536 | 2580 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(h)</sup> | 531 | 556 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(h)</sup> | 461 | 483 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(h)</sup> | 437 | 462 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(h)</sup> | 430 | 453 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(h)</sup> | 301 | 318 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(h)</sup> | 241 | 254 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(h)</sup> | 147 | 153 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(h)</sup> | 136 | 146 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(h)</sup> | 844 | 717 |
| Freddie Mac Pool #SD8356 3.00% 7/1/2053 <sup>(h)</sup> | 1684 | 1492 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(h)</sup> | 7856 | 7462 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(h)</sup> | 27 | 27 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(h)</sup> | 7840 | 7977 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(h)</sup> | 654 | 682 |
| Freddie Mac Pool #SD8359 3.50% 8/1/2053 <sup>(h)</sup> | 252 | 234 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(h)</sup> | 339 | 326 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup> | 24494 | 24916 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(h)</sup> | 812 | 689 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(h)</sup> | 99 | 84 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(h)</sup> | 4194 | 4321 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(h)</sup> | 24 | 23 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup> | 83473 | 83578 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(h)</sup> | 21615 | 21935 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup> | 670 | 698 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(h)</sup> | 35 | 36 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(h)</sup> | 42 | 44 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(h)</sup> | 494 | 516 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(h)</sup> | 264 | 275 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(h)</sup> | 38 | 38 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup> | 399 | 406 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(h)</sup> | 10952 | 11261 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(h)</sup> | 299 | 284 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup> | 10736 | 10901 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(h)</sup> | 101 | 105 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(h)</sup> | 664 | 630 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(h)</sup> | 1452 | 1484 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(h)</sup> | 1070 | 1088 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup> | 343 | 357 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(h)</sup> | 14898 | 15226 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(h)</sup> | 7316 | 7436 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(h)</sup> | 2917 | 2965 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup> | 484 | 504 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup> | 413 | 422 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(h)</sup> | 1550 | 1604 |

---

American Funds Insurance Series **106**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup> | USD1,097 | $1141 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(h)</sup> | 1489 | 1550 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(h)</sup> | 454 | 479 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(h)</sup> | 1882 | 1880 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(h)</sup> | 932 | 946 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(h)</sup> | 705 | 719 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup> | 611 | 623 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup> | 5767 | 5925 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup> | 2703 | 2789 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup> | 614 | 633 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup> | 179 | 184 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(h)</sup> | 9848 | 10237 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(h)</sup> | 4305 | 4481 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(h)</sup> | 1824 | 1910 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(h)</sup> | 335 | 336 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(h)</sup> | 238 | 238 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(h)</sup> | 213 | 213 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(h)</sup> | 5901 | 6000 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(h)</sup> | 3678 | 3742 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(h)</sup> | 3436 | 3499 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup> | 1078 | 1102 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(h)</sup> | 618 | 630 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup> | 5363 | 5510 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(h)</sup> | 2685 | 2796 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup> | 2546 | 2624 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup> | 1659 | 1715 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(h)</sup> | 860 | 885 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup> | 208 | 214 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(h)</sup> | 2356 | 2449 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup> | 1562 | 1635 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup> | 1234 | 1290 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup> | 678 | 708 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup> | 3467 | 3526 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(h)</sup> | 2735 | 2799 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup> | 2212 | 2246 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup> | 2189 | 2226 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup> | 1461 | 1496 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup> | 1324 | 1348 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup> | 1071 | 1087 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup> | 5690 | 5867 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup> | 3067 | 3171 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup> | 2911 | 3030 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup> | 2831 | 2946 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup> | 1661 | 1712 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(h)</sup> | 1611 | 1655 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup> | 1050 | 1097 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup> | 532 | 558 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup> | 340 | 354 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup> | 200 | 209 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup> | 99 | 103 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup> | 1457 | 1479 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(h)</sup> | 2016 | 1981 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup> | 116 | 114 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(h)</sup> | 5046 | 5041 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup> | 6112 | 6202 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(h)</sup> | 5252 | 5339 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(h)</sup> | 5602 | 5591 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(h)</sup> | 3365 | 3378 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(h)</sup> | 849 | 852 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(h)</sup> | 277 | 278 |

---

**107**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup> | USD3,023 | $3068 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(h)</sup> | 1208 | 1231 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup> | 277 | 281 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(h)</sup> | 4043 | 4103 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup> | 9673 | 9938 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(h)</sup> | 1671 | 1717 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(h)</sup> | 3031 | 2878 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(h)</sup> | 3536 | 3454 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup> | 165 | 168 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup> | 28738 | 29525 |
| Freddie Mac Pool #SL0588 3.50% 3/1/2055 <sup>(h)</sup> | 231 | 214 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup> | 987 | 1002 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(h)</sup> | 2499 | 2567 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(h)</sup> | 13606 | 14143 |
| Freddie Mac Pool #QY1239 4.00% 4/1/2055 <sup>(h)</sup> | 1683 | 1597 |
| Freddie Mac Pool #QX9668 4.00% 4/1/2055 <sup>(h)</sup> | 470 | 446 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup> | 1655 | 1654 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(h)</sup> | 4818 | 4951 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup> | 3113 | 3199 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup> | 84 | 86 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(h)</sup> | 4230 | 4398 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(h)</sup> | 3077 | 3122 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)(j)</sup> | 61437 | 63132 |
| Freddie Mac Pool #QY3774 6.00% 5/1/2055 <sup>(h)</sup> | 4291 | 4410 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(h)</sup> | 664 | 682 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(h)</sup> | 616 | 633 |
| Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup> | 190 | 195 |
| Freddie Mac Pool #QY5967 4.00% 6/1/2055 <sup>(h)</sup> | 1558 | 1479 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(h)</sup> | 526 | 499 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup> | 75 | 76 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(h)</sup> | 7332 | 7621 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup> | 331 | 314 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(h)</sup> | 3943 | 3935 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup> | 4154 | 4214 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)(j)</sup> | 90173 | 92616 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(h)</sup> | 415 | 427 |
| Freddie Mac Pool #SL1959 6.50% 7/1/2055 <sup>(h)</sup> | 1072 | 1115 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup> | 2884 | 2962 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(h)</sup> | 297 | 301 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(h)</sup> | 253 | 260 |
| Freddie Mac Pool #RQ0061 4.00% 11/1/2055 <sup>(h)</sup> | 1706 | 1619 |
| Freddie Mac, Series T041, Class 3A, 4.449% 7/25/2032 <sup>(h)(i)</sup> | 139 | 129 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(h)</sup> | 10192 | 10682 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(h)</sup> | 1948 | 1862 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(h)(i)</sup> | 833 | 804 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(h)</sup> | 3860 | 3666 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(h)(i)</sup> | 3708 | 3540 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(h)(i)</sup> | 737 | 674 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(h)</sup> | 614 | 561 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(h)(i)</sup> | 1159 | 1139 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(h)</sup> | 1582 | 1425 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(h)</sup> | 6428 | 6267 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(h)</sup> | 3766 | 3548 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(h)</sup> | 1503 | 1481 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(h)</sup> | 2920 | 2874 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(h)</sup> | 2455 | 2396 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(h)</sup> | 1831 | 1742 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(h)</sup> | 269 | 255 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(h)</sup> | 241 | 239 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(h)</sup> | 144 | 142 |

---

American Funds Insurance Series **108**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(h)</sup> | USD6,356 | $5271 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(h)</sup> | 63574 | 52712 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(h)</sup> | 1236 | 1226 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(h)</sup> | 344 | 342 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(h)</sup> | 132 | 114 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup> | 18684 | 16136 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(h)</sup> | 4536 | 3918 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(h)</sup> | 17043 | 15345 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup> | 733 | 633 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(h)</sup> | 12969 | 11676 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(h)</sup> | 122 | 112 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(h)</sup> | 771 | 669 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(h)</sup> | 600 | 554 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup> | 9110 | 8671 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(h)</sup> | 28825 | 26445 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(h)</sup> | 2027 | 1753 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(h)</sup> | 1747 | 1512 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(h)</sup> | 2799 | 2742 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(h)</sup> | 23698 | 23224 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup> | 5029 | 4780 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(h)</sup> | 1995 | 1489 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(k)</sup> | 1152 | 932 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(k)</sup> | 4130 | 3654 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(k)</sup> | 1189 | 1099 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(k)</sup> | 14723 | 13967 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(h)(k)</sup> | 4947 | 4830 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(k)</sup> | 29825 | 30627 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(h)(k)</sup> | 9035 | 9391 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(h)(k)</sup> | 10503 | 8490 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(k)</sup> | 113416 | 104506 |
|  |  | 2549588 |
| Commercial mortgage-backed securities 0.76% |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(h)</sup> | 1400 | 1376 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(h)</sup> | 645 | 660 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(h)</sup> | 5368 | 5651 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(h)(i)</sup> | 857 | 914 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(h)</sup> | 4615 | 4806 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(h)</sup> | 1380 | 1446 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(h)(i)</sup> | 4062 | 4274 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(h)(i)</sup> | 1914 | 2003 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(h)</sup> | 2909 | 2672 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(h)(i)</sup> | 490 | 487 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(h)</sup> | 3006 | 3120 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(h)(i)</sup> | 1792 | 1930 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(h)(i)</sup> | 1828 | 1896 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(h)</sup> | 1000 | 991 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(h)</sup> | 2960 | 2679 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(h)(i)</sup> | 750 | 754 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(h)</sup> | 2112 | 2196 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(h)(i)</sup> | 590 | 615 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(h)</sup> | 618 | 637 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(h)(i)</sup> | 1750 | 1776 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(h)</sup> | 1117 | 1171 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(h)(i)</sup> | 6990 | 7282 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(i)</sup> | 1450 | 1508 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(h)(i)</sup> | 3334 | 3493 |

---

**109**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) |  |  |
| &nbsp;&nbsp;&nbsp;5.45% 12/15/2042 <sup>(f)(h)(i)</sup> | USD3,083 | $3092 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 4.454% 9/15/2034 <sup>(f)(h)(i)</sup> | 5525 | 5513 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(f)(h)(i)</sup> | 4099 | 4097 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(f)(h)(i)</sup> | 6334 | 6332 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.192% 4/15/2041 <sup>(f)(h)(i)</sup> | 4009 | 4017 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(h)(i)</sup> | 11410 | 11577 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(h)(i)</sup> | 7395 | 7419 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(f)(h)(i)</sup> | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.091% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(f)(h)(i)</sup> | 1414 | 1420 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(h)(i)</sup> | 5162 | 5161 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(h)(i)</sup> | 3606 | 3718 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(f)(h)</sup> | 3677 | 3789 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(f)(h)(i)</sup> | 5942 | 6067 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.20% 12/15/2039 <sup>(f)(h)(i)</sup> | 2748 | 2757 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(f)(h)</sup> | 3795 | 3409 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.441% |  |  |
| &nbsp;&nbsp;&nbsp;5/15/2041 <sup>(f)(h)(i)</sup> | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/10/2038 <sup>(f)(h)(i)</sup> | 1214 | 1215 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(h)</sup> | 2489 | 2292 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(f)(h)(i)</sup> | 2059 | 2064 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(h)(i)</sup> | 5246 | 5445 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(h)(i)</sup> | 10151 | 10533 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(f)(h)</sup> | 1522 | 1378 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(f)(h)</sup> | 578 | 523 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(f)(h)(i)</sup> | 100 | 84 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.593%) 5.343% 11/15/2039 <sup>(f)(h)(i)</sup> | 1960 | 1966 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(f)(h)</sup> | 13772 | 13256 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.791% 4/15/2055 <sup>(h)(i)</sup> | 370 | 349 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) |  |  |
| &nbsp;&nbsp;&nbsp;6.274% 5/25/2055 <sup>(f)(h)(i)</sup> | 577 | 580 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(h)(i)</sup> | 627 | 629 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(f)(h)(i)</sup> | 1543 | 1548 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) |  |  |
| &nbsp;&nbsp;&nbsp;5.142% 5/15/2039 <sup>(f)(h)(i)</sup> | 3964 | 3963 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(f)(h)</sup> | 2194 | 1964 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 4.595% 11/15/2038 <sup>(f)(h)(i)</sup> | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.00%) 4.75% 1/15/2039 <sup>(f)(h)(i)</sup> | 10709 | 10712 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.193% 2/15/2042 <sup>(f)(h)(i)</sup> | 9322 | 9250 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(f)(h)(i)</sup> | 345 | 349 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(h)(i)</sup> | 1620 | 1553 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(h)</sup> | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;2.789%) 6.539% 11/15/2027 <sup>(f)(h)(i)</sup> | 5000 | 5040 |
|  |  | 211372 |
| Collateralized mortgage-backed obligations (privately originated) 0.25% |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(f)(h)(l)</sup> | 5331 | 5374 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(h)(i)</sup> | 563 | 510 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on |  |  |
| &nbsp;&nbsp;&nbsp;5/1/2027) <sup>(f)(h)(l)</sup> | 461 | 465 |

---

American Funds Insurance Series **110**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(h)(i)</sup> | USD5,105 | $5011 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(f)(h)(l)</sup> | 1487 | 1483 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(f)(h)(l)</sup> | 2457 | 2474 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(h)</sup> | 104 | 106 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(f)(h)</sup> | 6393 | 6198 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(h)(i)</sup> | 180 | 181 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(f)(h)(i)</sup> | 3385 | 3399 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(f)(h)</sup> | 3062 | 2999 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(f)(h)(i)</sup> | 6890 | 7081 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(h)</sup> | 180 | 180 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(f)(h)(l)</sup> | 1943 | 1950 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/1/2028) <sup>(f)(h)(l)</sup> | 2073 | 2101 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on |  |  |
| &nbsp;&nbsp;&nbsp;5/1/2029) (f)(h)(l) | 567 | 572 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(f)(h)(l)</sup> | 4261 | 4237 |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(f)(h)(l)</sup> | 1833 | 1843 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(f)(h)</sup> | 2436 | 2405 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(f)(h)</sup> | 2635 | 2513 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;5.50% 10/17/2041 <sup>(f)(h)(i)</sup> | 4921 | 4941 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.201% 2/17/2042 <sup>(f)(h)(i)</sup> | 674 | 675 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(f)(h)</sup> | 2312 | 2250 |
| Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) <sup>(f)(h)(l)</sup> | 1048 | 1056 |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(f)(h)(l)</sup> | 1616 | 1623 |
| Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 <sup>(f)(h)(i)</sup> | 1754 | 1757 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(f)(h)(l)</sup> | 1104 | 1114 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(f)(h)(l)</sup> | 492 | 494 |
| Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) <sup>(f)(h)(l)</sup> | 2504 | 2507 |
|  |  | 67499 |
| Total mortgage-backed obligations |  | 2828459 |
| **U.S. Treasury bonds & notes 8.24%** |  |  |
| **U.S. Treasury bonds & notes 8.24%** |  |  |
| U.S. Treasury 8.20% |  |  |
| U.S. Treasury 0.50% 2/28/2026 | 42515 | 42299 |
| U.S. Treasury 4.625% 2/28/2026 | 1878 | 1881 |
| U.S. Treasury 3.625% 5/15/2026 | 1071 | 1071 |
| U.S. Treasury 4.625% 6/30/2026 | 17210 | 17301 |
| U.S. Treasury 4.125% 2/15/2027 | 1258 | 1266 |
| U.S. Treasury 2.625% 5/31/2027 | 96250 | 95098 |
| U.S. Treasury 0.50% 6/30/2027 | 28098 | 26887 |
| U.S. Treasury 3.75% 6/30/2027 | 18100 | 18170 |
| U.S. Treasury 4.125% 9/30/2027 | 90000 | 90969 |
| U.S. Treasury 3.375% 11/30/2027 | 118 | 118 |
| U.S. Treasury 4.00% 12/15/2027 | 40000 | 40391 |
| U.S. Treasury 3.375% 12/31/2027 | 233676 | 233229 |
| U.S. Treasury 4.00% 2/29/2028 | 46200 | 46687 |
| U.S. Treasury 3.625% 3/31/2028 | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028 | 5600 | 5599 |
| U.S. Treasury 3.50% 12/15/2028 | 66245 | 66170 |
| U.S. Treasury 4.00% 1/31/2029 | 8844 | 8958 |
| U.S. Treasury 2.875% 4/30/2029 | 50000 | 48902 |
| U.S. Treasury 4.25% 6/30/2029 | 28885 | 29502 |
| U.S. Treasury 4.00% 3/31/2030 | 83865 | 84946 |
| U.S. Treasury 0.625% 5/15/2030 | 9358 | 8214 |

---

**111**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 3.875% 6/30/2030 | USD21,920 | $22087 |
| U.S. Treasury 4.00% 7/31/2030 | 8160 | 8265 |
| U.S. Treasury 4.875% 10/31/2030 | 35491 | 37293 |
| U.S. Treasury 3.50% 11/30/2030 | 7890 | 7813 |
| U.S. Treasury 3.625% 12/31/2030 | 426135 | 424188 |
| U.S. Treasury 4.25% 6/30/2031 | 17165 | 17561 |
| U.S. Treasury 2.875% 5/15/2032 | 50000 | 47164 |
| U.S. Treasury 4.00% 6/30/2032 | 17325 | 17435 |
| U.S. Treasury 4.125% 11/15/2032 | 648 | 656 |
| U.S. Treasury 3.875% 12/31/2032 | 97124 | 96737 |
| U.S. Treasury 3.50% 2/15/2033 | 27034 | 26284 |
| U.S. Treasury 3.875% 8/15/2033 <sup>(j)</sup> | 114911 | 114031 |
| U.S. Treasury 4.375% 5/15/2034 | 14285 | 14611 |
| U.S. Treasury 4.25% 11/15/2034 | 2075 | 2098 |
| U.S. Treasury 4.00% 11/15/2035 | 126327 | 124610 |
| U.S. Treasury 1.375% 11/15/2040 | 51338 | 33394 |
| U.S. Treasury 1.75% 8/15/2041 | 24960 | 16877 |
| U.S. Treasury 2.00% 11/15/2041 | 1058 | 740 |
| U.S. Treasury 4.625% 5/15/2044 | 14927 | 14680 |
| U.S. Treasury 5.00% 5/15/2045 | 3325 | 3418 |
| U.S. Treasury 4.625% 11/15/2045 | 100612 | 98443 |
| U.S. Treasury 2.50% 2/15/2046 | 3365 | 2347 |
| U.S. Treasury 3.00% 5/15/2047 | 8383 | 6305 |
| U.S. Treasury 3.00% 2/15/2048 | 301 | 225 |
| U.S. Treasury 2.25% 2/15/2052 | 72025 | 43815 |
| U.S. Treasury 4.00% 11/15/2052 | 5700 | 4953 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(j)</sup> | 121025 | 98188 |
| U.S. Treasury 3.625% 5/15/2053 | 18989 | 15393 |
| U.S. Treasury 4.25% 2/15/2054 | 17191 | 15578 |
| U.S. Treasury 4.25% 8/15/2054 | 37315 | 33817 |
| U.S. Treasury 4.625% 2/15/2055 | 6175 | 5961 |
| U.S. Treasury 4.75% 8/15/2055 | 46670 | 45984 |
|  |  | 2268618 |
| U.S. Treasury inflation-protected securities 0.04% |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup> | 12655 | 12008 |
| Total U.S. Treasury bonds & notes |  | 2280626 |
| **Corporate bonds and notes 7.15%** |  |  |
| **Corporate bonds and notes 7.15%** |  |  |
| Financials 1.38% |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 | 4890 | 4825 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(f)</sup> | 4470 | 4505 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(f)</sup> | 1940 | 1936 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(f)</sup> | 2295 | 2305 |
| Ally Financial, Inc. 8.00% 11/1/2031 | 2688 | 3054 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(l)</sup> | 2407 | 2630 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(l)</sup> | 2885 | 2998 |
| American International Group, Inc. 5.125% 3/27/2033 | 2187 | 2252 |
| American International Group, Inc. 5.45% 5/7/2035 | 530 | 552 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(f)</sup> | 1348 | 1327 |
| Aon North America, Inc. 5.45% 3/1/2034 | 600 | 624 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(f)</sup> | 2415 | 2520 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(f)</sup> | 1250 | 1261 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 3194 | 3229 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 567 | 545 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(f)</sup> | 3600 | 3737 |
| Athene Holding, Ltd. 6.625% 5/19/2055 | 770 | 785 |

---

American Funds Insurance Series **112**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.90% on 9/25/2029) <sup>(l)</sup> | USD2,176 | $2066 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(l)</sup> | 485 | 463 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(l)</sup> | 5533 | 5776 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(l)</sup> | 1000 | 895 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(l)</sup> | 4064 | 4185 |
| Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(l)</sup> | 2000 | 2005 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on |  |  |
| &nbsp;&nbsp;&nbsp;2/11/2030) <sup>(f)(l)</sup> | 2220 | 2337 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026 | 448 | 447 |
| Blackstone Private Credit Fund 5.95% 7/16/2029 | 8721 | 8902 |
| Blackstone Private Credit Fund 6.00% 11/22/2034 | 2020 | 2041 |
| Block, Inc. 5.625% 8/15/2030 <sup>(f)</sup> | 2110 | 2154 |
| Block, Inc. 3.50% 6/1/2031 | 2325 | 2187 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 1230 | 1226 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 800 | 825 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(f)(l)</sup> | 2535 | 2400 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(f)</sup> | 1150 | 1223 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(f)(l)</sup> | 8155 | 8527 |
| Brown & Brown, Inc. 4.60% 12/23/2026 | 1250 | 1257 |
| Brown & Brown, Inc. 5.25% 6/23/2032 | 358 | 367 |
| Brown & Brown, Inc. 5.55% 6/23/2035 | 7665 | 7864 |
| Brown & Brown, Inc. 6.25% 6/23/2055 | 5952 | 6197 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(f)(l)</sup> | 938 | 975 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 880 | 878 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4623 | 4731 |
| Chubb INA Holdings, LLC 4.90% 8/15/2035 | 600 | 603 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 400 | 350 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(f)</sup> | 1845 | 1881 |
| Citibank, NA 4.914% 5/29/2030 | 4825 | 4965 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(l)</sup> | 6497 | 6591 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(l)</sup> | 2242 | 2301 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(l)</sup> | 4257 | 4294 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(l)</sup> | 53 | 49 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(l)</sup> | 2506 | 2246 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(l)</sup> | 1299 | 1361 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(l)</sup> | 1551 | 1587 |
| CME Group, Inc. 3.75% 6/15/2028 | 3069 | 3074 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(f)</sup> | 6514 | 6211 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(f)</sup> | 5766 | 5145 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 | 914 | 909 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 556 | 547 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 315 | 299 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 182 | 156 |
| Corebridge Financial, Inc. 4.40% 4/5/2052 | 438 | 356 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(l)</sup> | 6650 | 6542 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(l)</sup> | 1109 | 1127 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(l)</sup> | 2016 | 2111 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(l)</sup> | 750 | 801 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(l)</sup> | 300 | 286 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(f)</sup> | 3600 | 3604 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(l)</sup> | 1970 | 1937 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(l)</sup> | 3584 | 3529 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(l)</sup> | 1375 | 1437 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(l)</sup> | 2184 | 2214 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(l)</sup> | 5033 | 5022 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(l)</sup> | 1443 | 1433 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(l)</sup> | 1792 | 1389 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(l)</sup> | 937 | 858 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(l)</sup> | 873 | 794 |

---

**113**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(l)</sup> | USD15,084 | $15569 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(l)</sup> | 809 | 855 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(l)</sup> | 480 | 481 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(l)</sup> | 537 | 589 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(f)</sup> | 690 | 725 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031 | 2020 | 2117 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% |  |  |
| &nbsp;&nbsp;&nbsp;on 11/21/2032) <sup>(f)(l)</sup> | 4122 | 4869 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(f)</sup> | 560 | 568 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(f)</sup> | 1485 | 1411 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(f)</sup> | 4700 | 4909 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(f)</sup> | 330 | 347 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(l)</sup> | 2666 | 2659 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(l)</sup> | 1066 | 1077 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(l)</sup> | 1550 | 1557 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(l)</sup> | 3351 | 3395 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(l)</sup> | 3630 | 3666 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(l)</sup> | 4250 | 4478 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(l)</sup> | 927 | 967 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(l)</sup> | 4261 | 4322 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(l)</sup> | 2360 | 2105 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(l)</sup> | 1081 | 1116 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(l)</sup> | 2931 | 3076 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.70% on 10/2/2026) <sup>(l)</sup> | 1222 | 1207 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029 | 1705 | 1723 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031 | 7000 | 7184 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2250 | 2280 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049 | 719 | 652 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051 | 920 | 586 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2000 | 1927 |
| Mastercard, Inc. 4.35% 1/15/2032 | 551 | 554 |
| Mastercard, Inc. 4.85% 3/9/2033 | 258 | 265 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(f)</sup> | 1600 | 1647 |
| Morgan Stanley 3.125% 7/27/2026 | 325 | 324 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(l)</sup> | 2013 | 2053 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(l)</sup> | 3995 | 4086 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(l)</sup> | 1547 | 1597 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(l)</sup> | 3121 | 3201 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(l)</sup> | 875 | 903 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(l)</sup> | 575 | 540 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(l)</sup> | 410 | 423 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(l)</sup> | 3906 | 3894 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(l)</sup> | 6468 | 6413 |
| Navient Corp. 6.75% 6/15/2026 | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029 | 11105 | 11032 |
| Navient Corp. 11.50% 3/15/2031 | 4860 | 5447 |
| Navient Corp. 7.875% 6/15/2032 | 1095 | 1147 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(f)</sup> | 529 | 525 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(f)</sup> | 1132 | 1129 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(f)</sup> | 2240 | 2194 |
| PayPal Holdings, Inc. 2.65% 10/1/2026 | 593 | 588 |
| PayPal Holdings, Inc. 2.30% 6/1/2030 | 552 | 511 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(f)</sup> | 1375 | 1436 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(f)</sup> | 221 | 233 |
| PNC Bank, NA 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(l)</sup> | 1720 | 1723 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(l)</sup> | 442 | 455 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(l)</sup> | 596 | 622 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028 | 383 | 392 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028 | 350 | 368 |

---

American Funds Insurance Series **114**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| Power Finance Corp., Ltd. 4.50% 6/18/2029 | USD554 | $554 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030 | 1213 | 1183 |
| Prudential Financial, Inc. 4.35% 2/25/2050 | 1976 | 1644 |
| Prudential Financial, Inc. 3.70% 3/13/2051 | 677 | 507 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(f)</sup> | 1230 | 1295 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(f)</sup> | 2110 | 2081 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(f)</sup> | 1505 | 1455 |
| SLM Corp. 6.50% 1/31/2030 | 1460 | 1513 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(f)</sup> | 3580 | 3560 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(f)</sup> | 4650 | 4701 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(f)</sup> | 970 | 1026 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 3.582% on 4/2/2029) <sup>(f)(l)</sup> | 1000 | 1008 |
| Travelers Cos., Inc. 4.00% 5/30/2047 | 771 | 629 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(l)</sup> | 2000 | 2004 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(l)</sup> | 1677 | 1809 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(l)</sup> | 506 | 520 |
| U.S. Bancorp 2.375% 7/22/2026 | 3584 | 3558 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(l)</sup> | 3808 | 3959 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD CME Term SOFR + 1.672% on 1/12/2028) <sup>(f)(l)</sup> | 800 | 796 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on |  |  |
| &nbsp;&nbsp;&nbsp;2/8/2029) <sup>(f)(l)</sup> | 3575 | 3699 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(f)</sup> | 625 | 629 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(f)</sup> | 5950 | 6317 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(l)</sup> | 6295 | 6426 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(l)</sup> | 358 | 350 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(l)</sup> | 6474 | 6842 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(l)</sup> | 3360 | 3721 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.75% on 11/15/2030) <sup>(l)</sup> | 2980 | 2701 |
| Westpac Banking Corp. 2.963% 11/16/2040 | 1344 | 1025 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(f)</sup> | 1025 | 1053 |
|  |  | 381858 |
| Communication services 1.00% |  |  |
| Alphabet, Inc. 4.375% 11/15/2032 | 177 | 178 |
| Alphabet, Inc. 4.70% 11/15/2035 | 4643 | 4646 |
| Alphabet, Inc. 5.25% 5/15/2055 | 4660 | 4467 |
| Alphabet, Inc. 5.45% 11/15/2055 | 7155 | 7024 |
| Alphabet, Inc. 5.30% 5/15/2065 | 1654 | 1557 |
| Altice France 6.50% 4/15/2032 <sup>(f)</sup> | 3440 | 3300 |
| AT&T, Inc. 3.50% 9/15/2053 | 5140 | 3442 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(f)</sup> | 3200 | 3197 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(f)</sup> | 1350 | 1290 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(f)</sup> | 3115 | 2849 |
| CCO Holdings, LLC 4.50% 5/1/2032 | 7189 | 6457 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(f)</sup> | 2085 | 1828 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(f)</sup> | 3260 | 2775 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 4823 | 3627 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 5493 | 3471 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 11863 | 7667 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 4965 | 3933 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 | 1048 | 1006 |
| Comcast Corp. 2.35% 1/15/2027 | 57 | 56 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(f)</sup> | 8125 | 8629 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(f)</sup> | 1400 | 1201 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(f)</sup> | 2352 | 2367 |

---

**115**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Communication services (continued) |  |  |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(f)</sup> | USD2,825 | $2862 |
| Discovery Communications, LLC 4.125% 5/15/2029 | 1100 | 1064 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(f)</sup> | 10154 | 10574 |
| EchoStar Corp. 10.75% 11/30/2029 | 6925 | 7663 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup> | 3759 | 3855 |
| Embarq, LLC 7.995% 6/1/2036 | 8084 | 3355 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(f)</sup> | 6550 | 6604 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 5591 | 5663 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(f)</sup> | 3196 | 3253 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(f)</sup> | 1100 | 1150 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(f)</sup> | 6574 | 7081 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(f)</sup> | 1656 | 1286 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(f)</sup> | 4790 | 3596 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(f)</sup> | 495 | 514 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(f)(g)(n)</sup> | 7520 | 1918 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(f)</sup> | 815 | 851 |
| Meta Platforms, Inc. 4.60% 11/15/2032 | 10688 | 10777 |
| Meta Platforms, Inc. 4.875% 11/15/2035 | 11777 | 11766 |
| Meta Platforms, Inc. 5.50% 11/15/2045 | 3092 | 3004 |
| Meta Platforms, Inc. 5.40% 8/15/2054 | 7084 | 6596 |
| Meta Platforms, Inc. 5.625% 11/15/2055 | 4890 | 4697 |
| Meta Platforms, Inc. 5.75% 11/15/2065 | 3180 | 3036 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(f)</sup> | 1875 | 1886 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(f)</sup> | 2950 | 2930 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(f)</sup> | 7802 | 7635 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(f)</sup> | 1375 | 1437 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(f)</sup> | 6650 | 6509 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(f)</sup> | 7282 | 6931 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(f)</sup> | 7547 | 6955 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032 | 2185 | 2120 |
| T-Mobile USA, Inc. 1.50% 2/15/2026 | 52 | 52 |
| T-Mobile USA, Inc. 2.05% 2/15/2028 | 34 | 33 |
| T-Mobile USA, Inc. 4.95% 3/15/2028 | 1918 | 1955 |
| T-Mobile USA, Inc. 4.80% 7/15/2028 | 416 | 424 |
| T-Mobile USA, Inc. 5.30% 5/15/2035 | 3347 | 3433 |
| T-Mobile USA, Inc. 4.95% 11/15/2035 | 833 | 828 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(f)</sup> | 300 | 311 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(f)</sup> | 6234 | 5993 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(f)</sup> | 1216 | 1240 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(f)</sup> | 1375 | 1479 |
| Verizon Communications, Inc. 2.55% 3/21/2031 | 410 | 375 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | 4078 | 3595 |
| Verizon Communications, Inc. 4.75% 1/15/2033 | 3196 | 3194 |
| Verizon Communications, Inc. 5.05% 5/9/2033 | 1946 | 1997 |
| Verizon Communications, Inc. 5.25% 4/2/2035 | 5810 | 5907 |
| Verizon Communications, Inc. 5.00% 1/15/2036 | 6873 | 6817 |
| Verizon Communications, Inc. 5.401% 7/2/2037 <sup>(f)</sup> | 181 | 183 |
| Verizon Communications, Inc. 2.85% 9/3/2041 | 238 | 172 |
| Verizon Communications, Inc. 5.75% 11/30/2045 | 1493 | 1483 |
| Verizon Communications, Inc. 5.875% 11/30/2055 | 2781 | 2750 |
| Verizon Communications, Inc. 2.987% 10/30/2056 | 1537 | 916 |
| Verizon Communications, Inc. 6.00% 11/30/2065 | 1681 | 1661 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(f)</sup> | 1445 | 1492 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 2163 | 2152 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 825 | 803 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 6050 | 5318 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 9640 | 6808 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 1425 | 942 |
|  |  | 275790 |

---

American Funds Insurance Series **116**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer discretionary 0.91% |  |  |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | USD501 | $455 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034 | 766 | 757 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 200 | 184 |
| Amazon.com, Inc. 4.10% 11/20/2030 | 1700 | 1702 |
| Amazon.com, Inc. 4.65% 11/20/2035 | 7700 | 7672 |
| Amazon.com, Inc. 5.45% 11/20/2055 | 6392 | 6243 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(f)</sup> | 2115 | 2081 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(f)(g)</sup> | 7125 | 7871 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(f)</sup> | 2375 | 2341 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(f)</sup> | 1500 | 1517 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(f)</sup> | 1270 | 1312 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(f)</sup> | 6570 | 6672 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(f)</sup> | 604 | 616 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(f)</sup> | 1350 | 1285 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(f)</sup> | 3281 | 3370 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(f)</sup> | 8140 | 8387 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(f)</sup> | 5937 | 6023 |
| Flutter Treasury DAC 6.125% 6/4/2031 | GBP1,700 | 2312 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | USD2,111 | 2215 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3385 | 3460 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 6830 | 7014 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 | 6818 | 6926 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032 | 4600 | 4813 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 1425 | 1531 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034 | 10930 | 11111 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 4800 | 4975 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035 | 16021 | 15829 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030 | 10705 | 11058 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 5417 | 5651 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(f)</sup> | 3525 | 3563 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(f)</sup> | 1385 | 1428 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(f)</sup> | 1885 | 1806 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(f)</sup> | 3580 | 3480 |
| Home Depot, Inc. 1.50% 9/15/2028 | 3000 | 2832 |
| Home Depot, Inc. 3.90% 12/6/2028 | 825 | 828 |
| Home Depot, Inc. 2.95% 6/15/2029 | 1174 | 1136 |
| Home Depot, Inc. 1.875% 9/15/2031 | 3000 | 2646 |
| Home Depot, Inc. 4.50% 12/6/2048 | 428 | 370 |
| Home Depot, Inc. 5.30% 6/25/2054 | 3000 | 2872 |
| Hyatt Hotels Corp. 5.05% 3/30/2028 | 3726 | 3796 |
| Hyatt Hotels Corp. 5.75% 3/30/2032 | 3520 | 3690 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(f)</sup> | 762 | 753 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(f)</sup> | 3905 | 3929 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(f)</sup> | 1334 | 1349 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(f)</sup> | 6273 | 6381 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(f)</sup> | 2311 | 2244 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(f)</sup> | 4992 | 5071 |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(f)</sup> | 2756 | 2608 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(f)</sup> | 10081 | 10392 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(f)</sup> | 4980 | 5098 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(f)</sup> | 991 | 1024 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(f)</sup> | 2445 | 2448 |
| KB Home 7.25% 7/15/2030 | 1295 | 1339 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(f)</sup> | 440 | 434 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(f)</sup> | 1025 | 1085 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(f)</sup> | 2900 | 2806 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(f)</sup> | 1025 | 986 |
| Marriott International, Inc. 4.90% 4/15/2029 | 1207 | 1236 |
| Marriott International, Inc. 2.75% 10/15/2033 | 2500 | 2188 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(f)</sup> | 528 | 505 |

---

**117**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| McDonald's Corp. 4.60% 9/9/2032 | USD642 | $654 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(f)</sup> | 1710 | 1711 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(f)</sup> | 715 | 751 |
| Newell Brands, Inc. 6.625% 9/15/2029 | 1850 | 1846 |
| Newell Brands, Inc. 6.375% 5/15/2030 | 535 | 523 |
| Newell Brands, Inc. 6.625% 5/15/2032 | 385 | 374 |
| Newell Brands, Inc. 7.375% 4/1/2036 | 1025 | 964 |
| Newell Brands, Inc. 7.50% 4/1/2046 | 475 | 397 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(f)</sup> | 320 | 313 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(f)</sup> | 1940 | 2037 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(f)</sup> | 1600 | 1701 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(f)</sup> | 1220 | 1297 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(c)</sup> | 1355 | 27 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(f)</sup> | 910 | 917 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(f)</sup> | 1030 | 1059 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 | 6767 | 6798 |
| Sally Holdings, LLC 6.75% 3/1/2032 | 920 | 962 |
| Sands China, Ltd. 2.30% 3/8/2027 | 1859 | 1817 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(f)</sup> | 530 | 471 |
| Starbucks Corp. 5.00% 2/15/2034 | 1457 | 1489 |
| Starbucks Corp. 5.40% 5/15/2035 | 2997 | 3118 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 | 384 | 384 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027 | 2240 | 2199 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(f)</sup> | 2100 | 2057 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(f)</sup> | 1475 | 1449 |
|  |  | 251021 |
| Health care 0.80% |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(f)</sup> | 5606 | 5834 |
| AbbVie, Inc. 5.20% 3/15/2035 | 3056 | 3166 |
| AbbVie, Inc. 5.40% 3/15/2054 | 4085 | 3975 |
| AbbVie, Inc. 5.60% 3/15/2055 | 2261 | 2268 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(f)</sup> | 545 | 551 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(f)</sup> | 1990 | 1937 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(f)</sup> | 945 | 926 |
| Amgen, Inc. 5.25% 3/2/2030 | 129 | 134 |
| Amgen, Inc. 5.25% 3/2/2033 | 4050 | 4194 |
| Amgen, Inc. 5.60% 3/2/2043 | 1500 | 1510 |
| Amgen, Inc. 5.65% 3/2/2053 | 2464 | 2414 |
| Amgen, Inc. 4.40% 2/22/2062 | 1521 | 1190 |
| Amgen, Inc. 5.75% 3/2/2063 | 231 | 226 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1677 | 1603 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031 | 1658 | 1717 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 | 665 | 606 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 | 3181 | 3293 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(f)</sup> | 4000 | 3964 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(f)</sup> | 1236 | 1107 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(f)</sup> | 620 | 643 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(f)</sup> | 1000 | 656 |
| Baxter International, Inc. 1.915% 2/1/2027 | 2061 | 2012 |
| Baxter International, Inc. 2.272% 12/1/2028 | 3180 | 3003 |
| Baxter International, Inc. 4.45% 2/15/2029 | 259 | 260 |
| Baxter International, Inc. 4.90% 12/15/2030 | 941 | 949 |
| Baxter International, Inc. 5.65% 12/15/2035 | 682 | 690 |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(f)</sup> | 5419 | 5498 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(f)</sup> | 3092 | 3254 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 187 | 195 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 825 | 858 |

---

American Funds Insurance Series **118**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Health care (continued) |  |  |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(f)</sup> | USD1,750 | $1756 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(f)</sup> | 257 | 281 |
| Cigna Group (The) 5.25% 1/15/2036 | 7390 | 7528 |
| Cigna Group (The) 6.00% 1/15/2056 | 4957 | 5101 |
| CVS Health Corp. 5.00% 1/30/2029 | 3831 | 3913 |
| CVS Health Corp. 5.40% 6/1/2029 | 4144 | 4294 |
| CVS Health Corp. 5.55% 6/1/2031 | 3039 | 3182 |
| CVS Health Corp. 5.70% 6/1/2034 | 4053 | 4249 |
| CVS Health Corp. 6.20% 9/15/2055 | 4630 | 4704 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(f)</sup> | 2865 | 2653 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(f)</sup> | 810 | 844 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(f)</sup> | 1600 | 1660 |
| Elevance Health, Inc. 5.20% 2/15/2035 | 610 | 624 |
| Elevance Health, Inc. 5.125% 2/15/2053 | 308 | 279 |
| Elevance Health, Inc. 5.70% 9/15/2055 | 7000 | 6863 |
| Eli Lilly and Co. 5.10% 2/12/2035 | 8075 | 8351 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(f)</sup> | 2200 | 2328 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 1522 | 1556 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 | 2642 | 2777 |
| Gilead Sciences, Inc. 5.10% 6/15/2035 | 500 | 513 |
| Humana, Inc. 5.375% 4/15/2031 | 2862 | 2960 |
| Humana, Inc. 5.55% 5/1/2035 | 6289 | 6424 |
| Humana, Inc. 5.75% 4/15/2054 | 1359 | 1284 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(f)</sup> | 2885 | 3018 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(f)</sup> | 2050 | 2122 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 | 1983 | 1998 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(f)</sup> | 545 | 536 |
| Novant Health, Inc. 3.168% 11/1/2051 | 3360 | 2246 |
| Novartis Capital Corp. 2.00% 2/14/2027 | 570 | 560 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(f)</sup> | 6269 | 4260 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(f)</sup> | 2300 | 1470 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 1000 | 947 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(f)</sup> | 4445 | 4649 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(f)</sup> | 3450 | 3476 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(f)</sup> | 2244 | 2240 |
| Summa Health 3.511% 11/15/2051 | 1483 | 1200 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 8987 | 9158 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055 | 656 | 664 |
| Tenet Healthcare Corp. 4.625% 6/15/2028 | 645 | 649 |
| Tenet Healthcare Corp. 4.25% 6/1/2029 | 1975 | 1947 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 5360 | 5310 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 11995 | 12140 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2000 | 2305 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032 | 5863 | 6012 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 | 3650 | 3740 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035 | 5621 | 5822 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 | 5400 | 5303 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055 | 4549 | 4674 |
| Viatris, Inc. 4.00% 6/22/2050 | 2937 | 1957 |
|  |  | 221160 |
| Information technology 0.67% |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031 | 4734 | 4740 |
| Accenture Capital, Inc. 4.50% 10/4/2034 | 4453 | 4393 |
| Amphenol Corp. 3.90% 11/15/2028 | 1500 | 1499 |
| Amphenol Corp. 4.40% 2/15/2033 | 743 | 735 |
| Amphenol Corp. 4.625% 2/15/2036 | 12046 | 11806 |
| Amphenol Corp. 5.30% 11/15/2055 | 5758 | 5505 |

---

**119**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Information technology (continued) |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(f)</sup> | USD1,340 | $1430 |
| Analog Devices, Inc. 5.05% 4/1/2034 | 1148 | 1187 |
| Analog Devices, Inc. 5.30% 4/1/2054 | 1579 | 1521 |
| Broadcom, Inc. 5.20% 7/15/2035 | 190 | 195 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(f)</sup> | 600 | 517 |
| Broadcom, Inc. 4.90% 2/15/2038 | 6167 | 6049 |
| Cisco Systems, Inc. 5.10% 2/24/2035 | 8669 | 8911 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(f)</sup> | 4125 | 4182 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(f)</sup> | 3750 | 3908 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(f)</sup> | 2975 | 3111 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(f)</sup> | 5703 | 5694 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(f)</sup> | 1527 | 1540 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(f)</sup> | 1973 | 1985 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(f)</sup> | 325 | 329 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(f)</sup> | 7575 | 8080 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(f)</sup> | 1050 | 1039 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(f)</sup> | 3925 | 4044 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(f)</sup> | 1375 | 1424 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 12971 | 12405 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 9228 | 8437 |
| Intel Corp. 3.05% 8/12/2051 | 3212 | 1977 |
| Intel Corp. 5.60% 2/21/2054 | 6636 | 6131 |
| Microchip Technology, Inc. 5.05% 3/15/2029 | 2688 | 2744 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(f)</sup> | 4144 | 4500 |
| Oracle Corp. 5.25% 2/3/2032 | 493 | 493 |
| Oracle Corp. 5.50% 8/3/2035 | 647 | 634 |
| Oracle Corp. 5.20% 9/26/2035 | 7845 | 7519 |
| Oracle Corp. 5.875% 9/26/2045 | 280 | 253 |
| Oracle Corp. 6.00% 8/3/2055 | 4451 | 3929 |
| Oracle Corp. 5.95% 9/26/2055 | 4112 | 3646 |
| Oracle Corp. 6.10% 9/26/2065 | 3733 | 3295 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(f)</sup> | 3700 | 3231 |
| Roper Technologies, Inc. 5.10% 9/15/2035 | 357 | 360 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(f)</sup> | 2400 | 2479 |
| Synopsys, Inc. 5.15% 4/1/2035 | 4181 | 4251 |
| Synopsys, Inc. 5.70% 4/1/2055 | 2521 | 2503 |
| Texas Instruments, Inc. 4.60% 2/8/2029 | 2222 | 2271 |
| Texas Instruments, Inc. 4.85% 2/8/2034 | 1203 | 1234 |
| Texas Instruments, Inc. 5.10% 5/23/2035 | 4500 | 4642 |
| Texas Instruments, Inc. 5.15% 2/8/2054 | 4750 | 4495 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(f)</sup> | 950 | 977 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(f)</sup> | 1228 | 1259 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(f)</sup> | 6733 | 6748 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(f)</sup> | 1900 | 1849 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(f)</sup> | 3626 | 3452 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(e)(g)</sup> | 945 | 1030 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(f)</sup> | 2770 | 2856 |
| X.AI Corp. 12.50% 6/30/2030 | 2485 | 2651 |
|  |  | 186075 |
| Energy 0.54% |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(f)</sup> | 2390 | 2392 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(f)</sup> | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(f)</sup> | 1270 | 1278 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(f)</sup> | 510 | 529 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(f)</sup> | 430 | 445 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(f)</sup> | 2960 | 2979 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(f)</sup> | 203 | 203 |

---

American Funds Insurance Series **120**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | USD1,397 | $1235 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(f)</sup> | 1325 | 1371 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(f)</sup> | 480 | 480 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(f)</sup> | 2780 | 2868 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(f)</sup> | 525 | 551 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(f)</sup> | 735 | 763 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(f)</sup> | 1055 | 1028 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(f)</sup> | 2675 | 2696 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(f)</sup> | 553 | 575 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(f)</sup> | 1180 | 1233 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(f)</sup> | 2320 | 2415 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(f)</sup> | 1510 | 1465 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(f)</sup> | 1210 | 1149 |
| Devon Energy Corp. 5.20% 9/15/2034 | 1933 | 1925 |
| Devon Energy Corp. 5.75% 9/15/2054 | 7476 | 6874 |
| Diamondback Energy, Inc. 5.75% 4/18/2054 | 2481 | 2347 |
| Enbridge, Inc. 3.70% 7/15/2027 | 56 | 56 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026 | 3153 | 3153 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036 | 987 | 1005 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046 | 448 | 406 |
| EOG Resources, Inc. 4.40% 7/15/2028 | 410 | 415 |
| EOG Resources, Inc. 5.65% 12/1/2054 | 3079 | 3014 |
| EQT Corp. 7.50% 6/1/2030 | 642 | 707 |
| EQT Corp. 4.75% 1/15/2031 | 1635 | 1646 |
| Equinor ASA 4.25% 11/23/2041 | 1792 | 1593 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(n)</sup> | 7225 | 1 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(f)</sup> | 790 | 790 |
| Expand Energy Corp. 5.375% 3/15/2030 | 1645 | 1668 |
| Expand Energy Corp. 4.75% 2/1/2032 | 810 | 799 |
| Exxon Mobil Corp. 2.44% 8/16/2029 | 213 | 204 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 555 | 399 |
| Genesis Energy, LP 7.75% 2/1/2028 | 350 | 352 |
| Genesis Energy, LP 8.25% 1/15/2029 | 670 | 702 |
| Genesis Energy, LP 8.875% 4/15/2030 | 884 | 934 |
| Genesis Energy, LP 7.875% 5/15/2032 | 1120 | 1168 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(f)</sup> | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(f)</sup> | 190 | 198 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(f)</sup> | 750 | 767 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(f)</sup> | 1655 | 1663 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(f)</sup> | 960 | 942 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(f)</sup> | 400 | 407 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(f)</sup> | 465 | 454 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(f)</sup> | 540 | 515 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(f)</sup> | 475 | 487 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(f)</sup> | 1325 | 1345 |
| MPLX, LP 4.125% 3/1/2027 | 448 | 448 |
| MPLX, LP 5.40% 9/15/2035 | 1329 | 1339 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(f)</sup> | 1745 | 1831 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(f)</sup> | 1375 | 106 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(f)(n)</sup> | 20423 | 5923 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(f)</sup> | 300 | 303 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(f)</sup> | 725 | 706 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 | 2268 | 2353 |
| Occidental Petroleum Corp. 6.05% 10/1/2054 | 6482 | 6203 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(f)</sup> | 586 | 632 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(f)</sup> | 1020 | 1067 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(f)</sup> | 800 | 821 |
| Petrobras Global Finance BV 5.125% 9/10/2030 | 5550 | 5446 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 1925 | 1956 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 1925 | 1864 |

---

**121**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Petroleos Mexicanos 6.50% 6/2/2041 | USD41 | $36 |
| Petroleos Mexicanos 6.375% 1/23/2045 | 16 | 13 |
| Petroleos Mexicanos 6.75% 9/21/2047 | 139 | 114 |
| Petroleos Mexicanos 6.35% 2/12/2048 | 23 | 18 |
| Petroleos Mexicanos 7.69% 1/23/2050 | 2548 | 2285 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 163 | 133 |
| Plains All American Pipeline, LP 3.80% 9/15/2030 | 101 | 98 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(f)</sup> | 3799 | 3711 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(f)</sup> | 625 | 650 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 | 1668 | 1693 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(f)</sup> | 1550 | 1559 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(f)</sup> | 1475 | 1527 |
| Sunoco, LP 4.50% 5/15/2029 | 925 | 909 |
| Sunoco, LP 4.50% 4/30/2030 | 1105 | 1080 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(f)</sup> | 510 | 496 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(f)</sup> | 550 | 554 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(f)</sup> | 530 | 543 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(f)</sup> | 580 | 580 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 4.23% on 9/18/2030) <sup>(f)(l)</sup> | 1470 | 1511 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(f)</sup> | 500 | 521 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(f)</sup> | 85 | 89 |
| TGS ASA 8.50% 1/15/2030 <sup>(f)</sup> | 1235 | 1294 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(f)</sup> | 445 | 478 |
| TotalEnergies Capital SA 5.275% 9/10/2054 | 3750 | 3527 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028 | 977 | 979 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 536 | 530 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(f)</sup> | 1125 | 1180 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(f)</sup> | 358 | 366 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(f)</sup> | 2000 | 1982 |
| Valero Energy Corp. 4.00% 4/1/2029 | 3584 | 3558 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(f)</sup> | 3625 | 3674 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(f)</sup> | 3680 | 3662 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(f)(l)</sup> | 2000 | 1581 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(f)</sup> | 925 | 942 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(f)</sup> | 5730 | 5872 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(f)</sup> | 2035 | 2085 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(f)</sup> | 3298 | 3383 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(f)</sup> | 3030 | 3105 |
|  |  | 150515 |
| Industrials 0.49% |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(f)</sup> | 167 | 168 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(f)</sup> | 3525 | 3693 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(f)</sup> | 5175 | 5355 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(f)</sup> | 5835 | 6095 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(f)</sup> | 3403 | 3502 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(f)</sup> | 2663 | 2769 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(f)</sup> | 2772 | 2872 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(f)</sup> | 599 | 603 |
| Boeing Co. (The) 3.10% 5/1/2026 | 251 | 250 |
| Boeing Co. (The) 3.25% 2/1/2028 | 2000 | 1968 |
| Boeing Co. (The) 5.15% 5/1/2030 | 945 | 971 |
| Boeing Co. (The) 3.625% 2/1/2031 | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031 | 227 | 246 |
| Boeing Co. (The) 3.60% 5/1/2034 | 2500 | 2276 |
| Boeing Co. (The) 6.528% 5/1/2034 | 6029 | 6672 |

---

American Funds Insurance Series **122**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Industrials (continued) |  |  |
| Boeing Co. (The) 5.805% 5/1/2050 | USD3,605 | $3551 |
| Boeing Co. (The) 6.858% 5/1/2054 | 2113 | 2375 |
| Boeing Co. (The) 7.008% 5/1/2064 | 1301 | 1484 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(f)</sup> | 2385 | 2386 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(f)</sup> | 485 | 502 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(f)</sup> | 850 | 890 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1385 | 1358 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035 | 2705 | 2786 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 209 | 157 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 653 | 434 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(f)</sup> | 1795 | 1825 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(f)</sup> | 1347 | 1406 |
| CSX Corp. 4.25% 3/15/2029 | 1062 | 1072 |
| CSX Corp. 5.05% 6/15/2035 | 6111 | 6218 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(f)</sup> | 1540 | 1545 |
| General Electric Co. 4.90% 1/29/2036 | 1627 | 1653 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(f)</sup> | 1510 | 1590 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(f)</sup> | 505 | 536 |
| Icahn Enterprises, LP 4.375% 2/1/2029 | 2500 | 2166 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 4059 | 4229 |
| Lockheed Martin Corp. 5.70% 11/15/2054 | 1657 | 1675 |
| Norfolk Southern Corp. 4.45% 3/1/2033 | 1515 | 1511 |
| Norfolk Southern Corp. 5.10% 5/1/2035 | 2842 | 2912 |
| Norfolk Southern Corp. 3.05% 5/15/2050 | 2746 | 1813 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028 | 3132 | 3093 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(f)</sup> | 1125 | 1205 |
| Otis Worldwide Corp. 2.293% 4/5/2027 | 1913 | 1875 |
| Paychex, Inc. 5.60% 4/15/2035 | 427 | 447 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(f)</sup> | 1455 | 1521 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(f)</sup> | 1035 | 996 |
| RTX Corp. 5.15% 2/27/2033 | 2669 | 2758 |
| RTX Corp. 5.375% 2/27/2053 | 3950 | 3816 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(f)</sup> | 480 | 487 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(f)</sup> | 6288 | 6588 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(f)</sup> | 5581 | 5861 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(f)</sup> | 2480 | 2535 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(c)(f)</sup> | 393 | 393 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(f)</sup> | 1485 | 1547 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(f)</sup> | 4100 | 4257 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(f)</sup> | 2625 | 2736 |
| Union Pacific Corp. 2.40% 2/5/2030 | 2163 | 2026 |
| Union Pacific Corp. 5.10% 2/20/2035 | 2865 | 2958 |
| Union Pacific Corp. 3.50% 2/14/2053 | 42 | 30 |
| Union Pacific Corp. 5.60% 12/1/2054 | 2614 | 2609 |
| Union Pacific Corp. 3.839% 3/20/2060 | 546 | 395 |
| Union Pacific Corp. 3.799% 4/6/2071 | 545 | 375 |
|  |  | 136147 |
| Consumer staples 0.37% |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(f)</sup> | 739 | 736 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(f)</sup> | 1000 | 993 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(f)</sup> | 2960 | 2995 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(f)</sup> | 2750 | 2765 |
| B&G Foods, Inc. 5.25% 9/15/2027 | 2090 | 2049 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(f)</sup> | 2010 | 1980 |
| BAT Capital Corp. 6.343% 8/2/2030 | 124 | 134 |
| BAT Capital Corp. 4.625% 3/22/2033 | 2026 | 2015 |

---

**123**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer staples (continued) |  |  |
| BAT Capital Corp. 6.421% 8/2/2033 | USD134 | $148 |
| BAT Capital Corp. 5.625% 8/15/2035 | 631 | 658 |
| BAT Capital Corp. 4.54% 8/15/2047 | 627 | 521 |
| BAT Capital Corp. 6.25% 8/15/2055 | 6250 | 6482 |
| Campbell's Co. (The) 4.75% 3/23/2035 | 952 | 920 |
| Coca-Cola Co. 1.00% 3/15/2028 | 842 | 795 |
| Constellation Brands, Inc. 3.60% 2/15/2028 | 560 | 555 |
| Constellation Brands, Inc. 2.25% 8/1/2031 | 1333 | 1183 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(f)</sup> | 507 | 512 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(f)</sup> | 400 | 420 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(f)</sup> | 1400 | 1412 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(f)</sup> | 2250 | 2314 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(f)</sup> | 2101 | 2148 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028 | 2385 | 2500 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033 | 1554 | 1685 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043 | 229 | 246 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053 | 806 | 873 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(f)</sup> | 3408 | 3483 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(f)</sup> | 1855 | 1913 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(f)</sup> | 385 | 396 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(f)</sup> | 6678 | 6657 |
| Mondelez International, Inc. 5.125% 5/6/2035 | 2176 | 2227 |
| Philip Morris International, Inc. 5.125% 11/17/2027 | 319 | 326 |
| Philip Morris International, Inc. 4.875% 2/15/2028 | 623 | 635 |
| Philip Morris International, Inc. 4.625% 11/1/2029 | 703 | 716 |
| Philip Morris International, Inc. 5.625% 11/17/2029 | 154 | 162 |
| Philip Morris International, Inc. 5.125% 2/15/2030 | 433 | 448 |
| Philip Morris International, Inc. 5.125% 2/13/2031 | 2275 | 2359 |
| Philip Morris International, Inc. 4.75% 11/1/2031 | 6194 | 6328 |
| Philip Morris International, Inc. 4.25% 10/29/2032 | 770 | 758 |
| Philip Morris International, Inc. 4.90% 11/1/2034 | 6755 | 6812 |
| Philip Morris International, Inc. 4.875% 4/30/2035 | 6407 | 6431 |
| Philip Morris International, Inc. 4.625% 10/29/2035 | 5859 | 5735 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(f)</sup> | 2886 | 2813 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(f)</sup> | 13279 | 13660 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(f)</sup> | 1115 | 1045 |
| Reynolds American, Inc. 5.85% 8/15/2045 | 2030 | 2004 |
|  |  | 101947 |
| Real estate 0.35% |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 | 282 | 282 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | 1093 | 1089 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 | 1738 | 1632 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 | 1183 | 1107 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 | 3670 | 3011 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 | 367 | 311 |
| American Tower Corp. 1.45% 9/15/2026 | 246 | 242 |
| American Tower Corp. 3.55% 7/15/2027 | 1277 | 1268 |
| American Tower Corp. 3.60% 1/15/2028 | 896 | 888 |
| American Tower Corp. 1.50% 1/31/2028 | 2240 | 2128 |
| American Tower Corp. 2.30% 9/15/2031 | 1344 | 1194 |
| American Tower Corp. 2.95% 1/15/2051 | 1792 | 1146 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(f)</sup> | 3040 | 2955 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(f)</sup> | 1975 | 1975 |
| Boston Properties, LP 6.50% 1/15/2034 | 2223 | 2395 |
| Boston Properties, LP 5.75% 1/15/2035 | 3143 | 3234 |
| Extra Space Storage, LP 2.35% 3/15/2032 | 1241 | 1087 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(f)</sup> | 1705 | 1713 |

---

American Funds Insurance Series **124**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Real estate (continued) |  |  |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(f)</sup> | USD2,855 | $2777 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(f)</sup> | 3900 | 3716 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2152 | 1883 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(f)</sup> | 3785 | 3742 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(f)</sup> | 2650 | 2528 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 1884 | 1929 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 | 5137 | 4979 |
| MPT Operating Partnership, LP 4.625% 8/1/2029 | 630 | 528 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(f)</sup> | 3968 | 4240 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(f)</sup> | 2280 | 2228 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(f)</sup> | 1000 | 1030 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033 | 101 | 102 |
| Prologis, LP 4.875% 6/15/2028 | 1357 | 1390 |
| Prologis, LP 4.75% 6/15/2033 | 2359 | 2383 |
| Prologis, LP 5.00% 3/15/2034 | 1850 | 1887 |
| Prologis, LP 5.00% 1/31/2035 | 1033 | 1048 |
| Public Storage Operating Co. 1.85% 5/1/2028 | 2231 | 2131 |
| Public Storage Operating Co. 1.95% 11/9/2028 | 1816 | 1721 |
| Public Storage Operating Co. 2.30% 5/1/2031 | 644 | 583 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(f)</sup> | 2178 | 2169 |
| Service Properties Trust 0% 9/30/2027 <sup>(f)</sup> | 1000 | 905 |
| Service Properties Trust 5.50% 12/15/2027 | 655 | 647 |
| Service Properties Trust 3.95% 1/15/2028 | 1815 | 1715 |
| Service Properties Trust 8.375% 6/15/2029 | 4228 | 4254 |
| Service Properties Trust 4.95% 10/1/2029 | 2715 | 2368 |
| Service Properties Trust 4.375% 2/15/2030 | 705 | 598 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(f)</sup> | 6775 | 7130 |
| Service Properties Trust 8.875% 6/15/2032 | 4628 | 4569 |
| Sun Communities Operating, LP 2.30% 11/1/2028 | 1653 | 1574 |
| Sun Communities Operating, LP 2.70% 7/15/2031 | 785 | 714 |
| Trust 2401 7.70% 1/23/2032 <sup>(f)</sup> | 396 | 438 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(f)</sup> | 789 | 865 |
| UDR, Inc. 2.95% 9/1/2026 | 681 | 677 |
|  |  | 97105 |
| Materials 0.33% |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(f)</sup> | 855 | 884 |
| Avient Corp. 6.25% 11/1/2031 <sup>(f)</sup> | 170 | 175 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 2648 | 2703 |
| Celanese US Holdings, LLC 6.665% 7/15/2027 | 1996 | 2059 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 2501 | 2637 |
| Celanese US Holdings, LLC 7.00% 2/15/2031 | 705 | 722 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 1618 | 1711 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(f)</sup> | 1300 | 1341 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(f)</sup> | 3625 | 3573 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(f)</sup> | 1650 | 1710 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(f)</sup> | 2275 | 2342 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(f)</sup> | 775 | 747 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(f)</sup> | 2000 | 2111 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(f)</sup> | 2695 | 2766 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(f)</sup> | 900 | 941 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(f)</sup> | 1480 | 1048 |
| Dow Chemical Co. (The) 4.80% 1/15/2031 | 1290 | 1283 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 | 1735 | 1720 |
| Dow Chemical Co. (The) 5.65% 3/15/2036 | 920 | 917 |
| Dow Chemical Co. (The) 4.80% 5/15/2049 | 435 | 343 |
| Dow Chemical Co. (The) 3.60% 11/15/2050 | 1057 | 683 |
| Dow Chemical Co. (The) 5.95% 3/15/2055 | 4720 | 4299 |

---

**125**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Materials (continued) |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(f)</sup> | USD5,370 | $5661 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(f)(g)(l)</sup> | 2659 | 1516 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(f)</sup> | 4548 | 4093 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(f)</sup> | 1406 | 1350 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(f)</sup> | 1700 | 1738 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(f)</sup> | 1335 | 1371 |
| Linde, Inc. 1.10% 8/10/2030 | 2633 | 2314 |
| LYB International Finance III, LLC 5.50% 3/1/2034 | 778 | 770 |
| LYB International Finance III, LLC 6.15% 5/15/2035 | 560 | 574 |
| LYB International Finance III, LLC 5.875% 1/15/2036 | 5842 | 5817 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(f)</sup> | 6734 | 6976 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(f)</sup> | 945 | 993 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(f)</sup> | 1525 | 1587 |
| Mosaic Co. 4.05% 11/15/2027 | 941 | 941 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(f)</sup> | 1270 | 1243 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(f)</sup> | 3775 | 4036 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(f)</sup> | 1130 | 1207 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(f)</sup> | 1050 | 1097 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1339 | 1380 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055 | 3244 | 3312 |
| Sherwin-Williams Co. 5.15% 8/15/2035 | 473 | 482 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(f)</sup> | 1290 | 1302 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(f)</sup> | 1110 | 1154 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(f)</sup> | 640 | 689 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(f)</sup> | 2212 | 2265 |
| Westlake Corp. 4.375% 11/15/2047 | 448 | 348 |
|  |  | 90931 |
| Utilities 0.31% |  |  |
| Calpine Corp. 3.75% 3/1/2031 <sup>(f)</sup> | 1975 | 1910 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.961% on 6/1/2035) <sup>(l)</sup> | 1375 | 1415 |
| Commonwealth Edison Co. 4.35% 11/15/2045 | 972 | 827 |
| Commonwealth Edison Co. 3.85% 3/15/2052 | 2330 | 1755 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034 | 1837 | 1856 |
| Consumers Energy Co. 5.05% 5/15/2035 | 525 | 534 |
| Duke Energy Florida, LLC 4.85% 12/1/2035 | 2725 | 2714 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049 | 850 | 582 |
| Duke Energy Progress, LLC 3.70% 10/15/2046 | 457 | 350 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 | 202 | 118 |
| Duke Energy Progress, LLC 2.90% 8/15/2051 | 91 | 58 |
| Edison International 4.125% 3/15/2028 | 1225 | 1212 |
| Edison International 5.25% 11/15/2028 | 1537 | 1558 |
| Edison International 5.45% 6/15/2029 | 1419 | 1446 |
| Edison International 6.95% 11/15/2029 | 2280 | 2430 |
| Edison International 6.25% 3/15/2030 | 3493 | 3655 |
| Edison International 5.25% 3/15/2032 | 6672 | 6680 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(f)</sup> | 1075 | 1165 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(f)(l)</sup> | 1475 | 1721 |
| Emera US Finance, LP 3.55% 6/15/2026 | 287 | 286 |
| Enel Finance International NV 5.00% 9/30/2035 <sup>(f)</sup> | 1280 | 1275 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 1.975% on 3/15/2035) <sup>(l)</sup> | 1000 | 1041 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(f)</sup> | 605 | 585 |
| Florida Power & Light Co. 4.70% 2/15/2036 | 1525 | 1511 |
| Florida Power & Light Co. 5.60% 2/15/2066 | 100 | 99 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(f)</sup> | 1000 | 1036 |

---

American Funds Insurance Series **126**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Utilities (continued) |  |  |
| MidAmerican Energy Co. 5.85% 9/15/2054 | USD875 | $904 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027 | 700 | 709 |
| Northern States Power Co. 5.40% 3/15/2054 | 175 | 171 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 | 125 | 121 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 | 450 | 437 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 192 | 207 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034 | 4588 | 5106 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 | 5359 | 5513 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035 | 4962 | 5219 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 90 | 68 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 2744 | 2322 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 206 | 139 |
| PacifiCorp 5.30% 2/15/2031 | 1258 | 1296 |
| PacifiCorp 5.45% 2/15/2034 | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053 | 3298 | 2900 |
| PacifiCorp 5.80% 1/15/2055 | 575 | 537 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047 | 548 | 413 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(f)</sup> | 2689 | 2685 |
| Southern California Edison Co. 2.85% 8/1/2029 | 3988 | 3783 |
| Southern California Edison Co. 2.50% 6/1/2031 | 260 | 233 |
| Southern California Edison Co. 5.45% 6/1/2031 | 2240 | 2319 |
| Southern California Edison Co. 5.20% 6/1/2034 | 2260 | 2273 |
| Southern California Edison Co. 5.75% 4/1/2035 | 605 | 625 |
| Southern California Edison Co. 5.35% 7/15/2035 | 2688 | 2707 |
| Southern California Edison Co. 4.50% 9/1/2040 | 452 | 396 |
| Southern California Edison Co. 3.65% 2/1/2050 | 693 | 485 |
| Southern California Edison Co. 2.95% 2/1/2051 | 128 | 78 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(f)</sup> | 400 | 424 |
| Virginia Electric & Power 2.40% 3/30/2032 | 2307 | 2055 |
| Wisconsin Electric Power Co. 4.15% 10/15/2030 | 2000 | 2000 |
| Xcel Energy, Inc. 5.60% 4/15/2035 | 23 | 24 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(f)</sup> | 1150 | 1209 |
|  |  | 85985 |
| Total corporate bonds and notes |  | 1978534 |
| **Asset-backed obligations 1.91%** |  |  |
| **Asset-backed obligations 1.91%** |  |  |
| Auto loan 0.84% |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(f)(h)</sup> | 76 | 76 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(f)(h)</sup> | 1131 | 1133 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(f)(h)</sup> | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(f)(h)</sup> | 3332 | 3365 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(f)(h)</sup> | 1005 | 1011 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(h)</sup> | 6748 | 6735 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(h)</sup> | 46 | 46 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(f)(h)</sup> | 10410 | 10290 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(f)(h)</sup> | 29013 | 29532 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(h)</sup> | 4960 | 5164 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(f)(h)</sup> | 2074 | 2096 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(h)</sup> | 52 | 52 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(h)</sup> | 950 | 952 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(h)</sup> | 856 | 858 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(h)</sup> | 1679 | 1687 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(h)</sup> | 48 | 48 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(h)</sup> | 8604 | 8712 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(h)</sup> | 193 | 193 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(f)(h)</sup> | 359 | 360 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(f)(h)</sup> | 174 | 174 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(f)(h)</sup> | 5309 | 5362 |

---

**127**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Auto loan (continued) |  |  |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(f)(h)</sup> | USD4,257 | $4308 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(f)(h)</sup> | 161 | 161 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(f)(h)</sup> | 1025 | 1030 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(f)(h)</sup> | 317 | 318 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(h)</sup> | 1744 | 1750 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(f)(h)</sup> | 136 | 136 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(f)(h)</sup> | 458 | 460 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(h)</sup> | 249 | 249 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(h)</sup> | 930 | 932 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(h)</sup> | 5998 | 6205 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(f)(h)(i)</sup> | 13442 | 13799 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(f)(h)</sup> | 3235 | 3263 |
| Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 <sup>(h)</sup> | 7319 | 7350 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(f)(h)</sup> | 364 | 365 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(h)</sup> | 667 | 669 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(f)(h)</sup> | 623 | 628 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(f)(h)</sup> | 8654 | 9090 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(f)(h)</sup> | 6768 | 6887 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(h)</sup> | 1762 | 1774 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(f)(h)</sup> | 4391 | 4291 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(f)(h)</sup> | 4445 | 4423 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(f)(h)</sup> | 4585 | 4807 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(h)</sup> | 9236 | 9064 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(h)</sup> | 685 | 672 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(h)</sup> | 429 | 421 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(h)</sup> | 4771 | 4875 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(f)(h)</sup> | 1448 | 1467 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(f)(h)</sup> | 1610 | 1609 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(h)</sup> | 238 | 239 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(h)</sup> | 3179 | 3207 |
| Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 <sup>(f)(h)</sup> | 3632 | 3636 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(f)(h)</sup> | 448 | 449 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(f)(h)</sup> | 249 | 250 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(f)(h)</sup> | 954 | 958 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(f)(h)</sup> | 504 | 509 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(h)</sup> | 117 | 117 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(h)</sup> | 2889 | 2899 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(h)</sup> | 5062 | 5111 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(h)</sup> | 4123 | 4134 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(f)(h)</sup> | 695 | 696 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(f)(h)</sup> | 1037 | 1042 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(f)(h)</sup> | 498 | 499 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(f)(h)</sup> | 1713 | 1725 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(f)(h)</sup> | 401 | 402 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(f)(h)</sup> | 2966 | 2987 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(h)</sup> | 6503 | 6475 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(h)</sup> | 2960 | 2977 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(h)</sup> | 1822 | 1851 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(f)(h)</sup> | 864 | 866 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(f)(h)</sup> | 156 | 156 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(f)(h)</sup> | 3372 | 3379 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(f)(h)</sup> | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(f)(h)</sup> | 2142 | 2149 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 <sup>(f)(h)</sup> | 1052 | 1055 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(f)(h)</sup> | 2001 | 2005 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(f)(h)</sup> | 6520 | 6550 |

---

American Funds Insurance Series **128**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Auto loan (continued) |  |  |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(f)(h)</sup> | USD1,973 | $1995 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(h)</sup> | 285 | 285 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(h)</sup> | 4143 | 4165 |
|  |  | 232227 |
| Other asset-backed securities 0.81% |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(f)(h)</sup> | 10457 | 10487 |
| Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(f)(h)</sup> | 1923 | 1931 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(h)</sup> | 2962 | 2967 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(f)(h)</sup> | 109 | 109 |
| Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 <sup>(f)(h)</sup> | 2934 | 2944 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(f)(h)</sup> | 1870 | 1878 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(f)(h)</sup> | 6878 | 6906 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(f)(h)</sup> | 3772 | 3802 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(f)(h)</sup> | 58 | 58 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(f)(h)</sup> | 826 | 793 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(f)(h)</sup> | 3998 | 3794 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(f)(h)</sup> | 36 | 36 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(f)(h)</sup> | 4526 | 4605 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(h)</sup> | 5080 | 4316 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(h)</sup> | 1686 | 1426 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(h)</sup> | 5962 | 4846 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(f)(h)</sup> | 872 | 824 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(f)(h)</sup> | 3301 | 3119 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(f)(h)</sup> | 689 | 652 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(f)(h)</sup> | 940 | 876 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(h)</sup> | 680 | 681 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup> | 2518 | 2540 |
| Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 <sup>(f)(h)</sup> | 320 | 320 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(f)(h)</sup> | 192 | 180 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(f)(h)</sup> | 2350 | 2386 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(f)(h)</sup> | 862 | 868 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(h)</sup> | 388 | 373 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(f)(h)</sup> | 175 | 167 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(f)(h)</sup> | 4277 | 4314 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(f)(h)</sup> | 6241 | 6258 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(h)</sup> | 1344 | 1319 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(h)</sup> | 5750 | 5527 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(f)(h)</sup> | 7403 | 7120 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(f)(h)</sup> | 2510 | 2351 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(f)(h)</sup> | 3708 | 3495 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(f)(h)</sup> | 293 | 274 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(h)</sup> | 2453 | 2483 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(h)</sup> | 2894 | 2920 |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(f)(h)</sup> | 118 | 119 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(f)(h)</sup> | 4586 | 4385 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(h)</sup> | 26263 | 22003 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(f)(h)</sup> | 677 | 680 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(f)(h)</sup> | 1069 | 1076 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(h)</sup> | 5298 | 5323 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2038 <sup>(h)</sup> | 2442 | 2380 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(f)(h)</sup> | 418 | 420 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% |  |  |
| &nbsp;&nbsp;&nbsp;9/15/2039 <sup>(f)(h)(i)</sup> | 496 | 502 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(f)(h)</sup> | 682 | 698 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(f)(h)</sup> | 2586 | 2470 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(f)(h)</sup> | 1636 | 1602 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(f)(h)</sup> | 1440 | 1420 |

---

**129**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Other asset-backed securities (continued) |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(h)</sup> | USD843 | $823 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(f)(h)</sup> | 691 | 674 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(f)(h)</sup> | 5226 | 5217 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(f)(h)</sup> | 6170 | 6132 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(f)(h)</sup> | 1132 | 1106 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup> | 2840 | 2864 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 <sup>(h)</sup> | 4155 | 4229 |
| Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 <sup>(h)</sup> | 5377 | 5406 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(f)(h)</sup> | 1069 | 1025 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(f)(h)</sup> | 497 | 472 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(f)(h)</sup> | 664 | 626 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(f)(h)</sup> | 1924 | 1825 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(f)(h)</sup> | 1947 | 1959 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(f)(h)</sup> | 5582 | 5617 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(f)(h)</sup> | 7083 | 6693 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(f)(h)</sup> | 1277 | 1189 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(f)(h)</sup> | 1660 | 1670 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(f)(h)</sup> | 623 | 626 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(h)</sup> | 941 | 960 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(h)(l)</sup> | 6704 | 6706 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(h)</sup> | 9409 | 9597 |
| Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) <sup>(h)(l)</sup> | 1462 | 1470 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(f)(h)</sup> | 8048 | 8195 |
| Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 <sup>(h)</sup> | 4253 | 4268 |
| Verizon Master Trust, Series 24-5, Class A, 5.00% 6/21/2032 <sup>(f)(h)</sup> | 934 | 964 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(f)(h)</sup> | 1879 | 1883 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(f)(h)</sup> | 389 | 391 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(f)(h)</sup> | 137 | 137 |
|  |  | 225747 |
| Credit card 0.14% |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(h)</sup> | 8500 | 8521 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(f)(h)</sup> | 4100 | 4115 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(f)(h)</sup> | 2715 | 2733 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 <sup>(h)</sup> | 4171 | 4182 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(h)</sup> | 4558 | 4652 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(h)</sup> | 3970 | 4050 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(f)(h)</sup> | 2043 | 2049 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(f)(h)</sup> | 404 | 406 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(h)</sup> | 7030 | 7058 |
|  |  | 37766 |
| Student loan 0.08% |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(f)(h)</sup> | 2480 | 2510 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(h)</sup> | 2485 | 2281 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(f)(h)</sup> | 3240 | 2947 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(f)(h)</sup> | 4222 | 3968 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(h)</sup> | 2626 | 2485 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(h)</sup> | 4441 | 4213 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) |  |  |
| &nbsp;&nbsp;&nbsp;4.595% 1/15/2053 <sup>(f)(h)(i)</sup> | 3493 | 3462 |
|  |  | 21866 |
| Collateralized loan obligations 0.04% |  |  |
| Flatiron CLO, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.985% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2036 (f)(h)(i) | 3240 | 3246 |

---

American Funds Insurance Series **130**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Collateralized loan obligations (continued) |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% |  |  |
| &nbsp;&nbsp;&nbsp;7/25/2030 (f)(h)(i) | USD321 | $322 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.00%) 4.905% 1/15/2033 <sup>(f)(h)(i)</sup> | 3469 | 3470 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 4.955% |  |  |
| &nbsp;&nbsp;&nbsp;4/15/2034 <sup>(f)(h)(i)</sup> | 3229 | 3231 |
| Trinitas CLO, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.908% |  |  |
| &nbsp;&nbsp;&nbsp;4/25/2033 <sup>(f)(h)(i)</sup> | 1285 | 1286 |
|  |  | 11555 |
| Total asset-backed obligations |  | 529161 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |  |  |
| Mexico 0.16% |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 | 18285 | 18648 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup> | 10645 | 10856 |
| United Mexican States 4.75% 4/27/2032 | 2305 | 2249 |
| United Mexican States 5.375% 3/22/2033 | 1295 | 1288 |
| United Mexican States 3.50% 2/12/2034 | 1790 | 1552 |
| United Mexican States 6.875% 5/13/2037 | 2720 | 2909 |
| United Mexican States 6.625% 1/29/2038 | 200 | 209 |
| United Mexican States 7.375% 5/13/2055 | 4235 | 4573 |
| United Mexican States 3.771% 5/24/2061 | 1528 | 946 |
|  |  | 43230 |
| Canada 0.07% |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(f)</sup> | 5914 | 5824 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(f)</sup> | 3867 | 3719 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(f)</sup> | 3867 | 2980 |
| Ontario (Province of) 3.90% 9/4/2030 | 8228 | 8238 |
|  |  | 20761 |
| Kuwait 0.04% |  |  |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(f)</sup> | 11750 | 11764 |
| Peru 0.02% |  |  |
| Peru (Republic of) 1.862% 12/1/2032 | 2525 | 2091 |
| Peru (Republic of) 5.875% 8/8/2054 | 2310 | 2294 |
| Peru (Republic of) 2.78% 12/1/2060 | 3383 | 1845 |
|  |  | 6230 |
| Panama 0.02% |  |  |
| Panama (Republic of) 7.50% 3/1/2031 | 1765 | 1961 |
| Panama (Republic of) 2.252% 9/29/2032 | 4306 | 3568 |
|  |  | 5529 |
| Qatar 0.01% |  |  |
| Qatar (State of) 4.00% 3/14/2029 <sup>(f)</sup> | 745 | 748 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(f)</sup> | 750 | 708 |
|  |  | 1456 |
| Total bonds & notes of governments & government agencies outside the U.S. |  | 88970 |

---

**131**American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Loans 0.15%** |  |  |
| Communication services 0.05% |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(o)</sup> | USD2,344 | $2344 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(i)(o)</sup> | 967 | 847 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(o)</sup> | 22 | 22 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(c)(g)(o)</sup> | 2157 | 2157 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(i)(o)</sup> | 2285 | 1812 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(i)(o)</sup> | 1280 | 1283 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(o)</sup> | 2675 | 2671 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(o)</sup> | 2762 | 2718 |
|  |  | 13854 |
| Information technology 0.04% |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(o)</sup> | 485 | 487 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(i)(o)</sup> | 225 | 227 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(o)</sup> | 724 | 729 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(o)</sup> | 2180 | 2138 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(i)(o)</sup> | 1737 | 1740 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(i)(o)</sup> | 900 | 882 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(o)</sup> | 4031 | 4026 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(o)</sup> | 105 | 104 |
|  |  | 10333 |
| Financials 0.03% |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(c)(f)(i)(o)</sup> | 4566 | 4532 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(o)</sup> | 2190 | 2223 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(i)(o)</sup> | 2036 | 2064 |
|  |  | 8819 |
| Health care 0.01% |  |  |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(o)</sup> | 2543 | 2527 |
| Consumer discretionary 0.01% |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% |  |  |
| &nbsp;&nbsp;&nbsp;3/11/2030 <sup>(c)(i)(o)</sup> | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and |  |  |
| &nbsp;&nbsp;&nbsp;5.573% Cash 3/11/2030 <sup>(c)(g)(i)(o)</sup> | 120 | 120 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(i)(o)</sup> | 2109 | 2113 |
|  |  | 2360 |
| Materials 0.01% |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup> | 797 | 252 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup> | 802 | 254 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(c)(g)(i)(n)(o)</sup> | 1319 | 418 |
|  |  | 924 |
| Industrials 0.00% |  |  |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(o)</sup> | 982 | 914 |
| Total loans |  | 39731 |

---

American Funds Insurance Series **132**

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Municipals 0.08%** |  |  |
| Florida 0.03% |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | USD4,781 | $4639 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 4808 | 4426 |
|  |  | 9065 |
| Illinois 0.01% |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 3224 | 3312 |
| Ohio 0.02% |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021, 4.425% 5/1/2031 | 4930 | 4480 |
| Puerto Rico 0.00% |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 418 | 274 |
| Wisconsin 0.02% |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 5735 | 5696 |
| Total municipals |  | 22827 |
| Total bonds, notes & other debt instruments (cost: $7,832,741,000) |  | 7768308 |
| Investment funds 3.06% | Shares |  |
| Investment funds 3.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(p)</sup> | 99619082 | 846762 |
| Total investment funds (cost: $864,770,000) |  | 846762 |
| Short-term securities 3.70% |  |  |
| Short-term securities 3.70% |  |  |
| **Money market investments 3.63%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup> | 10047098 | 1004810 |
| **Money market investments purchased with collateral from securities on loan 0.07%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(q)(r)</sup> | 18905590 | 18905 |
| Total short-term securities (cost: $1,023,511,000) |  | 1023715 |
| Total investment securities 100.26% (cost: $19,813,803,000) |  | 27745931 |
| Other assets less liabilities (0.26)% |  | (70891) |
| Net assets 100.00% |  | $27675040 |

---

**133**American Funds Insurance Series

![](gdyx3abinsuf57uepdjm5.jpg)

Asset Allocation Fund (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| 2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | USD1,844,860 | $(403) |
| 5 Year U.S. Treasury Note Futures | Long | 4708 | 4/6/2026 | 514606 | (1134) |
| 10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 | 363623 | (2694) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 262 | 3/31/2026 | (30134) | 100 |
| 20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 | 138713 | (1838) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 | (93692) | 1825 |
|  |  |  |  |  | $(4144) |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Upfront | Unrealized |
|  | Receive |  |  | Pay |  |  |  | premium | appreciation |
|  | Receive |  |  | Pay |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency |  | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.473% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.473% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD112,900 | $814 | $— | $814 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4805% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4805% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD37,800 | 255 |  | 255 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD12,601 | 86 |  | 86 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD12,612 | 84 |  | 84 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.482% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.482% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD12,286 | 82 |  | 82 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50061% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50061% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/3/2032 | USD74,795 | 442 |  | 442 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6385% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6385% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2035 | USD55,884 | 685 |  | 685 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6775% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6775% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/8/2035 | USD55,754 | 511 |  | 511 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66593% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66593% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/3/2035 | USD55,430 | 584 |  | 584 |
|  |  |  |  |  |  |  | $3543 | $— | $3543 |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection |  |  |  |  |
|  |  |  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  |  |  | premium | appreciation |
|  |  |  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | Reference | Financing | Financing | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| index |  | rate paid | rate paid | frequency | date | (000) | (000) | (000) | (000) |
| CDX.NA.IG.45 | CDX.NA.IG.45 | 1.00% |  | Quarterly | 12/20/2030 | USD3,826 | $(87) | $(86) | $(1) |
| CDX.NA.HY.45 | CDX.NA.HY.45 | 5.00% |  | Quarterly | 12/20/2030 | 38950 | (2976) | (2542) | (434) |
|  |  |  |  |  |  |  | $(3063) | $(2628) | $(435) |

---

American Funds Insurance Series **134**

![](gcald32m830t0c1g7oa38.jpg)

Asset Allocation Fund (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Investment funds 3.06% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $1368034 | $95934 | $634718 | $(136730) | $154242 | $846762 | $47796 |
| Short-term securities 3.63% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.63% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(q)</sup> | 855747 | 6829389 | 6680500 | 185 | (11) | 1004810 | 61071 |
| &nbsp;&nbsp;&nbsp;Total 6.69% |  |  |  | $(136545) | $154231 | $1851572 | $108867 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Rotech Healthcare, Inc. <sup>(a)(c)</sup> | 8/22/2014 | $6949 | $12613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> | 9/29/2025 | 937 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.973% 9/13/2029 <sup>(i)(o)</sup> | 9/13/2023 | 714 | 729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  | $8600 | $14372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |

---

(a)Non-income producing.

(b)All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

(c)Value determined using significant unobservable inputs.

(d)Amount less than one thousand.

(e)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(f)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund.

(g)Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

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

(i)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(j)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $41,456,000, which represented 0.15% of the net assets of the fund.

(k)Represents securities transacted on a TBA basis.

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

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

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

(o)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,730,000, which represented 0.14% of the net assets of the fund.

(p)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

(q)Rate represents the seven-day yield at 12/31/2025.

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

(s)Amount less than 0.01%.

---

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

---

**135**American Funds Insurance Series

American Funds Global Balanced Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks 63.00% | Shares | (000) |
| Information technology 11.69% |  |  |
| Broadcom, Inc. | 34396 | $11904 |
| Microsoft Corp. | 21713 | 10501 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 214000 | 10455 |
| NVIDIA Corp. | 54735 | 10208 |
| Apple, Inc. | 13709 | 3727 |
| Corning, Inc. | 37498 | 3283 |
| ARM Holdings PLC (ADR) <sup>(a)</sup> | 9479 | 1036 |
| Applied Materials, Inc. | 3494 | 898 |
| Accenture PLC, Class A | 2486 | 667 |
|  |  | 52679 |
| Financials 10.05% |  |  |
| B3 SA - Brasil, Bolsa, Balcao | 1689969 | 4399 |
| Standard Chartered PLC | 149081 | 3641 |
| ING Groep NV | 129152 | 3631 |
| Banco Bilbao Vizcaya Argentaria SA | 138658 | 3243 |
| JPMorgan Chase & Co. | 9865 | 3179 |
| Chubb, Ltd. | 9664 | 3016 |
| Marsh & McLennan Cos., Inc. | 13476 | 2500 |
| HDFC Bank, Ltd. (ADR) | 49471 | 1808 |
| HDFC Bank, Ltd. | 46716 | 516 |
| Morgan Stanley | 10778 | 1913 |
| Mastercard, Inc., Class A | 3306 | 1887 |
| BlackRock, Inc. | 1721 | 1842 |
| Munchener Ruckversicherungs-Gesellschaft AG | 2492 | 1646 |
| Zurich Insurance Group AG | 1994 | 1513 |
| Banco BPM SpA | 95108 | 1445 |
| NatWest Group PLC | 154953 | 1351 |
| Mizuho Financial Group, Inc. | 34600 | 1256 |
| BNP Paribas SA | 10716 | 1014 |
| Swiss Re AG | 5412 | 902 |
| AIA Group, Ltd. | 74200 | 762 |
| Wells Fargo & Co. | 7990 | 745 |
| PICC Property and Casualty Co., Ltd., Class H | 320000 | 671 |
| 3i Group PLC | 15320 | 667 |
| U.S. Bancorp | 12427 | 663 |
| BPER Banca SpA | 39690 | 537 |
| Hannover Rueck SE | 1705 | 533 |
|  |  | 45280 |
| Industrials 9.63% |  |  |
| RTX Corp. | 46281 | 8488 |
| IHI Corp. | 186108 | 3282 |
| Hitachi, Ltd. | 82300 | 2553 |
| Volvo AB, Class B | 76848 | 2463 |
| General Dynamics Corp. | 7150 | 2407 |
| TransDigm Group, Inc. | 1573 | 2092 |
| BAE Systems PLC | 85249 | 1960 |
| Deutsche Post AG | 35349 | 1936 |
| Union Pacific Corp. | 8297 | 1919 |
| Airbus SE, non-registered shares | 7673 | 1780 |
| Waste Management, Inc. | 7570 | 1663 |
| Uber Technologies, Inc. <sup>(a)</sup> | 20061 | 1639 |
| ITOCHU Corp. | 128500 | 1622 |
| Rolls-Royce Holdings PLC | 90309 | 1404 |
| Automatic Data Processing, Inc. | 4193 | 1079 |
| Ryanair Holdings PLC | 21391 | 743 |
| Bouygues SA | 13919 | 722 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 4123 | 701 |

---

American Funds Insurance Series **136**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Industrials (continued) |  |  |
| Safran SA | 1987 | $691 |
| PACCAR, Inc. | 6185 | 677 |
| Qantas Airways, Ltd. | 97783 | 675 |
| United Rentals, Inc. | 817 | 661 |
| Paychex, Inc. | 5809 | 652 |
| Caterpillar, Inc. | 1022 | 585 |
| GFL Environmental, Inc., subordinate voting shares | 11594 | 498 |
| AtkinsRealis Group, Inc. | 7290 | 471 |
|  |  | 43363 |
| Health care 7.73% |  |  |
| Eli Lilly and Co. | 7436 | 7991 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 11410 | 5173 |
| Novo Nordisk AS, Class B | 67966 | 3464 |
| Abbott Laboratories | 27403 | 3433 |
| Sanofi | 25714 | 2495 |
| Gilead Sciences, Inc. | 18827 | 2311 |
| UnitedHealth Group, Inc. | 6188 | 2043 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 3997 | 1589 |
| Medtronic PLC | 13170 | 1265 |
| Stryker Corp. | 3371 | 1185 |
| AbbVie, Inc. | 5175 | 1183 |
| AstraZeneca PLC | 3470 | 639 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 10659 | 634 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 3573 | 620 |
| GE HealthCare Technologies, Inc. | 5321 | 436 |
| Cencora, Inc. | 1074 | 363 |
|  |  | 34824 |
| Consumer discretionary 4.68% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 28311 | 6535 |
| Ferrari NV | 3878 | 1433 |
| Ferrari NV (EUR denominated) | 1664 | 620 |
| Starbucks Corp. | 23917 | 2014 |
| Midea Group Co., Ltd., Class A | 166950 | 1866 |
| Maruti Suzuki India, Ltd. | 9473 | 1761 |
| Compagnie Financiere Richemont SA, Class A | 6565 | 1417 |
| LVMH Moet Hennessy-Louis Vuitton SE | 1773 | 1337 |
| Compagnie Generale des Etablissements Michelin | 33369 | 1107 |
| Royal Caribbean Cruises, Ltd. | 3526 | 983 |
| Viking Holdings, Ltd. <sup>(a)</sup> | 9998 | 714 |
| Compass Group PLC | 21303 | 678 |
| Accor SA | 10541 | 597 |
|  |  | 21062 |
| Materials 4.32% |  |  |
| Nitto Denko Corp. | 122500 | 2911 |
| Grupo Mexico, SAB de CV, Series B | 295899 | 2794 |
| Lundin Gold, Inc. | 31847 | 2645 |
| Vale SA, ordinary nominative shares | 120881 | 1581 |
| Vale SA (ADR), ordinary nominative shares | 53750 | 700 |
| Franco-Nevada Corp. | 5241 | 1086 |
| Franco-Nevada Corp. (CAD denominated) | 4075 | 845 |
| Anglo American PLC | 43941 | 1811 |
| Smurfit Westrock PLC | 40261 | 1557 |
| Air Products and Chemicals, Inc. | 4593 | 1134 |
| Freeport-McMoRan, Inc. | 19198 | 975 |

---

**137**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Common stocks (continued) | Shares | (000) |
| Materials (continued) |  |  |
| Newmont Corp. | 7198 | $719 |
| Air Liquide SA | 2774 | 522 |
| Celanese Corp. | 4784 | 202 |
|  |  | 19482 |
| Communication services 4.18% |  |  |
| Alphabet, Inc., Class A | 19544 | 6117 |
| Alphabet, Inc., Class C | 6924 | 2173 |
| AT&T, Inc. | 134741 | 3347 |
| Meta Platforms, Inc., Class A | 4442 | 2932 |
| Comcast Corp., Class A | 41626 | 1244 |
| Omnicom Group, Inc. | 12053 | 973 |
| Netflix, Inc. <sup>(a)</sup> | 9170 | 860 |
| SoftBank Group Corp. | 21252 | 599 |
| Nintendo Co., Ltd. | 8400 | 568 |
|  |  | 18813 |
| Utilities 4.00% |  |  |
| Dominion Energy, Inc. | 72580 | 4252 |
| DTE Energy Co. | 17918 | 2311 |
| National Grid PLC | 125726 | 1938 |
| Power Grid Corp. of India, Ltd. | 588187 | 1730 |
| Duke Energy Corp. | 14059 | 1648 |
| E.ON SE | 67347 | 1277 |
| PG&E Corp. | 78708 | 1265 |
| Constellation Energy Corp. | 3350 | 1183 |
| Pinnacle West Capital Corp. | 12517 | 1110 |
| NextEra Energy, Inc. | 12754 | 1024 |
| SembCorp Industries, Ltd. | 57400 | 268 |
|  |  | 18006 |
| Consumer staples 3.38% |  |  |
| Philip Morris International, Inc. | 28949 | 4643 |
| Imperial Brands PLC | 108137 | 4546 |
| British American Tobacco PLC | 75162 | 4260 |
| Nestle SA | 9977 | 992 |
| Sysco Corp. | 10540 | 777 |
|  |  | 15218 |
| Energy 2.76% |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 245684 | 8321 |
| Shell PLC (GBP denominated) | 45924 | 1687 |
| Chevron Corp. | 6750 | 1029 |
| Cameco Corp. (CAD denominated) | 7668 | 702 |
| Expand Energy Corp. | 6349 | 701 |
|  |  | 12440 |
| Real estate 0.58% |  |  |
| CTP NV | 50979 | 1068 |
| Embassy Office Parks REIT | 181378 | 879 |
| Goodman Logistics (HK), Ltd. REIT | 31735 | 652 |
|  |  | 2599 |
| Total common stocks (cost: $198,233,000) |  | 283766 |

---

American Funds Insurance Series **138**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks 0.65% |  | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Convertible stocks 0.65% | Shares | (000) |
| Financials 0.35% |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 20865 | $1576 |
| Utilities 0.30% |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 27600 | 1345 |
| Total convertible stocks (cost: $2,894,000) |  | 2921 |
| Bonds, notes & other debt instruments 29.38% | Principal amount |  |
| Bonds, notes & other debt instruments 29.38% | Principal amount |  |
| Bonds, notes & other debt instruments 29.38% | (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 12.73%** |  |  |
| Japan 2.26% |  |  |
| Japan, Series 150, 0.005% 12/20/2026 | JPY84,950 | 538 |
| Japan, Series 346, 0.10% 3/20/2027 | 134150 | 848 |
| Japan, Series 474, 0.70% 7/1/2027 | 106550 | 677 |
| Japan, Series 358, 0.10% 3/20/2030 | 37400 | 225 |
| Japan, Series 363, 0.10% 6/20/2031 | 174700 | 1028 |
| Japan, Series 373, 0.60% 12/20/2033 | 55750 | 323 |
| Japan, Series 152, 1.20% 3/20/2035 | 465250 | 2774 |
| Japan, Series 173, 0.40% 6/20/2040 | 50350 | 238 |
| Japan, Series 176, 0.50% 3/20/2041 | 109950 | 516 |
| Japan, Series 179, 0.50% 12/20/2041 | 50500 | 231 |
| Japan, Series 42, 1.70% 3/20/2044 | 86550 | 463 |
| Japan, Series 192, 2.40% 3/20/2045 | 165550 | 979 |
| Japan, Series 37, 0.60% 6/20/2050 | 26950 | 95 |
| Japan, Series 74, 1.00% 3/20/2052 | 84000 | 316 |
| Japan, Series 76, 1.40% 9/20/2052 | 41100 | 172 |
| Japan, Series 77, 1.60% 12/20/2052 | 76750 | 337 |
| Japan, Series 84, 2.10% 9/20/2054 | 82450 | 404 |
|  |  | 10164 |
| China 1.23% |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029 | CNY550 | 83 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028 | 4100 | 602 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029 | 3860 | 568 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030 | 6220 | 930 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 2870 | 443 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 2410 | 357 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035 | 3980 | 560 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 360 | 58 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 1520 | 201 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 | 1060 | 155 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 | 8580 | 1259 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 | 2040 | 311 |
|  |  | 5527 |
| Supra National 1.07% |  |  |
| Asian Development Bank 6.72% 2/8/2028 | INR18,000 | 201 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 | 10100 | 111 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 | 4300 | 48 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 | 43800 | 487 |
| European Investment Bank 0.375% 9/15/2027 | EUR110 | 126 |
| European Investment Bank 6.95% 3/1/2029 | INR5,700 | 64 |
| European Investment Bank 0.25% 1/20/2032 | EUR860 | 873 |
| European Investment Bank 7.40% 10/23/2033 | INR19,300 | 222 |
| European Investment Bank 2.875% 1/15/2035 | EUR45 | 52 |
| European Union 2.50% 10/14/2030 | 80 | 93 |

---

**139**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Supra National (continued) |  |  |
| European Union 2.75% 12/13/2032 | EUR70 | $82 |
| European Union 3.375% 10/4/2039 | 40 | 46 |
| European Union 3.625% 12/12/2040 | 1475 | 1728 |
| European Union 4.00% 10/12/2055 | 215 | 249 |
| Inter-American Development Bank 7.00% 1/25/2029 | INR22,000 | 247 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029 | 16200 | 181 |
|  |  | 4810 |
| Germany 1.05% |  |  |
| Germany (Federal Republic of) 0% 8/15/2030 | EUR2,459 | 2592 |
| Germany (Federal Republic of) 0% 2/15/2032 | 540 | 544 |
| Germany (Federal Republic of) 1.70% 8/15/2032 | 674 | 750 |
| Germany (Federal Republic of) 2.30% 2/15/2033 | 300 | 345 |
| Germany (Federal Republic of) 2.50% 2/15/2035 | 130 | 149 |
| Germany (Federal Republic of) 1.00% 5/15/2038 | 180 | 166 |
| Germany (Federal Republic of) 0% 8/15/2050 | 300 | 152 |
| Germany (Federal Republic of) 0% 8/15/2052 | 80 | 38 |
|  |  | 4736 |
| United Kingdom 1.00% |  |  |
| United Kingdom 1.25% 7/22/2027 | GBP410 | 533 |
| United Kingdom 0.375% 10/22/2030 | 210 | 240 |
| United Kingdom 1.00% 1/31/2032 | 750 | 845 |
| United Kingdom 4.25% 6/7/2032 | 785 | 1068 |
| United Kingdom 3.25% 1/31/2033 | 330 | 418 |
| United Kingdom 3.25% 1/22/2044 | 644 | 680 |
| United Kingdom 1.25% 7/31/2051 | 413 | 247 |
| United Kingdom 4.375% 7/31/2054 | 205 | 242 |
| United Kingdom 2.50% 7/22/2065 | 340 | 256 |
|  |  | 4529 |
| Italy 0.84% |  |  |
| Italy (Republic of) 1.35% 4/1/2030 | EUR250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033 | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033 | 740 | 937 |
| Italy (Republic of) 4.20% 3/1/2034 | 900 | 1127 |
| Italy (Republic of) 3.65% 8/1/2035 | 795 | 949 |
| Italy (Republic of) 4.50% 10/1/2053 | 210 | 253 |
| Italy (Republic of) 4.30% 10/1/2054 | 200 | 233 |
|  |  | 3791 |
| Brazil 0.77% |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026 | BRL10,887 | 1985 |
| Brazil (Federative Republic of) 10.00% 1/1/2029 | 2230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 1142 | 183 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 4075 | 610 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(b)</sup> | 229 | 37 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup> | 1653 | 263 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(b)</sup> | 229 | 36 |
|  |  | 3491 |
| France 0.66% |  |  |
| French Republic O.A.T. 0.75% 2/25/2028 | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030 | 1320 | 1355 |

---

American Funds Insurance Series **140**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| France (continued) |  |  |
| French Republic O.A.T. 2.00% 11/25/2032 | EUR610 | $667 |
| French Republic O.A.T. 3.25% 5/25/2045 | 160 | 166 |
| French Republic O.A.T. 3.75% 5/25/2056 | 295 | 305 |
|  |  | 2959 |
| Hungary 0.56% |  |  |
| Hungary (Republic of) 3.00% 8/21/2030 | HUF548,270 | 1456 |
| Hungary (Republic of) 4.50% 5/27/2032 | 336000 | 920 |
| Magyar Export-Import Bank 6.00% 5/16/2029 | EUR100 | 126 |
|  |  | 2502 |
| Spain 0.53% |  |  |
| Spain (Kingdom of) 0% 1/31/2027 | 335 | 385 |
| Spain (Kingdom of) 0.80% 7/30/2027 | 490 | 564 |
| Spain (Kingdom of) 0.50% 10/31/2031 | 165 | 171 |
| Spain (Kingdom of) 3.15% 4/30/2033 | 317 | 376 |
| Spain (Kingdom of) 3.55% 10/31/2033 | 370 | 450 |
| Spain (Kingdom of) 3.25% 4/30/2034 | 120 | 142 |
| Spain (Kingdom of) 3.45% 10/31/2034 | 240 | 288 |
|  |  | 2376 |
| South Korea 0.46% |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW348,590 | 240 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 1830410 | 1339 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035 | 688360 | 474 |
|  |  | 2053 |
| Australia 0.45% |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD115 | 66 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 725 | 433 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 905 | 567 |
| New South Wales Treasury Corp. 4.25% 2/20/2036 | 340 | 208 |
| Treasury Corp. of Victoria 5.50% 9/15/2039 | 813 | 530 |
| Treasury Corp. of Victoria 3.625% 9/29/2040 | EUR200 | 231 |
|  |  | 2035 |
| Malaysia 0.36% |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR3,466 | 876 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 601 | 152 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 180 | 48 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 653 | 170 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 1307 | 336 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 93 | 26 |
|  |  | 1608 |
| Canada 0.31% |  |  |
| Canada (Government) 0.25% 3/1/2026 | CAD246 | 179 |
| Canada (Government) 3.50% 3/1/2028 | 1119 | 830 |
| Canada (Government) 1.50% 12/1/2031 | 60 | 40 |
| Nova Scotia (Province of) 3.15% 12/1/2051 | 170 | 95 |
| Ontario (Province of) 3.25% 7/3/2035 | EUR200 | 233 |
|  |  | 1377 |

---

**141**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Panama 0.18% |  |  |
| Panama (Republic of) 7.50% 3/1/2031 | USD560 | $622 |
| Panama (Republic of) 6.40% 2/14/2035 | 200 | 212 |
|  |  | 834 |
| Greece 0.17% |  |  |
| Greece (Hellenic Republic of) 3.875% 6/15/2028 | EUR65 | 79 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 | 530 | 578 |
|  |  | 758 |
| Mexico 0.15% |  |  |
| United Mexican States, Series M, 5.75% 3/5/2026 | MXN10,710 | 593 |
| United Mexican States, Series M, 8.00% 7/31/2053 | 881 | 42 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup> | 543 | 28 |
|  |  | 663 |
| Republic of Austria 0.14% |  |  |
| Austria (Republic of) 0% 2/20/2031 | EUR500 | 514 |
| Austria (Republic of) 2.90% 2/20/2034 | 120 | 140 |
|  |  | 654 |
| Indonesia 0.11% |  |  |
| Indonesia (Republic of), Series FR87, 6.50% 2/15/2031 | IDR1,253,000 | 77 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033 | 2543000 | 161 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 1026000 | 64 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035 | 2889000 | 182 |
|  |  | 484 |
| Colombia 0.08% |  |  |
| Colombia (Republic of) 7.375% 4/25/2030 | USD335 | 355 |
| Belgium 0.07% |  |  |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | EUR270 | 316 |
| Turkey 0.05% |  |  |
| Turkey (Republic of) 7.125% 7/17/2032 | USD200 | 212 |
| Ireland 0.04% |  |  |
| Ireland (Republic of) 2.60% 10/18/2034 | EUR100 | 114 |
| Ireland (Republic of) 3.00% 10/18/2043 | 80 | 88 |
|  |  | 202 |
| Estonia 0.04% |  |  |
| Estonia (Republic of) 3.25% 1/17/2034 | 160 | 187 |
| Bulgaria 0.03% |  |  |
| Bulgaria (Republic of) 4.50% 1/27/2033 | 120 | 152 |

---

American Funds Insurance Series **142**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Portugal 0.03% |  |  |
| Portugal (Republic of) 0.475% 10/18/2030 | EUR50 | $53 |
| Portugal (Republic of) 3.375% 6/15/2040 | 5 | 6 |
| Portugal (Republic of) 3.625% 6/12/2054 | 70 | 77 |
|  |  | 136 |
| Philippines 0.03% |  |  |
| Philippines (Republic of) 0.875% 5/17/2027 | 110 | 126 |
| Netherlands 0.03% |  |  |
| Netherlands (Kingdom of the) 5.50% 1/15/2028 | 100 | 125 |
| Poland 0.02% |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN410 | 108 |
| Chile 0.01% |  |  |
| Chile (Republic of) 4.70% 9/1/2030 | CLP55,000 | 60 |
| Total bonds & notes of governments & government agencies outside the U.S. |  | 57330 |
| **U.S. Treasury bonds & notes 5.53%** |  |  |
| **U.S. Treasury bonds & notes 5.53%** |  |  |
| U.S. Treasury 5.05% |  |  |
| U.S. Treasury 4.50% 4/15/2027 | USD1,160 | 1174 |
| U.S. Treasury 3.75% 4/30/2027 | 1710 | 1715 |
| U.S. Treasury 3.75% 6/30/2027 | 1510 | 1516 |
| U.S. Treasury 4.00% 6/30/2028 <sup>(c)</sup> | 4484 | 4537 |
| U.S. Treasury 4.625% 9/30/2028 | 1875 | 1928 |
| U.S. Treasury 4.125% 3/31/2029 | 822 | 836 |
| U.S. Treasury 3.50% 9/30/2029 | 755 | 752 |
| U.S. Treasury 4.00% 2/28/2030 | 1094 | 1108 |
| U.S. Treasury 4.00% 5/31/2030 | 1090 | 1104 |
| U.S. Treasury 3.875% 6/30/2030 | 2117 | 2133 |
| U.S. Treasury 3.50% 11/30/2030 | 210 | 208 |
| U.S. Treasury 2.875% 5/15/2032 | 306 | 289 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(c)</sup> | 1544 | 1604 |
| U.S. Treasury 4.25% 5/15/2035 | 326 | 329 |
| U.S. Treasury 4.00% 11/15/2035 | 390 | 385 |
| U.S. Treasury 1.875% 2/15/2041 | 285 | 199 |
| U.S. Treasury 2.25% 5/15/2041 | 873 | 643 |
| U.S. Treasury 2.875% 11/15/2046 | 200 | 148 |
| U.S. Treasury 1.25% 5/15/2050 | 1155 | 554 |
| U.S. Treasury 1.375% 8/15/2050 | 570 | 281 |
| U.S. Treasury 2.375% 5/15/2051 | 510 | 322 |
| U.S. Treasury 2.00% 8/15/2051 | 560 | 322 |
| U.S. Treasury 4.00% 11/15/2052 | 270 | 235 |
| U.S. Treasury 3.625% 2/15/2053 | 149 | 121 |
| U.S. Treasury 4.25% 8/15/2054 | 320 | 290 |
|  |  | 22733 |
| U.S. Treasury inflation-protected securities 0.48% |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(b)</sup> | 377 | 373 |

---

**143**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury inflation-protected securities (continued) |  |  |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(b)</sup> | USD698 | $719 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(b)</sup> | 272 | 196 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(b)</sup> | 934 | 886 |
|  |  | 2174 |
| Total U.S. Treasury bonds & notes |  | 24907 |
| **Mortgage-backed obligations 5.43%** |  |  |
| **Mortgage-backed obligations 5.43%** |  |  |
| Federal agency mortgage-backed obligations 4.11% |  |  |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup> | 32 | 31 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup> | 242 | 248 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup> | 64 | 67 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup> | 86 | 79 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup> | 319 | 325 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup> | 387 | 398 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup> | 19 | 19 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup> | 14 | 14 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup> | 2458 | 2526 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup> | 88 | 90 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup> | 68 | 71 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(d)</sup> | 467 | 475 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(d)</sup> | 178 | 182 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup> | 133 | 135 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup> | 94 | 97 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup> | 67 | 69 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup> | 85 | 86 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup> | 72 | 75 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup> | 67 | 69 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup> | 51 | 53 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup> | 6 | 7 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(d)</sup> | 316 | 320 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup> | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(d)</sup> | 999 | 1026 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup> | 84 | 87 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup> | 14 | 15 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup> | 10 | 10 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(d)</sup> | 281 | 275 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup> | 13 | 13 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(d)</sup> | 177 | 168 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup> | 395 | 386 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(d)</sup> | 99 | 101 |
| Fannie Mae Pool #DD2618 4.00% 3/1/2055 <sup>(d)</sup> | 931 | 883 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(d)</sup> | 39 | 40 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup> | 37 | 38 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup> | 1470 | 1547 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup> | 38 | 36 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup> | 57 | 54 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup> | 98 | 98 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup> | 50 | 50 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup> | 41 | 43 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup> | 235 | 238 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(d)</sup> | 155 | 147 |
| Fannie Mae Pool #DF7614 6.50% 12/1/2055 <sup>(d)</sup> | 81 | 86 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(d)</sup> | 323 | 262 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(d)</sup> | 66 | 61 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup> | 95 | 93 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup> | 53 | 52 |
| Freddie Mac Pool #SL1880 6.50% 11/1/2053 <sup>(d)</sup> | 14 | 14 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup> | 448 | 455 |

---

American Funds Insurance Series **144**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup> | USD195 | $198 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup> | 26 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup> | 40 | 41 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(d)</sup> | 78 | 81 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup> | 35 | 35 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup> | 102 | 106 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup> | 64 | 66 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup> | 52 | 54 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(d)</sup> | 21 | 21 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup> | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup> | 151 | 156 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup> | 76 | 79 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup> | 75 | 78 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup> | 72 | 75 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup> | 32 | 33 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(d)</sup> | 175 | 166 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup> | 72 | 70 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup> | 64 | 65 |
| Freddie Mac Pool #SD8487 4.00% 12/1/2054 <sup>(d)</sup> | 94 | 89 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup> | 205 | 205 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup> | 60 | 61 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup> | 1 | 1 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup> | 330 | 347 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(d)</sup> | 961 | 975 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup> | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup> | 89 | 89 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup> | 237 | 237 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup> | 874 | 873 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(e)</sup> | 1030 | 833 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(e)</sup> | 7 | 7 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(d)(e)</sup> | 485 | 460 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(e)</sup> | 338 | 330 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(d)(e)</sup> | 483 | 490 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(e)</sup> | 20 | 20 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(e)</sup> | 392 | 361 |
|  |  | 18493 |
| Commercial mortgage-backed securities 0.61% |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(f)</sup> | 55 | 57 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(g)</sup> | 140 | 144 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(f)(g)</sup> | 335 | 339 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(f)(g)</sup> | 298 | 299 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(f)(g)</sup> | 100 | 104 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(f)(g)</sup> | 135 | 139 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.20% 12/15/2039 <sup>(d)(f)(g)</sup> | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(f)(g)</sup> | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(f)(g)</sup> | 157 | 163 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(f)(g)</sup> | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(f)(g)</sup> | 131 | 136 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(f)(g)</sup> | 295 | 296 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) |  |  |
| &nbsp;&nbsp;&nbsp;5.293% 12/15/2039 <sup>(d)(f)(g)</sup> | 139 | 139 |

---

**145**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;6.624% 7/25/2054 <sup>(d)(f)(g)</sup> | USD50 | $51 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(d)(f)(g)</sup> | 128 | 128 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.193% 2/15/2042 <sup>(d)(f)(g)</sup> | 555 | 551 |
|  |  | 2771 |
| Collateralized mortgage-backed obligations (privately originated) 0.49% |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(f)(g)</sup> | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) |  |  |
| &nbsp;&nbsp;&nbsp;6.174% 5/25/2043 <sup>(d)(f)(g)</sup> | 122 | 124 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;5.774% 6/25/2043 <sup>(d)(f)(g)</sup> | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;5.574% 7/25/2043 <sup>(d)(f)(g)</sup> | 35 | 35 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;5.674% 1/25/2044 <sup>(d)(f)(g)</sup> | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;4.974% 5/25/2044 <sup>(d)(f)(g)</sup> | 36 | 36 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) |  |  |
| &nbsp;&nbsp;&nbsp;5.524% 5/25/2044 <sup>(d)(f)(g)</sup> | 121 | 122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;4.874% 2/25/2045 <sup>(d)(f)(g)</sup> | 20 | 20 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;5.024% 2/25/2045 <sup>(d)(f)(g)</sup> | 35 | 36 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(f)(g)</sup> | 23 | 23 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(g)(h)</sup> | 189 | 191 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(g)(h)</sup> | 98 | 99 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(d)(g)(h)</sup> | 96 | 97 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(f)(g)</sup> | 82 | 77 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(d)(g)(h)</sup> | 70 | 70 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(g)(h)</sup> | 136 | 138 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(g)(h)</sup> | 180 | 182 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2028) <sup>(d)(g)(h)</sup> | 197 | 198 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.201% 2/17/2042 <sup>(d)(f)(g)</sup> | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(g)(h)</sup> | 196 | 199 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(g)(h)</sup> | 98 | 100 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(f)(g)</sup> | 84 | 84 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(d)(g)(h)</sup> | 120 | 120 |
|  |  | 2227 |
| Other mortgage-backed securities 0.22% |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(d)</sup> | DKK397 | 58 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(d)</sup> | 1054 | 151 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup> | 4925 | 637 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(d)</sup> | 438 | 50 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(d)</sup> | 530 | 65 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup> | 176 | 22 |
|  |  | 983 |
| Total mortgage-backed obligations |  | 24474 |

---

American Funds Insurance Series **146**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes 5.05%** |  |  |
| Financials 1.32% |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(g)</sup> | USD100 | $100 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(h)</sup> | EUR230 | 257 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(h)</sup> | 100 | 125 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(h)</sup> | 100 | 123 |
| Banco de Sabadell SA 5.125% 6/27/2034 (5-year EUR Mid-Swap + 2.40% on 6/7/2029) <sup>(h)</sup> | 100 | 124 |
| Barclays PLC 7.09% 11/6/2029 (1-year GBP-OIS SONIO/N + 2.553% on 11/6/2028) <sup>(h)</sup> | GBP100 | 143 |
| Barclays PLC 4.616% 3/26/2037 (5-year EUR Mid-Swap + 2.05% on 3/26/2032) <sup>(h)</sup> | EUR100 | 121 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on |  |  |
| &nbsp;&nbsp;&nbsp;6/29/2033) <sup>(h)</sup> | USD200 | 221 |
| BPCE SA 4.50% 1/13/2033 | EUR100 | 123 |
| Brown & Brown, Inc. 5.55% 6/23/2035 | USD7 | 7 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(g)(h)</sup> | 200 | 208 |
| CaixaBank SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(h)</sup> | EUR200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | USD10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(h)</sup> | 70 | 71 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 59 | 56 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(h)</sup> | 160 | 157 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(h)</sup> | EUR200 | 222 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(h)</sup> | GBP100 | 135 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(h)</sup> | USD135 | 141 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(h)</sup> | 360 | 381 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(h)</sup> | 200 | 201 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(h)</sup> | 290 | 331 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(h)</sup> | EUR100 | 130 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(h)</sup> | USD85 | 86 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(h)</sup> | 280 | 250 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(h)</sup> | 220 | 231 |
| Mastercard, Inc. 2.00% 11/18/2031 | 102 | 91 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.65% on 7/6/2028) <sup>(h)</sup> | 294 | 306 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(h)</sup> | 150 | 156 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(h)</sup> | EUR175 | 192 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(g)</sup> | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(h)</sup> | 65 | 74 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(h)</sup> | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029 | 280 | 287 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/13/2030) <sup>(g)(h)</sup> | 330 | 340 |
| Toronto-Dominion Bank (The) 4.808% 6/3/2030 | 75 | 77 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)(i)</sup> | EUR150 | 181 |
|  |  | 5960 |
| Utilities 0.61% |  |  |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 | USD197 | 159 |
| CMS Energy Corp. 3.00% 5/15/2026 | 180 | 179 |
| Duke Energy Corp. 3.75% 4/1/2031 | EUR100 | 119 |
| Electricite de France SA 4.25% 1/25/2032 | 100 | 123 |
| Electricite de France SA 4.00% 5/7/2037 | 100 | 117 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on |  |  |
| &nbsp;&nbsp;&nbsp;6/1/2028) <sup>(h)</sup> | 200 | 230 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on |  |  |
| &nbsp;&nbsp;&nbsp;12/6/2028) <sup>(h)</sup> | 200 | 256 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(g)</sup> | USD200 | 190 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 | 200 | 186 |
| Engie SA 7.00% 10/30/2028 | GBP50 | 72 |
| Exelon Corp. 3.40% 4/15/2026 | USD75 | 75 |
| Interstate Power and Light Co. 2.30% 6/1/2030 | 50 | 46 |

---

**147**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Utilities (continued) |  |  |
| Pacific Gas and Electric Co. 6.15% 1/15/2033 | USD78 | $83 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035 | 120 | 126 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 120 | 102 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 137 | 93 |
| Public Service Co. of Colorado 2.70% 1/15/2051 | 125 | 76 |
| Southern California Edison Co. 5.45% 3/1/2035 | 150 | 152 |
| Southern California Edison Co. 6.20% 9/15/2055 | 60 | 61 |
| SP Transmission PLC 2.00% 11/13/2031 | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026 | USD200 | 199 |
|  |  | 2761 |
| Energy 0.59% |  |  |
| Ecopetrol SA 8.625% 1/19/2029 | 125 | 134 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(g)</sup> | 200 | 210 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(g)</sup> | 225 | 236 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 1455 | 1479 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 80 | 65 |
| Qatar Energy 3.125% 7/12/2041 <sup>(g)</sup> | 320 | 247 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(g)</sup> | 200 | 163 |
| TotalEnergies Capital SA 5.488% 4/5/2054 | 85 | 82 |
|  |  | 2641 |
| Communication services 0.57% |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN9,100 | 522 |
| America Movil, SAB de CV, 9.50% 1/27/2031 | 2000 | 113 |
| America Movil, SAB de CV, 10.30% 1/30/2034 | 2000 | 117 |
| AT&T, Inc. 2.75% 6/1/2031 | USD165 | 152 |
| AT&T, Inc. 5.20% 11/18/2033 | GBP100 | 136 |
| AT&T, Inc. 2.55% 12/1/2033 | USD64 | 55 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(g)</sup> | 75 | 64 |
| Comcast Corp. 3.55% 5/1/2028 | 70 | 69 |
| Comcast Corp. 0.25% 9/14/2029 | EUR250 | 267 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD45 | 56 |
| Orange 3.625% 11/16/2031 | EUR100 | 120 |
| Orange 5.625% 1/23/2034 | GBP90 | 127 |
| T-Mobile USA, Inc. 2.05% 2/15/2028 | USD200 | 192 |
| T-Mobile USA, Inc. 3.15% 2/11/2032 | EUR100 | 116 |
| T-Mobile USA, Inc. 5.15% 4/15/2034 | USD115 | 118 |
| Verizon Communications, Inc. 0.375% 3/22/2029 | EUR140 | 152 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | USD100 | 88 |
| Verizon Communications, Inc. 0.75% 3/22/2032 | EUR100 | 101 |
|  |  | 2565 |
| Industrials 0.43% |  |  |
| Boeing Co. (The) 6.298% 5/1/2029 | USD95 | 101 |
| Boeing Co. (The) 6.528% 5/1/2034 | 604 | 668 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 42 | 32 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 129 | 86 |
| Carrier Global Corp. 2.493% 2/15/2027 | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050 | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051 | 75 | 45 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035 | 200 | 195 |
| Honeywell International, Inc. 3.75% 3/1/2036 | EUR100 | 116 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(g)</sup> | USD76 | 79 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(g)</sup> | 200 | 199 |

---

American Funds Insurance Series **148**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Industrials (continued) |  |  |
| RTX Corp. 4.125% 11/16/2028 | USD100 | $100 |
| RTX Corp. 6.10% 3/15/2034 | 55 | 60 |
| RTX Corp. 4.50% 6/1/2042 | 70 | 63 |
| Veralto Corp. 4.15% 9/19/2031 | EUR100 | 122 |
| Veralto Corp. 5.45% 9/18/2033 | USD40 | 42 |
|  |  | 1920 |
| Consumer discretionary 0.33% |  |  |
| BMW International Investment BV 4.75% 9/4/2030 | GBP100 | 137 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028 | EUR200 | 237 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 | USD200 | 203 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 200 | 207 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 140 | 146 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(g)</sup> | 100 | 99 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(g)</sup> | 72 | 74 |
| Hyundai Capital America 4.50% 9/18/2030 <sup>(g)</sup> | 100 | 100 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(i)</sup> | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030 | USD200 | 197 |
|  |  | 1509 |
| Health care 0.33% |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 | 25 | 26 |
| AbbVie, Inc. 5.35% 3/15/2044 | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054 | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064 | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027 | 200 | 196 |
| Amgen, Inc. 4.20% 3/1/2033 | 200 | 196 |
| Amgen, Inc. 5.65% 3/2/2053 | 300 | 294 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 60 | 59 |
| CVS Health Corp. 5.40% 6/1/2029 | 125 | 129 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 33 | 34 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 107 | 108 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 21 | 20 |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026 | EUR100 | 117 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD150 | 150 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 | 65 | 64 |
|  |  | 1466 |
| Consumer staples 0.32% |  |  |
| Altria Group, Inc. 2.20% 6/15/2027 | EUR170 | 199 |
| BAT Capital Corp. 3.215% 9/6/2026 | USD62 | 62 |
| BAT Capital Corp. 3.557% 8/15/2027 | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029 | 75 | 73 |
| BAT Capital Corp. 5.625% 8/15/2035 | 243 | 253 |
| Campbell's Co. (The) 4.75% 3/23/2035 | 47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034 | 61 | 62 |
| Coca-Cola Co. 3.75% 8/15/2053 | EUR125 | 133 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(g)</sup> | USD105 | 108 |
| Minerva Luxembourg SA 8.875% 9/13/2033 | 200 | 219 |
| Philip Morris International, Inc. 4.00% 10/29/2030 | 60 | 60 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 110 | 118 |
|  |  | 1436 |
| Materials 0.30% |  |  |
| Braskem Netherlands Finance BV 4.50% 1/31/2030 | 220 | 86 |

---

**149**American Funds Insurance Series

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Materials (continued) |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 | USD400 | $157 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(g)</sup> | 250 | 263 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(g)</sup> | 200 | 208 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(h)(j)</sup> | 276 | 280 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(g)(h)(j)</sup> | 46 | 47 |
| Vale Overseas, Ltd. 3.75% 7/8/2030 | 94 | 91 |
| Verallia SAS 3.875% 11/4/2032 | EUR200 | 229 |
|  |  | 1361 |
| Information technology 0.15% |  |  |
| Amphenol Corp. 3.125% 6/16/2032 | 100 | 116 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(g)</sup> | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030 | 30 | 30 |
| Broadcom, Inc. 3.469% 4/15/2034 | 123 | 112 |
| Oracle Corp. 2.65% 7/15/2026 | 216 | 214 |
| SK hynix, Inc. 1.50% 1/19/2026 | 200 | 200 |
|  |  | 693 |
| Real estate 0.10% |  |  |
| American Tower Corp. 0.875% 5/21/2029 | EUR130 | 143 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034 | USD100 | 103 |
| Equinix, Inc. 2.15% 7/15/2030 | 176 | 160 |
| Essex Portfolio, LP 3.375% 4/15/2026 | 40 | 40 |
|  |  | 446 |
| Total corporate bonds and notes |  | 22758 |
| **Asset-backed obligations 0.54%** |  |  |
| **Asset-backed obligations 0.54%** |  |  |
| Other asset-backed securities 0.29% |  |  |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(g)</sup> | 323 | 324 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup> | 93 | 95 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(g)</sup> | 76 | 76 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(g)</sup> | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(g)</sup> | 100 | 101 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup> | 86 | 87 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(g)</sup> | 231 | 236 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(g)</sup> | 161 | 162 |
|  |  | 1292 |
| Credit card 0.11% |  |  |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(g)</sup> | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(g)</sup> | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(g)</sup> | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(g)</sup> | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(g)</sup> | 100 | 101 |
|  |  | 516 |
| Auto loan 0.09% |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(g)</sup> | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup> | 148 | 154 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup> | 100 | 101 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(g)</sup> | 10 | 10 |
|  |  | 391 |

---

American Funds Insurance Series **150**

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Collateralized loan obligations 0.04% |  |  |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2032 (d)(f)(g) | USD181 | $180 |
| Student loan 0.01% |  |  |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% |  |  |
| &nbsp;&nbsp;&nbsp;11/15/2052 <sup>(d)(f)(g)</sup> | 62 | 63 |
| Total asset-backed obligations |  | 2442 |
| **Federal agency bonds & notes 0.07%** |  |  |
| **Federal agency bonds & notes 0.07%** |  |  |
| Export-Import Bank of Thailand 5.354% 5/16/2029 | 200 | 208 |
| Korea Development Bank 6.75% 7/1/2030 | INR10,000 | 110 |
|  |  | 318 |
| **Municipals 0.03%** |  |  |
| **Municipals 0.03%** |  |  |
| Ohio 0.02% |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, |  |  |
| &nbsp;&nbsp;&nbsp;3.216% 2/15/2048 | USD100 | 74 |
| Texas 0.01% |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% |  |  |
| &nbsp;&nbsp;&nbsp;10/1/2052 | 80 | 55 |
| Total municipals |  | 129 |
| Total bonds, notes & other debt instruments (cost: $134,692,000) |  | 132358 |
| Investment funds 0.94% | Shares |  |
| Investment funds 0.94% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(k)</sup> | 499957 | 4250 |
| Total investment funds (cost: $3,967,000) |  | 4250 |
| Short-term securities 6.16% |  |  |
| Short-term securities 6.16% |  |  |
| **Money market investments 6.16%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | 277543 | 27757 |
| Total short-term securities (cost: $27,752,000) |  | 27757 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style)\* |  | 2 |
| Total options purchased (equity style) (cost: $10,000) |  | 2 |
| Total investment securities 100.13% (cost: $367,548,000) |  | 451054 |
| Other assets less liabilities (0.13)% |  | (587) |
| Net assets 100.00% |  | $450467 |

---

**151**American Funds Insurance Series

![](gf3p974273ml7g7j2cj08.jpg)

American Funds Global Balanced Fund (continued)

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

Options on foreign currencies

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Notional | Value at |
|  |  | Expiration | Exercise | amount | 12/31/2025 |
| Description | &nbsp;&nbsp;Counterparty | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| USD/JPY Foreign Currency Options | &nbsp;&nbsp;BNP Paribas | 2/18/2026 | JPY147.00 | USD2,000 | $2 |
| **Options purchased (futures style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 12/31/2025 |
| Description | contracts | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | 18 | 1/23/2026 | EUR126.50 | EUR1,800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—(m) |
| **Options written (futures style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 12/31/2025 |
| Description | contracts | date | price | (000) | (000) |
| Call |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | 1/23/2026 | EUR131.50 | EUR(1800) | $4 |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| 3 Month CORRA Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 96 | 6/17/2026 | USD17,086 | $52 |
| 3 Month CORRA Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 4 | 9/16/2026 | (712) | 1 |
| 2 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 44 | 3/10/2026 | 5550 | (10) |
| 2 Year Euro-Schatz Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 22 | 3/10/2026 | (2761) | 3 |
| 2 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 12 | 3/31/2026 | 923 | (3) |
| 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 111 | 4/6/2026 | 23176 | (5) |
| 5 Year Euro-Bobl Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 22 | 3/10/2026 | 3003 | (15) |
| 5 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 14 | 3/31/2026 | 1156 | (10) |
| 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 15 | 4/6/2026 | 1640 | (5) |
| 10 Year Euro-Bund Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 5 | 3/10/2026 | 750 | (5) |
| 10 Year French Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 3 | 3/10/2026 | (425) | 3 |
| 10 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 8 | 3/10/2026 | (1130) | 5 |

---

American Funds Insurance Series **152**

![](go9jr1es5d712fdq8kc6z.jpg)

American Funds Global Balanced Fund (continued)

**Futures contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  | appreciation |
|  |  |  |  |  |  |  | Notional | (depreciation) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of | Expiration | amount | at 12/31/2025 |
| Contracts |  |  |  | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | date | (000) | (000) |
| 10 Year Australian Treasury Bond Futures | 10 Year Australian Treasury Bond Futures | 10 Year Australian Treasury Bond Futures | 10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | USD584 | $3 |
| 10 Year Japanese Government Bond Futures | 10 Year Japanese Government Bond Futures | 10 Year Japanese Government Bond Futures | 10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 | (2536) | 18 |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures |  | Long | 26 | 3/31/2026 | 2923 | (21) |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 | 690 | (7) |
| 10 Year UK Gilt Futures | 10 Year UK Gilt Futures |  |  | Short | 2 | 3/31/2026 | (246) | 1 |
| 10 Year Canadian Government Bond Futures | 10 Year Canadian Government Bond Futures | 10 Year Canadian Government Bond Futures | 10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 | (617) | 9 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  | Long | 15 | 3/31/2026 | 1734 | (24) |
| 30 Year Euro-Buxl Futures | 30 Year Euro-Buxl Futures |  |  | Short | 8 | 3/10/2026 | (1035) | 23 |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 | 1534 | (27) |
|  |  |  |  |  |  |  |  | $(14) |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  |  |  | appreciation |
|  | Contract amount |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  |  |  | Settlement | at 12/31/2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |  |  | (000) |  | Counterparty |  | date | (000) |
| TRY | 13630 | USD | 312 |  | Citibank |  | 1/7/2026 | $3 |
| USD | 899 | MYR | 3710 |  | JPMorgan Chase |  | 1/8/2026 | (16) |
| USD | 725 | JPY | 112210 |  | Bank of America |  | 1/9/2026 | 8 |
| USD | 355 | JPY | 54745 |  | Citibank |  | 1/9/2026 | 5 |
| USD | 277 | JPY | 42750 |  | Citibank |  | 1/9/2026 | 4 |
| CHF | 130 | USD | 163 |  | JPMorgan Chase |  | 1/9/2026 | 1 |
| CZK | 13595 | EUR | 562 |  | JPMorgan Chase |  | 1/9/2026 | 1 |
| USD | 21 | CLP | 19505 |  | Citibank |  | 1/9/2026 | —(m) |
| USD | 464 | IDR | 7740641 |  | Citibank |  | 1/9/2026 | —(m) |
| JPY | 33170 | USD | 212 |  | BNP Paribas |  | 1/9/2026 | —(m) |
| USD | 244 | MXN | 4405 |  | Morgan Stanley |  | 1/9/2026 | —(m) |
| USD | 78 | COP | 300000 |  | Citibank |  | 1/9/2026 | (1) |
| USD | 517 | CHF | 410 |  | Bank of America |  | 1/9/2026 | (1) |
| JPY | 10610 | USD | 69 |  | Morgan Stanley |  | 1/9/2026 | (1) |
| USD | 339 | CHF | 270 |  | Goldman Sachs |  | 1/9/2026 | (2) |
| USD | 1134 | INR | 102200 |  | HSBC Bank |  | 1/9/2026 | (2) |
| USD | 415 | CZK | 8586 |  | JPMorgan Chase |  | 1/9/2026 | (3) |
| USD | 334 | GBP | 250 |  | Bank of America |  | 1/9/2026 | (3) |
| USD | 291 | MXN | 5330 |  | UBS AG |  | 1/9/2026 | (4) |
| USD | 606 | EUR | 520 |  | Citibank |  | 1/9/2026 | (6) |
| USD | 443 | KRW | 655190 |  | Citibank |  | 1/9/2026 | (11) |
| USD | 1103 | CAD | 1535 |  | Barclays Bank PLC |  | 1/9/2026 | (16) |
| USD | 1614 | KRW 2,363,730 | KRW 2,363,730 |  | Citibank |  | 1/9/2026 | (24) |
| CNH | 17205 | USD | 2438 |  | Citibank |  | 1/12/2026 | 30 |
| ZAR | 3460 | USD | 202 |  | Citibank |  | 1/12/2026 | 6 |
| CNH | 4541 | USD | 646 |  | Goldman Sachs |  | 1/12/2026 | 5 |
| EUR | 186 | CAD | 300 |  | HSBC Bank |  | 1/12/2026 | 1 |
| NZD | 47 | USD | 27 |  | Bank of America |  | 1/12/2026 | —(m) |
| EUR | 411 | GBP | 360 |  | UBS AG |  | 1/12/2026 | (1) |
| USD | 64 | NOK | 651 |  | Morgan Stanley |  | 1/12/2026 | (1) |
| USD | 71 | RON | 310 |  | Citibank |  | 1/12/2026 | (1) |
| USD | 123 | SGD | 160 |  | Citibank |  | 1/12/2026 | (1) |
| USD | 264 | MXN | 4785 |  | HSBC Bank |  | 1/12/2026 | (2) |
| USD | 107 | PLN | 390 |  | Citibank |  | 1/12/2026 | (2) |
| USD | 93 | SEK | 870 |  | HSBC Bank |  | 1/12/2026 | (2) |
| USD | 2079 | AUD | 3141 |  | Morgan Stanley |  | 1/12/2026 | (17) |

---

**153**American Funds Insurance Series

![](gzf5gflk4idu5avk6jx7s.jpg)

American Funds Global Balanced Fund (continued)

**Forward currency contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  | appreciation |
|  | Contract amount |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 12/31/2025 |
|  | (000) |  | (000) | Counterparty | date | (000) |
| USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | $(29) |
| USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | 2 |
| USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | 100 |
| EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | —(m) |
| EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | —(m) |
| USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | (1) |
| USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | (24) |
| USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | (65) |
| EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | (5) |
| USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | (32) |
| GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | 4 |
| USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | (3) |
| USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | 31 |
| USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | (2) |
| USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | 24 |
| EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | (3) |
| EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | 1 |
| EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | 3 |
|  |  |  |  |  |  | $(52) |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
| 3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $—(m) | $— | $—(m) |
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP70 | 1 |  | 1 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD210 | 1 |  | 1 |
| SOFR | Annual | 3.4925% | Annual | 8/19/2027 | USD8,340 | (21) |  | (21) |
| SOFR | Annual | 3.3395% | Annual | 9/23/2027 | USD8,510 | (2) |  | (2) |
| 4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP267 | 12 |  | 12 |
| SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD2,870 | 12 |  | 12 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR310 | 4 |  | 4 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | 4 |  | 4 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | 3 |  | 3 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK3,700 | (2) |  | (2) |
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR280 | 4 |  | 4 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK1,500 | 1 |  | 1 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK960 | —(m) |  | —(m) |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK970 | —(m) |  | —(m) |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK3,540 | 1 |  | 1 |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | 9/22/2030 | NOK2,420 | 1 |  | 1 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | 9/23/2030 | NOK2,390 | —(m) |  | —(m) |
| 6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | 9/23/2030 | NOK2,390 | —(m) |  | —(m) |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | 9/23/2030 | NOK1,220 | —(m) |  | —(m) |
| SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP62 | (3) |  | (3) |

---

American Funds Insurance Series **154**

![](gbwtvlis2haizc08833cg.jpg)

American Funds Global Balanced Fund (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Upfront |  | Unrealized |
|  | &nbsp;&nbsp;Receive | &nbsp;&nbsp;Receive |  |  | Pay |  |  |  |  |  |  | premium | premium | premium | appreciation | appreciation |
|  | &nbsp;&nbsp;Receive | &nbsp;&nbsp;Receive |  |  | Pay |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  | paid | paid | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  | paid | paid | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  | paid | paid | (depreciation) | (depreciation) |
|  |  |  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration |  | amount | 12/31/2025 | 12/31/2025 | 12/31/2025 | (received) | (received) | (received) | at 12/31/2025 | at 12/31/2025 |
| Rate |  |  | frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date |  | (000) |  | (000) | (000) | (000) | (000) | (000) |  | (000) |
| 6-month EURIBOR | 6-month EURIBOR |  | Semi-annual | &nbsp;&nbsp;2.8972% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/11/2055 |  | EUR180 |  | $14 | $14 |  |  | $— |  | $14 |
| SOFR |  |  | Annual | &nbsp;&nbsp;3.9305% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/23/2055 |  | USD940 |  | 38 | 38 |  |  |  |  | 38 |
|  |  |  |  |  |  |  |  |  |  | $68 | $68 |  |  | $— |  | $68 |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Upfront |  | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay |  |  |  |  |  |  |  | premium | premium | premium | appreciation | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | paid | paid | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | paid | paid | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | paid | paid | (depreciation) | (depreciation) |
|  | Payment |  |  | &nbsp;&nbsp;Payment |  | Expiration |  | amount | 12/31/2025 | 12/31/2025 | 12/31/2025 | (received) | (received) | (received) | at 12/31/2025 | at 12/31/2025 |
| Rate | frequency | frequency | Rate | &nbsp;&nbsp;frequency | Counterparty | date |  | (000) |  | (000) | (000) | (000) | (000) | (000) |  | (000) |
| 11.91% | At maturity | At maturity | BZDIOVER | &nbsp;&nbsp;At maturity | Barclays Bank PLC | 1/4/2027 | BRL2,940 | BRL2,940 |  | $(22) | $(22) |  |  | $— |  | $(22) |
| 13.995% | At maturity | At maturity | BZDIOVER | &nbsp;&nbsp;At maturity | Barclays Bank PLC | 1/2/2029 | BRL6,010 | BRL6,010 |  | 22 |  |  |  |  |  | 22 |
| 14.115% | At maturity | At maturity | BZDIOVER | &nbsp;&nbsp;At maturity | Goldman Sachs | 1/2/2029 | BRL1,660 | BRL1,660 |  | 8 |  |  |  |  |  | 8 |
| 14.05% | At maturity | At maturity | BZDIOVER | &nbsp;&nbsp;At maturity | Barclays Bank PLC | 1/2/2029 | BRL1,210 | BRL1,210 |  | 5 |  |  |  |  |  | 5 |
| 14.05% | At maturity | At maturity | BZDIOVER | &nbsp;&nbsp;At maturity | Goldman Sachs | 1/2/2029 |  | BRL740 |  | 3 |  |  |  |  |  | 3 |
| 11.495% | At maturity | At maturity | BZDIOVER | &nbsp;&nbsp;At maturity | Bank of America | 1/2/2029 | BRL1,530 | BRL1,530 |  | (22) | (22) |  |  |  |  | (22) |
|  |  |  |  |  |  |  |  |  |  | $(6) | $(6) |  |  | $— |  | $(6) |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Upfront |  |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  | premium | premium |  |  | appreciation | appreciation |
|  |  |  |  |  |  | Notional |  | Value at | Value at |  |  | paid |  |  | (depreciation) | (depreciation) |
| Reference |  | &nbsp;&nbsp;Financing | &nbsp;&nbsp;Financing | &nbsp;&nbsp;Payment | Expiration | amount |  | 12/31/2025 | 12/31/2025 | (received) | (received) | (received) |  |  | at 12/31/2025 | at 12/31/2025 |
| index |  | &nbsp;&nbsp;rate paid | &nbsp;&nbsp;rate paid | &nbsp;&nbsp;frequency | date | (000) |  | (000) | (000) |  |  | (000) |  |  |  | (000) |
| ITRAXX.EUR.44 | ITRAXX.EUR.44 | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;Quarterly | 12/20/2030 | EUR1,520 |  |  | $(41) |  |  | $(38) | $(38) |  |  | $(3) |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Upfront |  |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  | premium | premium |  |  | appreciation | appreciation |
|  |  |  |  |  |  | Notional |  | Value at | Value at |  |  | paid |  |  | (depreciation) | (depreciation) |
| Reference |  | Financing | Financing | &nbsp;&nbsp;&nbsp;Payment | Expiration | &nbsp;&nbsp;&nbsp;&nbsp;amount <sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;amount <sup>(n)</sup> | 12/31/2025 <sup>(o)</sup> | 12/31/2025 <sup>(o)</sup> | (received) | (received) | (received) |  |  | at 12/31/2025 | at 12/31/2025 |
| index |  | rate received | rate received | &nbsp;&nbsp;&nbsp;frequency | date | (000) |  |  | (000) |  |  | (000) |  |  |  | (000) |
| CDX.NA.IG.45 | CDX.NA.IG.45 | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;Quarterly | 12/20/2030 | USD1,928 |  |  | $44 |  |  | $44 |  |  |  | $—(m) |
| **Investments in affiliates <sup>(k)</sup>** | **Investments in affiliates <sup>(k)</sup>** | **Investments in affiliates <sup>(k)</sup>** | **Investments in affiliates <sup>(k)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Net |  |  | Net |  |  |  |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  |  |  | Net | unrealized | unrealized | unrealized |  |  |  | Dividend |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at |  |  | realized | realized | appreciation | appreciation | appreciation |  | Value at | Value at | or interest |
|  |  |  |  |  | 1/1/2025 | Additions | Reductions gain (loss) | Reductions gain (loss) | Reductions gain (loss) | (depreciation) | (depreciation) | (depreciation) | 12/31/2025 | 12/31/2025 | 12/31/2025 | income |
|  |  |  |  |  | (000) | (000) |  | (000) | (000) |  |  | (000) |  |  | (000) | (000) |
| Investment funds 0.94% | Investment funds 0.94% | Investment funds 0.94% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $3953 | $195 | $— |  | $— |  |  | $102 | $4250 | $4250 | $4250 | $195 |

---

**155**American Funds Insurance Series

![](gtnnzcvsjskpm5en3l9vw.jpg)

American Funds Global Balanced Fund (continued)

**Investments in affiliates <sup>(k)</sup> (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 6.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 6.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(l)</sup> | $22187 | $115565 | $109995 | $(2) | $2 | $27757 | $1158 |
| &nbsp;&nbsp;&nbsp;Total 7.10% |  |  |  | $(2) | $104 | $32007 | $1353 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Percent |
|  | Acquisition | Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/22/2031) <sup>(h)</sup> | 12/4/2024 | $163 | $181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. 1.60% 3/15/2031 | 9/30/2024 | 104 | 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;Total |  | $267 | $290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |

---

(a)Non-income producing.

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

(c)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $899,000, which represented 0.20% of the net assets of the fund.

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

(e)Represents securities transacted on a TBA basis.

(f)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(g)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,356,000, which represented 2.30% of the net assets of the fund.

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

(i)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(j)Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

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

(l)Rate represents the seven-day yield at 12/31/2025.

(m)Amount less than one thousand.

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

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

American Funds Insurance Series **156**

American Funds Global Balanced Fund (continued)

Key to abbreviation(s)

ADR = American Depositary Receipts AUD = Australian dollars

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate CAD = Canadian dollars

CHF = Swiss francs

CLO = Collateralized Loan Obligations CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi CNY = Chinese yuan renminbi COP = Colombian pesos

CORRA = Canadian Overnight Repo Rate Average CZK = Czech korunas

DKK = Danish kroner EUR = Euros

EURIBOR = Euro Interbank Offered Rate GBP = British pounds

HUF = Hungarian forints

ICE = Intercontinental Exchange, Inc. IDR = Indonesian rupiah

ILS = Israeli shekels INR = Indian rupees JPY = Japanese yen

Refer to the notes to financial statements.

KRW = South Korean won MXN = Mexican pesos MYR = Malaysian ringgits

NIBOR = Norwegian Interbank Offered Rate NOK = Norwegian kroner

NZD = New Zealand dollars OIS = Overnight Index Swap PIK = Payment In Kind PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust Rev. = Revenue

RON = Romanian leu SEK = Swedish kronor SGD = Singapore dollars

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate SONIO/N = Sonio O/N Deposit Rates Swap

TBA = To be announced THB = Thai baht

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

**157**American Funds Insurance Series

The Bond Fund of America

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount | Value |
| Bonds, notes & other debt instruments 95.01% | (000) | (000) |
| **Mortgage-backed obligations 32.02%** |  |  |
| Federal agency mortgage-backed obligations 25.58% |  |  |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup> | USD17 | $17 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup> | 22 | 22 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup> | 9 | 9 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup> | 1896 | 1813 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup> | 93 | 88 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup> | 29 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 1645 | 1557 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> | 677 | 640 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup> | 316 | 334 |
| Fannie Mae Pool #924866 6.015% 10/1/2037 <sup>(a)(b)</sup> | 125 | 127 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup> | 140 | 146 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup> | 594 | 620 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup> | 134 | 138 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup> | 671 | 686 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup> | 666 | 685 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> | 102235 | 89225 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> | 639 | 658 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> | 322 | 331 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> | 292 | 300 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> | 161 | 166 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup> | 38 | 37 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> | 1540 | 1462 |
| Fannie Mae Pool #MA5786 7.00% 7/1/2045 <sup>(a)</sup> | 231 | 243 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup> | 667 | 633 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup> | 727 | 703 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup> | 115 | 111 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup> | 4084 | 3963 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup> | 289 | 276 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup> | 702 | 681 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup> | 31 | 30 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup> | 3647 | 3424 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup> | 1721 | 1668 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup> | 64 | 62 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup> | 1995 | 1983 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup> | 1043 | 979 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup> | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup> | 5216 | 4728 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup> | 3839 | 3614 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup> | 16627 | 16110 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup> | 15508 | 14679 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup> | 9 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> | 399 | 379 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup> | 1046 | 951 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup> | 703 | 640 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup> | 2075 | 1957 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup> | 16776 | 16198 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup> | 11941 | 11207 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup> | 3203 | 2996 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup> | 5177 | 4840 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup> | 23734 | 22304 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup> | 11 | 9 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup> | 249 | 212 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup> | 4712 | 4072 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup> | 520 | 441 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(a)</sup> | 40 | 33 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup> | 14584 | 13192 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup> | 4986 | 4532 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup> | 1623 | 1441 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup> | 4629 | 3931 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup> | 926 | 785 |

---

American Funds Insurance Series **158**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup> | USD595 | $505 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup> | 927 | 824 |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup> | 1561 | 1277 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup> | 16492 | 13964 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup> | 2472 | 2140 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup> | 854 | 739 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup> | 405 | 343 |
| Fannie Mae Pool #BQ2400 2.50% 9/1/2050 <sup>(a)</sup> | 56 | 48 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 289 | 258 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup> | 872 | 738 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> | 241 | 209 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup> | 185 | 158 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup> | 174 | 148 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup> | 1369 | 1216 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup> | 1748 | 1418 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup> | 5795 | 5023 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup> | 1078 | 916 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup> | 650 | 551 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup> | 24 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup> | 14135 | 12789 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 1008 | 823 |
| Fannie Mae Pool #CA8025 2.50% 12/1/2050 <sup>(a)</sup> | 925 | 786 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup> | 979 | 870 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | 6320 | 5161 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup> | 4745 | 3878 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup> | 40 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> | 20212 | 17285 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup> | 1512 | 1282 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup> | 886 | 751 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup> | 62 | 55 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup> | 3228 | 2613 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> | 693 | 561 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup> | 364 | 300 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup> | 4808 | 4141 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup> | 3395 | 2880 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup> | 342 | 277 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup> | 7274 | 6157 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup> | 1651 | 1398 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup> | 938 | 794 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup> | 8416 | 6815 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup> | 1803 | 1460 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup> | 563 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 27 | 22 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup> | 4788 | 4053 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup> | 4506 | 3814 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup> | 2365 | 2020 |
| Fannie Mae Pool #CB0006 2.50% 4/1/2051 <sup>(a)</sup> | 415 | 353 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup> | 313 | 265 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup> | 168 | 142 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup> | 2923 | 2610 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup> | 354 | 317 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup> | 10452 | 8460 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup> | 1714 | 1387 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> | 16 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup> | 1856 | 1578 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup> | 1744 | 1476 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup> | 573 | 485 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup> | 464 | 393 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup> | 157 | 133 |

---

**159**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup> | USD32 | $27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup> | 26 | 22 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup> | 1826 | 1478 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup> | 480 | 397 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup> | 1359 | 1150 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup> | 756 | 640 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup> | 265 | 237 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup> | 188 | 168 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup> | 74 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup> | 8398 | 7214 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup> | 4659 | 3954 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup> | 4300 | 3640 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup> | 2294 | 1942 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup> | 950 | 808 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup> | 545 | 462 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 408 | 353 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup> | 204 | 174 |
| Fannie Mae Pool #CB0998 3.00% 7/1/2051 <sup>(a)</sup> | 1940 | 1718 |
| Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(a)</sup> | 764 | 647 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051 <sup>(a)</sup> | 191 | 162 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup> | 1275 | 1129 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 3030 | 2565 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup> | 1894 | 1607 |
| Fannie Mae Pool #FM8658 2.50% 9/1/2051 <sup>(a)</sup> | 1343 | 1139 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 991 | 849 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup> | 467 | 398 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup> | 423 | 358 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup> | 297 | 253 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup> | 289 | 245 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup> | 54 | 46 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup> | 1890 | 1600 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup> | 309 | 261 |
| Fannie Mae Pool #BT9147 2.50% 10/1/2051 <sup>(a)</sup> | 21 | 18 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup> | 2949 | 2633 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup> | 4282 | 3479 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 125 | 102 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(a)</sup> | 1978 | 1674 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup> | 92 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup> | 843 | 751 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup> | 784 | 637 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(a)</sup> | 31768 | 26892 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup> | 1865 | 1583 |
| Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(a)</sup> | 1577 | 1335 |
| Fannie Mae Pool #CB2404 2.50% 12/1/2051 <sup>(a)</sup> | 300 | 254 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(a)</sup> | 27 | 24 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup> | 21 | 20 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup> | 1799 | 1462 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(a)</sup> | 5999 | 5078 |
| Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(a)</sup> | 5816 | 4923 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup> | 4273 | 3623 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup> | 2043 | 1729 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(a)</sup> | 1913 | 1622 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(a)</sup> | 1695 | 1435 |
| Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(a)</sup> | 1120 | 948 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup> | 1086 | 919 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup> | 329 | 279 |
| Fannie Mae Pool #BU3083 2.50% 1/1/2052 <sup>(a)</sup> | 295 | 251 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup> | 897 | 803 |
| Fannie Mae Pool #BV0273 3.00% 1/1/2052 <sup>(a)</sup> | 568 | 503 |
| Fannie Mae Pool #BU1410 3.00% 1/1/2052 <sup>(a)</sup> | 540 | 479 |

---

American Funds Insurance Series **160**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | USD14,514 | $11751 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup> | 2418 | 1962 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup> | 787 | 637 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup> | 1624 | 1383 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup> | 1367 | 1160 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup> | 849 | 723 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup> | 712 | 603 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup> | 490 | 416 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup> | 473 | 401 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup> | 253 | 215 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(a)</sup> | 30 | 26 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> | 31130 | 28182 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup> | 1510 | 1222 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup> | 1214 | 985 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup> | 1039 | 842 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup> | 841 | 681 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup> | 2639 | 2238 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> | 1681 | 1431 |
| Fannie Mae Pool #BV5800 2.50% 3/1/2052 <sup>(a)</sup> | 1000 | 849 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup> | 627 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup> | 377 | 321 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup> | 34 | 29 |
| Fannie Mae Pool #BV4199 3.00% 3/1/2052 <sup>(a)</sup> | 4985 | 4417 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup> | 973 | 862 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(a)</sup> | 5431 | 4396 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup> | 1603 | 1300 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup> | 724 | 587 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> | 30865 | 26126 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup> | 1508 | 1282 |
| Fannie Mae Pool #BV8126 2.50% 4/1/2052 <sup>(a)</sup> | 161 | 137 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup> | 1361 | 1301 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup> | 251 | 240 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup> | 3598 | 2923 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup> | 20039 | 17013 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup> | 2089 | 1778 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(a)</sup> | 1000 | 851 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup> | 931 | 792 |
| Fannie Mae Pool #FS7060 3.00% 5/1/2052 <sup>(a)</sup> | 6239 | 5526 |
| Fannie Mae Pool #CB3780 3.50% 5/1/2052 <sup>(a)</sup> | 1992 | 1847 |
| Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(a)</sup> | 1366 | 1157 |
| Fannie Mae Pool #FS7953 2.50% 6/1/2052 <sup>(a)</sup> | 941 | 798 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup> | 144 | 123 |
| Fannie Mae Pool #FS7062 3.00% 6/1/2052 <sup>(a)</sup> | 128 | 113 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup> | 2816 | 2689 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup> | 3048 | 3051 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup> | 1360 | 1364 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup> | 11030 | 9354 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup> | 2866 | 2426 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup> | 713 | 606 |
| Fannie Mae Pool #FS7057 2.50% 7/1/2052 <sup>(a)</sup> | 486 | 412 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup> | 416 | 354 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup> | 131 | 112 |
| Fannie Mae Pool #CB4370 3.50% 7/1/2052 <sup>(a)</sup> | 133 | 123 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup> | 2763 | 2770 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(a)</sup> | 4079 | 3613 |
| Fannie Mae Pool #FS3955 3.50% 8/1/2052 <sup>(a)</sup> | 988 | 917 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> | 521 | 527 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup> | 436 | 371 |
| Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(a)</sup> | 97 | 86 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> | 246 | 243 |

---

**161**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup> | USD57 | $56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> | 8089 | 8150 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 8787 | 7137 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup> | 9197 | 9018 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> | 2496 | 2452 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> | 2325 | 2333 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 2676 | 2726 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 2446 | 2492 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> | 203 | 212 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup> | 747 | 732 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> | 132 | 132 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup> | 31 | 32 |
| Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(a)</sup> | 571 | 506 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup> | 269 | 257 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup> | 19964 | 20043 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup> | 666 | 566 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup> | 4448 | 4245 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup> | 562 | 563 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup> | 292 | 279 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup> | 146 | 146 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup> | 3619 | 3693 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup> | 391 | 399 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 771 | 800 |
| Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(a)</sup> | 415 | 352 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup> | 4195 | 3985 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup> | 630 | 616 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> | 14804 | 14830 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup> | 79 | 79 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup> | 900 | 917 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup> | 16585 | 17191 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup> | 4543 | 4332 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup> | 398 | 380 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup> | 29 | 28 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> | 2798 | 2811 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup> | 2618 | 2626 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 5432 | 5531 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 6260 | 6463 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup> | 602 | 534 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup> | 2798 | 2740 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> | 5834 | 5938 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> | 4483 | 4552 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup> | 307 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> | 3478 | 3580 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> | 2196 | 2263 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> | 1608 | 1666 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup> | 5869 | 4759 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup> | 3516 | 2981 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup> | 147 | 125 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup> | 74 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 19056 | 18668 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup> | 573 | 575 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup> | 93 | 93 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 3147 | 3203 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup> | 6667 | 6985 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> | 16853 | 17147 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup> | 11483 | 11698 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup> | 5803 | 5912 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup> | 499 | 509 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup> | 4344 | 4471 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup> | 12932 | 13443 |

---

American Funds Insurance Series **162**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup> | USD7,282 | $6932 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup> | 11429 | 11637 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup> | 6228 | 6344 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup> | 122 | 126 |
| Fannie Mae Pool #BY1399 3.50% 11/1/2053 <sup>(a)</sup> | 996 | 924 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup> | 59822 | 59898 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup> | 1777 | 1855 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup> | 26 | 27 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> | 1830 | 1859 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup> | 692 | 728 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> | 4556 | 4777 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 1089 | 1134 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup> | 2852 | 2787 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> | 2362 | 2399 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 1652 | 1678 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup> | 6318 | 6548 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup> | 1519 | 1563 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup> | 24 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup> | 13809 | 13524 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup> | 17416 | 17717 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 1474 | 1497 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup> | 4540 | 4705 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup> | 3068 | 3162 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup> | 1522 | 1564 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> | 3733 | 3921 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> | 4653 | 4755 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 5114 | 5317 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup> | 508 | 517 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup> | 330 | 339 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup> | 180 | 185 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup> | 2472 | 2509 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup> | 1796 | 1836 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> | 17336 | 18002 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 1183 | 1220 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup> | 988 | 1017 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 9692 | 10110 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup> | 1788 | 1858 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup> | 6662 | 6796 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup> | 1423 | 1454 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> | 22751 | 23374 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> | 4671 | 4862 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> | 2409 | 2490 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> | 2072 | 2152 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 1995 | 2050 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup> | 1192 | 1228 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 1011 | 1039 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup> | 476 | 489 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 14751 | 15441 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 4002 | 4177 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 2375 | 2495 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup> | 132 | 135 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | 37577 | 38607 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup> | 1276 | 1312 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 1163 | 1195 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 805 | 828 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 211 | 219 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 98 | 101 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 88 | 91 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup> | 2102 | 2201 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> | 1776 | 1858 |

---

**163**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup> | USD83 | $86 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> | 3274 | 3323 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup> | 1600 | 1639 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> | 1203 | 1229 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup> | 362 | 372 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup> | 212 | 218 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup> | 177 | 182 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup> | 82 | 85 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup> | 254 | 264 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> | 765 | 786 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup> | 1794 | 1791 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 4170 | 4231 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup> | 3008 | 3091 |
| Fannie Mae Pool #MA5550 4.00% 12/1/2054 <sup>(a)</sup> | 9840 | 9342 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> | 263 | 257 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup> | 89 | 87 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup> | 31 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 137 | 137 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup> | 3685 | 3821 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup> | 1407 | 1451 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup> | 426 | 437 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> | 320 | 329 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup> | 286 | 295 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup> | 726 | 754 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup> | 1747 | 1772 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> | 1418 | 1464 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup> | 408 | 419 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup> | 1703 | 1774 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup> | 1201 | 1259 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(a)</sup> | 2295 | 2242 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 2689 | 2729 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> | 11644 | 11962 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> | 456 | 463 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 4785 | 4916 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup> | 3293 | 3423 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup> | 638 | 664 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup> | 24751 | 26039 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup> | 7959 | 7557 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 4581 | 4707 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup> | 273 | 281 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup> | 271 | 278 |
| Fannie Mae Pool #DD6277 7.00% 4/1/2055 <sup>(a)</sup> | 1000 | 1057 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(a)</sup> | 1744 | 1656 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> | 271 | 271 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 4402 | 4523 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup> | 1000 | 1053 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup> | 9433 | 9573 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup> | 456 | 463 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup> | 9679 | 9946 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(a)</sup> | 4428 | 4550 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup> | 1916 | 1993 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 1720 | 1788 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup> | 5302 | 5379 |
| Fannie Mae Pool #CC0859 5.50% 8/1/2055 <sup>(a)</sup> | 3902 | 3991 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup> | 2134 | 2221 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup> | 266 | 273 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(a)</sup> | 7268 | 7648 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup> | 1778 | 1804 |
| Fannie Mae Pool #MA5850 4.00% 10/1/2055 <sup>(a)</sup> | 3032 | 2878 |
| Fannie Mae Pool #DF4985 3.50% 11/1/2055 <sup>(a)</sup> | 117 | 108 |

---

American Funds Insurance Series **164**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup> | USD64 | $60 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup> | 9299 | 8557 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup> | 6890 | 6331 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup> | 14526 | 12733 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 17453 | 15210 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 955 | 934 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup> | 4507 | 4102 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup> | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup> | 13 | 14 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.346% 2/25/2042 <sup>(a)(b)</sup> | 14 | 14 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup> | 38 | 37 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup> | 645 | 639 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup> | 34 | 35 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup> | 29 | 28 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> | 2359 | 2233 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup> | 35 | 37 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup> | 27 | 28 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup> | 50 | 52 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup> | 165 | 172 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup> | 1723 | 1512 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup> | 123 | 124 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup> | 5103 | 4420 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup> | 123 | 124 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup> | 8835 | 7709 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup> | 284 | 296 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup> | 14578 | 13555 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup> | 53 | 46 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup> | 86 | 77 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> | 764 | 737 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup> | 467 | 454 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup> | 3819 | 3493 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup> | 9857 | 9326 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> | 722 | 698 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup> | 229 | 216 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup> | 927 | 898 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup> | 489 | 459 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup> | 1487 | 1395 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup> | 7977 | 7515 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup> | 21733 | 19714 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup> | 4364 | 3777 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup> | 26 | 22 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 281 | 251 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup> | 1774 | 1506 |
| Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(a)</sup> | 62 | 52 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup> | 1677 | 1497 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup> | 5209 | 4516 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup> | 1176 | 997 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup> | 54 | 46 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup> | 24 | 20 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup> | 1866 | 1581 |
| Freddie Mac Pool #RA4242 2.50% 1/1/2051 <sup>(a)</sup> | 929 | 794 |
| Freddie Mac Pool #QB7973 3.00% 1/1/2051 <sup>(a)</sup> | 627 | 556 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup> | 1676 | 1360 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup> | 402 | 331 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 95 | 77 |
| Freddie Mac Pool #SI2114 2.50% 2/1/2051 <sup>(a)</sup> | 110 | 93 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 60614 | 49440 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup> | 1716 | 1391 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup> | 2236 | 1893 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup> | 2150 | 1751 |

---

**165**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup> | USD217 | $183 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup> | 156 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup> | 1783 | 1443 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup> | 1748 | 1415 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> | 1566 | 1268 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 1219 | 1000 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup> | 1050 | 937 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup> | 1882 | 1523 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup> | 2221 | 1918 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup> | 736 | 623 |
| Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(a)</sup> | 65 | 56 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(a)</sup> | 57 | 48 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup> | 1869 | 1583 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup> | 539 | 458 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> | 5474 | 4938 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup> | 752 | 612 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup> | 9553 | 8201 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup> | 7375 | 6243 |
| Freddie Mac Pool #QC7739 2.50% 9/1/2051 <sup>(a)</sup> | 2089 | 1768 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup> | 1784 | 1515 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup> | 869 | 736 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup> | 445 | 377 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup> | 49 | 42 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(a)</sup> | 1824 | 1616 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup> | 966 | 863 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup> | 1848 | 1568 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup> | 6114 | 5458 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup> | 1727 | 1557 |
| Freddie Mac Pool #SD0740 3.50% 10/1/2051 <sup>(a)</sup> | 1991 | 1854 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup> | 2230 | 1807 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051 <sup>(a)</sup> | 2658 | 2250 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 1316 | 1138 |
| Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(a)</sup> | 101 | 85 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup> | 1081 | 966 |
| Freddie Mac Pool #QD0981 3.00% 11/1/2051 <sup>(a)</sup> | 519 | 460 |
| Freddie Mac Pool #SL1735 2.00% 12/1/2051 <sup>(a)</sup> | 1638 | 1329 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup> | 782 | 635 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup> | 5000 | 4242 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051 <sup>(a)</sup> | 2487 | 2105 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup> | 1071 | 910 |
| Freddie Mac Pool #QD2659 2.50% 12/1/2051 <sup>(a)</sup> | 1000 | 848 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(a)</sup> | 625 | 529 |
| Freddie Mac Pool #QD3209 3.00% 12/1/2051 <sup>(a)</sup> | 30 | 27 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup> | 18 | 16 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup> | 3958 | 3360 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup> | 2538 | 2162 |
| Freddie Mac Pool #QD4840 2.50% 1/1/2052 <sup>(a)</sup> | 656 | 555 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup> | 481 | 409 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup> | 461 | 393 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(a)</sup> | 9 | 7 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> | 3749 | 3379 |
| Freddie Mac Pool #SD2269 3.00% 1/1/2052 <sup>(a)</sup> | 620 | 550 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup> | 1583 | 1281 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup> | 800 | 650 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup> | 962 | 816 |
| Freddie Mac Pool #SD0847 2.50% 2/1/2052 <sup>(a)</sup> | 681 | 577 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup> | 386 | 328 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup> | 221 | 188 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup> | 163 | 139 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup> | 59 | 50 |

---

American Funds Insurance Series **166**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | USD590 | $549 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup> | 2211 | 1793 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup> | 1749 | 1419 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup> | 895 | 724 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup> | 823 | 666 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> | 477 | 387 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup> | 166 | 134 |
| Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(a)</sup> | 1000 | 848 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup> | 777 | 661 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup> | 719 | 612 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup> | 69 | 58 |
| Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(a)</sup> | 985 | 914 |
| Freddie Mac Pool #QD8689 3.50% 3/1/2052 <sup>(a)</sup> | 968 | 897 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup> | 1222 | 992 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup> | 1649 | 1396 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup> | 536 | 454 |
| Freddie Mac Pool #QE0292 2.50% 4/1/2052 <sup>(a)</sup> | 249 | 212 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup> | 217 | 184 |
| Freddie Mac Pool #QE1585 2.50% 4/1/2052 <sup>(a)</sup> | 189 | 160 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup> | 120 | 101 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup> | 116 | 99 |
| Freddie Mac Pool #QD9585 3.50% 4/1/2052 <sup>(a)</sup> | 1386 | 1286 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup> | 1626 | 1383 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup> | 359 | 305 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 40800 | 36239 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> | 3495 | 3099 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup> | 46 | 41 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup> | 743 | 689 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup> | 96 | 101 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup> | 63490 | 53744 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(a)</sup> | 8319 | 7055 |
| Freddie Mac Pool #SD4074 2.50% 7/1/2052 <sup>(a)</sup> | 1927 | 1631 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup> | 856 | 724 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup> | 462 | 392 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup> | 184 | 156 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 4157 | 3686 |
| Freddie Mac Pool #SL0643 3.00% 7/1/2052 <sup>(a)</sup> | 825 | 732 |
| Freddie Mac Pool #QE8971 3.50% 7/1/2052 <sup>(a)</sup> | 165 | 153 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup> | 1534 | 1538 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> | 86 | 70 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup> | 185 | 158 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup> | 534 | 478 |
| Freddie Mac Pool #SD3324 3.50% 8/1/2052 <sup>(a)</sup> | 382 | 354 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> | 71 | 70 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup> | 3868 | 3430 |
| Freddie Mac Pool #SD6584 3.50% 9/1/2052 <sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> | 310 | 304 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup> | 283 | 277 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> | 73 | 71 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> | 46 | 45 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> | 30 | 30 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> | 5497 | 5618 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup> | 15322 | 14777 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup> | 5294 | 5128 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup> | 15567 | 15265 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup> | 3449 | 3457 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup> | 3079 | 3086 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> | 1951 | 1987 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup> | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> | 37 | 39 |

---

**167**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | USD1,005 | $891 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup> | 970 | 926 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup> | 509 | 485 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup> | 1035 | 1077 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 14659 | 14371 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> | 184 | 184 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup> | 2713 | 2812 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup> | 2093 | 2097 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup> | 35993 | 36698 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup> | 22138 | 22561 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup> | 12706 | 13106 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup> | 2564 | 2443 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup> | 1624 | 1544 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup> | 72 | 69 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup> | 2530 | 2414 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup> | 186 | 182 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> | 4268 | 4289 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup> | 576 | 577 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> | 516 | 515 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup> | 185 | 177 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> | 31 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> | 7837 | 7851 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> | 7503 | 7638 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup> | 3211 | 3279 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> | 2167 | 2199 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> | 12391 | 12781 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup> | 572 | 544 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup> | 5257 | 5265 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 17958 | 18267 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup> | 5679 | 5852 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> | 2746 | 2829 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> | 604 | 633 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> | 523 | 548 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> | 497 | 524 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> | 489 | 515 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> | 343 | 362 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> | 275 | 289 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> | 166 | 173 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> | 155 | 166 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup> | 5072 | 4841 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup> | 537 | 510 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup> | 65 | 62 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> | 243 | 243 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 6917 | 7046 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup> | 456 | 465 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup> | 7709 | 7974 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup> | 2669 | 2751 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup> | 471 | 448 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup> | 393 | 373 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup> | 2170 | 2208 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup> | 2138 | 2177 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup> | 1725 | 1755 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup> | 1330 | 1355 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup> | 4095 | 4223 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup> | 8774 | 9055 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup> | 1324 | 1374 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> | 1002 | 1042 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> | 45147 | 46931 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup> | 761 | 762 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> | 12533 | 12903 |

---

American Funds Insurance Series **168**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup> | USD3,006 | $3128 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup> | 572 | 573 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup> | 17181 | 17495 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup> | 1888 | 1942 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> | 11557 | 12126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> | 1610 | 1678 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup> | 34 | 35 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup> | 4609 | 4749 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup> | 2681 | 2790 |
| Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(a)</sup> | 108 | 91 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> | 543 | 566 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup> | 184 | 176 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> | 703 | 714 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> | 4478 | 4607 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup> | 3302 | 3400 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup> | 164 | 169 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup> | 4155 | 4351 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> | 376 | 382 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 2336 | 2388 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 1714 | 1742 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup> | 7087 | 7322 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup> | 4925 | 5097 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 4176 | 4339 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup> | 1879 | 1956 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup> | 145 | 150 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup> | 20 | 21 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> | 5247 | 5510 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup> | 1868 | 1865 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup> | 35963 | 36756 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup> | 4545 | 4653 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 2621 | 2693 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> | 5138 | 5371 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup> | 2633 | 2689 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup> | 925 | 946 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup> | 22984 | 23769 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> | 103 | 106 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> | 5550 | 5829 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup> | 1766 | 1801 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> | 19112 | 19635 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> | 12328 | 12863 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> | 2726 | 2810 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> | 2538 | 2625 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 207 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> | 6231 | 6477 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup> | 2247 | 2358 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup> | 2034 | 2044 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup> | 1389 | 1392 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup> | 1302 | 1302 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 7892 | 8108 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 4491 | 4623 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 2184 | 2252 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup> | 523 | 539 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 128 | 133 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup> | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 11370 | 11901 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> | 10081 | 10552 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup> | 6028 | 6266 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> | 4125 | 4326 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> | 2688 | 2815 |

---

**169**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | USD1,700 | $1776 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> | 887 | 925 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> | 7 | 7 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup> | 4124 | 4292 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 453 | 467 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 237 | 245 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 224 | 233 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 216 | 225 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 138 | 142 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup> | 42 | 43 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup> | 22 | 23 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> | 4015 | 4192 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup> | 2325 | 2430 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> | 1696 | 1770 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 1067 | 1109 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup> | 922 | 967 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 955 | 969 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup> | 144 | 149 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup> | 46 | 47 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(a)</sup> | 22 | 23 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup> | 4703 | 4900 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup> | 123 | 128 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup> | 4196 | 3984 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup> | 4697 | 4590 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup> | 2596 | 2593 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup> | 10494 | 10659 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 10239 | 10390 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup> | 2822 | 2904 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup> | 3344 | 3338 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 253 | 256 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup> | 13 | 13 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup> | 260 | 268 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup> | 673 | 700 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup> | 1300 | 1319 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> | 5110 | 5292 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> | 2130 | 2217 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup> | 2041 | 2097 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> | 1547 | 1603 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> | 517 | 531 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup> | 5331 | 5609 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> | 4537 | 4432 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 2707 | 2781 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> | 1637 | 1692 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 4159 | 4273 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 6166 | 6409 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 6852 | 7040 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup> | 749 | 770 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup> | 1000 | 1061 |
| Freddie Mac Pool #QY0611 7.00% 4/1/2055 <sup>(a)</sup> | 1000 | 1056 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> | 190 | 190 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(a)</sup> | 5143 | 5218 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 3005 | 3088 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 859 | 858 |
| Freddie Mac Pool #RJ4979 5.50% 6/1/2055 <sup>(a)</sup> | 222 | 225 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(a)</sup> | 3937 | 3929 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup> | 11844 | 12016 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 17994 | 18482 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup> | 640 | 658 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup> | 2080 | 2162 |

---

American Funds Insurance Series **170**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup> | USD7,619 | $7826 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(a)</sup> | 3830 | 3935 |
| Freddie Mac Pool #RQ0056 5.50% 10/1/2055 <sup>(a)</sup> | 1894 | 1921 |
| Freddie Mac Pool #RQ0081 3.50% 1/1/2056 <sup>(a)</sup> | 949 | 880 |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(a)</sup> | 4000 | 3796 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup> | 33 | 34 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup> | 88 | 92 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup> | 3461 | 3484 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup> | 77 | 68 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup> | 69 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(b)</sup> | 5318 | 5222 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup> | 1306 | 1273 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 7344 | 7165 |
| Government National Mortgage Assn. 2.00% 1/1/2056 <sup>(a)(d)</sup> | 6176 | 5117 |
| Government National Mortgage Assn. 2.50% 1/1/2056 <sup>(a)(d)</sup> | 4300 | 3710 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(d)</sup> | 135 | 135 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup> | 8842 | 8480 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup> | 24 | 24 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup> | 3633 | 3619 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup> | 8144 | 7513 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 1845 | 1530 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 3200 | 2653 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup> | 7322 | 6269 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 2712 | 2317 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 2624 | 2247 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> | 3845 | 3320 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> | 3308 | 2836 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 214 | 193 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 165 | 149 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> | 4422 | 4076 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup> | 4579 | 4123 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> | 3773 | 3460 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 20329 | 18786 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup> | 7218 | 6880 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 5056 | 4813 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup> | 3238 | 3176 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 11481 | 11248 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> | 2951 | 2958 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> | 7397 | 7249 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> | 12305 | 12036 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 1705 | 1621 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 20281 | 19787 |
| Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 <sup>(a)</sup> | 3466 | 3505 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup> | 2039 | 2062 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup> | 7908 | 7992 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup> | 12832 | 12970 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 1451 | 1083 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(d)</sup> | 5845 | 5413 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(d)</sup> | 53078 | 42918 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(a)(d)</sup> | 4335 | 3835 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(d)</sup> | 154 | 142 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(d)</sup> | 20135 | 19659 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(a)(d)</sup> | 23668 | 23607 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(d)</sup> | 1089 | 1132 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(a)(d)</sup> | 12098 | 12733 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(d)</sup> | 27516 | 25355 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2056 <sup>(a)(d)</sup> | 17770 | 16847 |
|  |  | 2904435 |

---

**171**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities 3.57% |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(b)(e)</sup> | USD11,443 | $11504 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup> | 11892 | 11486 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.442% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(a)(b)(e)</sup> | 1251 | 1254 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup> | 770 | 764 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup> | 100 | 98 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup> | 684 | 731 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup> | 500 | 534 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup> | 3537 | 3702 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup> | 123 | 121 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup> | 1018 | 965 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup> | 295 | 271 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup> | 2541 | 2522 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup> | 781 | 785 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)(b)</sup> | 3361 | 3507 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)(b)</sup> | 2174 | 2275 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup> | 2774 | 2910 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)(b)</sup> | 7780 | 8150 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) |  |  |
| &nbsp;&nbsp;&nbsp;5.865% 6/15/2027 <sup>(a)(b)(e)</sup> | 8476 | 8500 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(b)(e)</sup> | 2183 | 2186 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 4.612% 11/15/2036 <sup>(a)(b)(e)</sup> | 10670 | 10664 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(b)(e)</sup> | 2778 | 2783 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(a)(b)(e)</sup> | 7785 | 7782 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(b)(e)</sup> | 264 | 264 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(a)(b)(e)</sup> | 78 | 78 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(b)(e)</sup> | 118 | 118 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(a)(b)(e)</sup> | 8600 | 8597 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(a)(b)(e)</sup> | 26909 | 27302 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(b)(e)</sup> | 7715 | 7740 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(b)(e)</sup> | 28535 | 28830 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(b)(e)</sup> | 25957 | 26020 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2041 <sup>(a)(b)(e)</sup> | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(a)(b)(e)</sup> | 5461 | 5460 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup> | 19044 | 19637 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup> | 244 | 243 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(a)(b)(e)</sup> | 8924 | 9165 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(e)</sup> | 966 | 996 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(a)(e)</sup> | 1121 | 1157 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(b)(e)</sup> | 862 | 893 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup> | 200 | 198 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(b)(e)</sup> | 7301 | 7455 |
| Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% |  |  |
| &nbsp;&nbsp;&nbsp;10/15/2042 <sup>(a)(b)(e)</sup> | 9486 | 9514 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)(b)</sup> | 2432 | 2494 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.20% 12/15/2039 <sup>(a)(b)(e)</sup> | 1508 | 1513 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup> | 10443 | 10568 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup> | 400 | 395 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup> | 100 | 98 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup> | 1536 | 1414 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(a)(b)(e)</sup> | 8260 | 8278 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(b)(e)</sup> | 15120 | 15694 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(a)(b)(e)</sup> | 1478 | 1497 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(a)(b)(e)</sup> | 24720 | 25650 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 (a)(b)(e) | 28416 | 28487 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup> | 640 | 633 |

---

American Funds Insurance Series **172**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Commercial mortgage-backed securities (continued) |  |  |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup> | USD240 | $236 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup> | 6854 | 6204 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% |  |  |
| &nbsp;&nbsp;&nbsp;12/15/2049 <sup>(a)(b)</sup> | 2040 | 2024 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) |  |  |
| &nbsp;&nbsp;&nbsp;5.293% 12/15/2039 <sup>(a)(b)(e)</sup> | 13015 | 13029 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup> | 59 | 58 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup> | 245 | 243 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(b)(e)</sup> | 4409 | 4422 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) |  |  |
| &nbsp;&nbsp;&nbsp;5.142% 5/15/2039 <sup>(a)(b)(e)</sup> | 3848 | 3847 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup> | 4065 | 3639 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(b)(e)</sup> | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(b)(e)</sup> | 118 | 118 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.193% 2/15/2042 <sup>(a)(b)(e)</sup> | 26882 | 26674 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup> | 2550 | 2540 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup> | 1019 | 975 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)(b)</sup> | 5667 | 5970 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup> | 205 | 204 |
|  |  | 405804 |
| Collateralized mortgage-backed obligations (privately originated) 2.87% |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup> | 1464 | 1328 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup> | 49 | 47 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup> | 3728 | 3648 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup> | 11242 | 11004 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup> | 532 | 504 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup> | 159 | 157 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup> | 631 | 582 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup> | 1869 | 1865 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup> | 12435 | 12207 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup> | 4882 | 4673 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup> | 107 | 101 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup> | 969 | 884 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) |  |  |
| &nbsp;&nbsp;&nbsp;6.274% 12/25/2042 <sup>(a)(b)(e)</sup> | 411 | 420 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) |  |  |
| &nbsp;&nbsp;&nbsp;6.174% 5/25/2043 <sup>(a)(b)(e)</sup> | 2028 | 2067 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;5.774% 6/25/2043 <sup>(a)(b)(e)</sup> | 1083 | 1091 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;5.574% 7/25/2043 <sup>(a)(b)(e)</sup> | 517 | 519 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) |  |  |
| &nbsp;&nbsp;&nbsp;4.924% 1/25/2044 <sup>(a)(b)(e)</sup> | 2503 | 2501 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;5.674% 1/25/2044 <sup>(a)(b)(e)</sup> | 507 | 511 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;4.974% 2/25/2044 <sup>(a)(b)(e)</sup> | 242 | 242 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;5.674% 2/25/2044 <sup>(a)(b)(e)</sup> | 1053 | 1060 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) |  |  |
| &nbsp;&nbsp;&nbsp;4.974% 5/25/2044 <sup>(a)(b)(e)</sup> | 1578 | 1577 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) |  |  |
| &nbsp;&nbsp;&nbsp;4.924% 9/25/2044 <sup>(a)(b)(e)</sup> | 167 | 167 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) |  |  |
| &nbsp;&nbsp;&nbsp;5.474% 9/25/2044 <sup>(a)(b)(e)</sup> | 1584 | 1586 |

---

**173**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;4.874% 2/25/2045 <sup>(a)(b)(e)</sup> | USD1,955 | $1959 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;5.024% 2/25/2045 <sup>(a)(b)(e)</sup> | 3390 | 3397 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) |  |  |
| &nbsp;&nbsp;&nbsp;5.074% 5/25/2045 <sup>(a)(b)(e)</sup> | 5187 | 5202 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup> | 1632 | 1365 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup> | 1791 | 1498 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(b)(e)</sup> | 101 | 103 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(b)(e)</sup> | 123 | 124 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(b)(e)</sup> | 1519 | 1585 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.35%) 5.224% 2/25/2044 <sup>(a)(b)(e)</sup> | 2438 | 2440 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(a)(b)(e)</sup> | 10256 | 10273 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.00%) 4.874% 10/25/2044 <sup>(a)(b)(e)</sup> | 62 | 62 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(a)(b)(e)</sup> | 1648 | 1648 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(b)(e)</sup> | 2282 | 2288 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup> | 6559 | 6560 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup> | 3684 | 3725 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup> | 1568 | 1444 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on |  |  |
| &nbsp;&nbsp;&nbsp;2/1/2028) (a)(e)(f) | 655 | 644 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup> | 3828 | 3748 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup> | 13470 | 13613 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup> | 537 | 548 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup> | 591 | 592 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(e)</sup> | 1805 | 1808 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup> | 1819 | 1679 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup> | 17976 | 18016 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(e)(f)</sup> | 3098 | 3108 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(a)(b)(e)</sup> | 2237 | 2233 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.695% 4/25/2053 <sup>(a)(b)(e)</sup> | 1698 | 1685 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup> | 5345 | 5395 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup> | 2650 | 2674 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup> | 5910 | 5981 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup> | 5619 | 5690 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup> | 14545 | 14727 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup> | 4358 | 4369 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup> | 16390 | 16559 |
| Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(b)(e)</sup> | 7668 | 7687 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup> | 1245 | 1117 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup> | 1077 | 1063 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup> | 1044 | 1005 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup> | 14298 | 13641 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(e)</sup> | 4038 | 3852 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup> | 2983 | 2892 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) |  |  |
| &nbsp;&nbsp;&nbsp;5.50% 10/17/2041 <sup>(a)(b)(e)</sup> | 6364 | 6389 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup> | 6910 | 6344 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.03% 7/25/2065 <sup>(a)(b)(e)</sup> | 3039 | 3071 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup> | 1368 | 1368 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup> | 5017 | 4955 |

---

American Funds Insurance Series **174**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Collateralized mortgage-backed obligations (privately originated) (continued) |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup> | USD8,559 | $8592 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup> | 7453 | 7456 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup> | 3343 | 3324 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup> | 12295 | 12443 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup> | 5466 | 5541 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup> | 11832 | 11940 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup> | 3935 | 3959 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup> | 19755 | 19928 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(e)(f)</sup> | 4404 | 4425 |
|  |  | 326475 |
| Total mortgage-backed obligations |  | 3636714 |
| **Corporate bonds and notes 30.21%** |  |  |
| **Corporate bonds and notes 30.21%** |  |  |
| Financials 9.16% |  |  |
| AerCap Ireland Capital DAC 1.75% 1/30/2026 | 2841 | 2836 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 | 10289 | 10152 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027 | 3994 | 4104 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup> | 1597 | 1696 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup> | 1995 | 2109 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup> | EUR437 | 524 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup> | 2840 | 3647 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup> | 4065 | 5061 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup> | USD359 | 392 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup> | 1618 | 1661 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup> | 4927 | 5120 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup> | 2464 | 2603 |
| American International Group, Inc. 4.85% 5/7/2030 | 24445 | 25070 |
| American International Group, Inc. 5.125% 3/27/2033 | 2749 | 2831 |
| Aon Corp. 5.35% 2/28/2033 | 1083 | 1128 |
| Aon North America, Inc. 5.15% 3/1/2029 | 3015 | 3103 |
| Aon North America, Inc. 5.30% 3/1/2031 | 1005 | 1048 |
| Aon North America, Inc. 5.45% 3/1/2034 | 2550 | 2651 |
| Aon North America, Inc. 5.75% 3/1/2054 | 1163 | 1158 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 3140 | 3215 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 1845 | 1866 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 1845 | 1772 |
| Banco Santander SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on |  |  |
| &nbsp;&nbsp;&nbsp;9/14/2026) <sup>(f)</sup> | 1400 | 1377 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup> | 4295 | 4226 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup> | 2635 | 2646 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup> | 3202 | 3055 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup> | 339 | 354 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup> | 1150 | 1144 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup> | 24072 | 21536 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup> | 41179 | 36834 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028 | 1370 | 1411 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026 | JPY300,000 | 1909 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup> | USD2,585 | 2617 |
| Block, Inc. 2.75% 6/1/2026 | 1975 | 1964 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup> | 1735 | 1771 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup> | 13134 | 12934 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup> | 3594 | 3403 |
| BPCE SA 0.895% 12/14/2026 | JPY100,000 | 636 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup> | USD2,150 | 2151 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup> | 5000 | 5307 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on |  |  |
| &nbsp;&nbsp;&nbsp;1/18/2029) <sup>(e)(f)</sup> | 1285 | 1331 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup> | 1845 | 1929 |

---

**175**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup> | USD3,814 | $3917 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup> | 4503 | 4698 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup> | 10948 | 11375 |
| CaixaBank SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup> | 1900 | 2121 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup> | 515 | 529 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup> | 1204 | 1302 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup> | 2920 | 3110 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup> | 2445 | 2539 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 526 | 483 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 2020 | 2017 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4400 | 4503 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 2015 | 1761 |
| Citibank, NA 5.803% 9/29/2028 | 4100 | 4300 |
| Citigroup, Inc. 4.60% 3/9/2026 | 1800 | 1801 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup> | 7800 | 8006 |
| Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030) <sup>(f)</sup> | 933 | 933 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup> | 20610 | 21059 |
| Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(f)</sup> | 3937 | 3574 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup> | 990 | 907 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup> | 3090 | 2951 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup> | 123 | 129 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup> | 1874 | 1918 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 | 3913 | 3890 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 3534 | 3479 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 3964 | 3764 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 361 | 310 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup> | 2450 | 2445 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on |  |  |
| &nbsp;&nbsp;&nbsp;9/10/2026) <sup>(e)(f)</sup> | 2990 | 2940 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on |  |  |
| &nbsp;&nbsp;&nbsp;4/1/2027) <sup>(e)(f)</sup> | 2975 | 2982 |
| Deutsche Bank AG 4.10% 1/13/2026 | 7305 | 7305 |
| Deutsche Bank AG 4.10% 1/13/2026 | 857 | 857 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup> | 17595 | 17308 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup> | 1590 | 1518 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup> | 3200 | 3265 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on |  |  |
| &nbsp;&nbsp;&nbsp;5/25/2026) <sup>(e)(f)</sup> | 1200 | 1188 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup> | EUR1,845 | 2165 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup> | 4230 | 4954 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup> | 3855 | 4900 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup> | 12035 | 15267 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup> | 390 | 487 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup> | USD205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup> | 1968 | 2000 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup> | 11396 | 11964 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup> | 3030 | 3015 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup> | 13275 | 13046 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup> | 12997 | 12780 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup> | 3703 | 3646 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup> | 5534 | 5505 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup> | 4895 | 4952 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup> | 20687 | 21617 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup> | 14659 | 15144 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(f)</sup> | 12107 | 12081 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup> | 3160 | 2319 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup> | 14232 | 13551 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup> | 9437 | 8581 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup> | 2000 | 2064 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup> | 1680 | 1703 |

---

American Funds Insurance Series **176**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup> | USD15,400 | $15408 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup> | 6250 | 6235 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup> | 1986 | 1973 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on |  |  |
| &nbsp;&nbsp;&nbsp;6/20/2053) <sup>(e)(f)</sup> | 5100 | 6064 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> | 705 | 673 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup> | 323 | 322 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup> | 1400 | 1422 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup> | 20000 | 20213 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup> | 2678 | 2732 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup> | 8670 | 8805 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup> | 11980 | 12022 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup> | 6480 | 6762 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup> | 10724 | 11012 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup> | 6549 | 6643 |
| JPMorgan Chase & Co. 5.14% 1/24/2031 (USD-SOFR + 0.90% on 1/24/2030) <sup>(f)</sup> | 3870 | 4001 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup> | 700 | 698 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup> | 791 | 706 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup> | 5313 | 4796 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup> | 19889 | 20526 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup> | 51163 | 53698 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.70% on 10/2/2026) <sup>(f)</sup> | 2415 | 2386 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on |  |  |
| &nbsp;&nbsp;&nbsp;1/19/2028) <sup>(e)(f)</sup> | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.48% on 8/7/2026) <sup>(f)</sup> | 1625 | 1643 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.375% on 1/5/2027) <sup>(f)</sup> | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.75% on 1/5/2034) <sup>(f)</sup> | 1979 | 2084 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2285 | 2316 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044 | 250 | 245 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2060 | 1985 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD CME Term SOFR + 4.222% |  |  |
| &nbsp;&nbsp;&nbsp;on 12/15/2037) <sup>(e)(f)</sup> | 1405 | 1559 |
| MetLife, Inc. 5.375% 7/15/2033 | 1279 | 1349 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup> | 840 | 870 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup> | 2050 | 2093 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup> | 619 | 637 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 0.75% on 7/20/2026) <sup>(f)</sup> | 6200 | 6114 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 0.67% on 10/13/2026) <sup>(f)</sup> | 2225 | 2185 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.38% on 2/22/2028) <sup>(f)</sup> | 1430 | 1472 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 2.125% on 7/20/2032) <sup>(f)</sup> | 763 | 784 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;0.75% on 7/9/2026) <sup>(f)</sup> | 1367 | 1349 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.65% on 7/6/2028) <sup>(f)</sup> | 1701 | 1769 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;1.12% on 5/26/2029) <sup>(f)</sup> | 2020 | 2090 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup> | 13336 | 13148 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup> | 350 | 357 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup> | 21869 | 22369 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup> | 21784 | 22702 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup> | 1704 | 1725 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup> | 4664 | 4810 |

---

**177**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup> | USD3,031 | $2665 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup> | 11313 | 11773 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup> | 3069 | 3160 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup> | 23571 | 23371 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026 | 2775 | 2817 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup> | 695 | 624 |
| NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on |  |  |
| &nbsp;&nbsp;&nbsp;3/2/2026) <sup>(f)</sup> | 3555 | 3565 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on |  |  |
| &nbsp;&nbsp;&nbsp;3/1/2027) <sup>(f)</sup> | 2170 | 2209 |
| Navient Corp. 5.625% 8/1/2033 | 2470 | 2260 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup> | 2090 | 2139 |
| OneMain Finance Corp. 7.125% 3/15/2026 | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup> | EUR565 | 709 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup> | 165 | 202 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup> | 1345 | 1742 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup> | USD4,594 | 4766 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup> | 12265 | 13887 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup> | 635 | 670 |
| Royal Bank of Canada 4.95% 2/1/2029 | 1360 | 1397 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup> | 5100 | 5316 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup> | 3706 | 3792 |
| Standard Chartered PLC 5.905% 5/14/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/14/2034) <sup>(e)(f)</sup> | 546 | 577 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026 | 1429 | 1443 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027 | 1100 | 1080 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028 | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 | 373 | 398 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup> | 1400 | 1459 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup> | 2100 | 2131 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup> | 1370 | 1381 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup> | 2605 | 2647 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup> | 2396 | 2585 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup> | 1741 | 1803 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup> | 4707 | 4866 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup> | 1586 | 1688 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup> | 2440 | 2568 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup> | 2115 | 2142 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup> | 7300 | 7562 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup> | 2839 | 2861 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup> | 1712 | 1827 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup> | 11200 | 11169 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on |  |  |
| &nbsp;&nbsp;&nbsp;8/10/2026) <sup>(e)(f)</sup> | 6623 | 6519 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on |  |  |
| &nbsp;&nbsp;&nbsp;2/8/2029) <sup>(e)(f)</sup> | 17490 | 18094 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup> | 14459 | 15109 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup> | 9636 | 9548 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on |  |  |
| &nbsp;&nbsp;&nbsp;2/11/2031) <sup>(e)(f)</sup> | 1392 | 1235 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup> | 20425 | 18972 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on |  |  |
| &nbsp;&nbsp;&nbsp;2/11/2032) <sup>(e)(f)</sup> | 4038 | 3623 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup> | 1395 | 1404 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029 | 462 | 462 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup> | 6615 | 6573 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup> | 11151 | 11384 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup> | 1003 | 980 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup> | 8357 | 8452 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup> | 2545 | 2638 |

---

American Funds Insurance Series **178**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup> | USD7,187 | $7420 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup> | 6025 | 6271 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup> | 4062 | 4499 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup> | 5719 | 4925 |
|  |  | 1040334 |
| Health care 4.08% |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 | 18501 | 19019 |
| AbbVie, Inc. 5.35% 3/15/2044 | 800 | 791 |
| AbbVie, Inc. 5.40% 3/15/2054 | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064 | 550 | 535 |
| Amgen, Inc. 5.15% 3/2/2028 | 5326 | 5452 |
| Amgen, Inc. 4.05% 8/18/2029 | 7429 | 7425 |
| Amgen, Inc. 2.45% 2/21/2030 | 5131 | 4787 |
| Amgen, Inc. 5.25% 3/2/2030 | 2854 | 2964 |
| Amgen, Inc. 4.20% 3/1/2033 | 8502 | 8314 |
| Amgen, Inc. 5.25% 3/2/2033 | 20793 | 21530 |
| Amgen, Inc. 4.875% 3/1/2053 | 3360 | 2960 |
| Amgen, Inc. 4.40% 2/22/2062 | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 | 6925 | 7170 |
| Baxter International, Inc. 4.45% 2/15/2029 | 9503 | 9539 |
| Baxter International, Inc. 2.539% 2/1/2032 | 3906 | 3405 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 3990 | 4156 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 22685 | 23590 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 425 | 426 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050 | 2113 | 1252 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052 | 2197 | 1616 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 12840 | 12619 |
| Centene Corp. 4.25% 12/15/2027 | 14860 | 14782 |
| Centene Corp. 2.45% 7/15/2028 | 12410 | 11630 |
| Centene Corp. 4.625% 12/15/2029 | 14945 | 14506 |
| Centene Corp. 3.375% 2/15/2030 | 15718 | 14489 |
| Cigna Group (The) 5.125% 5/15/2031 | 2095 | 2166 |
| Cigna Group (The) 5.25% 2/15/2034 | 3745 | 3858 |
| Cigna Group (The) 6.00% 1/15/2056 | 1600 | 1646 |
| CVS Health Corp. 5.125% 2/21/2030 | 1720 | 1768 |
| CVS Health Corp. 5.25% 1/30/2031 | 960 | 992 |
| CVS Health Corp. 5.55% 6/1/2031 | 3707 | 3881 |
| CVS Health Corp. 5.00% 9/15/2032 | 5853 | 5976 |
| CVS Health Corp. 5.25% 2/21/2033 | 2122 | 2185 |
| CVS Health Corp. 5.70% 6/1/2034 | 7706 | 8078 |
| CVS Health Corp. 5.45% 9/15/2035 | 4471 | 4578 |
| CVS Health Corp. 6.05% 6/1/2054 | 1995 | 1985 |
| CVS Health Corp. 6.20% 9/15/2055 | 6535 | 6640 |
| CVS Health Corp. 6.00% 6/1/2063 | 1076 | 1044 |
| Elevance Health, Inc. 4.95% 11/1/2031 | 2322 | 2377 |
| Elevance Health, Inc. 5.20% 2/15/2035 | 7577 | 7746 |
| Elevance Health, Inc. 4.55% 5/15/2052 | 271 | 226 |
| Elevance Health, Inc. 5.125% 2/15/2053 | 784 | 710 |
| Elevance Health, Inc. 5.70% 2/15/2055 | 995 | 973 |
| Eli Lilly and Co. 5.10% 2/12/2035 | 23057 | 23845 |
| Eli Lilly and Co. 5.50% 2/12/2055 | 7907 | 7923 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 | 3340 | 3511 |
| HCA, Inc. 5.20% 6/1/2028 | 4165 | 4268 |
| HCA, Inc. 2.375% 7/15/2031 | 2233 | 2005 |
| HCA, Inc. 3.625% 3/15/2032 | 2400 | 2270 |
| HCA, Inc. 4.625% 3/15/2052 | 226 | 185 |
| Humana, Inc. 5.375% 4/15/2031 | 5530 | 5719 |

---

**179**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Health care (continued) |  |  |
| Humana, Inc. 5.55% 5/1/2035 | USD1,735 | $1772 |
| Humana, Inc. 5.75% 4/15/2054 | 954 | 902 |
| Johnson & Johnson 4.80% 6/1/2029 | 3970 | 4101 |
| Johnson & Johnson 4.90% 6/1/2031 | 4175 | 4361 |
| Merck & Co., Inc. 1.70% 6/10/2027 | 3093 | 3014 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 1375 | 1393 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 7942 | 8029 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 5622 | 5327 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup> | 7545 | 7164 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup> | 765 | 763 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup> | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 306 | 304 |
| Stryker Corp. 4.85% 2/10/2030 | 1235 | 1269 |
| Stryker Corp. 5.20% 2/10/2035 | 1110 | 1140 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 12074 | 12303 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 28059 | 29142 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 4431 | 4485 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 3720 | 4097 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2935 | 3383 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 725 | 761 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 26266 | 19898 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030 | 395 | 405 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 | 466 | 425 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032 | 1910 | 1958 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 | 1654 | 1633 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 | 15956 | 16348 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 | 1300 | 986 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048 | 960 | 786 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 | 572 | 388 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 | 10472 | 10283 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062 | 69 | 60 |
| Viatris, Inc. 4.00% 6/22/2050 | 1761 | 1173 |
|  |  | 463458 |
| Consumer discretionary 3.73% |  |  |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup> | 3110 | 3124 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup> | 335 | 331 |
| Amazon.com, Inc. 1.65% 5/12/2028 | 3860 | 3685 |
| Amazon.com, Inc. 3.45% 4/13/2029 | 600 | 593 |
| Amazon.com, Inc. 4.65% 11/20/2035 | 4048 | 4033 |
| Amazon.com, Inc. 5.45% 11/20/2055 | 10475 | 10231 |
| Amazon.com, Inc. 3.25% 5/12/2061 | 4100 | 2625 |
| Amazon.com, Inc. 4.10% 4/13/2062 | 470 | 363 |
| Amazon.com, Inc. 5.55% 11/20/2065 | 4765 | 4626 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup> | 1075 | 1069 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup> | 1350 | 1286 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(e)</sup> | 3500 | 3541 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup> | 5880 | 6042 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup> | 4115 | 4251 |
| Ford Motor Co. 3.25% 2/12/2032 | 620 | 547 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026 | 855 | 857 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 755 | 762 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026 | 4795 | 4822 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 13882 | 13815 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027 | 3145 | 3185 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 1940 | 1971 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027 | 37170 | 36884 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 3990 | 3931 |

---

American Funds Insurance Series **180**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027 | USD1,674 | $1748 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 24035 | 24608 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 2030 | 2119 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 762 | 800 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029 | 1065 | 1001 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 6740 | 6889 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 9854 | 9872 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029 | 5407 | 5452 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030 | 10668 | 11454 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 1015 | 1089 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 18420 | 17402 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031 | 12074 | 12420 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031 | 3037 | 2784 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031 | 19460 | 19961 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 3167 | 3403 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034 | 12096 | 12297 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026 | 6712 | 6637 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027 | 9771 | 9579 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030 | 8013 | 8324 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032 | 1201 | 1251 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 2888 | 3013 |
| Home Depot, Inc. 2.95% 6/15/2029 | 1966 | 1903 |
| Home Depot, Inc. 4.85% 6/25/2031 | 2559 | 2647 |
| Home Depot, Inc. 4.95% 6/25/2034 | 4749 | 4859 |
| Home Depot, Inc. 4.50% 12/6/2048 | 1915 | 1655 |
| Home Depot, Inc. 5.30% 6/25/2054 | 2234 | 2138 |
| Hyatt Hotels Corp. 5.05% 3/30/2028 | 8567 | 8728 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup> | 6000 | 5997 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup> | 705 | 707 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> | 7475 | 7390 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> | 7275 | 7158 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup> | 9000 | 8903 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup> | 1650 | 1678 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup> | 7543 | 7325 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup> | 1385 | 1426 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup> | 1523 | 1568 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup> | 25720 | 26370 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup> | 3365 | 3484 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup> | 3695 | 3684 |
| Marriott International, Inc. 5.00% 10/15/2027 | 4470 | 4549 |
| Marriott International, Inc. 4.90% 4/15/2029 | 653 | 668 |
| Marriott International, Inc. 5.35% 3/15/2035 | 1365 | 1405 |
| McDonald's Corp. 5.00% 5/17/2029 | 1305 | 1344 |
| McDonald's Corp. 4.95% 3/3/2035 | 786 | 797 |
| McDonald's Corp. 4.45% 3/1/2047 | 3535 | 3027 |
| McDonald's Corp. 3.625% 9/1/2049 | 2938 | 2165 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup> | 267 | 252 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup> | 8860 | 9423 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 | 10252 | 10299 |
| Sands China, Ltd. 2.30% 3/8/2027 | 2368 | 2314 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 | 4954 | 4824 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030 | 1625 | 1655 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030 | 690 | 732 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup> | 675 | 682 |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup> | 1635 | 1657 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup> | 5190 | 5577 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup> | 410 | 413 |
|  |  | 424080 |

---

**181**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Utilities 3.30% |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051 | USD1,380 | $937 |
| AEP Transmission Co., LLC 5.375% 6/15/2035 | 1075 | 1111 |
| Alabama Power Co. 3.00% 3/15/2052 | 3219 | 2095 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup> | 410 | 331 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052 | 525 | 445 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045 | 5895 | 5127 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053 | 1017 | 857 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup> | 2400 | 2361 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup> | 3655 | 3623 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031 | 1775 | 1581 |
| DTE Energy Co. 5.10% 3/1/2029 | 7900 | 8098 |
| DTE Energy Co. 3.00% 3/1/2032 | 259 | 240 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 332 | 320 |
| Duke Energy Florida, LLC 5.875% 11/15/2033 | 370 | 400 |
| Duke Energy Florida, LLC 3.40% 10/1/2046 | 5669 | 4158 |
| Duke Energy Florida, LLC 3.00% 12/15/2051 | 293 | 191 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 | 575 | 597 |
| Duke Energy Progress, LLC 3.70% 9/1/2028 | 3750 | 3738 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 | 1775 | 1577 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 | 644 | 377 |
| Edison International 4.125% 3/15/2028 | 6768 | 6696 |
| Edison International 6.95% 11/15/2029 | 1575 | 1678 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> | 1420 | 1479 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on |  |  |
| &nbsp;&nbsp;&nbsp;6/1/2028) <sup>(f)</sup> | EUR2,800 | 3217 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup> | USD1,575 | 1838 |
| Emera US Finance, LP 2.639% 6/15/2031 | 4400 | 3984 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup> | 1310 | 1302 |
| Entergy Louisiana, LLC 4.20% 9/1/2048 | 5637 | 4561 |
| Eversource Energy 5.00% 1/1/2027 | 3415 | 3446 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 12602 | 11418 |
| Florida Power & Light Co. 4.40% 5/15/2028 | 1655 | 1677 |
| Florida Power & Light Co. 5.10% 4/1/2033 | 7431 | 7711 |
| Florida Power & Light Co. 4.80% 5/15/2033 | 2929 | 2987 |
| Florida Power & Light Co. 5.30% 4/1/2053 | 1255 | 1203 |
| Georgia Power Co. 4.95% 5/17/2033 | 1845 | 1882 |
| Georgia Power Co. 5.25% 3/15/2034 | 3200 | 3305 |
| Georgia Power Co. 3.70% 1/30/2050 | 190 | 143 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup> | 525 | 472 |
| NiSource, Inc. 5.40% 6/30/2033 | 650 | 675 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 | 27543 | 27543 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 | 10850 | 10824 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 | 2026 | 1965 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 | 7105 | 7000 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 | 2542 | 2466 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 | 13760 | 13595 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 7900 | 7960 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 | 35449 | 35312 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 | 21597 | 19464 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 11619 | 12552 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034 | 1294 | 1440 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034 | 3581 | 3721 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 10340 | 7854 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 15807 | 10679 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054 | 2410 | 2321 |
| PacifiCorp 3.30% 3/15/2051 | 325 | 209 |
| PacifiCorp 2.90% 6/15/2052 | 586 | 344 |
| PacifiCorp 5.80% 1/15/2055 | 7735 | 7224 |
| PECO Energy Co. 5.25% 9/15/2054 | 1775 | 1680 |

---

American Funds Insurance Series **182**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Utilities (continued) |  |  |
| Public Service Electric and Gas Co. 3.20% 5/15/2029 | USD6,000 | $5850 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033 | 1200 | 1246 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055 | 1503 | 1476 |
| Southern California Edison Co. 4.90% 6/1/2026 | 1177 | 1179 |
| Southern California Edison Co. 3.65% 3/1/2028 | 225 | 222 |
| Southern California Edison Co. 5.30% 3/1/2028 | 3601 | 3679 |
| Southern California Edison Co. 4.20% 3/1/2029 | 7286 | 7244 |
| Southern California Edison Co. 2.85% 8/1/2029 | 7498 | 7112 |
| Southern California Edison Co. 5.25% 3/15/2030 | 19378 | 19884 |
| Southern California Edison Co. 2.50% 6/1/2031 | 5044 | 4527 |
| Southern California Edison Co. 5.45% 6/1/2031 | 8795 | 9106 |
| Southern California Edison Co. 5.20% 6/1/2034 | 5196 | 5226 |
| Southern California Edison Co. 5.45% 3/1/2035 | 1845 | 1872 |
| Southern California Edison Co. 5.75% 4/1/2035 | 4549 | 4702 |
| Southern California Edison Co. 5.35% 7/15/2035 | 6450 | 6496 |
| Southern California Edison Co. 5.625% 2/1/2036 | 7051 | 7138 |
| Southern California Edison Co. 3.60% 2/1/2045 | 2417 | 1748 |
| Southern California Edison Co. 2.95% 2/1/2051 | 738 | 451 |
| Southwestern Electric Power Co. 1.65% 3/15/2026 | 3550 | 3531 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 | 2075 | 1372 |
| Virginia Electric & Power 2.40% 3/30/2032 | 2575 | 2294 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031 | 525 | 461 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050 | 1075 | 785 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051 | 375 | 238 |
| Xcel Energy, Inc. 5.50% 3/15/2034 | 4230 | 4370 |
|  |  | 374200 |
| Communication services 2.48% |  |  |
| Alphabet, Inc. 4.70% 11/15/2035 | 2576 | 2578 |
| Alphabet, Inc. 5.35% 11/15/2045 | 2455 | 2441 |
| Alphabet, Inc. 5.45% 11/15/2055 | 5534 | 5433 |
| Alphabet, Inc. 5.70% 11/15/2075 | 6080 | 5989 |
| AT&T, Inc. 1.70% 3/25/2026 | 17807 | 17718 |
| AT&T, Inc. 1.65% 2/1/2028 | 4700 | 4481 |
| AT&T, Inc. 4.30% 2/15/2030 | 15940 | 15966 |
| AT&T, Inc. 2.55% 12/1/2033 | 12748 | 10884 |
| AT&T, Inc. 5.40% 2/15/2034 | 442 | 458 |
| AT&T, Inc. 4.50% 5/15/2035 | 174 | 167 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> | 9505 | 9497 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup> | 1265 | 1157 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> | 3875 | 3299 |
| Charter Communications Operating, LLC 6.10% 6/1/2029 | 1360 | 1420 |
| Charter Communications Operating, LLC 2.80% 4/1/2031 | 6057 | 5453 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 | 1092 | 1029 |
| Charter Communications Operating, LLC 5.85% 12/1/2035 | 1302 | 1299 |
| Charter Communications Operating, LLC 5.75% 4/1/2048 | 5000 | 4270 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 5134 | 3860 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 2519 | 1592 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 6148 | 3974 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 1065 | 844 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 | 1058 | 1015 |
| Comcast Corp. 3.15% 2/15/2028 | 7200 | 7088 |
| Comcast Corp. 4.55% 1/15/2029 | 1610 | 1636 |
| Comcast Corp. 4.80% 5/15/2033 | 1841 | 1857 |
| Comcast Corp. 2.887% 11/1/2051 | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054 | 3313 | 3108 |
| Comcast Corp. 5.50% 5/15/2064 | 250 | 224 |
| Discovery Communications, LLC 3.625% 5/15/2030 | 1125 | 979 |

---

**183**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Communication services (continued) |  |  |
| Meta Platforms, Inc. 4.20% 11/15/2030 | USD152 | $152 |
| Meta Platforms, Inc. 4.60% 11/15/2032 | 11473 | 11569 |
| Meta Platforms, Inc. 4.875% 11/15/2035 | 13299 | 13286 |
| Meta Platforms, Inc. 5.50% 11/15/2045 | 4233 | 4113 |
| Meta Platforms, Inc. 5.625% 11/15/2055 | 9090 | 8731 |
| Meta Platforms, Inc. 5.75% 11/15/2065 | 4352 | 4155 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup> | 1300 | 1282 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup> | 6741 | 6596 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> | 675 | 661 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> | 12000 | 11059 |
| T-Mobile USA, Inc. 2.625% 4/15/2026 | 4416 | 4399 |
| T-Mobile USA, Inc. 3.75% 4/15/2027 | 5000 | 4986 |
| T-Mobile USA, Inc. 4.95% 3/15/2028 | 705 | 719 |
| T-Mobile USA, Inc. 4.80% 7/15/2028 | 175 | 178 |
| T-Mobile USA, Inc. 4.85% 1/15/2029 | 2725 | 2784 |
| T-Mobile USA, Inc. 3.875% 4/15/2030 | 4500 | 4426 |
| T-Mobile USA, Inc. 2.875% 2/15/2031 | 14691 | 13643 |
| T-Mobile USA, Inc. 5.125% 5/15/2032 | 4970 | 5117 |
| T-Mobile USA, Inc. 5.05% 7/15/2033 | 832 | 849 |
| T-Mobile USA, Inc. 5.75% 1/15/2034 | 730 | 775 |
| T-Mobile USA, Inc. 3.00% 2/15/2041 | 2100 | 1566 |
| T-Mobile USA, Inc. 6.00% 6/15/2054 | 920 | 940 |
| T-Mobile USA, Inc. 5.50% 1/15/2055 | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031 | 9144 | 8053 |
| Verizon Communications, Inc. 2.55% 3/21/2031 | 5047 | 4611 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | 4786 | 4219 |
| Verizon Communications, Inc. 4.75% 1/15/2033 | 7614 | 7610 |
| Verizon Communications, Inc. 4.78% 2/15/2035 | 1552 | 1529 |
| Verizon Communications, Inc. 3.55% 3/22/2051 | 625 | 444 |
| Verizon Communications, Inc. 3.875% 3/1/2052 | 4006 | 2970 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 356 | 354 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 22605 | 19871 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 12281 | 8674 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 1030 | 681 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup> | 490 | 385 |
|  |  | 281499 |
| Industrials 1.78% |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup> | 510 | 499 |
| Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041 <sup>(e)</sup> | 730 | 613 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup> | 565 | 460 |
| Air Lease Corp. 2.875% 1/15/2026 | 10172 | 10167 |
| Air Lease Corp. 2.20% 1/15/2027 | 4341 | 4254 |
| Air Lease Corp. 5.20% 7/15/2031 | 3650 | 3711 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup> | 1200 | 1215 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup> | 3482 | 3584 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup> | 2156 | 2242 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> | 570 | 590 |
| Boeing Co. (The) 2.75% 2/1/2026 | 11211 | 11198 |
| Boeing Co. (The) 2.196% 2/4/2026 | 9781 | 9763 |
| Boeing Co. (The) 2.70% 2/1/2027 | 6473 | 6382 |
| Boeing Co. (The) 5.04% 5/1/2027 | 13539 | 13683 |
| Boeing Co. (The) 6.259% 5/1/2027 | 4214 | 4326 |
| Boeing Co. (The) 3.25% 2/1/2028 | 11810 | 11618 |
| Boeing Co. (The) 3.25% 3/1/2028 | 1925 | 1891 |
| Boeing Co. (The) 6.298% 5/1/2029 | 1507 | 1600 |
| Boeing Co. (The) 5.15% 5/1/2030 | 25342 | 26048 |
| Boeing Co. (The) 3.625% 2/1/2031 | 751 | 722 |

---

American Funds Insurance Series **184**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Industrials (continued) |  |  |
| Boeing Co. (The) 6.388% 5/1/2031 | USD5,632 | $6114 |
| Boeing Co. (The) 6.528% 5/1/2034 | 1381 | 1528 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 578 | 434 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1801 | 1196 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup> | 1260 | 1280 |
| CSX Corp. 4.10% 11/15/2032 | 1886 | 1852 |
| CSX Corp. 5.20% 11/15/2033 | 1333 | 1388 |
| CSX Corp. 4.50% 11/15/2052 | 4470 | 3797 |
| General Dynamics Corp. 3.75% 5/15/2028 | 479 | 480 |
| General Dynamics Corp. 3.625% 4/1/2030 | 387 | 380 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 1126 | 1173 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup> | 13205 | 13464 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup> | 2690 | 2674 |
| Norfolk Southern Corp. 5.05% 8/1/2030 | 1734 | 1798 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033 | 2909 | 2938 |
| Northrop Grumman Corp. 4.95% 3/15/2053 | 1124 | 1014 |
| Republic Services, Inc. 2.375% 3/15/2033 | 1635 | 1428 |
| Republic Services, Inc. 5.00% 4/1/2034 | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026 | 550 | 558 |
| RTX Corp. 3.125% 5/4/2027 | 4551 | 4505 |
| RTX Corp. 4.125% 11/16/2028 | 4974 | 4995 |
| RTX Corp. 5.75% 1/15/2029 | 410 | 429 |
| RTX Corp. 6.00% 3/15/2031 | 550 | 593 |
| RTX Corp. 2.375% 3/15/2032 | 451 | 403 |
| RTX Corp. 6.10% 3/15/2034 | 401 | 439 |
| RTX Corp. 2.82% 9/1/2051 | 665 | 415 |
| RTX Corp. 3.03% 3/15/2052 | 1190 | 777 |
| RTX Corp. 6.40% 3/15/2054 | 1006 | 1108 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup> | 2550 | 2319 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(e)</sup> | 2405 | 2497 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup> | 2482 | 2240 |
| Union Pacific Corp. 2.15% 2/5/2027 | 2213 | 2174 |
| Union Pacific Corp. 2.40% 2/5/2030 | 4454 | 4173 |
| Union Pacific Corp. 2.375% 5/20/2031 | 2298 | 2108 |
| Union Pacific Corp. 2.80% 2/14/2032 | 5244 | 4824 |
| Union Pacific Corp. 5.10% 2/20/2035 | 2104 | 2172 |
| Union Pacific Corp. 2.95% 3/10/2052 | 1405 | 898 |
| Union Pacific Corp. 5.60% 12/1/2054 | 470 | 469 |
| Waste Management, Inc. 1.50% 3/15/2031 | 419 | 366 |
| Waste Management, Inc. 4.80% 3/15/2032 | 4135 | 4234 |
|  |  | 201609 |
| Energy 1.64% |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup> | 280 | 284 |
| APA Corp. 4.25% 1/15/2030 | 2465 | 2423 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> | 395 | 409 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 1136 | 1117 |
| Cenovus Energy, Inc. 2.65% 1/15/2032 | 2969 | 2640 |
| Cenovus Energy, Inc. 5.25% 6/15/2037 | 289 | 281 |
| Cenovus Energy, Inc. 3.75% 2/15/2052 | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026 | 3365 | 3355 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> | 22400 | 23266 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup> | 268 | 284 |
| Devon Energy Corp. 5.75% 9/15/2054 | 2068 | 1902 |
| Ecopetrol SA 8.875% 1/13/2033 | 15325 | 16377 |
| Energy Transfer, LP 5.25% 7/1/2029 | 979 | 1008 |
| Energy Transfer, LP 6.40% 12/1/2030 | 479 | 518 |

---

**185**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Enterprise Products Operating, LLC 4.60% 1/15/2031 | USD5,332 | $5399 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 1465 | 1483 |
| EOG Resources, Inc. 5.95% 7/15/2055 | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028 | 4928 | 4916 |
| Equinor ASA 3.125% 4/6/2030 | 20000 | 19285 |
| Equinor ASA 3.25% 11/18/2049 | 5687 | 3970 |
| Exxon Mobil Corp. 3.043% 3/1/2026 | 4625 | 4619 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 6510 | 4676 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> | 7490 | 7844 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup> | 1470 | 1503 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 | 5120 | 5516 |
| Occidental Petroleum Corp. 5.55% 10/1/2034 | 5200 | 5307 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup> | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup> | 1715 | 1693 |
| Oleoducto Central SA 4.00% 7/14/2027 | 350 | 346 |
| Petroleos Mexicanos 6.50% 1/23/2029 | 22614 | 22990 |
| Petroleos Mexicanos 8.75% 6/2/2029 | 14185 | 15216 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 11164 | 11344 |
| Shell Finance US, Inc. 2.75% 4/6/2030 | 377 | 358 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 | 809 | 817 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup> | 595 | 600 |
| TotalEnergies Capital International SA 3.455% 2/19/2029 | 885 | 872 |
| TotalEnergies Capital SA 5.275% 9/10/2054 | 6805 | 6400 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup> | 2395 | 2448 |
|  |  | 186662 |
| Consumer staples 1.60% |  |  |
| Altria Group, Inc. 4.40% 2/14/2026 | 4585 | 4585 |
| Altria Group, Inc. 4.875% 2/4/2028 | 1330 | 1352 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 | 4715 | 4710 |
| BAT Capital Corp. 3.557% 8/15/2027 | 9271 | 9206 |
| BAT Capital Corp. 2.259% 3/25/2028 | 2353 | 2265 |
| BAT Capital Corp. 6.343% 8/2/2030 | 2210 | 2391 |
| BAT Capital Corp. 4.742% 3/16/2032 | 2675 | 2701 |
| BAT Capital Corp. 5.35% 8/15/2032 | 18664 | 19427 |
| BAT Capital Corp. 6.421% 8/2/2033 | 4665 | 5153 |
| BAT Capital Corp. 5.625% 8/15/2035 | 12170 | 12684 |
| BAT Capital Corp. 7.079% 8/2/2043 | 1323 | 1492 |
| BAT Capital Corp. 5.65% 3/16/2052 | 120 | 114 |
| BAT International Finance PLC 1.668% 3/25/2026 | 4070 | 4048 |
| BAT International Finance PLC 4.448% 3/16/2028 | 2925 | 2949 |
| Constellation Brands, Inc. 3.50% 5/9/2027 | 7500 | 7449 |
| Constellation Brands, Inc. 4.35% 5/9/2027 | 890 | 894 |
| Constellation Brands, Inc. 4.80% 5/1/2030 | 1618 | 1646 |
| Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1320 |
| Constellation Brands, Inc. 4.75% 5/9/2032 | 1978 | 1987 |
| Constellation Brands, Inc. 4.90% 5/1/2033 | 2807 | 2822 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup> | 2726 | 2753 |
| H.J. Heinz Co. 4.875% 10/1/2049 | 2725 | 2346 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup> | 24345 | 24547 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031 | 3110 | 2926 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051 | 685 | 589 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> | 4670 | 4774 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> | 3640 | 3753 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> | 15670 | 16112 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup> | 2371 | 2391 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup> | 13235 | 13193 |
| Mondelez International, Inc. 4.75% 8/28/2034 | 5520 | 5509 |

---

American Funds Insurance Series **186**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer staples (continued) |  |  |
| Philip Morris International, Inc. 5.25% 9/7/2028 | USD2,800 | $2894 |
| Philip Morris International, Inc. 5.125% 2/15/2030 | 982 | 1015 |
| Philip Morris International, Inc. 5.50% 9/7/2030 | 4565 | 4805 |
| Philip Morris International, Inc. 4.75% 11/1/2031 | 830 | 848 |
| Philip Morris International, Inc. 5.375% 2/15/2033 | 1644 | 1720 |
| Walmart, Inc. 4.90% 4/28/2035 | 1013 | 1042 |
| Walmart, Inc. 4.50% 4/15/2053 | 1416 | 1253 |
|  |  | 181665 |
| Information technology 1.06% |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031 | 270 | 240 |
| Analog Devices, Inc. 5.05% 4/1/2034 | 717 | 741 |
| Analog Devices, Inc. 2.80% 10/1/2041 | 521 | 385 |
| Broadcom, Inc. 5.05% 7/12/2027 | 2545 | 2592 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> | 609 | 607 |
| Broadcom, Inc. 5.05% 7/12/2029 | 2177 | 2242 |
| Broadcom, Inc. 5.15% 11/15/2031 | 5186 | 5383 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup> | 630 | 617 |
| Broadcom, Inc. 3.469% 4/15/2034 | 11652 | 10628 |
| Broadcom, Inc. 4.80% 10/15/2034 | 1063 | 1065 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> | 847 | 730 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup> | 2879 | 2843 |
| Cisco Systems, Inc. 4.95% 2/26/2031 | 991 | 1028 |
| Cisco Systems, Inc. 5.05% 2/26/2034 | 843 | 868 |
| Cisco Systems, Inc. 5.10% 2/24/2035 | 2675 | 2750 |
| Cisco Systems, Inc. 5.30% 2/26/2054 | 784 | 752 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> | 1300 | 1339 |
| Intel Corp. 3.05% 8/12/2051 | 1530 | 942 |
| Intel Corp. 5.60% 2/21/2054 | 7880 | 7280 |
| Microchip Technology, Inc. 5.05% 3/15/2029 | 4350 | 4441 |
| Oracle Corp. 1.65% 3/25/2026 | 4867 | 4837 |
| Oracle Corp. 4.80% 8/3/2028 | 615 | 618 |
| Oracle Corp. 4.45% 9/26/2030 | 2610 | 2554 |
| Oracle Corp. 5.25% 2/3/2032 | 1340 | 1340 |
| Oracle Corp. 4.80% 9/26/2032 | 5105 | 4930 |
| Oracle Corp. 5.50% 8/3/2035 | 2374 | 2327 |
| Oracle Corp. 5.20% 9/26/2035 | 6715 | 6436 |
| Oracle Corp. 5.875% 9/26/2045 | 2800 | 2530 |
| Oracle Corp. 6.00% 8/3/2055 | 5970 | 5269 |
| Oracle Corp. 5.95% 9/26/2055 | 9220 | 8175 |
| Oracle Corp. 6.10% 9/26/2065 | 2295 | 2026 |
| Roper Technologies, Inc. 5.10% 9/15/2035 | 1813 | 1827 |
| Synopsys, Inc. 5.15% 4/1/2035 | 21470 | 21829 |
| Synopsys, Inc. 5.70% 4/1/2055 | 8055 | 7999 |
|  |  | 120170 |
| Materials 0.72% |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040 | 2911 | 2192 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 138 | 143 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 4050 | 4134 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup> | 700 | 272 |
| Celanese US Holdings, LLC 6.665% 7/15/2027 | 6297 | 6495 |
| Celanese US Holdings, LLC 6.85% 11/15/2028 | 3575 | 3743 |
| Celanese US Holdings, LLC 6.83% 7/15/2029 | 13862 | 14553 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 4530 | 4777 |
| Celanese US Holdings, LLC 6.879% 7/15/2032 | 800 | 833 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 1031 | 1090 |

---

**187**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Materials (continued) |  |  |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup> | USD834 | $845 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup> | 7250 | 7653 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 | 129 | 128 |
| Dow Chemical Co. (The) 5.65% 3/15/2036 | 66 | 66 |
| Dow Chemical Co. (The) 5.55% 11/30/2048 | 142 | 125 |
| Dow Chemical Co. (The) 6.90% 5/15/2053 | 62 | 64 |
| Dow Chemical Co. (The) 5.60% 2/15/2054 | 764 | 665 |
| LYB International Finance III, LLC 5.125% 1/15/2031 | 469 | 471 |
| LYB International Finance III, LLC 5.50% 3/1/2034 | 745 | 737 |
| LYB International Finance III, LLC 5.875% 1/15/2036 | 5210 | 5188 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup> | 205 | 215 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup> | 300 | 294 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup> | 745 | 768 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030 | 25776 | 26494 |
|  |  | 81945 |
| Real estate 0.66% |  |  |
| American Tower Corp. 3.65% 3/15/2027 | 1375 | 1370 |
| Boston Properties, LP 2.90% 3/15/2030 | 4630 | 4346 |
| Boston Properties, LP 3.25% 1/30/2031 | 463 | 435 |
| Boston Properties, LP 2.55% 4/1/2032 | 1674 | 1462 |
| Boston Properties, LP 2.45% 10/1/2033 | 1335 | 1105 |
| Boston Properties, LP 6.50% 1/15/2034 | 10849 | 11689 |
| Boston Properties, LP 5.75% 1/15/2035 | 11874 | 12219 |
| COPT Defense Properties, LP 2.00% 1/15/2029 | 1139 | 1064 |
| COPT Defense Properties, LP 2.75% 4/15/2031 | 1547 | 1412 |
| COPT Defense Properties, LP 2.90% 12/1/2033 | 564 | 482 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup> | 395 | 368 |
| Crown Castle, Inc. 5.00% 1/11/2028 | 4874 | 4953 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup> | 1475 | 1301 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> | 1755 | 1763 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> | 2755 | 2680 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> | 3135 | 2987 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup> | 3020 | 3038 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> | 675 | 667 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 2097 | 2147 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup> | 4683 | 4969 |
| Prologis, LP 4.875% 6/15/2028 | 1040 | 1066 |
| Prologis, LP 4.75% 6/15/2033 | 1409 | 1423 |
| Prologis, LP 5.125% 1/15/2034 | 6175 | 6350 |
| Prologis, LP 5.00% 3/15/2034 | 360 | 367 |
| Prologis, LP 5.25% 6/15/2053 | 117 | 112 |
| Service Properties Trust 3.95% 1/15/2028 | 1710 | 1616 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> | 3040 | 3199 |
|  |  | 74590 |
| Total corporate bonds and notes |  | 3430212 |
| **U.S. Treasury bonds & notes 24.98%** |  |  |
| **U.S. Treasury bonds & notes 24.98%** |  |  |
| U.S. Treasury 24.19% |  |  |
| U.S. Treasury 3.625% 5/15/2026 | 1926 | 1927 |
| U.S. Treasury 4.625% 6/30/2026 | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026 | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026 | 8871 | 8710 |
| U.S. Treasury 4.625% 11/15/2026 | 3589 | 3621 |
| U.S. Treasury 4.00% 1/15/2027 | 3741 | 3759 |
| U.S. Treasury 1.875% 2/28/2027 | 4000 | 3926 |
| U.S. Treasury 2.625% 5/31/2027 | 43530 | 43009 |

---

American Funds Insurance Series **188**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 2.25% 11/15/2027 | USD105,830 | $103496 |
| U.S. Treasury 6.125% 11/15/2027 | 24000 | 25141 |
| U.S. Treasury 3.375% 11/30/2027 | 241 | 240 |
| U.S. Treasury 3.375% 12/31/2027 | 477291 | 476377 |
| U.S. Treasury 1.125% 2/29/2028 | 9895 | 9412 |
| U.S. Treasury 4.00% 2/29/2028 | 4750 | 4800 |
| U.S. Treasury 3.625% 3/31/2028 | 13 | 13 |
| U.S. Treasury 1.00% 7/31/2028 | 5630 | 5283 |
| U.S. Treasury 1.125% 8/31/2028 | 13555 | 12735 |
| U.S. Treasury 5.25% 11/15/2028 | 5700 | 5964 |
| U.S. Treasury 3.50% 12/15/2028 | 199754 | 199527 |
| U.S. Treasury 2.375% 5/15/2029 | 4070 | 3915 |
| U.S. Treasury 4.00% 7/31/2029 | 334 | 338 |
| U.S. Treasury 3.875% 12/31/2029 | 44049 | 44426 |
| U.S. Treasury 3.75% 5/31/2030 | 13300 | 13335 |
| U.S. Treasury 4.125% 8/31/2030 | 11215 | 11414 |
| U.S. Treasury 3.625% 9/30/2030 | 90415 | 90087 |
| U.S. Treasury 4.875% 10/31/2030 | 92133 | 96812 |
| U.S. Treasury 3.625% 12/31/2030 | 390618 | 388833 |
| U.S. Treasury 4.125% 10/31/2031 | 1408 | 1431 |
| U.S. Treasury 4.125% 11/30/2031 | 985 | 1000 |
| U.S. Treasury 4.125% 11/15/2032 | 114 | 115 |
| U.S. Treasury 3.875% 12/31/2032 | 97978 | 97588 |
| U.S. Treasury 4.375% 5/15/2034 | 100 | 102 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(h)</sup> | 279661 | 275859 |
| U.S. Treasury 4.25% 5/15/2039 | 125497 | 123105 |
| U.S. Treasury 1.375% 11/15/2040 | 24540 | 15963 |
| U.S. Treasury 1.875% 2/15/2041 | 24272 | 16986 |
| U.S. Treasury 4.75% 2/15/2041 | 75066 | 76525 |
| U.S. Treasury 2.00% 11/15/2041 | 57 | 40 |
| U.S. Treasury 2.375% 2/15/2042 | 2701 | 1992 |
| U.S. Treasury 3.25% 5/15/2042 | 10848 | 9065 |
| U.S. Treasury 4.625% 11/15/2045 | 135934 | 133003 |
| U.S. Treasury 3.00% 2/15/2049 | 124633 | 92014 |
| U.S. Treasury 2.875% 5/15/2049 | 19228 | 13825 |
| U.S. Treasury 2.875% 5/15/2052 | 990 | 694 |
| U.S. Treasury 4.00% 11/15/2052 | 7328 | 6368 |
| U.S. Treasury 4.125% 8/15/2053 | 213 | 189 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(h)</sup> | 299333 | 294934 |
| U.S. Treasury 4.625% 11/15/2055 | 29639 | 28616 |
|  |  | 2746985 |
| U.S. Treasury inflation-protected securities 0.79% |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(i)</sup> | 6136 | 6080 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(i)</sup> | 7763 | 7367 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2035 <sup>(i)</sup> | 32118 | 32048 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(i)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(i)</sup> | 6206 | 4840 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(i)</sup> | 2329 | 2095 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(i)</sup> | 38874 | 36904 |
|  |  | 89334 |
| Total U.S. Treasury bonds & notes |  | 2836319 |
| **Asset-backed obligations 4.39%** |  |  |
| **Asset-backed obligations 4.39%** |  |  |
| Other asset-backed securities 2.53% |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup> | 9848 | 9876 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | 11785 | 11804 |

---

**189**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Other asset-backed securities (continued) |  |  |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | USD3,485 | $3491 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup> | 331 | 331 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(e)</sup> | 6839 | 6867 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup> | 4747 | 4785 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup> | 4471 | 4531 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup> | 114 | 113 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.443% 7/15/2046 <sup>(a)(e)</sup> | 2926 | 2782 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.446% 7/15/2046 <sup>(a)(e)</sup> | 337 | 324 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup> | 643 | 645 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup> | 5912 | 5968 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup> | 11152 | 11364 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup> | 13267 | 12589 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup> | 5184 | 4903 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup> | 581 | 578 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup> | 44 | 44 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup> | 18279 | 15529 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup> | 1884 | 1593 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup> | 3362 | 2137 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup> | 364 | 236 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup> | 5923 | 4814 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup> | 1898 | 1184 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup> | 14807 | 14622 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup> | 6495 | 6325 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup> | 4137 | 4154 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup> | 1386 | 1310 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup> | 2826 | 2675 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup> | 255 | 237 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup> | 234 | 220 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup> | 7169 | 7280 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup> | 3764 | 3793 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup> | 1315 | 1262 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup> | 996 | 937 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup> | 111 | 101 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup> | 1655 | 1592 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup> | 6116 | 5728 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup> | 1695 | 1597 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup> | 1428 | 1334 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup> | 8887 | 8995 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup> | 443 | 445 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup> | 5615 | 5652 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup> | 3178 | 3039 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup> | 50765 | 42529 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup> | 3741 | 3766 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(a)(e)</sup> | 5756 | 5781 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup> | 2314 | 2326 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(e)</sup> | 1707 | 1713 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup> | 1546 | 1550 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup> | 2281 | 2299 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup> | 1710 | 1716 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup> | 4558 | 4579 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/15/2028 <sup>(a)(e)</sup> | 909 | 920 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup> | 4300 | 4320 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup> | 735 | 738 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup> | 858 | 862 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup> | 2088 | 1996 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup> | 385 | 369 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup> | 1792 | 1711 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup> | 1097 | 1074 |

---

American Funds Insurance Series **190**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Other asset-backed securities (continued) |  |  |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup> | USD136 | $134 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup> | 422 | 413 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup> | 486 | 474 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup> | 793 | 774 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup> | 1746 | 1673 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup> | 666 | 646 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup> | 1378 | 1310 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup> | 4449 | 4193 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup> | 249 | 233 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup> | 3760 | 3566 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup> | 3080 | 2952 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup> | 92 | 84 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup> | 7133 | 6740 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup> | 2496 | 2324 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup> | 243 | 224 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup> | 5380 | 5478 |
|  |  | 287253 |
| Auto loan 1.26% |  |  |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup> | 275 | 277 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup> | 23 | 23 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup> | 2613 | 2609 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup> | 809 | 807 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup> | 208 | 207 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup> | 426 | 426 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup> | 3445 | 3405 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup> | 531 | 525 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup> | 193 | 191 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup> | 6724 | 6844 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup> | 1348 | 1371 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup> | 5059 | 5267 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup> | 4665 | 4817 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup> | 90 | 91 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup> | 769 | 772 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup> | 231 | 233 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup> | 172 | 176 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup> | 435 | 440 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup> | 875 | 881 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup> | 799 | 814 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup> | 455 | 455 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup> | 434 | 435 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> | 86 | 86 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup> | 1484 | 1490 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup> | 6817 | 6842 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup> | 897 | 899 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup> | 58 | 58 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup> | 7335 | 7391 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup> | 642 | 639 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup> | 1028 | 1030 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup> | 226 | 227 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup> | 194 | 194 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup> | 758 | 776 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup> | 462 | 469 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup> | 1014 | 1102 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup> | 435 | 438 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup> | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup> | 4218 | 4305 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup> | 5833 | 5853 |

---

**191**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Auto loan (continued) |  |  |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup> | USD218 | $218 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup> | 561 | 566 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup> | 507 | 520 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup> | 1772 | 1779 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup> | 1066 | 1079 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup> | 18 | 18 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup> | 272 | 274 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup> | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup> | 4815 | 4949 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup> | 2703 | 2802 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup> | 3984 | 4185 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup> | 1600 | 1610 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/15/2030 <sup>(a)(e)</sup> | 948 | 979 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup> | 330 | 333 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup> | 1174 | 1152 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup> | 17770 | 17440 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup> | 1264 | 1240 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup> | 859 | 843 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup> | 3007 | 3073 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup> | 80 | 80 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup> | 188 | 189 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup> | 84 | 85 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup> | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup> | 191 | 192 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup> | 174 | 174 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup> | 101 | 101 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup> | 615 | 616 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup> | 848 | 856 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup> | 1361 | 1370 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup> | 3223 | 3279 |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup> | 714 | 728 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup> | 623 | 630 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup> | 483 | 498 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup> | 123 | 125 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup> | 707 | 717 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup> | 351 | 354 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup> | 111 | 112 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup> | 204 | 204 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup> | 700 | 707 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup> | 1082 | 1084 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup> | 334 | 336 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup> | 361 | 367 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup> | 909 | 910 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup> | 939 | 941 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup> | 2219 | 2243 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup> | 1236 | 1265 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup> | 9559 | 9657 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup> | 8464 | 8557 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup> | 174 | 175 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup> | 232 | 235 |
|  |  | 143805 |
| Student loan 0.36% |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup> | 6374 | 6450 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup> | 1434 | 1316 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup> | 845 | 763 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup> | 542 | 493 |

---

American Funds Insurance Series **192**

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |
| Student loan (continued) |  |  |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.084% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2057 (a)(b)(e) | USD14,884 | $14850 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup> | 141 | 133 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup> | 2397 | 2269 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup> | 5464 | 5184 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2062 <sup>(a)(b)(e)</sup> | 1816 | 1813 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% |  |  |
| &nbsp;&nbsp;&nbsp;7/25/2051 (a)(b)(e) | 146 | 146 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% |  |  |
| &nbsp;&nbsp;&nbsp;11/15/2052 <sup>(a)(b)(e)</sup> | 628 | 635 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup> | 569 | 585 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup> | 6322 | 6422 |
|  |  | 41059 |
| Credit card 0.24% |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup> | 13550 | 13583 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(e)</sup> | 2456 | 2463 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(e)</sup> | 2416 | 2429 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(e)</sup> | 8461 | 8526 |
|  |  | 27001 |
| Collateralized loan obligations 0.00% |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% |  |  |
| &nbsp;&nbsp;&nbsp;7/25/2030 <sup>(a)(b)(e)</sup> | 50 | 50 |
| Total asset-backed obligations |  | 499168 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |  |  |
| Mexico 1.22% |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(e)</sup> | 74976 | 76464 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 | 7183 | 7326 |
| United Mexican States 6.00% 5/13/2030 | 2960 | 3107 |
| United Mexican States 6.00% 5/7/2036 | 32486 | 32998 |
| United Mexican States 6.875% 5/13/2037 | 3200 | 3422 |
| United Mexican States 7.375% 5/13/2055 | 14311 | 15452 |
|  |  | 138769 |
| Greece 0.46% |  |  |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | EUR10,830 | 12140 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031 | 9600 | 10112 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033 | 23825 | 29987 |
|  |  | 52239 |
| Dominican Republic 0.08% |  |  |
| Dominican Republic (Government of) 5.95% 1/25/2027 <sup>(e)</sup> | USD8,100 | 8198 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(e)</sup> | 680 | 731 |
|  |  | 8929 |
| Poland 0.01% |  |  |
| Poland (Republic of), Series 10Y, 5.75% 11/16/2032 | 555 | 597 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033 | 830 | 845 |
|  |  | 1442 |

---

**193**American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Chile 0.01% |  |  |
| Chile (Republic of) 4.00% 1/31/2052 | USD580 | $461 |
| Paraguay 0.00% |  |  |
| Paraguay (Republic of) 5.00% 4/15/2026 | 285 | 287 |
| Total bonds & notes of governments & government agencies outside the U.S. |  | 202127 |
| **Municipals 1.47%** |  |  |
| **Municipals 1.47%** |  |  |
| California 0.02% |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034 | 2100 | 2452 |
| Illinois 1.28% |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% |  |  |
| &nbsp;&nbsp;&nbsp;11/1/2029 | 65 | 65 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2039 | 31050 | 29238 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2040 | 8945 | 8512 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2049 | 865 | 876 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2050 | 1610 | 1683 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 102799 | 105401 |
|  |  | 145775 |
| Massachusetts 0.07% |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 7500 | 7763 |
| New York 0.03% |  |  |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.559% 10/1/2045 | 1640 | 1632 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.372% 10/1/2051 | 1175 | 1146 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055 | 460 | 445 |
|  |  | 3223 |
| Texas 0.03% |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% |  |  |
| &nbsp;&nbsp;&nbsp;10/1/2052 | 4075 | 2827 |
| Wisconsin 0.04% |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 4490 | 4459 |
| Total municipals |  | 166499 |
| **Federal agency bonds & notes 0.10%** |  |  |
| **Federal agency bonds & notes 0.10%** |  |  |
| Federal National Mortgage Association 2.125% 4/24/2026 | 11910 | 11855 |
| **Loans 0.06%** |  |  |
| **Loans 0.06%** |  |  |
| Financials 0.06% |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% |  |  |
| &nbsp;&nbsp;&nbsp;11/17/2029 (b)(e)(g)(j) | 6407 | 6359 |
| Total bonds, notes & other debt instruments (cost: $10,859,504,000) |  | 10789253 |

---

American Funds Insurance Series **194**

The Bond Fund of America (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Common stocks 0.00% | Common stocks 0.00% |  |  |  |  |  |  |  | Value |
| Common stocks 0.00% | Common stocks 0.00% |  |  |  |  |  | Shares | (000) | (000) |
| Energy 0.00% | Energy 0.00% |  |  |  |  |  |  |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> | FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> | FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> | FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> | FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> |  |  | 555 | $ | 13 |
| FORESEA Holding SA, Class B <sup>(e)</sup> | FORESEA Holding SA, Class B <sup>(e)</sup> |  |  |  |  |  | 61 |  | 1 |
| Total common stocks (cost: $8,000) | Total common stocks (cost: $8,000) | Total common stocks (cost: $8,000) |  |  |  |  |  |  | 14 |
| Short-term securities 5.50% | Short-term securities 5.50% | Short-term securities 5.50% |  |  |  |  |  |  |  |
| Short-term securities 5.50% | Short-term securities 5.50% | Short-term securities 5.50% |  |  |  |  |  |  |  |
| **Money market investments 5.50%** | **Money market investments 5.50%** | **Money market investments 5.50%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> |  |  | 6241739 |  | 624236 |
| Total short-term securities (cost: $624,125,000) | Total short-term securities (cost: $624,125,000) | Total short-term securities (cost: $624,125,000) | Total short-term securities (cost: $624,125,000) | Total short-term securities (cost: $624,125,000) |  |  |  | 624236 | 624236 |
| Total investment securities 100.51% (cost: $11,483,637,000) | Total investment securities 100.51% (cost: $11,483,637,000) | Total investment securities 100.51% (cost: $11,483,637,000) | Total investment securities 100.51% (cost: $11,483,637,000) | Total investment securities 100.51% (cost: $11,483,637,000) |  |  |  | 11413503 | 11413503 |
| Other assets less liabilities (0.51)% | Other assets less liabilities (0.51)% | Other assets less liabilities (0.51)% |  |  |  |  |  | (57477) | (57477) |
| Net assets 100.00% | Net assets 100.00% |  |  |  |  |  |  | $11356026 | $11356026 |
| **Futures contracts** | **Futures contracts** |  |  |  |  |  |  |  |  |
| **Futures contracts** | **Futures contracts** |  |  |  |  |  |  |  |  |
| **Futures contracts** | **Futures contracts** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  | appreciation | appreciation |
|  |  |  |  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  |  |  |  | Number of | Expiration | amount | at 12/31/2025 | at 12/31/2025 |
| Contracts | Contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) | (000) |
| 30 Day Federal Funds Futures | 30 Day Federal Funds Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 62 | 2/2/2026 | USD24,898 | $ | 8 |
| 30 Day Federal Funds Futures | 30 Day Federal Funds Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 548 | 3/2/2026 | 220142 |  | 9 |
| 3 Month SOFR Futures | 3 Month SOFR Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 57 | 3/18/2026 | 13724 |  | (9) |
| 3 Month SOFR Futures | 3 Month SOFR Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 103 | 9/16/2026 | 24898 |  | (25) |
| 2 Year U.S. Treasury Note Futures | 2 Year U.S. Treasury Note Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 14354 | 4/6/2026 | 2996958 |  | (497) |
| 5 Year U.S. Treasury Note Futures | 5 Year U.S. Treasury Note Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 9930 | 4/6/2026 | 1085396 | (2942) | (2942) |
| 10 Year Italy Government Bond Futures | 10 Year Italy Government Bond Futures | 10 Year Italy Government Bond Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 329 | 3/10/2026 | 46466 |  | (141) |
| 10 Year Euro-Bund Futures | 10 Year Euro-Bund Futures |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Short | 1003 | 3/10/2026 | (150370) | 1021 | 1021 |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 949 | 3/31/2026 | 106703 | (1018) | (1018) |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;Short | 1244 | 3/31/2026 | (143079) |  | 185 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;Short | 9 | 3/31/2026 | (1040) |  | 19 |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;Long | 2865 | 3/31/2026 | 338070 | (5192) | (5192) |
|  |  |  |  |  |  |  |  | $(8582) | $(8582) |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |  |
| **Forward currency contracts** | **Forward currency contracts** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Unrealized |
|  | Contract amount |  |  |  |  |  |  | appreciation | appreciation |
|  | Contract amount |  |  |  |  |  |  | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) | (depreciation) |
|  |  |  |  |  |  |  |  | (depreciation) | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold | Currency sold |  |  | Settlement | at 12/31/2025 | at 12/31/2025 |
|  | (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |  | Counterparty |  | date | (000) | (000) |
| USD | 27382 | JPY 4,230,230 | JPY 4,230,230 | JPY 4,230,230 | Bank of America |  | 1/15/2026 | $338 | $338 |
| USD | 17388 | EUR | 14926 | 14926 | Morgan Stanley |  | 1/15/2026 |  | (165) |
| JPY | 3901364 | EUR | 21383 | 21383 | Citibank |  | 1/15/2026 |  | (207) |
| BRL | 24015 | USD | 4403 | 4403 | Citibank |  | 1/23/2026 |  | (48) |
| USD | 53133 | EUR | 45113 | 45113 | HSBC Bank |  | 1/26/2026 |  | 48 |
|  |  |  |  |  |  |  |  | $ | $(34) |

---

**195**American Funds Insurance Series

![](gsin7vvs9nb2glrzn9uiq.jpg)

The Bond Fund of America (continued)

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | Pay |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | Pay |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| SOFR | Annual | 3.39981% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/31/2027 | USD88,200 | $(19) | $— | $(19) |
| SOFR | Annual | 3.2465% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/15/2027 | USD56,300 | 66 |  | 66 |
| SOFR | Annual | 3.249% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/15/2027 | USD56,260 | 63 |  | 63 |
| SOFR | Annual | 3.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/3/2027 | USD106,170 | (30) |  | (30) |
| SOFR | Annual | 3.2715% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/17/2027 | USD43,510 | 37 |  | 37 |
| 3.998% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/4/2028 | USD40,040 | 734 |  | 734 |
| SOFR | Annual | 3.945% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/31/2029 | USD20,090 | (372) |  | (372) |
| SOFR | Annual | 3.3125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD11,993 | 32 |  | 32 |
| SOFR | Annual | 3.4445% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD6,052 | (14) |  | (14) |
| SOFR | Annual | 3.4805% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD6,052 | (20) |  | (20) |
| SOFR | Annual | 3.552% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD4,000 | (23) |  | (23) |
| SOFR | Annual | 3.455% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD12,103 | (29) |  | (29) |
| SOFR | Annual | 3.543% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD6,052 | (33) |  | (33) |
| SOFR | Annual | 3.551% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2029 | USD12,103 | (70) |  | (70) |
| SOFR | Annual | 3.965% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/14/2029 | USD30,465 | (631) |  | (631) |
| SOFR | Annual | 3.9195% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/15/2029 | USD8,240 | (157) |  | (157) |
| SOFR | Annual | 3.763% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/12/2029 | USD11,790 | (160) |  | (160) |
| SOFR | Annual | 3.4415% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/28/2030 | USD18,470 | (24) |  | (24) |
| SOFR | Annual | 3.797% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/31/2030 | USD2,774 | (42) |  | (42) |
| SOFR | Annual | 3.794% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/31/2030 | USD5,301 | (79) |  | (79) |
| SOFR | Annual | 3.796% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/31/2030 | USD5,301 | (79) |  | (79) |
| SOFR | Annual | 3.7815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/31/2030 | USD10,484 | (151) |  | (151) |
| SOFR | Annual | 3.6065% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/12/2030 | USD9,910 | (73) |  | (73) |
| SOFR | Annual | 3.325% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/31/2030 | USD27,360 | 108 |  | 108 |
| SOFR | Annual | 3.2175% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/18/2030 | USD15,786 | 158 |  | 158 |
| SOFR | Annual | 3.2385% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/18/2030 | USD8,168 | 74 |  | 74 |
| SOFR | Annual | 3.2145% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/18/2030 | USD3,938 | 40 |  | 40 |
| SOFR | Annual | 3.2155% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/18/2030 | USD3,938 | 40 |  | 40 |
| SOFR | Annual | 3.237% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/24/2030 | USD26,480 | 254 |  | 254 |
| 3.488% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2031 | USD21,160 | 3 |  | 3 |
| 3.43574% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2031 | USD24,673 | (54) |  | (54) |
| SOFR | Annual | 3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD22,935 | 156 |  | 156 |
| SOFR | Annual | 3.4815% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD22,954 | 154 |  | 154 |
| SOFR | Annual | 3.482% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2032 | USD22,361 | 149 |  | 149 |
| SOFR | Annual | 3.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/24/2032 | USD19,580 | 304 |  | 304 |
| SOFR | Annual | 3.475% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/3/2032 | USD27,370 | 204 |  | 204 |
| SOFR | Annual | 3.50061% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/3/2032 | USD27,360 | 162 |  | 162 |
| SOFR | Annual | 3.486% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/15/2032 | USD18,500 | 127 |  | 127 |
| SOFR | Annual | 3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/8/2034 | USD16,295 | 85 |  | 85 |
| SOFR | Annual | 3.665% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/15/2035 | USD14,000 | 127 |  | 127 |
| SOFR | Annual | 3.648% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/2/2035 | USD20,270 | 233 |  | 233 |
| TONAR | Annual | 1.52125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/6/2035 | JPY1,100,000 | 210 |  | 210 |
| TONAR | Annual | 1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/6/2035 | JPY400,000 | 77 |  | 77 |
| TONAR | Annual | 1.51812% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/7/2035 | JPY2,185,658 | 422 |  | 422 |
| SOFR | Annual | 3.6775% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/8/2035 | USD20,240 | 186 |  | 186 |
| TONAR | Annual | 1.4925% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/8/2035 | JPY368,643 | 77 |  | 77 |
| SOFR | Annual | 3.663% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/9/2035 | USD14,500 | 150 |  | 150 |
| TONAR | Annual | 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/9/2035 | JPY370,941 | 69 |  | 69 |
| TONAR | Annual | 1.5225% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/10/2035 | JPY375,998 | 72 |  | 72 |
| TONAR | Annual | 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/14/2035 | JPY375,998 | 75 |  | 75 |
| TONAR | Annual | 1.491% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/15/2035 | JPY375,998 | 79 |  | 79 |
| TONAR | Annual | 1.475% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/16/2035 | JPY231,314 | 51 |  | 51 |

---

American Funds Insurance Series **196**

![](gq99xkvuyc4nt7fnb0f3h.jpg)

The Bond Fund of America (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay |  |  |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay |  |  | Notional | Notional |  | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  | Notional | Notional |  | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  | Notional | Notional |  | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;Payment |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration |  | amount | 12/31/2025 | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | &nbsp;&nbsp;&nbsp;frequency | Rate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date |  | (000) |  | (000) | (000) | (000) |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.504% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/24/2035 | USD14,510 | USD14,510 |  | $344 | $— | $344 |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.66593% | 3.66593% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 11/3/2035 | USD20,280 | USD20,280 |  | 214 |  | 214 |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.79168% | 3.79168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 6/17/2036 | USD27,050 | USD27,050 |  | 109 |  | 109 |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.801% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 6/17/2036 | USD23,409 | USD23,409 |  | 76 |  | 76 |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.883% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 7/28/2045 | USD33,965 | USD33,965 |  | 1300 |  | 1300 |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 4.137% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 7/28/2045 | USD4,100 | USD4,100 |  | 16 |  | 16 |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 4.052% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 11/15/2053 | USD6,880 | USD6,880 |  | 146 |  | 146 |
| 2.477% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/6/2055 | JPY200,000 | JPY200,000 |  | (92) |  | (92) |
| 2.47825% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/6/2055 | JPY500,000 | JPY500,000 |  | (228) |  | (228) |
| 2.47% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/7/2055 | JPY904,764 | JPY904,764 |  | (423) |  | (423) |
| 2.5425% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/8/2055 | JPY153,945 | JPY153,945 |  | (57) |  | (57) |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.953% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/9/2055 | USD6,960 | USD6,960 |  | 257 |  | 257 |
| 2.57% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/9/2055 | JPY155,295 | JPY155,295 |  | (52) |  | (52) |
| 2.515% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/10/2055 | JPY156,196 | JPY156,196 |  | (64) |  | (64) |
| 2.52% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/14/2055 | JPY156,646 | JPY156,646 |  | (63) |  | (63) |
| 2.50% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/15/2055 | JPY156,196 | JPY156,196 |  | (67) |  | (67) |
| 2.51625% | &nbsp;&nbsp;&nbsp;Annual | TONAR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/16/2055 | JPY96,259 | JPY96,259 |  | (39) |  | (39) |
| SOFR | &nbsp;&nbsp;&nbsp;Annual | 3.8185% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 10/24/2055 | USD13,760 | USD13,760 |  | 824 |  | 824 |
| 4.13862% | &nbsp;&nbsp;&nbsp;Annual | SOFR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 6/17/2056 | USD6,555 | USD6,555 |  | (42) |  | (42) |
| 4.097% | &nbsp;&nbsp;&nbsp;Annual | SOFR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual |  | 6/17/2056 | USD5,701 | USD5,701 |  | (76) |  | (76) |
|  |  |  |  |  |  |  |  |  |  | $4801 | $— | $4801 |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  | Notional | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  |  |  |  | Notional | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Payment |  |  | Expiration |  | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | frequency | frequency | Counterparty | Counterparty | date |  | (000) | (000) | (000) | (000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL160,970 | BRL160,970 | $1285 | $— | $1285 |
| 14.24% | At maturity | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL88,380 | BRL88,380 | 578 |  | 578 |
| 14.585% | At maturity | BZDIOVER | At maturity | At maturity | Bank of America | Bank of America | 1/2/2029 | BRL19,180 | BRL19,180 | 152 |  | 152 |
| 13.31% | At maturity | BZDIOVER | At maturity | At maturity | BNP Paribas | BNP Paribas | 1/2/2029 | BRL76,120 | BRL76,120 | (63) |  | (63) |
| 13.18% | At maturity | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL56,000 | BRL56,000 | (81) |  | (81) |
| 13.04% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL41,300 | BRL41,300 | (102) |  | (102) |
| 12.99% | At maturity | BZDIOVER | At maturity | At maturity | Bank of America | Bank of America | 1/2/2029 | BRL36,820 | BRL36,820 | (106) |  | (106) |
| 12.99% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL41,300 | BRL41,300 | (118) |  | (118) |
| 13.05% | At maturity | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL77,000 | BRL77,000 | (184) |  | (184) |
| 12.32% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL25,300 | BRL25,300 | (200) |  | (200) |
| 12.365% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL38,509 | BRL38,509 | (289) |  | (289) |
| 12.36% | At maturity | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL38,753 | BRL38,753 | (293) |  | (293) |
| 12.3075% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2029 | BRL38,500 | BRL38,500 | (307) |  | (307) |
| 12.36% | At maturity | BZDIOVER | At maturity | At maturity | BNP Paribas | BNP Paribas | 1/2/2029 | BRL77,020 | BRL77,020 | (582) |  | (582) |
| 12.35% | At maturity | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | Barclays Bank PLC | 1/2/2029 | BRL76,900 | BRL76,900 | (588) |  | (588) |
| 12.303% | At maturity | BZDIOVER | At maturity | At maturity | BNP Paribas | BNP Paribas | 1/2/2029 | BRL75,919 | BRL75,919 | (607) |  | (607) |
| 13.115% | At maturity | BZDIOVER | At maturity | At maturity | BNP Paribas | BNP Paribas | 1/2/2031 | BRL19,400 | BRL19,400 | (49) |  | (49) |
| 13.105% | At maturity | BZDIOVER | At maturity | At maturity | BNP Paribas | BNP Paribas | 1/2/2031 | BRL19,625 | BRL19,625 | (51) |  | (51) |
| 13.03% | At maturity | BZDIOVER | At maturity | At maturity | Bank of America | Bank of America | 1/2/2031 | BRL41,625 | BRL41,625 | (136) |  | (136) |
| 13.135% | At maturity | BZDIOVER | At maturity | At maturity | Goldman Sachs | Goldman Sachs | 1/2/2031 | BRL80,500 | BRL80,500 | (187) |  | (187) |
|  |  |  |  |  |  |  |  |  |  | $(1928) | $— | $(1928) |

---

**197**American Funds Insurance Series

![](g2ivhh91ef0trr56j8pmz.jpg)

The Bond Fund of America (continued)

**Swap contracts (continued)**

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Upfront |  | Unrealized |
|  |  |  |  |  |  |  |  | premium | appreciation | appreciation |
|  |  |  |  | Notional | Notional |  | Value at | paid | (depreciation) | (depreciation) |
| Reference | Financing | Payment | Expiration | amount | amount | 12/31/2025 | 12/31/2025 | (received) | at 12/31/2025 | at 12/31/2025 |
| index | rate paid | frequency | date | (000) | (000) |  | (000) | (000) |  | (000) |
| CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD183,800 | USD183,800 |  | $(14043) | $(13869) |  | $(174) |
| Credit default swaps |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Upfront |  | Unrealized |
|  |  |  |  |  |  |  |  | premium | appreciation | appreciation |
|  |  |  |  | Notional | Notional |  | Value at | paid | (depreciation) | (depreciation) |
| Reference | Financing | &nbsp;&nbsp;&nbsp;Payment | Expiration | amount <sup>(m)</sup> | amount <sup>(m)</sup> | 12/31/2025 <sup>(n)</sup> | 12/31/2025 <sup>(n)</sup> | (received) | at 12/31/2025 | at 12/31/2025 |
| index | rate received | &nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) |  | (000) | (000) |  | (000) |
| CDX.NA.IG.45 | 1.00% | &nbsp;&nbsp;&nbsp;Quarterly | 12/20/2030 | USD67,870 | USD67,870 |  | $1538 | $1546 |  | $(8) |
| **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Net | Net |  |  |
|  |  |  | Value at |  |  |  | Net | unrealized |  | Dividend |
|  |  |  | Value at |  |  |  | realized | appreciation | Value at | or interest |
|  |  |  | 1/1/2025 | Additions | Reductions | Reductions | gain (loss) | (depreciation) 12/31/2025 | (depreciation) 12/31/2025 | income |
|  |  |  | (000) | (000) |  | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 5.50% | Short-term securities 5.50% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 5.50% | &nbsp;&nbsp;&nbsp;Money market investments 5.50% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(k)</sup> | $730121 | $5041681 | $5147668 | $5147668 | $284 | $(182) | $624236 | $32185 |

---

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

(b)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(c)Amount less than one thousand.

(d)Represents securities transacted on a TBA basis.

(e)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund.

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

(g)Value determined using significant unobservable inputs.

(h)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $85,685,000, which represented 0.75% of the net assets of the fund.

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

(j)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,359,000, which represented 0.06% of the net assets of the fund.

(k)Rate represents the seven-day yield at 12/31/2025.

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

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

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

American Funds Insurance Series **198**

The Bond Fund of America (continued)

Key to abbreviation(s)

Assn. = Association

Auth. = Authority

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CLO = Collateralized Loan Obligations

CME = CME Group

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

GO = General Obligation

ICE = Intercontinental Exchange, Inc.

JPY = Japanese yen

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

TONAR = Tokyo Overnight Average Rate

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

**199**American Funds Insurance Series

Capital World Bond Fund<sup>®</sup>

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 90.93% | Principal amount | Value |
| Bonds, notes & other debt instruments 90.93% | (000) | (000) |
| Euros 20.50% |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup> | EUR2,800 | $3125 |
| Albania (Republic of) 4.75% 2/14/2035 | 2290 | 2729 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup> | 500 | 642 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup> | 100 | 124 |
| Altria Group, Inc. 3.125% 6/15/2031 | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027 | 2525 | 2908 |
| American Tower Corp. 0.875% 5/21/2029 | 1470 | 1616 |
| Amprion Gmbh 4.125% 9/7/2034 | 2600 | 3153 |
| Amprion Gmbh 3.875% 6/5/2036 | 1800 | 2112 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027 | 2000 | 2310 |
| AT&T, Inc. 1.60% 5/19/2028 | 2350 | 2698 |
| Banco de Credito Social Cooperativo SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on |  |  |
| &nbsp;&nbsp;&nbsp;9/3/2029) <sup>(a)</sup> | 1000 | 1211 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup> | 900 | 1110 |
| Banco de Sabadell SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup> | 700 | 877 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044 | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup> | 5000 | 5993 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup> | 2800 | 3331 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054 | 880 | 869 |
| BMS Ireland Capital Funding DAC 3.857% 11/10/2038 | 290 | 336 |
| BMS Ireland Capital Funding DAC 4.289% 11/10/2045 | 220 | 254 |
| BMS Ireland Capital Funding DAC 4.581% 11/10/2055 | 1680 | 1930 |
| BPCE SA 4.50% 1/13/2033 | 1400 | 1728 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup> | 900 | 1112 |
| Bulgaria (Republic of) 3.375% 7/18/2035 | 1340 | 1552 |
| Coca-Cola Co. 3.375% 8/15/2037 | 155 | 177 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup> | 1900 | 2348 |
| Croatia (Republic of) 3.25% 2/11/2037 | 1005 | 1145 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup> | 4000 | 4441 |
| Deutsche Telekom AG 3.25% 6/4/2035 | 1990 | 2305 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033 | 200 | 297 |
| Dow Chemical Co. (The) 1.125% 3/15/2032 | 827 | 835 |
| Egypt (Arab Republic of) 5.625% 4/16/2030 | 300 | 352 |
| Electricite de France SA 4.25% 1/25/2032 | 1300 | 1602 |
| Electricite de France SA 4.00% 5/7/2037 | 500 | 583 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on |  |  |
| &nbsp;&nbsp;&nbsp;6/1/2028) <sup>(a)</sup> | 5000 | 5744 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on |  |  |
| &nbsp;&nbsp;&nbsp;12/6/2028) <sup>(a)</sup> | 1200 | 1538 |
| Enel Finance International NV 4.00% 2/20/2031 | 465 | 567 |
| Engie SA 3.875% 1/6/2031 | 1000 | 1215 |
| Equinor ASA 1.375% 5/22/2032 | 3650 | 3841 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup> | 240 | 304 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup> | 2030 | 2537 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup> | 1375 | 1613 |
| European Investment Bank 0.25% 1/20/2032 | 2075 | 2106 |
| European Investment Bank 1.50% 6/15/2032 | 1000 | 1088 |
| European Investment Bank 2.875% 1/12/2033 | 4500 | 5300 |
| European Investment Bank 2.875% 1/15/2035 | 395 | 458 |
| European Union 0.25% 10/22/2026 | 610 | 707 |
| European Union 2.875% 12/6/2027 | 1060 | 1261 |
| European Union 2.875% 10/5/2029 | 170 | 203 |
| European Union 2.50% 10/14/2030 | 1375 | 1607 |
| European Union 3.125% 12/4/2030 | 190 | 228 |
| European Union 0% 7/4/2031 | 705 | 716 |
| European Union 2.75% 12/13/2032 | 2010 | 2343 |
| European Union 3.25% 7/4/2034 | 380 | 453 |
| European Union 0% 7/4/2035 | 220 | 191 |
| European Union 3.375% 12/12/2035 | 10230 | 12201 |
| European Union 3.625% 12/12/2040 | 9495 | 11123 |
| European Union 3.75% 10/12/2045 | 635 | 736 |

---

American Funds Insurance Series **200**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Euros (continued) |  |  |
| European Union 0.70% 7/6/2051 | EUR3,000 | $1724 |
| European Union 3.375% 10/5/2054 | 540 | 562 |
| European Union 4.00% 10/12/2055 | 2070 | 2400 |
| Finland (Republic of) 3.00% 9/15/2033 | 2370 | 2792 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028 | 960 | 1137 |
| French Republic O.A.T. 0.75% 2/25/2028 | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029 | 1790 | 2119 |
| French Republic O.A.T. 0% 11/25/2030 | 19550 | 20068 |
| French Republic O.A.T. 0% 5/25/2032 | 2120 | 2056 |
| French Republic O.A.T. 2.00% 11/25/2032 | 3170 | 3467 |
| French Republic O.A.T. 3.00% 5/25/2033 | 1920 | 2225 |
| French Republic O.A.T. 3.00% 11/25/2034 | 4430 | 5039 |
| French Republic O.A.T. 0.50% 5/25/2040 | 600 | 440 |
| French Republic O.A.T. 0.75% 5/25/2052 | 180 | 93 |
| French Republic O.A.T. 3.75% 5/25/2056 | 400 | 414 |
| Germany (Federal Republic of) 0% 10/9/2026 | 2305 | 2668 |
| Germany (Federal Republic of) 0% 11/15/2027 | 1400 | 1583 |
| Germany (Federal Republic of) 1.70% 8/15/2032 | 930 | 1034 |
| Germany (Federal Republic of) 2.50% 2/15/2035 | 23125 | 26485 |
| Germany (Federal Republic of) 1.00% 5/15/2038 | 1300 | 1203 |
| Germany (Federal Republic of) 0% 8/15/2050 | 1200 | 609 |
| Germany (Federal Republic of) 2.90% 8/15/2056 | 1190 | 1247 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028 | 615 | 750 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | 690 | 773 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 | 1915 | 2089 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033 | 3200 | 3943 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035 | 2895 | 3455 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054 | 640 | 734 |
| Hungary (Republic of) 4.875% 3/22/2040 | 305 | 358 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup> | 1200 | 1558 |
| Ireland (Republic of) 2.60% 10/18/2034 | 1820 | 2073 |
| Ireland (Republic of) 3.00% 10/18/2043 | 1130 | 1245 |
| Ireland (Republic of) 3.15% 10/18/2055 | 755 | 791 |
| Italy (Republic of) 3.10% 8/28/2026 | 3425 | 4052 |
| Italy (Republic of) 1.35% 4/1/2030 | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030 | 1365 | 1600 |
| Italy (Republic of) 3.25% 11/15/2032 | 2595 | 3075 |
| Italy (Republic of) 4.20% 3/1/2034 | 1430 | 1791 |
| Italy (Republic of) 3.65% 8/1/2035 | 5600 | 6685 |
| Italy (Republic of) 3.85% 10/1/2040 | 2180 | 2549 |
| Italy (Republic of) 4.30% 10/1/2054 | 4875 | 5687 |
| Johnson & Johnson 3.35% 2/26/2037 | 360 | 414 |
| Lithuania (Republic of) 3.50% 7/3/2031 | 1170 | 1406 |
| Lithuania (Republic of) 2.125% 6/1/2032 | 2665 | 2942 |
| Lithuania (Republic of) 3.50% 2/13/2034 | 1620 | 1919 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup> | 100 | 120 |
| Magyar Export-Import Bank 6.00% 5/16/2029 | 1430 | 1802 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup> | 2000 | 2287 |
| MPT Finance Corp. 7.00% 2/15/2032 | 100 | 123 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup> | 2725 | 2989 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup> | 185 | 211 |
| Ontario (Province of) 3.25% 7/3/2035 | 2420 | 2816 |
| Orange 3.50% 5/19/2035 | 1600 | 1856 |
| PepsiCo, Inc. 0.75% 10/14/2033 | 2000 | 1947 |
| Philip Morris International, Inc. 2.75% 6/6/2029 | 770 | 899 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup> | 320 | 414 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup> | 730 | 907 |
| Portugal (Republic of) 0.475% 10/18/2030 | 350 | 375 |
| Portugal (Republic of) 3.00% 6/15/2035 | 1720 | 1998 |
| Portugal (Republic of) 3.375% 6/15/2040 | 715 | 822 |
| Portugal (Republic of) 3.625% 6/12/2054 | 685 | 755 |

---

**201**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Euros (continued) |  |  |
| Prysmian SpA 3.875% 11/28/2031 | EUR435 | $524 |
| Romania 2.125% 3/7/2028 | 500 | 579 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034 | 475 | 571 |
| Shell International Finance BV 1.50% 4/7/2028 | 2000 | 2299 |
| Slovak Republic, Series 250, 3.75% 3/6/2034 | 640 | 773 |
| Spain (Kingdom of) 0% 1/31/2028 | 900 | 1012 |
| Spain (Kingdom of) 1.40% 7/30/2028 | 1650 | 1898 |
| Spain (Kingdom of) 1.45% 4/30/2029 | 1890 | 2156 |
| Spain (Kingdom of) 1.25% 10/31/2030 | 1295 | 1428 |
| Spain (Kingdom of) 0.50% 10/31/2031 | 1247 | 1289 |
| Spain (Kingdom of) 3.55% 10/31/2033 | 5005 | 6082 |
| Spain (Kingdom of) 3.25% 4/30/2034 | 1980 | 2347 |
| Spain (Kingdom of) 3.20% 10/31/2035 | 510 | 595 |
| Spain (Kingdom of) 1.90% 10/31/2052 | 1010 | 775 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030 | 200 | 229 |
| Stryker Corp. 1.00% 12/3/2031 | 450 | 466 |
| T-Mobile USA, Inc. 3.15% 2/11/2032 | 1705 | 1984 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027 | 1850 | 2079 |
| Treasury Corp. of Victoria 3.625% 9/29/2040 | 2230 | 2571 |
| United Mexican States 3.50% 9/19/2029 | 650 | 763 |
| Verallia SAS 3.875% 11/4/2032 | 4500 | 5161 |
| Verizon Communications, Inc. 3.50% 6/28/2032 | 1620 | 1914 |
|  |  | 303335 |
| Japanese yen 7.20% |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026 | JPY100,000 | 637 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027 | 400000 | 2534 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029 | 300000 | 1869 |
| Japan, Series 474, 0.70% 7/1/2027 | 762850 | 4845 |
| Japan, Series 352, 0.10% 9/20/2028 | 2585750 | 16016 |
| Japan, Series 356, 0.10% 9/20/2029 | 1029800 | 6266 |
| Japan, Series 116, 2.20% 3/20/2030 | 576100 | 3787 |
| Japan, Series 362, 0.10% 3/20/2031 | 514000 | 3041 |
| Japan, Series 374, 0.80% 3/20/2034 | 68200 | 399 |
| Japan, Series 30, 0.005% 3/10/2035 <sup>(c)</sup> | 646511 | 4027 |
| Japan, Series 152, 1.20% 3/20/2035 | 1239550 | 7390 |
| Japan, Series 21, 2.30% 12/20/2035 | 720000 | 4696 |
| Japan, Series 162, 0.60% 9/20/2037 | 1966150 | 10429 |
| Japan, Series 173, 0.40% 6/20/2040 | 270900 | 1282 |
| Japan, Series 179, 0.50% 12/20/2041 | 196950 | 903 |
| Japan, Series 182, 1.10% 9/20/2042 | 619850 | 3096 |
| Japan, Series 186, 1.50% 9/20/2043 | 1341900 | 7016 |
| Japan, Series 188, 1.60% 3/20/2044 | 69000 | 363 |
| Japan, Series 192, 2.40% 3/20/2045 | 1387100 | 8201 |
| Japan, Series 53, 0.60% 12/20/2046 | 781600 | 3136 |
| Japan, Series 37, 0.60% 6/20/2050 | 694500 | 2460 |
| Japan, Series 73, 0.70% 12/20/2051 | 1568700 | 5419 |
| Japan, Series 74, 1.00% 3/20/2052 | 246100 | 926 |
| Japan, Series 76, 1.40% 9/20/2052 | 5800 | 24 |
| Japan, Series 79, 1.20% 6/20/2053 | 612200 | 2395 |
| Japan, Series 81, 1.60% 12/20/2053 | 168700 | 732 |
| Japan, Series 84, 2.10% 9/20/2054 | 958150 | 4694 |
|  |  | 106583 |
| British pounds 4.42% |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup> | GBP800 | 1098 |
| Electricite de France SA 5.50% 3/27/2037 | 900 | 1174 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup> | 900 | 1089 |
| Quebec (Province of) 2.25% 9/15/2026 | 1870 | 2493 |

---

American Funds Insurance Series **202**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| British pounds (continued) |  |  |
| United Kingdom 0.125% 1/30/2026 | GBP425 | $572 |
| United Kingdom 4.25% 12/7/2027 | 3785 | 5161 |
| United Kingdom 1.625% 10/22/2028 | 3690 | 4706 |
| United Kingdom 4.125% 7/22/2029 | 2015 | 2741 |
| United Kingdom 4.75% 12/7/2030 | 4770 | 6678 |
| United Kingdom 0.25% 7/31/2031 | 12845 | 14159 |
| United Kingdom 1.00% 1/31/2032 | 7120 | 8017 |
| United Kingdom 4.25% 6/7/2032 | 1310 | 1782 |
| United Kingdom 3.25% 1/31/2033 | 1090 | 1380 |
| United Kingdom 0.625% 7/31/2035 | 210 | 199 |
| United Kingdom 0.875% 1/31/2046 | 4917 | 3125 |
| United Kingdom 3.75% 10/22/2053 | 1870 | 1980 |
| United Kingdom 4.375% 7/31/2054 | 5570 | 6584 |
| United Kingdom 2.50% 7/22/2065 | 3313 | 2495 |
|  |  | 65433 |
| Brazilian reais 2.30% |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026 | BRL102,863 | 18761 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 17384 | 2788 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 43767 | 6549 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup> | 2152 | 351 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup> | 27098 | 4307 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup> | 8019 | 1254 |
|  |  | 34010 |
| South Korean won 1.81% |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027 | KRW4,513,500 | 3150 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | 5158930 | 3550 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028 | 3998100 | 2797 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 18379880 | 13445 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035 | 5519130 | 3804 |
|  |  | 26746 |
| Chinese yuan renminbi 1.76% |  |  |
| China (People's Republic of), Series INBK, 1.49% 12/25/2031 | CNY39,540 | 5590 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032 | 1160 | 176 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032 | 17280 | 2448 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 22230 | 3431 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 54910 | 8127 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051 | 800 | 140 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 4740 | 781 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053 | 4720 | 788 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 5150 | 834 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 28690 | 3791 |
|  |  | 26106 |
| Australian dollars 1.58% |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD3,640 | 2096 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 5789 | 3189 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 4415 | 2766 |
| New South Wales Treasury Corp. 5.25% 2/24/2038 | 3956 | 2570 |
| Treasury Corp. of Victoria 5.50% 9/15/2039 | 19544 | 12734 |
|  |  | 23355 |

---

**203**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Indian rupees 1.29% |  |  |
| Asian Development Bank 6.72% 2/8/2028 | INR144,700 | $1617 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 | 81400 | 891 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 | 34000 | 379 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031 | 248500 | 2745 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 | 547100 | 6083 |
| European Investment Bank 6.95% 3/1/2029 | 46200 | 519 |
| European Investment Bank 7.40% 10/23/2033 | 388300 | 4468 |
| Inter-American Development Bank 7.00% 1/25/2029 | 18000 | 202 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027 | 126400 | 1412 |
| Korea Development Bank 6.75% 7/1/2030 | 73000 | 805 |
|  |  | 19121 |
| Canadian dollars 1.26% |  |  |
| Canada (Government) 3.50% 3/1/2028 | CAD15,013 | 11134 |
| Canada (Government) 3.25% 12/1/2033 | 7330 | 5334 |
| Canada (Government) 2.75% 12/1/2048 | 3500 | 2142 |
|  |  | 18610 |
| Malaysian ringgits 1.22% |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR5,412 | 1368 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 6143 | 1559 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 10588 | 2601 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 2484 | 657 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 9030 | 2350 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 35614 | 9149 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 1277 | 361 |
|  |  | 18045 |
| Hungarian forints 1.11% |  |  |
| Hungary (Republic of) 3.00% 8/21/2030 | HUF2,824,560 | 7500 |
| Hungary (Republic of) 4.50% 5/27/2032 | 1731010 | 4742 |
| Hungary (Republic of) 4.75% 11/24/2032 | 1494300 | 4117 |
|  |  | 16359 |
| Indonesian rupiah 0.52% |  |  |
| Indonesia (Republic of), Series FR84, 7.25% 2/15/2026 | IDR22,733,000 | 1370 |
| Indonesia (Republic of), Series FR64, 6.125% 5/15/2028 | 1556000 | 95 |
| Indonesia (Republic of), Series FR71, 9.00% 3/15/2029 | 26010000 | 1725 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030 | 2930000 | 185 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29412000 | 1826 |
| Indonesia (Republic of), Series FR68, 8.375% 3/15/2034 | 6937000 | 475 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035 | 32954000 | 2079 |
|  |  | 7755 |
| Mexican pesos 0.44% |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,920 | 798 |
| America Movil, SAB de CV, 9.50% 1/27/2031 | 41870 | 2369 |
| America Movil, SAB de CV, 10.30% 1/30/2034 | 19710 | 1156 |
| United Mexican States, Series M30, 8.50% 11/18/2038 | 21100 | 1100 |
| United Mexican States, Series M, 8.00% 7/31/2053 | 21739 | 1031 |
|  |  | 6454 |

---

American Funds Insurance Series **204**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| Danish kroner 0.43% |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup> | DKK46,626 | $6029 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup> | 2461 | 299 |
|  |  | 6328 |
| Colombian pesos 0.30% |  |  |
| Colombia (Republic of), Series B, 7.25% 10/18/2034 | COP11,132,100 | 2098 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035 | 4779600 | 1183 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 | 7150600 | 1090 |
|  |  | 4371 |
| South African rand 0.28% |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR8,400 | 518 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 59870 | 3703 |
|  |  | 4221 |
| Chilean pesos 0.28% |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup> | CLP914,184 | 1013 |
| Chile (Republic of) 5.00% 10/1/2028 | 955000 | 1069 |
| Chile (Republic of) 6.00% 4/1/2033 | 1720000 | 1992 |
|  |  | 4074 |
| Polish zloty 0.27% |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN4,900 | 1294 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033 | 9280 | 2766 |
|  |  | 4060 |
| New Zealand dollars 0.20% |  |  |
| New Zealand 4.25% 5/15/2036 | NZD3,397 | 1915 |
| New Zealand 3.25% 9/20/2050 <sup>(c)</sup> | 1729 | 1025 |
|  |  | 2940 |
| Turkish lira 0.12% |  |  |
| Turkey (Republic of), Series 2Y, 36.00% 8/12/2026 | TRY70,000 | 1644 |
| Turkey (Republic of), Series 10Y, 17.80% 7/13/2033 | 12175 | 201 |
|  |  | 1845 |
| Philippine pesos 0.08% |  |  |
| Asian Development Bank 5.25% 4/29/2035 | PHP45,900 | 769 |
| Philippines (Republic of) 6.75% 9/15/2032 | 27600 | 491 |
|  |  | 1260 |
| Czech korunas 0.06% |  |  |
| Czech Republic 6.00% 2/26/2026 | CZK17,550 | 857 |
| U.S. dollars 43.50% |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup> | USD200 | 208 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup> | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034 | 2790 | 2868 |
| AbbVie, Inc. 5.35% 3/15/2044 | 75 | 74 |
| AbbVie, Inc. 5.50% 3/15/2064 | 150 | 146 |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup> | 54 | 55 |

---

**205**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028 | USD45 | $46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 | 2102 | 2074 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% |  |  |
| &nbsp;&nbsp;&nbsp;11/17/2029 (e)(f)(g)(h) | 442 | 439 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup> | 660 | 537 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup> | 165 | 166 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup> | 1147 | 1218 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup> | 2985 | 3156 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup> | 140 | 135 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup> | 200 | 210 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% |  |  |
| &nbsp;&nbsp;&nbsp;5/30/2033 <sup>(g)(h)</sup> | 65 | 66 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 | 1295 | 1047 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.014% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2032 <sup>(d)(e)(h)</sup> | 284 | 284 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup> | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup> | 145 | 147 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup> | 120 | 121 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup> | 180 | 187 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup> | 65 | 67 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup> | 70 | 73 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup> | 300 | 297 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup> | 200 | 208 |
| Amazon.com, Inc. 1.50% 6/3/2030 | 2040 | 1840 |
| Amazon.com, Inc. 5.45% 11/20/2055 | 578 | 565 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup> | 98 | 103 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup> | 35 | 37 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup> | 1030 | 1075 |
| Amgen, Inc. 2.20% 2/21/2027 | 445 | 437 |
| Amgen, Inc. 5.25% 3/2/2030 | 981 | 1019 |
| Amgen, Inc. 5.25% 3/2/2033 | 2687 | 2782 |
| Amgen, Inc. 5.65% 3/2/2053 | 1284 | 1258 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup> | 110 | 107 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup> | 115 | 108 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.614%) 9.331% 9/1/2027 <sup>(g)(h)</sup> | 95 | 95 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(e)</sup> | 3541 | 3555 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup> | 958 | 966 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup> | 537 | 549 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(g)(h)</sup> | 144 | 145 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup> | 245 | 247 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup> | 45 | 49 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup> | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup> | 25 | 26 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> | 15 | 16 |
| AT&T, Inc. 3.50% 9/15/2053 | 2070 | 1386 |
| ATI, Inc. 7.25% 8/15/2030 | 60 | 63 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup> | 122 | 117 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup> | 25 | 26 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup> | 1817 | 1829 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup> | 996 | 1037 |
| B&G Foods, Inc. 5.25% 9/15/2027 | 210 | 206 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup> | 25 | 25 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> | 865 | 896 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup> | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup> | 219 | 234 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup> | 950 | 1001 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup> | 425 | 442 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup> | 4040 | 3614 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(a)</sup> | 1535 | 1599 |
| BAT Capital Corp. 3.215% 9/6/2026 | 955 | 950 |
| BAT Capital Corp. 4.625% 3/22/2033 | 188 | 187 |

---

American Funds Insurance Series **206**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| BAT Capital Corp. 5.625% 8/15/2035 | USD5,501 | $5733 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup> | 120 | 123 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 75 | 76 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on |  |  |
| &nbsp;&nbsp;&nbsp;6/29/2033) <sup>(a)</sup> | 3056 | 3382 |
| Becton, Dickinson and Co. 4.298% 8/22/2032 | 320 | 316 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup> | 400 | 396 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup> | 40 | 41 |
| Block, Inc. 6.50% 5/15/2032 | 240 | 250 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup> | 1070 | 1113 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup> | 900 | 895 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup> | 700 | 663 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup> | 1275 | 1166 |
| Boeing Co. (The) 6.259% 5/1/2027 | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030 | 2451 | 2519 |
| Boeing Co. (The) 3.625% 2/1/2031 | 718 | 690 |
| Boeing Co. (The) 6.388% 5/1/2031 | 723 | 785 |
| Boeing Co. (The) 6.528% 5/1/2034 | 457 | 506 |
| Boeing Co. (The) 5.805% 5/1/2050 | 50 | 49 |
| Boeing Co. (The) 6.858% 5/1/2054 | 526 | 591 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup> | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup> | 277 | 279 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup> | 45 | 44 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup> | 107 | 106 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030 | 2228 | 873 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 | 2329 | 913 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup> | 525 | 206 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 | 793 | 308 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on |  |  |
| &nbsp;&nbsp;&nbsp;5/1/2027) <sup>(a)(d)(e)</sup> | 1348 | 1360 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 1925 | 2002 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 2200 | 2162 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> | 250 | 249 |
| Broadcom, Inc. 3.469% 4/15/2034 | 746 | 680 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> | 185 | 159 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup> | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032 | 100 | 102 |
| Brown & Brown, Inc. 6.25% 6/23/2055 | 70 | 73 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055 | 232 | 229 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup> | 175 | 171 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup> | 1724 | 1772 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(e)(h)</sup> | 3685 | 3723 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(e)(h)</sup> | 3368 | 3376 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup> | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup> | 45 | 46 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup> | 1633 | 1697 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 349 | 262 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1085 | 721 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup> | 90 | 86 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on |  |  |
| &nbsp;&nbsp;&nbsp;11/25/2027) <sup>(a)(d)(e)</sup> | 156 | 156 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> | 614 | 604 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> | 90 | 90 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup> | 801 | 815 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup> | 15 | 16 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup> | 135 | 129 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup> | 240 | 226 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup> | 155 | 143 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup> | 147 | 129 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> | 55 | 47 |

---

**207**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Centene Corp. 2.45% 7/15/2028 | USD40 | $37 |
| Centene Corp. 4.625% 12/15/2029 | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031 | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030 | 74 | 71 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup> | 110 | 104 |
| Charter Communications Operating, LLC 3.75% 2/15/2028 | 2650 | 2613 |
| Charter Communications Operating, LLC 5.85% 12/1/2035 | 641 | 640 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 384 | 289 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 188 | 119 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 458 | 296 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 17 | 13 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 | 3618 | 3472 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 | 26 | 24 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026 | 1130 | 1115 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 195 | 195 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 425 | 371 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(e)</sup> | 35 | 36 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup> | 805 | 839 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup> | 1240 | 1279 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup> | 421 | 442 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> | 90 | 93 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup> | 15 | 16 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup> | 45 | 44 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup> | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup> | 100 | 104 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup> | 75 | 72 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup> | 235 | 238 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup> | 175 | 182 |
| CMS Energy Corp. 3.00% 5/15/2026 | 1200 | 1196 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup> | 110 | 115 |
| Coca-Cola Co. 4.65% 8/14/2034 | 336 | 343 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup> | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup> | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027 | 350 | 347 |
| Colombia (Republic of) 7.375% 4/25/2030 | 2400 | 2540 |
| Colombia (Republic of) 3.125% 4/15/2031 | 3000 | 2607 |
| Colombia (Republic of) 8.00% 11/14/2035 | 347 | 371 |
| Comcast Corp. 4.80% 5/15/2033 | 4100 | 4137 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup> | 198 | 183 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup> | 67 | 60 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup> | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup> | 200 | 212 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) |  |  |
| &nbsp;&nbsp;&nbsp;6.174% 5/25/2043 <sup>(d)(e)(h)</sup> | 1032 | 1052 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) |  |  |
| &nbsp;&nbsp;&nbsp;7.424% 5/25/2043 <sup>(d)(e)(h)</sup> | 804 | 844 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) |  |  |
| &nbsp;&nbsp;&nbsp;5.774% 6/25/2043 <sup>(d)(e)(h)</sup> | 503 | 508 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) |  |  |
| &nbsp;&nbsp;&nbsp;6.974% 6/25/2043 <sup>(d)(e)(h)</sup> | 305 | 317 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) |  |  |
| &nbsp;&nbsp;&nbsp;5.574% 7/25/2043 <sup>(d)(e)(h)</sup> | 326 | 328 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) |  |  |
| &nbsp;&nbsp;&nbsp;5.674% 1/25/2044 <sup>(d)(e)(h)</sup> | 206 | 207 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) |  |  |
| &nbsp;&nbsp;&nbsp;5.524% 5/25/2044 <sup>(d)(e)(h)</sup> | 1148 | 1153 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) |  |  |
| &nbsp;&nbsp;&nbsp;4.874% 2/25/2045 <sup>(d)(e)(h)</sup> | 252 | 253 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) |  |  |
| &nbsp;&nbsp;&nbsp;5.024% 2/25/2045 <sup>(d)(e)(h)</sup> | 437 | 438 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup> | 200 | 208 |

---

American Funds Insurance Series **208**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| COPT Defense Properties, LP 2.75% 4/15/2031 | USD1,212 | $1107 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 748 | 710 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup> | 384 | 378 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(g)(h)</sup> | 65 | 66 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup> | 65 | 64 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup> | 355 | 359 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup> | 65 | 70 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(g)(h)</sup> | 124 | 126 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup> | 128 | 132 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup> | 165 | 160 |
| Crown Castle, Inc. 2.50% 7/15/2031 | 767 | 686 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(b)</sup> | 2740 | 2542 |
| CSX Corp. 3.80% 4/15/2050 | 75 | 57 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup> | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup> | 40 | 42 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup> | 1160 | 1141 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | 930 | 1160 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup> | 9 | 3 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup> | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup> | 21 | 21 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup> | 60 | 61 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(g)(h)</sup> | 5 | 5 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup> | 296 | 308 |
| Duke Energy Florida, LLC 4.85% 12/1/2035 | 175 | 174 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(d)(e)(h)</sup> | 1597 | 1631 |
| EchoStar Corp. 10.75% 11/30/2029 | 105 | 116 |
| Edison International 5.25% 11/15/2028 | 1862 | 1888 |
| Edison International 5.45% 6/15/2029 | 75 | 76 |
| Edison International 6.95% 11/15/2029 | 350 | 373 |
| Edison International 5.25% 3/15/2032 | 705 | 706 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup> | 460 | 529 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> | 800 | 833 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)</sup> | 435 | 508 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup> | 300 | 350 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup> | 105 | 103 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup> | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(g)(h)</sup> | 25 | 25 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup> | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(g)(h)</sup> | 84 | 83 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup> | 1248 | 1232 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup> | 1227 | 1167 |
| Enel Finance International NV 4.125% 9/30/2028 <sup>(e)</sup> | 2125 | 2122 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 | 3329 | 3099 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 | 168 | 170 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup> | 145 | 145 |
| EQT Corp. 6.375% 4/1/2029 | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030 | 45 | 50 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup> | 498 | 502 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup> | 90 | 94 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup> | 15 | 16 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup> | 148 | 150 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup> | 16 | 16 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(j)</sup> | 915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(k) |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup> | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030 | 55 | 56 |
| Expand Energy Corp. 4.75% 2/1/2032 | 15 | 15 |
| Export-Import Bank of Thailand 5.354% 5/16/2029 | 1420 | 1472 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup> | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> | 125 | 129 |

---

**209**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup> | USD51 | $54 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup> | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup> | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup> | 117 | 116 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup> | 240 | 203 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup> | 1365 | 1107 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup> | 1332 | 1082 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup> | 3320 | 2697 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup> | 3753 | 3680 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup> | 48 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup> | 1614 | 1582 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup> | 86 | 87 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup> | 188 | 192 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup> | 407 | 422 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup> | 19 | 18 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup> | 495 | 503 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup> | 15 | 15 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup> | 53 | 54 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup> | 27 | 25 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup> | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup> | 398 | 399 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup> | 202 | 206 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup> | 1443 | 1472 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup> | 766 | 779 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup> | 1595 | 1642 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup> | 400 | 407 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup> | 1912 | 1968 |
| Fannie Mae Pool #DA4667 6.50% 1/1/2054 <sup>(d)</sup> | 568 | 590 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup> | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup> | 204 | 207 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup> | 419 | 425 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup> | 242 | 249 |
| Fannie Mae Pool #MA5401 3.50% 4/1/2054 <sup>(d)</sup> | 149 | 138 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup> | 310 | 316 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup> | 210 | 216 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup> | 1575 | 1609 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup> | 695 | 722 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup> | 605 | 624 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup> | 389 | 400 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup> | 212 | 218 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup> | 184 | 191 |
| Fannie Mae Pool #MA5389 6.00% 6/1/2054 <sup>(d)</sup> | 23 | 23 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup> | 3843 | 3921 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup> | 971 | 991 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup> | 742 | 766 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup> | 553 | 568 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup> | 537 | 552 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup> | 384 | 400 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup> | 237 | 243 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup> | 199 | 206 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup> | 164 | 169 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup> | 4 | 5 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup> | 13 | 14 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup> | 383 | 390 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup> | 461 | 479 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup> | 322 | 331 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup> | 284 | 292 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup> | 216 | 223 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup> | 186 | 192 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup> | 185 | 190 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup> | 179 | 185 |

---

American Funds Insurance Series **210**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup> | USD150 | $154 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup> | 81 | 84 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup> | 69 | 72 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup> | 60 | 62 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup> | 35 | 36 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup> | 57 | 60 |
| Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(d)</sup> | 835 | 858 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup> | 422 | 437 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup> | 171 | 178 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(d)</sup> | 697 | 717 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup> | 1739 | 1736 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup> | 114 | 116 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup> | 46 | 46 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(d)</sup> | 23 | 23 |
| Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(d)</sup> | 660 | 679 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup> | 3973 | 3882 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup> | 594 | 580 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup> | 87 | 89 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup> | 429 | 446 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup> | 4129 | 4344 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup> | 194 | 184 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup> | 630 | 615 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup> | 367 | 367 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup> | 289 | 275 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup> | 337 | 337 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup> | 1042 | 1071 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup> | 1564 | 1560 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup> | 377 | 382 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup> | 349 | 363 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(d)</sup> | 727 | 747 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup> | 73 | 74 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(d)</sup> | 151 | 157 |
| Fannie Mae Pool #DE6383 7.00% 8/1/2055 <sup>(d)</sup> | 425 | 447 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(d)</sup> | 186 | 188 |
| Fannie Mae Pool #MA5962 7.00% 1/1/2056 <sup>(d)</sup> | 338 | 356 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(d)(e)(h)</sup> | 315 | 286 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup> | 25 | 24 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup> | 150 | 157 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup> | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(g)(h)</sup> | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(b)(g)(h)</sup> | 26 | 27 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup> | 45 | 44 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027 | 1763 | 1757 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(e)</sup> | 200 | 203 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.20% 12/15/2039 <sup>(d)(e)(h)</sup> | 483 | 485 |
| Ford Motor Co. 6.10% 8/19/2032 | 30 | 31 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 2175 | 2209 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 300 | 301 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 200 | 197 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 200 | 209 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028 | 200 | 193 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3000 | 3066 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 | 1590 | 1615 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 125 | 118 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 3100 | 3213 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup> | 255 | 265 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup> | 1680 | 1632 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup> | 1990 | 1737 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup> | 184 | 183 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup> | 586 | 475 |

---

**211**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Freddie Mac Pool #QE3878 3.50% 6/1/2052 <sup>(d)</sup> | USD23 | $21 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup> | 860 | 862 |
| Freddie Mac Pool #SD2986 3.50% 9/1/2052 <sup>(d)</sup> | 827 | 767 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup> | 356 | 349 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup> | 947 | 948 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup> | 2677 | 2625 |
| Freddie Mac Pool #SD8327 3.50% 4/1/2053 <sup>(d)</sup> | 23 | 21 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup> | 240 | 244 |
| Freddie Mac Pool #QG6918 3.50% 7/1/2053 <sup>(d)</sup> | 91 | 84 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup> | 21 | 21 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup> | 648 | 659 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup> | 163 | 170 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup> | 54 | 55 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup> | 34 | 32 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup> | 613 | 631 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup> | 11766 | 11781 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup> | 116 | 121 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup> | 177 | 180 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup> | 1515 | 1558 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup> | 920 | 873 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup> | 88 | 91 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup> | 119 | 124 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup> | 260 | 261 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup> | 14117 | 14417 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup> | 772 | 789 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup> | 37 | 39 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup> | 1019 | 1039 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup> | 490 | 500 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup> | 1278 | 1313 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup> | 480 | 500 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup> | 469 | 484 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup> | 310 | 319 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup> | 305 | 316 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup> | 193 | 199 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup> | 160 | 165 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup> | 3336 | 3397 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup> | 600 | 612 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup> | 282 | 292 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup> | 24 | 25 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup> | 609 | 619 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup> | 1012 | 1043 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup> | 532 | 550 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup> | 506 | 527 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup> | 487 | 507 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup> | 300 | 309 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup> | 406 | 413 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(d)</sup> | 23 | 24 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup> | 415 | 405 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup> | 1073 | 1089 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup> | 502 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup> | 321 | 326 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup> | 12 | 12 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(d)</sup> | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup> | 926 | 975 |
| Freddie Mac Pool #SD8501 7.00% 1/1/2055 <sup>(d)</sup> | 237 | 249 |
| Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(d)</sup> | 58 | 60 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup> | 49 | 50 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup> | 149 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup> | 526 | 540 |
| Freddie Mac Pool #QY1579 6.50% 4/1/2055 <sup>(d)</sup> | 81 | 85 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup> | 311 | 311 |

---

American Funds Insurance Series **212**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(d)</sup> | USD206 | $209 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup> | 144 | 148 |
| Freddie Mac Pool #QY4408 7.00% 5/1/2055 <sup>(d)</sup> | 302 | 318 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup> | 438 | 437 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(d)</sup> | 4994 | 4740 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup> | 169 | 169 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(d)</sup> | 171 | 173 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(d)</sup> | 765 | 786 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(d)(e)(h)</sup> | 441 | 452 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(e)(h)</sup> | 200 | 200 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup> | 25 | 25 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup> | 103 | 105 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(e)(i)</sup> | 197 | 112 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup> | 337 | 304 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup> | 65 | 66 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup> | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup> | 951 | 962 |
| Genesis Energy, LP 8.25% 1/15/2029 | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030 | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032 | 60 | 63 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup> | 400 | 396 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 | 1342 | 1411 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.072% 11/4/2031 <sup>(g)(h)</sup> | 49 | 49 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup> | 1080 | 1061 |
| Government National Mortgage Assn. 6.50% 1/1/2056 <sup>(d)(l)</sup> | 1708 | 1766 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup> | 744 | 555 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup> | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026 | 1488 | 1477 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> | 1645 | 1723 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup> | 115 | 113 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup> | 660 | 654 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup> | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup> | 25 | 26 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 <sup>(d)(e)(h)</sup> | 1066 | 1068 |
| HCA, Inc. 5.625% 9/1/2028 | 120 | 124 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup> | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup> | 30 | 32 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup> | 249 | 254 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup> | 1188 | 1203 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup> | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup> | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup> | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup> | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup> | 115 | 110 |
| Honduras (Republic of) 6.25% 1/19/2027 | 653 | 660 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(e)(h)</sup> | 1949 | 2023 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> | 175 | 176 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> | 195 | 190 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> | 120 | 114 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup> | 200 | 207 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup> | 1700 | 1716 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(a)</sup> | 1020 | 1023 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup> | 2000 | 2283 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup> | 1200 | 1315 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(e)(h)</sup> | 396 | 401 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup> | 130 | 137 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(g)(h)</sup> | 3 | 3 |

---

**213**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(e)(h)</sup> | USD2,712 | $2814 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> | 2375 | 2348 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> | 269 | 265 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup> | 600 | 569 |
| Hyundai Capital America 4.25% 9/18/2028 <sup>(e)</sup> | 2577 | 2578 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup> | 132 | 140 |
| Icahn Enterprises, LP 9.75% 1/15/2029 | 65 | 65 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(e)</sup> | 480 | 481 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup> | 500 | 516 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup> | 130 | 123 |
| Intel Corp. 3.05% 8/12/2051 | 740 | 455 |
| Intel Corp. 5.60% 2/21/2054 | 168 | 155 |
| Intercontinental Exchange, Inc. 4.20% 3/15/2031 | 588 | 589 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on |  |  |
| &nbsp;&nbsp;&nbsp;6/20/2053) <sup>(a)(e)</sup> | 1500 | 1784 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% |  |  |
| &nbsp;&nbsp;&nbsp;3/15/2042 (d)(e)(h) | 3679 | 3688 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup> | 200 | 203 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup> | 200 | 207 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup> | 80 | 84 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup> | 80 | 84 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup> | 1243 | 1240 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup> | 3441 | 3612 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(a)</sup> | 1330 | 1321 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup> | 730 | 742 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(g)(h)</sup> | 74 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(g)(h)</sup> | 50 | 49 |
| KB Home 6.875% 6/15/2027 | 50 | 51 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 20 | 20 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 245 | 231 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup> | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup> | 1290 | 1300 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup> | 2250 | 2286 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup> | 225 | 232 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) |  |  |
| &nbsp;&nbsp;&nbsp;5.293% 12/15/2039 <sup>(d)(e)(h)</sup> | 1207 | 1208 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup> | 194 | 197 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup> | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028 | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031 | 120 | 113 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup> | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup> | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup> | 110 | 108 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup> | 40 | 42 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup> | 115 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup> | 130 | 130 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + |  |  |
| &nbsp;&nbsp;&nbsp;0.85% on 5/11/2026) <sup>(a)</sup> | 7000 | 6937 |
| Lockheed Martin Corp. 5.20% 2/15/2064 | 309 | 287 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup> | 10 | 10 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup> | 90 | 90 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.155% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2036 (d)(e)(h) | 563 | 563 |
| Marriott International, Inc. 2.75% 10/15/2033 | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup> | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> | 2925 | 2990 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> | 3575 | 3686 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> | 1475 | 1517 |
| Marsh & McLennan Cos., Inc. 5.70% 9/15/2053 | 282 | 285 |

---

American Funds Insurance Series **214**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Mastercard, Inc. 2.00% 11/18/2031 | USD600 | $535 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup> | 50 | 51 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup> | 45 | 45 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup> | 393 | 393 |
| Meta Platforms, Inc. 5.50% 11/15/2045 | 269 | 261 |
| Meta Platforms, Inc. 5.625% 11/15/2055 | 576 | 553 |
| Meta Platforms, Inc. 5.75% 11/15/2065 | 276 | 264 |
| Methanex Corp. 5.125% 10/15/2027 | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029 | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup> | 1208 | 1219 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(d)(e)</sup> | 1000 | 1003 |
| MGM Resorts International 5.50% 4/15/2027 | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030 | 709 | 724 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup> | 155 | 159 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup> | 85 | 89 |
| Minerva Luxembourg SA 8.875% 9/13/2033 | 2161 | 2364 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup> | 1094 | 1101 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup> | 539 | 542 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(e)</sup> | 472 | 475 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(e)</sup> | 1136 | 1145 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup> | 80 | 79 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup> | 75 | 70 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup> | 115 | 117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup> | 120 | 119 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup> | 3700 | 3746 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(a)</sup> | 1480 | 1475 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup> | 1433 | 1260 |
| Motherson Global Investments BV 5.625% 7/11/2029 <sup>(e)</sup> | 595 | 608 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup> | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup> | 210 | 197 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) |  |  |
| &nbsp;&nbsp;&nbsp;6.624% 7/25/2054 <sup>(d)(e)(h)</sup> | 485 | 492 |
| Murphy Oil Corp. 6.00% 10/1/2032 | 25 | 25 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 | 48 | 48 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup> | 160 | 168 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup> | 1250 | 1300 |
| Navient Corp. 5.00% 3/15/2027 | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028 | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032 | 55 | 58 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup> | 2725 | 2385 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup> | 1500 | 1525 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup> | 515 | 481 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup> | 30 | 31 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup> | 165 | 164 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027 | 1025 | 1038 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(j)</sup> | 709 | 206 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup> | 55 | 57 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup> | 70 | 73 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(e)</sup> | 900 | 934 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(e)</sup> | 200 | 213 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup> | 200 | 213 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup> | 500 | 502 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 496 | 474 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(e)</sup> | 50 | 49 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup> | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup> | 90 | 96 |
| NuStar Logistics, LP 5.625% 4/28/2027 | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 | 54 | 57 |
| OCP SA 3.75% 6/23/2031 | 500 | 469 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup> | 269 | 273 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup> | 120 | 122 |

---

**215**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| OneMain Finance Corp. 7.125% 9/15/2032 | USD25 | $26 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup> | 35 | 37 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup> | 631 | 637 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup> | 1222 | 1237 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup> | 2219 | 2243 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on |  |  |
| &nbsp;&nbsp;&nbsp;12/1/2028) <sup>(a)(d)(e)</sup> | 2400 | 2421 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup> | 25 | 25 |
| Oracle Corp. 2.65% 7/15/2026 | 2327 | 2308 |
| Oracle Corp. 3.25% 11/15/2027 | 1880 | 1840 |
| Oracle Corp. 4.45% 9/26/2030 | 4475 | 4379 |
| Oracle Corp. 3.95% 3/25/2051 | 22 | 14 |
| Oracle Corp. 6.00% 8/3/2055 | 1500 | 1324 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup> | 2434 | 2930 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup> | 40 | 26 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 | 3000 | 3000 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 542 | 546 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 | 1500 | 1621 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 4525 | 3437 |
| PacifiCorp 3.30% 3/15/2051 | 150 | 96 |
| PacifiCorp 2.90% 6/15/2052 | 280 | 164 |
| PacifiCorp 5.35% 12/1/2053 | 525 | 462 |
| PacifiCorp 5.50% 5/15/2054 | 980 | 877 |
| PacifiCorp 5.80% 1/15/2055 | 500 | 467 |
| Panama (Republic of) 3.75% 4/17/2026 | 465 | 466 |
| Panama (Republic of) 7.50% 3/1/2031 | 2325 | 2583 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup> | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup> | 65 | 64 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup> | 55 | 57 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup> | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(k) |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup> | 1059 | 1066 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup> | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup> | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup> | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup> | 106 | 109 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 20114 | 20438 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 65 | 63 |
| Petroleos Mexicanos 6.70% 2/16/2032 | 779 | 777 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 55 | 45 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 2128 | 2151 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028 | 235 | 235 |
| PG&E Corp. 5.25% 7/1/2030 | 175 | 174 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 3.883% on 3/15/2030) <sup>(a)</sup> | 145 | 151 |
| Philip Morris International, Inc. 5.125% 11/17/2027 | 315 | 322 |
| Philip Morris International, Inc. 2.10% 5/1/2030 | 634 | 581 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 1554 | 1663 |
| Philip Morris International, Inc. 5.375% 2/15/2033 | 1382 | 1446 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup> | 375 | 396 |
| POSCO 4.875% 1/23/2027 <sup>(e)</sup> | 510 | 514 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup> | 444 | 433 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup> | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup> | 120 | 113 |
| Procter & Gamble Co. 3.00% 3/25/2030 | 338 | 326 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(d)(e)</sup> | 902 | 860 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup> | 403 | 390 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield |  |  |
| &nbsp;&nbsp;&nbsp;Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup> | 2755 | 2696 |
| PT Freeport Indonesia 5.315% 4/14/2032 | 449 | 458 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup> | 40 | 42 |

---

American Funds Insurance Series **216**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup> | USD10 | $10 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup> | 296 | 285 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup> | 910 | 743 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup> | 145 | 143 |
| Repsol E&P Capital Markets US, LLC 5.204% 9/16/2030 <sup>(e)</sup> | 689 | 699 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup> | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup> | 80 | 83 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup> | 90 | 89 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup> | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1420 | 1464 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup> | 25 | 24 |
| Roper Technologies, Inc. 4.45% 9/15/2030 | 2900 | 2914 |
| Roper Technologies, Inc. 5.10% 9/15/2035 | 925 | 932 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup> | 1700 | 1751 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup> | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup> | 90 | 93 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup> | 25 | 21 |
| Sally Holdings, LLC 6.75% 3/1/2032 | 107 | 112 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(i)</sup> | 3406 | 3454 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup> | 464 | 471 |
| Sands China, Ltd. 5.40% 8/8/2028 | 2710 | 2763 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026 | 3750 | 3728 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup> | 1330 | 1355 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029 | 350 | 357 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup> | 62 | 61 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup> | 110 | 110 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup> | 2846 | 2909 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(e)</sup> | 10 | 10 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup> | 46 | 41 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup> | 115 | 115 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup> | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup> | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup> | 123 | 124 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 <sup>(d)(e)</sup> | 630 | 636 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup> | 740 | 768 |
| Service Corp. International 5.75% 10/15/2032 | 35 | 36 |
| Service Properties Trust 0% 9/30/2027 <sup>(e)</sup> | 30 | 27 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> | 60 | 63 |
| ServiceNow, Inc. 1.40% 9/1/2030 | 756 | 666 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup> | 50 | 50 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> | 195 | 191 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup> | 39 | 37 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> | 111 | 102 |
| SK hynix, Inc. 1.50% 1/19/2026 | 563 | 562 |
| SLM Corp. 6.50% 1/31/2030 | 85 | 88 |
| SM Energy Co. 6.50% 7/15/2028 | 45 | 46 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% |  |  |
| &nbsp;&nbsp;&nbsp;11/15/2052 <sup>(d)(e)(h)</sup> | 482 | 487 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup> | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup> | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029 | 200 | 190 |
| Southern California Edison Co. 3.65% 2/1/2050 | 1700 | 1190 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% |  |  |
| &nbsp;&nbsp;&nbsp;on 5/13/2030) <sup>(a)(e)</sup> | 1500 | 1546 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) |  |  |
| &nbsp;&nbsp;&nbsp;5.201% 2/17/2042 <sup>(d)(e)(h)</sup> | 216 | 216 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(e)</sup> | 100 | 101 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup> | 1450 | 1485 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup> | 35 | 36 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% |  |  |
| &nbsp;&nbsp;&nbsp;7/15/2032 (d)(e)(h) | 1439 | 1437 |

---

**217**American Funds Insurance Series

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup> | USD2,090 | $2077 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup> | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029 | 290 | 285 |
| Sunoco, LP 4.50% 4/30/2030 | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup> | 45 | 46 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) |  |  |
| &nbsp;&nbsp;&nbsp;5.193% 2/15/2042 <sup>(d)(e)(h)</sup> | 6917 | 6863 |
| Synopsys, Inc. 5.15% 4/1/2035 | 1410 | 1434 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup> | 69 | 73 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(g)(h)</sup> | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup> | 15 | 16 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup> | 55 | 57 |
| Tenet Healthcare Corp. 6.125% 10/1/2028 | 17 | 17 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 455 | 461 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 200 | 210 |
| State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-B, 3.236% 10/1/2052 | 965 | 669 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup> | 200 | 210 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup> | 10 | 11 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040 | 861 | 848 |
| T-Mobile USA, Inc. 2.40% 3/15/2029 | 1079 | 1022 |
| T-Mobile USA, Inc. 5.65% 1/15/2053 | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029 | 424 | 435 |
| TotalEnergies Capital SA 5.488% 4/5/2054 | 1500 | 1451 |
| TransDigm, Inc. 4.875% 5/1/2029 | 80 | 80 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup> | 85 | 89 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup> | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup> | 75 | 77 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(e)</sup> | 140 | 146 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup> | 30 | 31 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup> | 83 | 84 |
| Transocean, Inc. 6.80% 3/15/2038 | 35 | 30 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup> | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup> | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup> | 100 | 100 |
| Turkey (Republic of) 7.125% 7/17/2032 | 1360 | 1440 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup> | 554 | 557 |
| U.S. Treasury 3.875% 5/31/2027 | 662 | 665 |
| U.S. Treasury 3.75% 6/30/2027 | 30 | 30 |
| U.S. Treasury 3.625% 8/31/2027 <sup>(m)</sup> | 25710 | 25766 |
| U.S. Treasury 3.50% 10/15/2028 | 1281 | 1280 |
| U.S. Treasury 3.50% 11/15/2028 | 1460 | 1458 |
| U.S. Treasury 3.50% 9/30/2029 | 399 | 397 |
| U.S. Treasury 4.125% 10/31/2029 | 328 | 334 |
| U.S. Treasury 4.00% 5/31/2030 | 2995 | 3034 |
| U.S. Treasury 3.875% 6/30/2030 <sup>(m)</sup> | 13418 | 13520 |
| U.S. Treasury 3.50% 11/30/2030 | 1289 | 1276 |
| U.S. Treasury 4.125% 11/30/2031 | 704 | 715 |
| U.S. Treasury 3.875% 8/15/2034 | 540 | 532 |
| U.S. Treasury 4.625% 2/15/2035 | 1681 | 1746 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(m)</sup> | 7207 | 7109 |
| U.S. Treasury 1.75% 8/15/2041 | 4650 | 3144 |
| U.S. Treasury 4.75% 11/15/2043 <sup>(m)</sup> | 2650 | 2654 |
| U.S. Treasury 4.625% 5/15/2044 | 1210 | 1190 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup> | 5045 | 3743 |
| U.S. Treasury 1.25% 5/15/2050 | 1625 | 780 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup> | 4809 | 4729 |
| U.S. Treasury 4.25% 2/15/2054 | 681 | 617 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup> | 1836 | 1772 |
| U.S. Treasury 4.50% 11/15/2054 | 143 | 135 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(m)</sup> | 2915 | 2814 |

---

American Funds Insurance Series **218**

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| U.S. dollars (continued) |  |  |
| U.S. Treasury 4.75% 8/15/2055 | USD927 | $913 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup> | 850 | 845 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup> | 10727 | 11051 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup> | 3539 | 1913 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup> | 186 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup> | 2891 | 2600 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)</sup> | 4653 | 4417 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup> | 77 | 79 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(l)</sup> | 800 | 647 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(l)</sup> | 17 | 16 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(l)</sup> | 2692 | 2628 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(l)</sup> | 164 | 171 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(d)(l)</sup> | 3010 | 3168 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(d)(l)</sup> | 7290 | 5893 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(l)</sup> | 3696 | 3406 |
| United Mexican States 5.375% 3/22/2033 | 765 | 761 |
| United Mexican States 6.00% 5/7/2036 | 970 | 985 |
| United Mexican States 6.338% 5/4/2053 | 425 | 406 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup> | 85 | 85 |
| United Rentals (North America), Inc. 3.875% 2/15/2031 | 130 | 124 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035 | 1450 | 1502 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055 | 1450 | 1490 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup> | 110 | 114 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup> | 250 | 240 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup> | 35 | 35 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup> | 35 | 36 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup> | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup> | 85 | 78 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup> | 34 | 11 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup> | 34 | 11 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(f)(g)(h)(i)(j)</sup> | 56 | 18 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup> | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup> | 31 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup> | 110 | 100 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup> | 80 | 81 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup> | 82 | 85 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup> | 50 | 51 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup> | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup> | 115 | 118 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup> | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup> | 85 | 87 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup> | 525 | 532 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup> | 752 | 757 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(d)(e)</sup> | 1418 | 1424 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup> | 150 | 159 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup> | 71 | 73 |
| Waste Management, Inc. 3.875% 1/15/2029 | 50 | 50 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup> | 34 | 35 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(e)</sup> | 65 | 67 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup> | 4698 | 4668 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup> | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup> | 150 | 157 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup> | 99 | 100 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup> | 110 | 106 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup> | 80 | 75 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(i)</sup> | 74 | 81 |
| Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(e)</sup> | 875 | 887 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup> | 43 | 47 |
|  |  | 643640 |
| Total bonds, notes & other debt instruments (cost: $1,378,329,000) |  | 1345508 |

---

**219**American Funds Insurance Series

![](g0uwjo8863nmtq0n7dsfb.jpg)

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

Preferred securities 0.01%

U.S. dollars 0.01%

ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>

Total preferred securities (cost: $50,000)

Value

Shares(000)

48 $80

Common stocks 0.00%

---

| | | |
|:---|:---|:---|
| U.S. dollars 0.00% |  |  |
| Altera Infrastructure, LP <sup>(f)</sup> | 1441 | 59 |
| Expand Energy Corp. | 45 | 5 |
| Venator Materials PLC <sup>(f)(n)</sup> | 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(k) |
| Total common stocks (cost: $1,019,000) |  | 64 |

---

Rights & warrants 0.00%

---

| | | |
|:---|:---|:---|
| U.S. dollars 0.00% |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(n)</sup> | 85 | 8 |
| Total rights & warrants (cost: $73,000) |  | 8 |

---

Investment funds 1.54%

---

| | | |
|:---|:---|:---|
| Capital Group Central Corporate Bond Fund <sup>(o)</sup> | 2674552 | 22734 |
| Total investment funds (cost: $20,987,000) |  | 22734 |

---

Short-term securities 7.71%

**Money market investments 7.71%**

---

| | | |
|:---|:---|:---|
| Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup> | 1141484 | 114160 |
| Total short-term securities (cost: $114,142,000) |  | 114160 |

---

Options purchased (equity style) 0.00%

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Options purchased (equity style) \* |  |  |  |  | 16 |
| Total options purchased (equity style) (cost: $81,000) | Total options purchased (equity style) (cost: $81,000) |  |  |  | 16 |
| Total investment securities 100.19% (cost: $1,514,681,000) | Total investment securities 100.19% (cost: $1,514,681,000) |  |  |  | 1482570 |
| Other assets less liabilities (0.19)% |  |  |  |  | (2800) |
| Net assets 100.00% |  |  |  |  | $1479770 |
| **\*Options purchased (equity style)** |  |  |  |  |  |
| **\*Options purchased (equity style)** |  |  |  |  |  |
| **\*Options purchased (equity style)** |  |  |  |  |  |
| Options on foreign currencies |  |  |  |  |  |
|  |  |  |  | Notional | Value at |
|  |  | Expiration | Exercise | amount | 12/31/2025 |
| Description | Counterparty | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | 2/18/2026 | JPY147.00 | USD15,680 | $16 |

---

American Funds Insurance Series **220**

![](gufjcaw22832as3h8lcs8.jpg)

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

**Options purchased (futures style)**

Options on futures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 12/31/2025 |
| Description | contracts | date | price | (000) | (000) |
| Put |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | 125 | 1/23/2026 | EUR126.50 | EUR12,500 | $—(k) |
| **Options written (futures style)** |  |  |  |  |  |
| Options on futures |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) at |
|  | Number of | Expiration | Exercise | amount | 12/31/2025 |
| Description | contracts | date | price | (000) | (000) |
| Call |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | 1/23/2026 | EUR131.50 | EUR(12500) | $28 |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| 3 Month SONIA Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 4 | 3/18/2026 | USD(1298) | $(2) |
| 3 Month CORRA Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 866 | 6/17/2026 | 154131 | 377 |
| 3 Month Euro EURIBOR Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 1 | 12/14/2026 | 288 | —(k) |
| 2 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 274 | 3/10/2026 | 34561 | (61) |
| 2 Year Euro-Schatz Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 61 | 3/10/2026 | (7655) | 8 |
| 2 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 301 | 3/31/2026 | 23159 | (63) |
| 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 1141 | 4/6/2026 | 238228 | (45) |
| 3 Year Australian Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 332 | 3/17/2026 | 23263 | 16 |
| 5 Year Euro-Bobl Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 384 | 3/10/2026 | 52420 | (269) |
| 5 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 209 | 3/31/2026 | 17251 | (152) |
| 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 482 | 4/6/2026 | 52685 | (144) |
| 10 Year Italy Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 82 | 3/10/2026 | 11581 | (35) |
| 10 Year French Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 36 | 3/10/2026 | (5102) | 35 |
| 10 Year Euro-Bund Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 416 | 3/10/2026 | (62367) | 460 |
| 10 Year Australian Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 145 | 3/16/2026 | 10594 | 50 |
| 10 Year Japanese Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 30 | 3/23/2026 | (25359) | 167 |
| 10 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 161 | 3/31/2026 | 18102 | (168) |
| 10 Year Ultra U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 69 | 3/31/2026 | 7936 | (67) |
| 10 Year UK Gilt Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 31 | 3/31/2026 | (3818) | 14 |
| 10 Year Canadian Government Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 241 | 3/31/2026 | (21230) | 331 |
| 20 Year U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 153 | 3/31/2026 | 17686 | (251) |
| 30 Year Euro-Buxl Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 54 | 3/10/2026 | (6988) | 157 |
| 30 Year Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 186 | 3/31/2026 | 21948 | (374) |
|  |  |  |  |  | $(16) |

---

**221**American Funds Insurance Series

![](g1vard00qhy5g9b5kbk8s.jpg)

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

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Unrealized |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  | appreciation |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 12/31/2025 |
|  | (000) |  | (000) | Counterparty | date | (000) |
| TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | $35 |
| MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | 17 |
| USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | (24) |
| CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | 406 |
| GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | 81 |
| USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | 30 |
| CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | 28 |
| USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | 22 |
| CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | 18 |
| USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | 14 |
| CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | 13 |
| EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | 7 |
| CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | 2 |
| USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | 1 |
| COP | 135700 | USD | 35 | Citibank | 1/9/2026 | —(k) |
| IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | (3) |
| USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | (3) |
| EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | (4) |
| USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | (14) |
| BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | (20) |
| JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | (27) |
| USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | (43) |
| USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | (46) |
| USD | 3577 | COP 13,816,730 | COP 13,816,730 | Citibank | 1/9/2026 | (64) |
| USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | (93) |
| USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | (103) |
| USD | 8919 | KRW 13,061,798 | KRW 13,061,798 | Citibank | 1/9/2026 | (130) |
| SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | 107 |
| NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | 34 |
| CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | 23 |
| USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | 15 |
| EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | 14 |
| HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | 13 |
| PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | 11 |
| SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | 9 |
| AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | 6 |
| USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | 2 |
| EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | (2) |
| USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | (3) |
| USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | (3) |
| USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | (4) |
| USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | (4) |
| USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | (7) |
| NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | (9) |
| USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | (14) |
| USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | (45) |
| USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | (50) |
| USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | (121) |
| USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | (184) |
| EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | 254 |
| USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | —(k) |
| THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | (13) |
| CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | 1035 |
| USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | 76 |
| CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | 13 |
| DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | 2 |

---

American Funds Insurance Series **222**

![](g65x0lc0njfm1z7az5sya.jpg)

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

**Forward currency contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Unrealized |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  | appreciation |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract amount |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
|  |  |  |  |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 12/31/2025 |
|  | (000) |  | (000) | Counterparty | date | (000) |
| USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | $(3) |
| JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | (147) |
| JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | (251) |
| EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | (61) |
| USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | (64) |
| GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | 37 |
| USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | (38) |
| USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | 462 |
| USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | (4) |
| BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | (129) |
| EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | (53) |
| EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | (59) |
| EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | 19 |
| EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | 6 |
|  |  |  |  |  |  | $970 |

---

**Swap contracts**

Interest rate swaps

Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR9,720 | $(2) | $— | $(2) |
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR9,730 | (3) |  | (3) |
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP4,083 | 53 |  | 53 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD24,180 | 69 |  | 69 |
| SOFR | Annual | 3.4925% | Annual | 8/19/2027 | USD67,090 | (167) |  | (167) |
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | 9/2/2027 | CZK396,600 | (6) |  | (6) |
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | 9/2/2027 | PLN70,510 | (156) |  | (156) |
| SOFR | Annual | 3.2685% | Annual | 9/9/2027 | USD88,350 | 88 |  | 88 |
| SOFR | Annual | 3.3395% | Annual | 9/23/2027 | USD67,500 | (15) |  | (15) |
| 1.9308% | Annual | Euro STR | Annual | 9/24/2027 | EUR32,500 | (56) |  | (56) |
| SOFR | Annual | 3.2355% | Annual | 9/30/2027 | USD37,230 | 50 |  | 50 |
| SOFR | Annual | 3.28% | Annual | 12/1/2027 | USD4,480 | 3 |  | 3 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR5,930 | (90) |  | (90) |
| 3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP5,260 | (19) |  | (19) |
| SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD16,910 | (41) |  | (41) |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR2,690 | 29 |  | 29 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR2,690 | 29 |  | 29 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR2,690 | 29 |  | 29 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK32,270 | (19) |  | (19) |
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR2,500 | 35 |  | 35 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK26,280 | 8 |  | 8 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,900 | 6 |  | 6 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,890 | 5 |  | 5 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK62,070 | 20 |  | 20 |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK67,510 | 39 |  | 39 |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK67,510 | 39 |  | 39 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,330 | (91) |  | (91) |
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,350 | (92) |  | (92) |

---

**223**American Funds Insurance Series

![](gwckaxm0hyww1402vxa61.jpg)

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

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  |  |  | Pay | Pay |  |  |  | premium | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  |  |  | Pay | Pay |  |  | Value at | paid | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Value at | paid | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Value at | paid | paid | (depreciation) |
|  |  | &nbsp;&nbsp;Payment | &nbsp;&nbsp;Payment |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | 12/31/2025 | 12/31/2025 | (received) | (received) | at 12/31/2025 |
| Rate |  | &nbsp;&nbsp;frequency | &nbsp;&nbsp;frequency | Rate |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date |  | (000) | (000) | (000) | (000) |
| 3-month SEK-STIBOR | 3-month SEK-STIBOR | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | 2.2732% | 2.2732% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/14/2030 |  | $69 |  | $— | $69 |
| 2.3523% |  | &nbsp;&nbsp;Annual |  | 6-month EURIBOR | 6-month EURIBOR | 6-month EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 8/14/2030 |  | (52) |  |  | (52) |
| 3.8108% |  | &nbsp;&nbsp;Annual |  | 6-month NOK-NIBOR Semi-annual | 6-month NOK-NIBOR Semi-annual | 6-month NOK-NIBOR Semi-annual | 6-month NOK-NIBOR Semi-annual | 8/14/2030 |  | (114) |  |  | (114) |
| 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;Semi-annual | 3.99% | 3.99% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/22/2030 |  | 27 |  |  | 27 |
| 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;Semi-annual | 4.08% | 4.08% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/23/2030 |  | 3 |  |  | 3 |
| 6-month NOK-NIBOR | 6-month NOK-NIBOR | &nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;Semi-annual | 4.09% | 4.09% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/23/2030 |  | —(k) |  |  | —(k) |
| 3.488% |  | &nbsp;&nbsp;Annual |  | SOFR |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2031 |  | —(k) |  |  | —(k) |
| 3.43574% |  | &nbsp;&nbsp;Annual |  | SOFR |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2031 |  | (2) |  |  | (2) |
| 2.7083% |  | &nbsp;&nbsp;Annual |  | 6-month EURIBOR | 6-month EURIBOR | 6-month EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 2/15/2035 |  | (125) |  |  | (125) |
| SOFR |  | &nbsp;&nbsp;Annual |  | 3.79168% | 3.79168% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2036 |  | 5 |  |  | 5 |
| SOFR |  | &nbsp;&nbsp;Annual |  | 3.801% | 3.801% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2036 |  | 3 |  |  | 3 |
| SOFR |  | &nbsp;&nbsp;Annual |  | 3.944% | 3.944% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/9/2055 |  | 116 |  |  | 116 |
| 6-month EURIBOR | 6-month EURIBOR | &nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;Semi-annual | 2.8972% | 2.8972% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/11/2055 |  | 139 |  |  | 139 |
| SOFR |  | &nbsp;&nbsp;Annual |  | 3.9305% | 3.9305% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/23/2055 |  | 304 |  |  | 304 |
| 6-month EURIBOR | 6-month EURIBOR | &nbsp;&nbsp;Semi-annual | &nbsp;&nbsp;Semi-annual | 2.9287% | 2.9287% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/24/2055 |  | 235 |  |  | 235 |
| 4.13862% |  | &nbsp;&nbsp;Annual |  | SOFR |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2056 |  | (2) |  |  | (2) |
| 4.097% |  | &nbsp;&nbsp;Annual |  | SOFR |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2056 |  | (3) |  |  | (3) |
|  |  |  |  |  |  |  |  |  |  | $348 |  | $— | $348 |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps | &nbsp;&nbsp;&nbsp;Bilateral interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;Pay |  |  |  |  | premium | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;Pay | &nbsp;&nbsp;&nbsp;Pay |  |  |  | Value at | paid | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Value at | paid | paid | (depreciation) |
|  |  |  |  |  |  |  |  |  |  | Value at | paid | paid | (depreciation) |
|  | Payment | Payment |  |  | Payment | Payment |  | Expiration | 12/31/2025 | 12/31/2025 | (received) | (received) | at 12/31/2025 |
| Rate | frequency | frequency | Rate |  | frequency | frequency | Counterparty | date |  | (000) | (000) | (000) | (000) |
| 12.215% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Bank of America | 1/4/2027 |  | $(284) |  | $— | $(284) |
| 11.22441676% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Goldman Sachs | 1/4/2027 |  | (343) |  |  | (343) |
| 11.91% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | 1/4/2027 |  | (600) |  |  | (600) |
| 11.405% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Goldman Sachs | 1/4/2027 |  | (955) |  |  | (955) |
| 14.115% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Goldman Sachs | 1/2/2029 |  | 66 |  |  | 66 |
| 14.05% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Barclays Bank PLC | 1/2/2029 |  | 44 |  |  | 44 |
| 14.05% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Goldman Sachs | 1/2/2029 |  | 26 |  |  | 26 |
| 11.495% | At maturity | At maturity | BZDIOVER | BZDIOVER | At maturity | At maturity | Bank of America | 1/2/2029 |  | (513) |  |  | (513) |
|  |  |  |  |  |  |  |  |  |  | $(2559) |  | $— | $(2559) |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit default swaps | Credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — buy protection |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Upfront | Upfront | Unrealized |
|  |  |  |  |  |  |  |  |  |  | premium | premium | premium | appreciation |
|  |  |  |  |  |  |  |  | Notional | Value at |  | paid | paid | (depreciation) |
| Reference |  | Financing | Financing | &nbsp;&nbsp;Payment | &nbsp;&nbsp;Payment | &nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | (received) | (received) | (received) | at 12/31/2025 |
| index |  | rate paid | rate paid | &nbsp;&nbsp;frequency | &nbsp;&nbsp;frequency | &nbsp;&nbsp;frequency | date | (000) | (000) |  | (000) |  | (000) |
| CDX.NA.IG.45 |  | 1.00% |  | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | 12/20/2030 | USD4,422 | $(100) | $ | (99) |  | $(1) |
| ITRAXX.EUR.44 |  | 1.00% |  | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | 12/20/2030 | EUR23,910 | (648) |  | (603) |  | (45) |
| CDX.NA.HY.45 |  | 5.00% |  | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | 12/20/2030 | USD13,200 | (1009) |  | (960) |  | (49) |
| CDX.EM.44 |  | 1.00% |  | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Quarterly | 12/20/2030 | 9890 | 106 |  | 212 |  | (106) |
|  |  |  |  |  |  |  |  |  | $(1651) | $(1450) | $(1450) |  | $(201) |

---

American Funds Insurance Series **224**

![](gzd62c4g206fjlxwtkn2y.jpg)

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

**Swap contracts (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Credit default swaps | (continued) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection | &nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices — sell protection |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Upfront |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  | premium | appreciation | appreciation |
|  |  |  |  | Notional |  |  | Value at | Value at |  | paid | (depreciation) | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;Financing | Payment | Expiration | amount <sup>(q)</sup> | amount <sup>(q)</sup> | amount <sup>(q)</sup> | 12/31/2025 <sup>(r)</sup> | 12/31/2025 <sup>(r)</sup> | 12/31/2025 <sup>(r)</sup> | (received) | at 12/31/2025 | at 12/31/2025 |
| index | &nbsp;&nbsp;&nbsp;rate received | frequency | date |  |  |  | (000) | (000) |  | (000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| ITRAXX.EUR.XO.44 | &nbsp;&nbsp;&nbsp;5.00% | Quarterly | 12/20/2030 | EUR4,180 |  |  | $544 | $544 |  | $520 |  | $24 |
| **Investments in affiliates <sup>(o)</sup>** | **Investments in affiliates <sup>(o)</sup>** |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Net |  | Net |  |  |
|  |  |  | Value at |  |  |  |  | Net |  | unrealized |  | Dividend |
|  |  |  | Value at |  |  |  | realized | realized |  | appreciation | Value at | or interest |
|  |  |  | 1/1/2025 | Additions | Reductions | Reductions | gain (loss) | gain (loss) | (depreciation) 12/31/2025 | (depreciation) 12/31/2025 | (depreciation) 12/31/2025 | income |
|  |  |  | (000) | (000) | (000) | (000) | (000) | (000) |  | (000) | (000) | (000) |
| Investment funds 1.54% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $21147 | $1043 | $— |  |  | $— |  | $544 | $22734 | $1043 |
| Short-term securities 7.71% | Short-term securities 7.71% |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 7.71% | &nbsp;&nbsp;&nbsp;Money market investments 7.71% |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(p)</sup> |  | 23214 | 581246 | 490311 | 490311 |  | (6) |  | 17 | 114160 | 3583 |
| &nbsp;&nbsp;&nbsp;Total 9.25% |  |  |  |  |  |  | $(6) | $(6) |  | $561 | $136894 | $4626 |
| **Restricted securities <sup>(b)</sup>** | **Restricted securities <sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |  |  |
| **Restricted securities <sup>(b)</sup>** | **Restricted securities <sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |  |  |
| **Restricted securities <sup>(b)</sup>** | **Restricted securities <sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Acquisition | Acquisition |  |  | Cost | Cost |  | Value |  | Percent |
|  |  |  | Acquisition | Acquisition |  |  | Cost | Cost |  | Value |  | of net |
|  |  |  |  | date(s) |  |  | (000) |  |  | (000) |  | assets |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. 3.648% 3/31/2029 (3-month | &nbsp;&nbsp;&nbsp;Bank of America Corp. 3.648% 3/31/2029 (3-month | &nbsp;&nbsp;&nbsp;Bank of America Corp. 3.648% 3/31/2029 (3-month |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> |  | 5/19/2020 | 5/19/2020 | $5709 | $5709 | $5709 |  |  | $5993 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;CSN Inova Ventures 6.75% 1/28/2028 | &nbsp;&nbsp;&nbsp;CSN Inova Ventures 6.75% 1/28/2028 |  | 12/5/2025 - 12/11/2025 | 12/5/2025 - 12/11/2025 |  |  | 2558 |  |  | 2542 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 0.55% 6/16/2027 | &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 0.55% 6/16/2027 | &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 0.55% 6/16/2027 | 12/11/2023 | 12/11/2023 |  |  | 2071 |  |  | 2287 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;Stillwater Mining Co. 4.00% 11/16/2026 | &nbsp;&nbsp;&nbsp;Stillwater Mining Co. 4.00% 11/16/2026 |  | 1/26/2024-2/20/2024 | 1/26/2024-2/20/2024 |  |  | 2013 |  |  | 2077 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;Sasol Financing USA, LLC 8.75% 5/3/2029 | &nbsp;&nbsp;&nbsp;Sasol Financing USA, LLC 8.75% 5/3/2029 |  | 7/18/2023-2/16/2024 | 7/18/2023-2/16/2024 |  |  | 1337 |  |  | 1355 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> | 9/29/2025 | 9/29/2025 |  |  | 74 |  |  | 81 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term | &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term | &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> |  | 9/13/2023 | 9/13/2023 |  |  | 26 |  |  | 27 |  | 0.00<sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | $13788 | $13788 |  |  | $14362 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |

---

**225**American Funds Insurance Series

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

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

(b)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

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

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

(e)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund.

(f)Value determined using significant unobservable inputs.

(g)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund.

(h)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(i)Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

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

(k)Amount less than one thousand.

(l)Represents securities transacted on a TBA basis.

(m)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,108,000, which represented 0.95% of the net assets of the fund.

(n)Non-income producing.

(o)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

(p)Rate represents the seven-day yield at 12/31/2025.

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

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

(s)Amount less than 0.01%.

---

| | | |
|:---|:---|:---|
| Key to abbreviation(s) |  |  |
| Assn. = Association | EURIBOR = Euro Interbank Offered Rate | REIT = Real Estate Investment Trust |
| AUD = Australian dollars | GBP = British pounds | Rev. = Revenue |
| BRL = Brazilian reais | HUF = Hungarian forints | RON = Romanian leu |
| BZDIOVER = Overnight Brazilian Interbank Deposit | ICE = Intercontinental Exchange, Inc. | SEK = Swedish kronor |
| Rate | IDR = Indonesian rupiah | SGD = Singapore dollars |
| CAD = Canadian dollars | INR = Indian rupees | SOFR = Secured Overnight Financing Rate |
| CHF = Swiss francs | JPY = Japanese yen | SONIA = Sterling Overnight Interbank Average Rate |
| CLO = Collateralized Loan Obligations | KRW = South Korean won | STIBOR = Stockholm Interbank Offered Rate |
| CLP = Chilean pesos | MXN = Mexican pesos | STR = Short-Term Rate |
| CME = CME Group | MYR = Malaysian ringgits | TBA = To be announced |
| CNH = Chinese yuan renminbi | NIBOR = Norwegian Interbank Offered Rate | THB = Thai baht |
| CNY = Chinese yuan renminbi | NOK = Norwegian kroner | TRY = Turkish lira |
| COP = Colombian pesos | NZD = New Zealand dollars | USD = U.S. dollars |
| CORRA = Canadian Overnight Repo Rate Average | PHP = Philippine pesos | UST = U.S. Treasury |
| CZK = Czech korunas | PIK = Payment In Kind | WIBOR = Warsaw Interbank Offered Rate |
| DAC = Designated Activity Company | PLN = Polish zloty | ZAR = South African rand |
| DKK = Danish kroner | PRIBOR = Prague Interbank Offered Rate |  |
| EUR = Euros | Ref. = Refunding |  |
| Refer to the notes to financial statements. |  |  |

---

American Funds Insurance Series **226**

American High-Income Trust<sup>®</sup>

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Principal amount | Value |
| Bonds, notes & other debt instruments 88.59% | (000) | (000) |
| **Corporate bonds and notes 84.57%** |  |  |
| Communication services 14.33% |  |  |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup> | USD3,080 | $2955 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup> | 1295 | 1243 |
| Altice France SA 10.00% 1/15/2033 <sup>(a)</sup> | 80 | 73 |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup> | 102 | 102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup> | 1041 | 1033 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup> | 720 | 712 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup> | 445 | 451 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup> | 3281 | 3136 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup> | 2644 | 2491 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup> | 3164 | 2909 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup> | 70 | 72 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup> | 3163 | 2893 |
| CCO Holdings, LLC 4.50% 5/1/2032 | 2669 | 2397 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup> | 3357 | 2942 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup> | 5497 | 4679 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 437 | 329 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 473 | 299 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 950 | 614 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 577 | 457 |
| Charter Communications Operating, LLC 3.85% 4/1/2061 | 175 | 104 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup> | 670 | 671 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup> | 430 | 427 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup> | 925 | 972 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup> | 7980 | 8475 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup> | 230 | 197 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup> | 285 | 78 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup> | 2109 | 2123 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup> | 2865 | 2902 |
| Discovery Communications, LLC 4.125% 5/15/2029 | 300 | 290 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup> | 11088 | 11547 |
| EchoStar Corp. 10.75% 11/30/2029 | 5568 | 6162 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(b)</sup> | 5450 | 5590 |
| Embarq, LLC 7.995% 6/1/2036 | 4729 | 1962 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup> | 445 | 448 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup> | 3655 | 3685 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 2625 | 2659 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup> | 3161 | 3217 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup> | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup> | 225 | 238 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup> | 3591 | 3868 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup> | 791 | 614 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup> | 2538 | 1905 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup> | 3093 | 3212 |
| Lamar Media Corp. 4.00% 2/15/2030 | 260 | 252 |
| Lamar Media Corp. 3.625% 1/15/2031 | 360 | 339 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup> | 450 | 448 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup> | 3296 | 840 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup> | 883 | 922 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup> | 310 | 301 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup> | 3780 | 3755 |
| Paramount Global 7.875% 7/30/2030 | 130 | 141 |
| Paramount Global 6.875% 4/30/2036 | 490 | 483 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup> | 280 | 258 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup> | 1120 | 1171 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup> | 1760 | 1750 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup> | 700 | 704 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup> | 3484 | 3410 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup> | 510 | 514 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup> | 3380 | 3217 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup> | 5536 | 5102 |

---

**227**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Communication services (continued) |  |  |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup> | USD1,540 | $1597 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup> | 1010 | 986 |
| TEGNA, Inc. 5.00% 9/15/2029 | 1151 | 1142 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup> | 2180 | 2259 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup> | 4970 | 4778 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup> | 2552 | 2603 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup> | 995 | 1040 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup> | 3805 | 4092 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | 21 | 19 |
| Verizon Communications, Inc. 4.75% 1/15/2033 | 79 | 79 |
| Verizon Communications, Inc. 5.75% 11/30/2045 | 19 | 19 |
| Verizon Communications, Inc. 5.875% 11/30/2055 | 48 | 47 |
| Verizon Communications, Inc. 6.00% 11/30/2065 | 22 | 22 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup> | 1265 | 1306 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup> | 550 | 502 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 360 | 358 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 2821 | 2745 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 2970 | 2611 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 6878 | 4858 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 326 | 216 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup> | 1498 | 1443 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup> | 957 | 919 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup> | 225 | 210 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup> | 215 | 203 |
|  |  | 148846 |
| Energy 12.21% |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup> | 675 | 695 |
| Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup> | 195 | 191 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup> | 575 | 580 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup> | 255 | 257 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup> | 520 | 537 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup> | 1855 | 1867 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup> | 1175 | 1219 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup> | 1150 | 1191 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup> | 1210 | 1198 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup> | 125 | 131 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup> | 40 | 43 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup> | 2010 | 2023 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup> | 646 | 644 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup> | 520 | 544 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup> | 1080 | 1126 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup> | 990 | 1024 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup> | 1220 | 1273 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup> | 585 | 586 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup> | 740 | 763 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup> | 585 | 614 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup> | 2207 | 2292 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup> | 290 | 313 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup> | 280 | 273 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup> | 1754 | 1768 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup> | 931 | 968 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup> | 2160 | 2256 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup> | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup> | 890 | 866 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup> | 1950 | 2030 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup> | 907 | 939 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup> | 1635 | 1586 |

---

American Funds Insurance Series **228**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup> | USD1,215 | $1154 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup> | 495 | 492 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup> | 420 | 446 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup> | 1408 | 1390 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup> | 307 | 301 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup> | 775 | 766 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup> | 1040 | 1009 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup> | 55 | 56 |
| EQT Corp. 6.375% 4/1/2029 | 185 | 192 |
| EQT Corp. 4.75% 1/15/2031 | 1350 | 1359 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup> | 290 | 273 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(c)</sup> | 4300 | 1 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup> | 280 | 282 |
| Expand Energy Corp. 5.375% 3/15/2030 | 780 | 791 |
| Expand Energy Corp. 4.75% 2/1/2032 | 290 | 286 |
| Genesis Energy, LP 7.75% 2/1/2028 | 72 | 72 |
| Genesis Energy, LP 8.25% 1/15/2029 | 1545 | 1618 |
| Genesis Energy, LP 8.875% 4/15/2030 | 1225 | 1295 |
| Genesis Energy, LP 7.875% 5/15/2032 | 2785 | 2905 |
| Global Partners, LP 6.875% 1/15/2029 | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup> | 580 | 613 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup> | 385 | 394 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup> | 395 | 408 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup> | 1065 | 1059 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup> | 1432 | 1454 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup> | 520 | 542 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup> | 775 | 792 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup> | 361 | 363 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup> | 695 | 720 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup> | 1430 | 1404 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup> | 490 | 498 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup> | 805 | 798 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup> | 837 | 817 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup> | 783 | 747 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup> | 605 | 572 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup> | 1258 | 1290 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup> | 350 | 364 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup> | 200 | 204 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup> | 200 | 206 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup> | 275 | 282 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup> | 720 | 731 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup> | 1245 | 1251 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(c)</sup> | 739 | 4 |
| Murphy Oil Corp. 6.375% 7/15/2028 | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032 | 410 | 410 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 820 | 770 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup> | 1225 | 1285 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup> | 445 | 432 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup> | 1240 | 1220 |
| Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup> | 75 | 75 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup> | 745 | 57 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(c)</sup> | 18263 | 5296 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup> | 105 | 109 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup> | 490 | 508 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup> | 1695 | 1762 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup> | 360 | 364 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup> | 895 | 872 |
| NuStar Logistics, LP 6.00% 6/1/2026 | 286 | 288 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 | 582 | 604 |
| Occidental Petroleum Corp. 6.05% 10/1/2054 | 1200 | 1148 |

---

**229**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup> | USD58 | $59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup> | 955 | 999 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup> | 1490 | 1529 |
| Petrobras Global Finance BV 5.125% 9/10/2030 | 1070 | 1050 |
| Petroleos Mexicanos 8.75% 6/2/2029 | 880 | 944 |
| Petroleos Mexicanos 6.84% 1/23/2030 | 510 | 518 |
| Petroleos Mexicanos 5.95% 1/28/2031 | 1010 | 978 |
| Petroleos Mexicanos 7.69% 1/23/2050 | 185 | 166 |
| Petroleos Mexicanos 6.95% 1/28/2060 | 320 | 261 |
| Range Resources Corp. 8.25% 1/15/2029 | 500 | 510 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup> | 285 | 282 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup> | 200 | 208 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup> | 335 | 322 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup> | 1785 | 1852 |
| Sunoco, LP 6.00% 4/15/2027 | 547 | 550 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup> | 535 | 538 |
| Sunoco, LP 5.875% 3/15/2028 | 290 | 292 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup> | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029 | 1970 | 1936 |
| Sunoco, LP 4.50% 4/30/2030 | 1880 | 1837 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup> | 440 | 428 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup> | 925 | 932 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup> | 1335 | 1412 |
| Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup> | 70 | 72 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup> | 810 | 830 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup> | 810 | 810 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 4.23% on 9/18/2030) <sup>(a)(d)</sup> | 1775 | 1825 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup> | 985 | 1026 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup> | 1355 | 1416 |
| Targa Resources Partners, LP 5.50% 3/1/2030 | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031 | 180 | 181 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup> | 710 | 744 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup> | 265 | 285 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup> | 387 | 398 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup> | 374 | 391 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup> | 290 | 304 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup> | 961 | 982 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup> | 665 | 659 |
| Transocean, Inc. 6.80% 3/15/2038 | 425 | 366 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup> | 430 | 445 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup> | 1045 | 1058 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup> | 1070 | 1004 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup> | 325 | 329 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup> | 1935 | 1762 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup> | 1575 | 1351 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup> | 915 | 927 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup> | 405 | 420 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup> | 1025 | 987 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup> | 1785 | 1776 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup> | 885 | 915 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(d)</sup> | 413 | 327 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup> | 920 | 937 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup> | 835 | 903 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup> | 1690 | 1732 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup> | 550 | 562 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup> | 970 | 1063 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup> | 1470 | 1506 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup> | 700 | 690 |

---

American Funds Insurance Series **230**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Energy (continued) |  |  |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup> | USD1,375 | $1410 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup> | 1030 | 1055 |
| Western Midstream Operating, LP 4.50% 3/1/2028 | 239 | 240 |
| Western Midstream Operating, LP 5.25% 2/1/2050 | 300 | 257 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup> | 395 | 400 |
| YPF SA 8.75% 9/11/2031 | 190 | 197 |
|  |  | 126776 |
| Consumer discretionary 10.29% |  |  |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup> | 645 | 654 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028 | 953 | 975 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030 | 920 | 845 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 | 959 | 817 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup> | 305 | 306 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup> | 555 | 548 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup> | 1245 | 1233 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup> | 1375 | 1432 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup> | 430 | 453 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup> | 1275 | 1254 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup> | 600 | 583 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 | 791 | 801 |
| Bath & Body Works, Inc. 6.75% 7/1/2036 | 295 | 293 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(b)</sup> | 605 | 668 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup> | 1330 | 1300 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup> | 1394 | 1338 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup> | 1870 | 1938 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup> | 1025 | 1051 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup> | 185 | 180 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup> | 1450 | 1429 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup> | 870 | 880 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup> | 135 | 142 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup> | 3044 | 3128 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup> | 3765 | 3890 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup> | 575 | 617 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup> | 1250 | 1215 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup> | 1760 | 1675 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup> | 1410 | 1375 |
| Flutter Treasury DAC 6.125% 6/4/2031 | GBP320 | 435 |
| Ford Motor Co. 3.25% 2/12/2032 | USD2,790 | 2460 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 495 | 493 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 115 | 113 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 200 | 205 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 335 | 352 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 695 | 696 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 225 | 231 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 370 | 397 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 | 2263 | 2299 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 550 | 520 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031 | 570 | 586 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031 | 440 | 403 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032 | 2185 | 2286 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 405 | 435 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034 | 1955 | 1987 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 2755 | 2855 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035 | 4390 | 4337 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup> | 170 | 161 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup> | 108 | 100 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 | 530 | 553 |

---

**231**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup> | USD1,440 | $1478 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup> | 1790 | 1809 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup> | 1045 | 1001 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup> | 655 | 671 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup> | 290 | 292 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup> | 591 | 574 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup> | 70 | 69 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup> | 1065 | 1066 |
| KB Home 6.875% 6/15/2027 | 220 | 225 |
| KB Home 7.25% 7/15/2030 | 330 | 341 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup> | 370 | 354 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup> | 3405 | 3357 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup> | 1365 | 1445 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup> | 1315 | 1230 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup> | 395 | 400 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup> | 1090 | 1055 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup> | 625 | 630 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup> | 700 | 673 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup> | 455 | 435 |
| MGM Resorts International 5.50% 4/15/2027 | 200 | 202 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup> | 580 | 609 |
| Newell Brands, Inc. 6.625% 9/15/2029 | 570 | 569 |
| Newell Brands, Inc. 6.375% 5/15/2030 | 1150 | 1125 |
| Newell Brands, Inc. 6.625% 5/15/2032 | 1995 | 1938 |
| Newell Brands, Inc. 7.375% 4/1/2036 | 635 | 597 |
| Newell Brands, Inc. 7.50% 4/1/2046 | 285 | 238 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup> | 400 | 401 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup> | 1585 | 1586 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup> | 350 | 343 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup> | 355 | 350 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup> | 1695 | 1780 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup> | 1665 | 1770 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup> | 4190 | 4456 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(e)</sup> | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(f) |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(e)</sup> | 2510 | 50 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup> | 15 | 14 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup> | 492 | 508 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup> | 660 | 654 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup> | 585 | 611 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 | 171 | 172 |
| Sally Holdings, LLC 6.75% 3/1/2032 | 2887 | 3018 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup> | 550 | 489 |
| Sekisui House U.S., Inc. 6.00% 1/15/2043 | 803 | 752 |
| Service Corp. International 3.375% 8/15/2030 | 190 | 178 |
| Service Corp. International 4.00% 5/15/2031 | 515 | 493 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup> | 95 | 93 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup> | 1981 | 1946 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup> | 2364 | 2293 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup> | 320 | 329 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup> | 885 | 896 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup> | 995 | 975 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup> | 200 | 196 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup> | 2720 | 2672 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup> | 315 | 321 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup> | 555 | 576 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup> | 630 | 580 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup> | 10 | 11 |
| Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup> | 120 | 124 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup> | 555 | 550 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup> | 352 | 354 |

---

American Funds Insurance Series **232**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer discretionary (continued) |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup> | USD487 | $527 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup> | 720 | 737 |
| ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup> | 700 | 708 |
|  |  | 106820 |
| Financials 9.73% |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup> | 751 | 757 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup> | 555 | 554 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup> | 305 | 312 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup> | 1745 | 1753 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup> | 660 | 685 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup> | 1045 | 1078 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup> | 3585 | 3722 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup> | 1650 | 1624 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup> | 1095 | 1149 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup> | 2015 | 2102 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup> | 3193 | 3222 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup> | 680 | 735 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup> | 715 | 742 |
| Blackstone Private Credit Fund 5.95% 7/16/2029 | 296 | 302 |
| Blackstone Private Credit Fund 6.00% 11/22/2034 | 795 | 803 |
| Block, Inc. 2.75% 6/1/2026 | 510 | 507 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup> | 1145 | 1169 |
| Block, Inc. 3.50% 6/1/2031 | 1660 | 1561 |
| Block, Inc. 6.50% 5/15/2032 | 920 | 957 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup> | 565 | 580 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 380 | 392 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup> | 470 | 479 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup> | 4216 | 4020 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup> | 2544 | 2270 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup> | 3769 | 3499 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup> | 731 | 659 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup> | 725 | 726 |
| FS KKR Capital Corp. 6.125% 1/15/2031 | 540 | 527 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup> | 1140 | 1137 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup> | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup> | 1100 | 1133 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup> | 857 | 900 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup> | 1265 | 1328 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup> | 3875 | 3930 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup> | 2825 | 2864 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup> | 1550 | 1533 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup> | 2515 | 2390 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup> | 1520 | 1452 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup> | 136 | 143 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup> | 1860 | 1943 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup> | 245 | 258 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup> | 715 | 697 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup> | 510 | 490 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup> | 256 | 240 |
| Navient Corp. 6.75% 6/15/2026 | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027 | 2253 | 2259 |
| Navient Corp. 4.875% 3/15/2028 | 550 | 544 |
| Navient Corp. 5.50% 3/15/2029 | 4240 | 4212 |
| Navient Corp. 9.375% 7/25/2030 | 1907 | 2121 |
| Navient Corp. 11.50% 3/15/2031 | 880 | 986 |
| Navient Corp. 7.875% 6/15/2032 | 2445 | 2561 |
| Navient Corp. 5.625% 8/1/2033 | 2548 | 2332 |

---

**233**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Financials (continued) |  |  |
| OneMain Finance Corp. 3.875% 9/15/2028 | USD165 | $161 |
| OneMain Finance Corp. 6.625% 5/15/2029 | 1055 | 1094 |
| OneMain Finance Corp. 5.375% 11/15/2029 | 1155 | 1156 |
| OneMain Finance Corp. 7.875% 3/15/2030 | 915 | 968 |
| OneMain Finance Corp. 6.125% 5/15/2030 | 1885 | 1926 |
| OneMain Finance Corp. 4.00% 9/15/2030 | 245 | 231 |
| OneMain Finance Corp. 7.50% 5/15/2031 | 125 | 132 |
| OneMain Finance Corp. 7.125% 11/15/2031 | 1335 | 1395 |
| OneMain Finance Corp. 7.125% 9/15/2032 | 1975 | 2054 |
| OneMain Finance Corp. 6.50% 3/15/2033 | 1055 | 1068 |
| OneMain Finance Corp. 6.75% 9/15/2033 | 695 | 705 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027 | 6 | 139 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup> | 765 | 800 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup> | 1575 | 1647 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup> | 1488 | 1493 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup> | 845 | 876 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup> | 440 | 461 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup> | 520 | 543 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup> | 51 | 54 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup> | 380 | 400 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup> | 520 | 513 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup> | 720 | 708 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup> | 805 | 823 |
| SLM Corp. 6.50% 1/31/2030 | 680 | 705 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup> | 655 | 651 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup> | 1015 | 1026 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup> | 600 | 634 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup> | 410 | 429 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup> | 385 | 402 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup> | 4020 | 4268 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup> | 550 | 565 |
|  |  | 101091 |
| Materials 7.67% |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup> | 975 | 1032 |
| AmeriTex HoldCo Intermediate, LLC, 7.625% 8/15/2033 <sup>(a)</sup> | 495 | 523 |
| ArcelorMittal SA 7.00% 10/15/2039 | 488 | 551 |
| ArcelorMittal SA 6.75% 3/1/2041 | 825 | 905 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup> | 1280 | 1206 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup> | 225 | 231 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup> | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup> | 460 | 461 |
| Ball Corp. 6.00% 6/15/2029 | 350 | 360 |
| Ball Corp. 2.875% 8/15/2030 | 160 | 148 |
| Ball Corp. 3.125% 9/15/2031 | 1235 | 1139 |
| Ball Corp. 5.50% 9/15/2033 | 1765 | 1801 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 36 | 37 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup> | 2075 | 1987 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup> | 245 | 254 |
| Celanese US Holdings, LLC 6.665% 7/15/2027 | 45 | 46 |
| Celanese US Holdings, LLC 6.50% 4/15/2030 | 520 | 523 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 | 265 | 279 |
| Celanese US Holdings, LLC 7.00% 2/15/2031 | 675 | 692 |
| Celanese US Holdings, LLC 6.75% 4/15/2033 | 1615 | 1608 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 | 70 | 74 |
| Celanese US Holdings, LLC 7.375% 2/15/2034 | 560 | 569 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup> | 400 | 413 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup> | 2036 | 2007 |

---

American Funds Insurance Series **234**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Materials (continued) |  |  |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup> | USD2,404 | $2492 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup> | 1105 | 1138 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup> | 2025 | 1951 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup> | 1930 | 2037 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup> | 2035 | 2088 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup> | 290 | 302 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup> | 1175 | 1229 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup> | 560 | 573 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup> | 1160 | 1190 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup> | 655 | 427 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup> | 3465 | 2454 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup> | 485 | 488 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup> | 3490 | 3679 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup> | 490 | 516 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 432 | 429 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 381 | 369 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(d)</sup> | 6093 | 3473 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup> | 10551 | 9496 |
| Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup> | 420 | 399 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup> | 590 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup> | 500 | 445 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup> | 285 | 248 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup> | 510 | 521 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup> | 805 | 827 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup> | 130 | 130 |
| LYB International Finance III, LLC 5.125% 1/15/2031 | 16 | 16 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup> | 425 | 393 |
| Methanex Corp. 5.125% 10/15/2027 | 2415 | 2430 |
| Methanex Corp. 5.25% 12/15/2029 | 747 | 754 |
| Methanex Corp. 5.65% 12/1/2044 | 465 | 417 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup> | 1415 | 1458 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup> | 200 | 207 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup> | 2079 | 2127 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup> | 1820 | 1912 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup> | 750 | 781 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup> | 245 | 256 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup> | 425 | 416 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup> | 2100 | 2245 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup> | 665 | 711 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup> | 497 | 453 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup> | 80 | 80 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup> | 560 | 583 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup> | 995 | 1040 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(d)</sup> | 1611 | 1634 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(d)</sup> | 683 | 693 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup> | 1310 | 1315 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup> | 900 | 909 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup> | 325 | 338 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup> | 470 | 482 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup> | 526 | 564 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup> | 1015 | 1102 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on |  |  |
| &nbsp;&nbsp;&nbsp;2/25/2031) <sup>(a)(d)</sup> | 200 | 200 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup> | 780 | 840 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup> | 598 | 612 |
| Westlake Corp. 5.55% 11/15/2035 | 54 | 54 |
| Westlake Corp. 6.375% 11/15/2055 | 40 | 39 |
|  |  | 79663 |

---

**235**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Health care 7.45% |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup> | USD4,173 | $4343 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup> | 285 | 288 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup> | 1105 | 1075 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup> | 1425 | 1397 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup> | 495 | 523 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup> | 590 | 589 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup> | 2040 | 2031 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup> | 620 | 596 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup> | 205 | 214 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup> | 1786 | 1770 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup> | 442 | 387 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup> | 455 | 408 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup> | 216 | 224 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup> | 20 | 16 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup> | 682 | 481 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup> | 592 | 388 |
| Centene Corp. 4.625% 12/15/2029 | 945 | 917 |
| Centene Corp. 3.375% 2/15/2030 | 42 | 39 |
| Centene Corp. 2.50% 3/1/2031 | 1125 | 972 |
| Centene Corp. 2.625% 8/1/2031 | 100 | 86 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup> | 186 | 184 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup> | 805 | 808 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup> | 2360 | 2221 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup> | 1020 | 909 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup> | 162 | 177 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup> | 1365 | 1328 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 875 | 810 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup> | 2255 | 2349 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup> | 2035 | 2112 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup> | 2565 | 2714 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup> | 1590 | 1571 |
| Grifols SA 7.50% 5/1/2030 | EUR410 | 507 |
| HCA, Inc. 4.625% 3/15/2052 | USD233 | 190 |
| HCA, Inc. 7.50% 11/15/2095 | 210 | 229 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup> | 57 | 60 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup> | 1475 | 1543 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup> | 506 | 499 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup> | 2330 | 2276 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup> | 914 | 946 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup> | 1470 | 1479 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup> | 1115 | 1097 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup> | 1349 | 1253 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup> | 960 | 987 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup> | 3565 | 3245 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup> | 1385 | 1413 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup> | 2122 | 1442 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup> | 6277 | 4011 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032 | 400 | 390 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(b)</sup> | 2278 | 2196 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup> | 2945 | 3080 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup> | 635 | 667 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup> | 855 | 866 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup> | 260 | 264 |
| Tenet Healthcare Corp. 5.125% 11/1/2027 | 80 | 80 |
| Tenet Healthcare Corp. 4.25% 6/1/2029 | 1785 | 1760 |
| Tenet Healthcare Corp. 4.375% 1/15/2030 | 895 | 879 |
| Tenet Healthcare Corp. 6.75% 5/15/2031 | 1070 | 1114 |
| Tenet Healthcare Corp. 6.875% 11/15/2031 | 100 | 110 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 | 452 | 454 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 415 | 431 |

---

American Funds Insurance Series **236**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Health care (continued) |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | USD6,990 | $7075 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 400 | 441 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 1159 | 1336 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 1345 | 1413 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 1377 | 1043 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030 | 610 | 633 |
|  |  | 77336 |
| Real estate 6.36% |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup> | 1408 | 1369 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup> | 917 | 860 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup> | 160 | 160 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup> | 739 | 735 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup> | 92 | 92 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup> | 1900 | 1939 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup> | 150 | 151 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup> | 2763 | 2687 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup> | 4043 | 3853 |
| Hudson Pacific Properties, LP 5.95% 2/15/2028 | 200 | 197 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030 | 430 | 364 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup> | 367 | 367 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup> | 210 | 216 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup> | 3225 | 3189 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup> | 1995 | 1903 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup> | 220 | 217 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 1785 | 1742 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 2645 | 2495 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 2430 | 2287 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup> | 565 | 559 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 38 | 39 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup> | 215 | 228 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 | 9703 | 9405 |
| MPT Operating Partnership, LP 4.625% 8/1/2029 | 335 | 281 |
| MPT Operating Partnership, LP 3.50% 3/15/2031 | 1524 | 1109 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup> | 4629 | 4947 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup> | 370 | 371 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup> | 820 | 801 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup> | 740 | 762 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup> | 655 | 673 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup> | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup> | 460 | 437 |
| SBA Communications Corp. 3.125% 2/1/2029 | 131 | 126 |
| Service Properties Trust 4.95% 2/15/2027 | 841 | 845 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup> | 1175 | 1063 |
| Service Properties Trust 5.50% 12/15/2027 | 750 | 741 |
| Service Properties Trust 3.95% 1/15/2028 | 3031 | 2864 |
| Service Properties Trust 8.375% 6/15/2029 | 2655 | 2672 |
| Service Properties Trust 4.95% 10/1/2029 | 3518 | 3069 |
| Service Properties Trust 4.375% 2/15/2030 | 3180 | 2697 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup> | 4850 | 5104 |
| Service Properties Trust 8.875% 6/15/2032 | 1385 | 1367 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup> | 405 | 444 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup> | 625 | 614 |
|  |  | 66086 |
| Information technology 6.20% |  |  |
| Amphenol Corp. 4.125% 11/15/2030 | 120 | 119 |

---

**237**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Information technology (continued) |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup> | USD3,050 | $3255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup> | 60 | 59 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup> | 2150 | 2180 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup> | 5185 | 5404 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup> | 1935 | 2023 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup> | 1755 | 1740 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup> | 1350 | 1348 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup> | 1254 | 1265 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup> | 1107 | 1114 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup> | 103 | 103 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup> | 425 | 430 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup> | 5475 | 5840 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup> | 275 | 281 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup> | 1175 | 1163 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup> | 2200 | 2267 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup> | 440 | 460 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup> | 725 | 751 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 5511 | 5270 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 6124 | 5599 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup> | 300 | 296 |
| Intel Corp. 3.05% 8/12/2051 | 150 | 92 |
| Intel Corp. 5.60% 2/21/2054 | 253 | 234 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup> | 275 | 240 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup> | 1785 | 1938 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup> | 343 | 342 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup> | 700 | 611 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup> | 120 | 123 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup> | 120 | 125 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup> | 985 | 1018 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup> | 375 | 363 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup> | 1325 | 1363 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup> | 1875 | 1922 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup> | 5540 | 5553 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup> | 1195 | 1163 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup> | 2234 | 2127 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup> | 230 | 220 |
| VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup> | 410 | 406 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(g)</sup> | 2579 | 2811 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup> | 2410 | 2485 |
| X.AI Corp. 12.50% 6/30/2030 | 200 | 213 |
| Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup> | 125 | 119 |
|  |  | 64435 |
| Industrials 5.71% |  |  |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup> | 261 | 270 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup> | 200 | 196 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup> | 45 | 46 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup> | 645 | 676 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup> | 1045 | 985 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup> | 315 | 320 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup> | 1265 | 1334 |
| ATI, Inc. 4.875% 10/1/2029 | 690 | 691 |
| ATI, Inc. 5.125% 10/1/2031 | 775 | 776 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup> | 767 | 771 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup> | 55 | 54 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup> | 925 | 903 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup> | 445 | 458 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup> | 61 | 61 |

---

American Funds Insurance Series **238**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Industrials (continued) |  |  |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup> | USD1,205 | $1247 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup> | 1230 | 1285 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup> | 165 | 163 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup> | 335 | 327 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup> | 525 | 534 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup> | 915 | 889 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup> | 890 | 842 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup> | 160 | 160 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup> | 1815 | 1866 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup> | 3294 | 3243 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup> | 800 | 801 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup> | 3655 | 3803 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup> | 744 | 787 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup> | 201 | 212 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup> | 45 | 48 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup> | 785 | 804 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup> | 1275 | 1301 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup> | 455 | 474 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup> | 890 | 937 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup> | 30 | 30 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup> | 1585 | 1682 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup> | 30 | 30 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup> | 258 | 247 |
| Icahn Enterprises, LP 6.25% 5/15/2026 | 273 | 274 |
| Icahn Enterprises, LP 5.25% 5/15/2027 | 3754 | 3705 |
| Icahn Enterprises, LP 9.75% 1/15/2029 | 735 | 734 |
| Icahn Enterprises, LP 4.375% 2/1/2029 | 855 | 741 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup> | 90 | 90 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup> | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup> | 395 | 391 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup> | 1080 | 1065 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup> | 360 | 385 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup> | 600 | 603 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup> | 1495 | 1563 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup> | 1010 | 972 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup> | 1090 | 905 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup> | 505 | 512 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 795 | 747 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup> | 440 | 443 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 798 | 799 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup> | 435 | 448 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup> | 1515 | 1548 |
| Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup> | 120 | 120 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(e)</sup> | 98 | 98 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup> | 75 | 76 |
| TransDigm, Inc. 4.625% 1/15/2029 | 180 | 179 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup> | 355 | 372 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup> | 1775 | 1849 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup> | 905 | 927 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup> | 2900 | 2978 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup> | 1190 | 1235 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup> | 3705 | 3862 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup> | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031 | 745 | 711 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup> | 310 | 323 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup> | 225 | 232 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup> | 425 | 444 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup> | 320 | 334 |
|  |  | 59353 |

---

**239**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Consumer staples 3.10% |  |  |
| Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup> | USD400 | $403 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup> | 1428 | 1373 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup> | 1620 | 1609 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup> | 605 | 612 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup> | 535 | 538 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup> | 765 | 803 |
| B&G Foods, Inc. 5.25% 9/15/2027 | 2103 | 2061 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup> | 3880 | 3822 |
| Central Garden & Pet Co. 4.125% 10/15/2030 | 755 | 725 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup> | 2150 | 2036 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup> | 1185 | 1169 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup> | 380 | 391 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup> | 90 | 91 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup> | 485 | 493 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup> | 915 | 958 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup> | 725 | 762 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup> | 370 | 351 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup> | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup> | 1145 | 1109 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup> | 855 | 815 |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup> | 150 | 152 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup> | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup> | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup> | 460 | 471 |
| Philip Morris International, Inc. 3.875% 10/27/2028 | 195 | 195 |
| Philip Morris International, Inc. 4.00% 10/29/2030 | 118 | 117 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup> | 1815 | 1769 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup> | 1145 | 1087 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup> | 920 | 946 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup> | 415 | 420 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup> | 1110 | 1112 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup> | 338 | 339 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup> | 1275 | 1195 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028 | 2200 | 2195 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup> | 963 | 969 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup> | 510 | 504 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup> | 470 | 479 |
|  |  | 32237 |
| Utilities 1.47% |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027 | 302 | 304 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup> | 150 | 150 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup> | 105 | 105 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant |  |  |
| &nbsp;&nbsp;&nbsp;Maturity + 1.961% on 6/1/2035) <sup>(d)</sup> | 470 | 484 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(d)</sup> | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 1.975% on 3/15/2035) <sup>(d)</sup> | 350 | 364 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 820 | 743 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup> | 355 | 368 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup> | 1935 | 2061 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032 | 120 | 121 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 | 280 | 213 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 | 745 | 631 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 | 1305 | 882 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055 | 200 | 196 |
| PG&E Corp. 5.00% 7/1/2028 | 390 | 390 |
| PG&E Corp. 5.25% 7/1/2030 | 2960 | 2941 |

---

American Funds Insurance Series **240**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Corporate bonds and notes (continued)** |  |  |
| Utilities (continued) |  |  |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity |  |  |
| &nbsp;&nbsp;&nbsp;+ 3.883% on 3/15/2030) <sup>(d)</sup> | USD2,050 | $2136 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup> | 1307 | 1384 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup> | 175 | 173 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup> | 395 | 415 |
|  |  | 15226 |
| Municipals 0.05% |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup> | 546 | 541 |
| Total corporate bonds and notes |  | 878410 |
| **Loans 3.92%** |  |  |
| **Loans 3.92%** |  |  |
| Information technology 0.90% |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(h)(i)</sup> | 645 | 647 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(h)(i)</sup> | 130 | 131 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)(i)</sup> | 1000 | 1007 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(h)(i)</sup> | 2885 | 2829 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.723% 9/15/2033 <sup>(h)(i)</sup> | 80 | 79 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(h)(i)</sup> | 620 | 622 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(h)(i)</sup> | 875 | 857 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(h)(i)</sup> | 2087 | 2084 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(h)(i)</sup> | 1149 | 1147 |
|  |  | 9403 |
| Financials 0.64% |  |  |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 6.966% |  |  |
| &nbsp;&nbsp;&nbsp;5/30/2032 <sup>(h)(i)</sup> | 613 | 617 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% |  |  |
| &nbsp;&nbsp;&nbsp;5/30/2033 <sup>(h)(i)</sup> | 1262 | 1288 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(h)(i)</sup> | 2891 | 2935 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(h)(i)</sup> | 940 | 953 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(h)(i)</sup> | 145 | 146 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(h)(i)</sup> | 700 | 704 |
|  |  | 6643 |
| Communication services 0.62% |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(h)(i)</sup> | 1430 | 1430 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(h)(i)</sup> | 327 | 287 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(h)</sup> | 44 | 17 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(h)(i)</sup> | 73 | 74 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(h)(i)</sup> | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(h)(i)</sup> | 23 | 23 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(b)(e)(h)</sup> | 960 | 960 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(h)(i)</sup> | 455 | 361 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(h)(i)</sup> | 1470 | 1473 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(h)</sup> | 370 | 369 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(h)(i)</sup> | 1456 | 1433 |
|  |  | 6429 |
| Industrials 0.56% |  |  |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(h)(i)</sup> | 310 | 315 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(h)(i)</sup> | 5671 | 5275 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.716% 4/30/2032 <sup>(h)(i)</sup> | 185 | 186 |
|  |  | 5776 |

---

**241**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Loans (continued)** |  |  |
| Consumer discretionary 0.44% |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% |  |  |
| &nbsp;&nbsp;&nbsp;3/11/2030 (e)(h)(i) | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and |  |  |
| &nbsp;&nbsp;&nbsp;5.573% Cash 3/11/2030 <sup>(b)(e)(h)(i)</sup> | 525 | 525 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(h)(i)</sup> | 588 | 592 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup> | 334 | 335 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup> | 102 | 103 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup> | 71 | 60 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup> | 15 | 13 |
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(e)(h)</sup> | 183 | 3 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(e)(h)</sup> | 98 | 2 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(h)(i)</sup> | 1615 | 1589 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(h)(i)</sup> | 748 | 749 |
|  |  | 4527 |
| Consumer staples 0.32% |  |  |
| B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 10/10/2029 <sup>(h)(i)</sup> | 191 | 186 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(h)(i)</sup> | 158 | 158 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(h)(i)</sup> | 2918 | 2940 |
|  |  | 3284 |
| Health care 0.30% |  |  |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.966% 1/15/2031 <sup>(h)(i)</sup> | 425 | 428 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(h)(i)</sup> | 1748 | 1737 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR +1.75%) 5.466% 10/23/2028 <sup>(h)(i)</sup> | 55 | 55 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(h)(i)</sup> | 674 | 652 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(h)(i)</sup> | 259 | 260 |
|  |  | 3132 |
| Materials 0.06% |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup> | 563 | 178 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup> | 566 | 179 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(e)(h)(i)</sup> | 931 | 295 |
|  |  | 652 |
| Utilities 0.05% |  |  |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% |  |  |
| &nbsp;&nbsp;&nbsp;3/28/2031 <sup>(h)(i)</sup> | 276 | 277 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(h)(i)</sup> | 278 | 279 |
|  |  | 556 |
| Real estate 0.02% |  |  |
| MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% |  |  |
| &nbsp;&nbsp;&nbsp;6/30/2027 <sup>(h)(i)</sup> | 190 | 173 |
| Energy 0.01% |  |  |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(h)(i)</sup> | 266 | 113 |
| Total loans |  | 40688 |
| **Mortgage-backed obligations 0.06%** |  |  |
| **Mortgage-backed obligations 0.06%** |  |  |
| Collateralized mortgage-backed obligations 0.06% |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(e)</sup> | 580 | 580 |

---

American Funds Insurance Series **242**

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Municipals 0.04%** |  |  |
| Puerto Rico 0.04% |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup> | USD305 | $196 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 334 | 219 |
| Total municipals |  | 415 |
| Total bonds, notes & other debt instruments (cost: $922,218,000) |  | 920093 |
| Convertible bonds & notes 0.12% |  |  |
| Convertible bonds & notes 0.12% |  |  |
| Communication services 0.12% |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(b)</sup> | 379 | 1265 |
| Total convertible bonds & notes (cost: $403,000) |  | 1265 |
| Common stocks 6.33% | Shares |  |
| Common stocks 6.33% | Shares |  |
| Information technology 1.84% |  |  |
| Diebold Nixdorf, Inc. <sup>(j)</sup> | 281243 | 19094 |
| Health care 1.62% |  |  |
| Rotech Healthcare, Inc. <sup>(e)(g)(j)</sup> | 201793 | 13823 |
| Mallinckrodt PLC <sup>(j)</sup> | 28965 | 2591 |
| Par Health, Inc. <sup>(a)(j)</sup> | 28965 | 271 |
| Endo, LP, Class A1 <sup>(a)(j)</sup> | 192719 | 135 |
|  |  | 16820 |
| Utilities 1.40% |  |  |
| Talen Energy Corp. <sup>(j)</sup> | 37868 | 14194 |
| PG&E Corp. | 18786 | 302 |
|  |  | 14496 |
| Energy 1.11% |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(j)</sup> | 623209 | 7359 |
| Ascent CNR Corp., Class A <sup>(e)(g)</sup> | 62978 | 2787 |
| Weatherford International | 9659 | 756 |
| Altera Infrastructure, LP <sup>(e)</sup> | 9127 | 371 |
| Mesquite Energy, Inc. <sup>(e)(j)</sup> | 3558 | 227 |
|  |  | 11500 |
| Consumer discretionary 0.33% |  |  |
| Aimbridge Topco, LLC <sup>(e)(j)</sup> | 46955 | 3472 |
| NMG Parent, LLC <sup>(e)(j)</sup> | 8350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(f) |
|  |  | 3472 |
| Financials 0.02% |  |  |
| Navient Corp. | 20000 | 260 |
| Communication services 0.01% |  |  |
| iHeartMedia, Inc., Class A <sup>(j)</sup> | 22639 | 94 |

---

**243**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  |  |  |  | Value |
| Common stocks (continued) |  |  |  | Shares | (000) | (000) |
| Materials 0.00% |  |  |  |  |  |  |
| Venator Materials PLC <sup>(e)(j)</sup> |  |  |  | 3232 | $ | $—(f) |
| Total common stocks (cost: $38,533,000) |  |  |  |  |  | 65736 |
| Preferred securities 0.16% |  |  |  |  |  |  |
| Preferred securities 0.16% |  |  |  |  |  |  |
| Industrials 0.16% |  |  |  |  |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup> | ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup> |  |  | 1022 |  | 1713 |
| Total preferred securities (cost: $1,057,000) |  |  |  |  | 1713 | 1713 |
| Rights & warrants 0.02% |  |  |  |  |  |  |
| Rights & warrants 0.02% |  |  |  |  |  |  |
| Communication services 0.01% |  |  |  |  |  |  |
| SES SA (CVR) <sup>(j)</sup> |  |  |  | 8182 | 127 | 127 |
| Energy 0.01% |  |  |  |  |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup> | Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup> |  |  | 457 |  | 45 |
| Total rights & warrants (cost: $392,000) |  |  |  |  | 172 | 172 |
| Short-term securities 3.38% |  |  |  |  |  |  |
| Short-term securities 3.38% |  |  |  |  |  |  |
| **Money market investments 3.38%** |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> |  |  |  | 350884 |  | 35092 |
| Total short-term securities (cost: $35,085,000) |  |  |  |  | 35092 | 35092 |
| Total investment securities 98.60% (cost: $997,688,000) | Total investment securities 98.60% (cost: $997,688,000) |  |  |  | 1024071 | 1024071 |
| Other assets less liabilities 1.40% |  |  |  |  | 14538 | 14538 |
| Net assets 100.00% |  |  |  |  | $1038609 | $1038609 |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |
|  |  |  |  |  |  | Value and |
|  |  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation | appreciation |
|  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) | (000) | (000) |
| 2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | USD14,406 | $ | $(3) |
| 5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 | 9619 |  | (26) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 | (690) |  | 2 |
| 10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 | (1237) |  | 11 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | (118) |  | 2 |
|  |  |  |  |  | $(14) | $(14) |

---

American Funds Insurance Series **244**

![](gbionilxz4f1ulxbi5ixt.jpg)

American High-Income Trust<sup>®</sup> (continued)

**Swap contracts**

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | &nbsp;&nbsp;&nbsp;&nbsp;Financing | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| index | &nbsp;&nbsp;&nbsp;&nbsp;rate paid | frequency | date | (000) | (000) | (000) | (000) |
| CDX.NA.HY.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.00% | Quarterly | 12/20/2030 | USD26,020 | $(1988) | $(1825) | $(163) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |
|  | Value at |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Short-term securities 3.38% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money market investments 3.38% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(k)</sup> | $45641 | $250972 | $261524 | $—(f) | $3 | $35092 | $1878 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition | Cost | Value | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;Rotech Healthcare, Inc. <sup>(e)(j)</sup> | 9/26/2013 | $4331 | $13823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup> | 9/29/2025 | 2566 | 2811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;Ascent CNR Corp., Class A <sup>(e)</sup> | 11/15/2016 | 302 | 2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.973% 9/13/2029 <sup>(h)(i)</sup> | 9/13/2023 | 986 | 1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;Total |  | $8185 | $20428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% |

---

(a)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund.

(b)Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

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

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

(e)Value determined using significant unobservable inputs.

(f)Amount less than one thousand.

(g)Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

(h)Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund.

(i)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(j)Non-income producing.

(k)Rate represents the seven-day yield at 12/31/2025.

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

**245**American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

Key to abbreviation(s)

CAB = Capital Appreciation Bonds

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

GBP = British pounds

GO = General Obligation

NDR = Norwegian Depositary Receipts

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

American Funds Insurance Series **246**

American Funds Mortgage Fund<sup>®</sup>

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.53% | Principal amount | Value |
| Bonds, notes & other debt instruments 86.53% | (000) | (000) |
| **Mortgage-backed obligations 79.28%** |  |  |
| Federal agency mortgage-backed obligations 78.28% |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> | USD—<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</sup> | 27 | 27 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 90 | 86 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup> | 120 | 105 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup> | 211 | 180 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup> | 270 | 228 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup> | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup> | 66 | 59 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup> | 142 | 127 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup> | 80 | 72 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup> | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup> | 160 | 144 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup> | 202 | 182 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup> | 25 | 26 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup> | 24 | 20 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup> | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> | 13 | 12 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> | 19 | 18 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup> | 3 | 3 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup> | 402 | 341 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup> | 88 | 75 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup> | 16 | 13 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(a)</sup> | 685 | 556 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 4 | 3 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup> | 93 | 76 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> | 61 | 52 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup> | 34 | 27 |
| Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(a)</sup> | 458 | 389 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup> | 122 | 101 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 10 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup> | 21 | 21 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> | 1322 | 1130 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)</sup> | 1432 | 1176 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup> | 332 | 273 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> | 161 | 130 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup> | 165 | 150 |
| Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(a)</sup> | 260 | 221 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 21 | 18 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup> | 30 | 27 |
| Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(a)</sup> | 389 | 330 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 353 | 302 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 22 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup> | 367 | 318 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup> | 173 | 150 |

---

**247**American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup> | USD31 | $27 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup> | 190 | 165 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> | 75 | 68 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> | 222 | 199 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup> | 566 | 480 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> | 365 | 311 |
| Fannie Mae Pool #BV1262 2.50% 3/1/2052 <sup>(a)</sup> | 140 | 119 |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup> | 39 | 35 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> | 887 | 787 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(a)</sup> | 10 | 9 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup> | 676 | 547 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup> | 1633 | 1385 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup> | 910 | 770 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup> | 448 | 427 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(a)</sup> | 30 | 27 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> | 158 | 146 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> | 934 | 941 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 666 | 541 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> | 92 | 92 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 34 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 31 | 32 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> | 410 | 402 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> | 96 | 96 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> | 1100 | 1048 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> | 59 | 60 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> | 88 | 92 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 71 | 74 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> | 595 | 596 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup> | 195 | 206 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> | 54 | 57 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> | 47 | 47 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 45 | 46 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 227 | 234 |
| Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(a)</sup> | 420 | 372 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> | 681 | 692 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> | 305 | 315 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 185 | 188 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> | 365 | 376 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> | 768 | 782 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> | 37 | 38 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> | 10 | 11 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup> | 262 | 274 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> | 73 | 74 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup> | 354 | 373 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(a)</sup> | 22 | 23 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 377 | 393 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> | 185 | 194 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> | 1330 | 1351 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 138 | 141 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 127 | 129 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> | 33 | 34 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 122 | 127 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> | 15 | 16 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> | 228 | 234 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> | 219 | 227 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup> | 42 | 44 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup> | 35 | 36 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 20 | 20 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 251 | 262 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup> | 150 | 156 |

---

American Funds Insurance Series **248**

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | USD491 | $507 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 141 | 145 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> | 121 | 125 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 94 | 97 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> | 55 | 57 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup> | 36 | 38 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(a)</sup> | 18 | 18 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> | 6 | 7 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup> | 616 | 647 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 383 | 401 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup> | 118 | 123 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 106 | 111 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 66 | 70 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | 189 | 195 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup> | 160 | 165 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup> | 129 | 132 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 58 | 60 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 51 | 53 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 27 | 27 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 25 | 26 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 23 | 24 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup> | 17 | 18 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup> | 16 | 17 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup> | 9 | 9 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> | 141 | 148 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup> | 105 | 110 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup> | 41 | 43 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> | 480 | 491 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> | 257 | 263 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> | 193 | 196 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup> | 422 | 437 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup> | 165 | 169 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup> | 126 | 131 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup> | 100 | 101 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> | 370 | 381 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> | 24 | 25 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 54 | 54 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> | 47 | 48 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> | 40 | 41 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> | 185 | 181 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup> | 567 | 582 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup> | 177 | 184 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup> | 219 | 208 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> | 230 | 236 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 531 | 539 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 95 | 98 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup> | 587 | 610 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup> | 313 | 325 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup> | 429 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 105 | 108 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> | 288 | 287 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 756 | 777 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup> | 148 | 147 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(a)</sup> | 316 | 325 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup> | 15 | 15 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 746 | 776 |

---

**249**American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup> | USD500 | $520 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup> | 330 | 335 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup> | 124 | 127 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup> | 11 | 11 |
| Fannie Mae Pool #MA5846 7.00% 8/1/2055 <sup>(a)</sup> | 30 | 31 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup> | 16 | 15 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup> | 108 | 99 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup> | 119 | 109 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 41 | 36 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 40 | 39 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> | 684 | 623 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup> | 175 | 170 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)(e)</sup> | 426 | 430 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> | 135 | 128 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup> | 37 | 35 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup> | 1398 | 1183 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup> | 260 | 234 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> | 73 | 64 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> | 1 | 1 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup> | 239 | 239 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> | 21 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> | 11 | 11 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> | 10 | 9 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup> | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> | 19 | 19 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> | 12 | 12 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup> | 34 | 34 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> | 13 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup> | 122 | 111 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 4 | 3 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> | 659 | 535 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup> | 162 | 133 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> | 171 | 147 |
| Freddie Mac Pool #QB7053 2.00% 12/1/2050 <sup>(a)</sup> | 90 | 73 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup> | 285 | 234 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 269 | 221 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup> | 197 | 176 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(a)</sup> | 978 | 828 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> | 65 | 53 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 53 | 46 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup> | 686 | 582 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup> | 117 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup> | 17 | 13 |
| Freddie Mac Pool #QD6327 3.00% 2/1/2052 <sup>(a)</sup> | 465 | 412 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup> | 615 | 578 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> | 665 | 539 |
| Freddie Mac Pool #QD8711 2.00% 3/1/2052 <sup>(a)</sup> | 66 | 53 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 1308 | 1162 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup> | 42 | 37 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup> | 383 | 324 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> | 641 | 569 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup> | 468 | 396 |

---

American Funds Insurance Series **250**

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(a)</sup> | USD156 | $133 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 1207 | 1071 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> | 120 | 97 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup> | 832 | 777 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup> | 173 | 170 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> | 529 | 531 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup> | 200 | 203 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup> | 215 | 215 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> | 92 | 94 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> | 303 | 302 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> | 641 | 669 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | 29 | 25 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> | 38 | 38 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> | 106 | 106 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> | 73 | 73 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> | 80 | 81 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> | 1024 | 1026 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> | 46 | 47 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 254 | 259 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> | 53 | 55 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> | 48 | 49 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> | 31 | 32 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> | 26 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> | 747 | 760 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 46 | 47 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup> | 32 | 34 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(e)</sup> | 2221 | 2286 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> | 868 | 894 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> | 105 | 109 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> | 366 | 377 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> | 291 | 300 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> | 65 | 68 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> | 400 | 407 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup> | 1463 | 1507 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup> | 1188 | 1225 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(a)</sup> | 6 | 7 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> | 43 | 45 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> | 9 | 10 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> | 48 | 49 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 58 | 60 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 12 | 12 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 100 | 104 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup> | 16 | 17 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> | 46 | 48 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> | 61 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup> | 24 | 25 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 7 | 7 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> | 377 | 394 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> | 53 | 56 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup> | 602 | 631 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> | 188 | 197 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> | 47 | 49 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> | 14 | 15 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> | 206 | 212 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> | 187 | 193 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> | 168 | 175 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> | 60 | 62 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 56 | 57 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup> | 28 | 29 |

---

**251**American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> | USD376 | $391 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> | 157 | 164 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup> | 62 | 65 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> | 267 | 273 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 225 | 232 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 143 | 147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 126 | 130 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 34 | 35 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup> | 1 | 1 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup> | 1307 | 1363 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup> | 331 | 344 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 217 | 227 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> | 95 | 99 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | 87 | 91 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> | 47 | 49 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> | 37 | 39 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> | 23 | 24 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> | 193 | 195 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 115 | 119 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 59 | 61 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 58 | 60 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 54 | 56 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 32 | 33 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup> | 14 | 14 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 149 | 155 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup> | 79 | 83 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> | 35 | 36 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> | 15 | 16 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 9 | 9 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 435 | 442 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> | 480 | 482 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup> | 357 | 362 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 7 | 7 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup> | 1077 | 1106 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> | 23 | 24 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup> | 76 | 80 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> | 271 | 264 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 737 | 757 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> | 60 | 62 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 55 | 56 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 382 | 397 |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup> | 280 | 294 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup> | 126 | 126 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 88 | 90 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(a)</sup> | 13 | 14 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> | 265 | 265 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 197 | 202 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup> | 13 | 13 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup> | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 88 | 88 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(a)</sup> | 2051 | 2108 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup> | 1040 | 1081 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup> | 432 | 438 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 2292 | 2354 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup> | 1386 | 1425 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(a)</sup> | 65 | 67 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup> | 499 | 518 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup> | 1712 | 1758 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup> | 176 | 184 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup> | 111 | 116 |

---

American Funds Insurance Series **252**

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RQ0057 6.00% 10/1/2055 <sup>(a)</sup> | USD565 | $580 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> | 300 | 304 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup> | 75 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> | 77 | 69 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> | 144 | 137 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup> | 100 | 96 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> | 20 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup> | 76 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup> | 25 | 22 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> | 15 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup> | 615 | 540 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup> | 176 | 173 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/25/2030 <sup>(a)</sup> | 290 | 267 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup> | 278 | 255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup> | 280 | 258 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup> | 240 | 216 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 238 | 232 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(f)</sup> | 80 | 80 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup> | 532 | 522 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> | 60 | 64 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup> | 151 | 153 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup> | 10 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup> | 76 | 77 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup> | 75 | 67 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup> | 176 | 162 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup> | 38 | 35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)</sup> | 439 | 423 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 80 | 66 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup> | 33 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 71 | 59 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 302 | 258 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 72 | 62 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> | 472 | 402 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> | 295 | 254 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> | 64 | 55 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> | 154 | 133 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> | 126 | 109 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup> | 40 | 34 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 47 | 42 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> | 207 | 179 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 56 | 50 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 145 | 138 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 77 | 73 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup> | 194 | 196 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup> | 49 | 50 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup> | 194 | 177 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup> | 101 | 92 |
| Government National Mortgage Assn. Pool #AN1825 4.566% 6/20/2065 <sup>(a)</sup> | 11 | 11 |
| Government National Mortgage Assn. Pool #AO0461 4.605% 8/20/2065 <sup>(a)</sup> | 4 | 4 |
| Government National Mortgage Assn. Pool #AO0409 4.451% 12/20/2065 <sup>(a)</sup> | 5 | 5 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup> | 47 | 47 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup> | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 201 | 150 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(f)</sup> | 125 | 123 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(f)</sup> | 674 | 545 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(f)</sup> | 25 | 23 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(a)(f)</sup> | 97 | 92 |

---

**253**American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(f)</sup> | USD190 | $186 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(f)</sup> | 1542 | 1563 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(f)</sup> | 1769 | 1817 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(f)</sup> | 698 | 725 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(f)</sup> | 1616 | 1489 |
|  |  | 98296 |
| Commercial mortgage-backed securities 0.61% |  |  |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) |  |  |
| &nbsp;&nbsp;&nbsp;5.865% 6/15/2027 <sup>(a)(c)(d)</sup> | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(c)(d)</sup> | 79 | 79 |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) 5.35% 7/15/2042 <sup>(a)(c)(d)</sup> | 200 | 200 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(c)(d)</sup> | 379 | 391 |
|  |  | 770 |
| Collateralized mortgage-backed obligations (privately originated) 0.39% |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(c)(d)</sup> | 128 | 122 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(c)(d)</sup> | 51 | 47 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 <sup>(a)(c)(d)</sup> | 81 | 82 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(c)(d)</sup> | 145 | 148 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(c)(d)</sup> | 86 | 88 |
|  |  | 487 |
| Total mortgage-backed obligations |  | 99553 |
| **U.S. Treasury bonds & notes 6.22%** |  |  |
| **U.S. Treasury bonds & notes 6.22%** |  |  |
| U.S. Treasury 6.22% |  |  |
| U.S. Treasury 4.375% 7/31/2026 | 535 | 538 |
| U.S. Treasury 3.50% 10/31/2027 | 1130 | 1130 |
| U.S. Treasury 4.25% 2/15/2028 | 460 | 467 |
| U.S. Treasury 3.875% 3/15/2028 | 550 | 554 |
| U.S. Treasury 4.125% 7/31/2028 | 450 | 457 |
| U.S. Treasury 3.50% 10/15/2028 | 800 | 799 |
| U.S. Treasury 4.50% 5/31/2029 <sup>(e)</sup> | 1025 | 1055 |
| U.S. Treasury 4.00% 2/28/2030 | 330 | 334 |
| U.S. Treasury 4.00% 3/31/2030 | 100 | 101 |
| U.S. Treasury 4.00% 6/30/2032 | 300 | 302 |
| U.S. Treasury 4.25% 8/15/2035 | 230 | 232 |
| U.S. Treasury 1.875% 2/15/2041 | 240 | 168 |
| U.S. Treasury 3.25% 5/15/2042 | 106 | 89 |
| U.S. Treasury 4.75% 2/15/2045 | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051 | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055 | 345 | 333 |
| U.S. Treasury 4.75% 8/15/2055 | 640 | 631 |
| U.S. Treasury 4.625% 11/15/2055 | 410 | 396 |
| Total U.S. Treasury bonds & notes |  | 7811 |
| **Asset-backed obligations 1.03%** |  |  |
| **Asset-backed obligations 1.03%** |  |  |
| Auto loan 0.67% |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(c)</sup> | 1 | 1 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup> | 1 | 1 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(c)</sup> | 22 | 22 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> | 1 | 1 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup> | 21 | 21 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(c)</sup> | 257 | 266 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(c)</sup> | 3 | 3 |

---

American Funds Insurance Series **254**

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) |  | (000) | (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Auto loan (continued) |  |  |  |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup> |  | USD43 | $43 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup> |  | 1 | 1 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup> |  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup> |  | 383 | 387 |
|  |  |  | 848 |
| Student loan 0.22% |  |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup> |  | 58 | 53 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup> |  | 76 | 70 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup> |  | 86 | 81 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% | Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% |  |  |
| &nbsp;&nbsp;&nbsp;4/20/2062 <sup>(a)(c)(d)</sup> |  | 72 | 72 |
|  |  |  | 276 |
| Other asset-backed securities 0.14% |  |  |  |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup> |  | 89 | 75 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup> |  | 100 | 84 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup> |  | 12 | 12 |
|  |  |  | 171 |
| Total asset-backed obligations |  |  | 1295 |
| Total bonds, notes & other debt instruments (cost: $108,233,000) |  |  | 108659 |
|  | Weighted |  |  |
|  | Weighted |  |  |
| Short-term securities 19.42% | average yield |  |  |
| Short-term securities 19.42% | at acquisition |  |  |
| **Commercial paper 4.81%** |  |  |  |
| Exxon Asset Management Co. 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.820% | 1050 | 1040 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660 | 2000 | 2000 |
| Victory Receivables Corp. 1/16/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000 | 1000 | 998 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630 | 2000 | 1997 |
|  |  |  | 6035 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |  |  |  |
| Ontario (Province of) 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.890 | 1400 | 1397 |
| **Federal agency bills & notes 13.50%** |  |  |  |
| Federal Farm Credit Banks 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.580 | 2500 | 2488 |
| Federal Home Loan Bank 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500 | 3100 | 3100 |
| Federal Home Loan Bank 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.840 | 2500 | 2498 |
| Federal Home Loan Bank 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.590 | 2000 | 1994 |
| Federal Home Loan Bank 2/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.685 | 3500 | 3488 |

---

**255**American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Weighted |  |  |  |
| Short-term securities (continued) | Short-term securities (continued) | Short-term securities (continued) |  |  | average yield | Principal amount |  | Value |
| Short-term securities (continued) | Short-term securities (continued) | Short-term securities (continued) |  |  | at acquisition | (000) | (000) | (000) |
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |  |  |  |  |  |  |
| Federal Home Loan Bank 2/11/2026 | Federal Home Loan Bank 2/11/2026 |  |  |  | 3.790% | USD1,400 | $1394 | $1394 |
| Federal Home Loan Bank 3/6/2026 | Federal Home Loan Bank 3/6/2026 |  |  |  | 3.635 | 1500 | 1491 | 1491 |
| Federal Home Loan Bank 3/20/2026 | Federal Home Loan Bank 3/20/2026 |  |  |  | 3.565 | 500 |  | 496 |
| Total short-term securities (cost: $24,378,000) | Total short-term securities (cost: $24,378,000) | Total short-term securities (cost: $24,378,000) |  |  |  |  | 24381 | 24381 |
| Total investment securities 105.95% (cost: $132,611,000) | Total investment securities 105.95% (cost: $132,611,000) | Total investment securities 105.95% (cost: $132,611,000) |  |  |  |  | 133040 | 133040 |
| Other assets less liabilities (5.95)% | Other assets less liabilities (5.95)% |  |  |  |  |  | (7473) | (7473) |
| Net assets 100.00% |  |  |  |  |  |  | $125567 | $125567 |
| **Futures contracts** |  |  |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Value and | Value and |
|  |  |  |  |  |  |  | unrealized | unrealized |
|  |  |  |  |  |  |  | appreciation | appreciation |
|  |  |  |  |  |  | Notional | (depreciation) | (depreciation) |
|  |  |  | Number of |  |  | amount | at 12/31/2025 | at 12/31/2025 |
| Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts |  |  | (000) | (000) | (000) |
| 30 Day Federal Funds Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 2 |  |  | USD803 | $ | $—(b) |
| 2 Year U.S. Treasury Note Futures | 2 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 343 |  |  | 71615 |  | (17) |
| 5 Year U.S. Treasury Note Futures | 5 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 140 |  |  | 15303 |  | (39) |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 30 |  |  | 3450 |  | (28) |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 18 |  |  | (2024) |  | 18 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 15 |  |  | 1734 |  | (23) |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 23 |  |  | 2714 |  | (43) |
|  |  |  |  |  |  |  | $(132) | $(132) |
| **Swap contracts** |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |
| Interest rate swaps |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps | &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Upfront | Unrealized | Unrealized |
| Receive |  | Pay |  |  |  | premium | appreciation | appreciation |
| Receive |  | Pay |  | Notional | Value at | paid | (depreciation) | (depreciation) |
|  |  |  |  | Notional | Value at | paid | (depreciation) | (depreciation) |
|  |  |  |  | Notional | Value at | paid | (depreciation) | (depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 | at 12/31/2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) | (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.3615% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/31/2030 | USD520 | $1 |  | $ | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/8/2034 | USD495 | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.8215% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/23/2035 | USD100 | (1) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.6965% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/5/2035 | USD230 | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 7/28/2045 | USD1,182 | 121 |  |  | 121 |
|  |  |  |  |  | $126 |  | $126 | $126 |

---

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

(b)Amount less than one thousand.

(c)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund.

(d)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(e)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $946,000, which represented 0.75% of the net assets of the fund.

(f)Represents securities transacted on a TBA basis.

American Funds Insurance Series **256**

American Funds Mortgage Fund<sup>®</sup> (continued)

Key to abbreviation(s)

Assn. = Association

CME = CME Group

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

**257**American Funds Insurance Series

Ultra-Short Bond Fund

**Investment portfolio December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Weighted |  |  |
| Short-term securities 100.30% | average yield | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Short-term securities 100.30% | at acquisition | (000) | (000) |
| **Commercial paper 62.55%** |  |  |  |
| Apple, Inc. 1/5/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.210% | USD4,000 | $3998 |
| Apple, Inc. 1/15/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.315 | 7500 | 7489 |
| Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.160 | 10175 | 10160 |
| CHARTA, LLC 1/14/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.449 | 10000 | 9985 |
| Chevron Corp. 1/5/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.201 | 2200 | 2199 |
| Chevron Corp. 2/3/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.544 | 11400 | 11361 |
| Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.854 | 11900 | 11873 |
| DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.522 | 11500 | 11473 |
| Essilor International 1/26/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.346 | 9000 | 8976 |
| Linde, Inc. 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.357 | 2900 | 2894 |
| Linde, Inc. 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.435 | 8200 | 8173 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.227 | 11000 | 10963 |
| Novartis Finance Corp. 1/12/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.211 | 11000 | 10987 |
| Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.347 | 5200 | 5197 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.260 | 4200 | 4189 |
| Paccar Financial Corp. 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.385 | 10000 | 9973 |
| Procter & Gamble Co. 3/4/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.748 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.311 | 10000 | 9991 |
| Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.103 | 7700 | 7695 |
| Starbird Funding Corp. 3/4/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.822 | 10800 | 10729 |
| Victory Receivables Corp. 1/16/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.994 | 12000 | 11980 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.280 | 12200 | 12183 |
|  |  |  | 192404 |
| **Federal agency bills & notes 19.81%** |  |  |  |
| **Federal agency bills & notes 19.81%** |  |  |  |
| Federal Farm Credit Banks 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.526 | 1000 | 995 |
| Federal Home Loan Bank 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.020 | 4500 | 4500 |
| Federal Home Loan Bank 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.143 | 9600 | 9573 |
| Federal Home Loan Bank 2/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.877 | 5000 | 4983 |
| Federal Home Loan Bank 2/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.869 | 2400 | 2391 |
| Federal Home Loan Bank 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.841 | 6100 | 6075 |
| Federal Home Loan Bank 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.739 | 7500 | 7466 |
| Federal Home Loan Bank 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.086 | 11100 | 11041 |
| Federal Home Loan Bank 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.795 | 4000 | 3975 |
| Federal Home Loan Bank 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.787 | 5000 | 4967 |
| Federal Home Loan Bank 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.962 | 5000 | 4953 |
|  |  |  | 60919 |
| **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |  |  |  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |  |  |  |
| Alberta (Province of) 3/2/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.846 | 9800 | 9739 |
| Hydro-Québec 1/6/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.385 | 11000 | 10993 |
| KfW 1/7/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.218 | 2000 | 1999 |
| KfW 3/18/2026 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.762 | 8000 | 7939 |
| Ontario (Province of) 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.563 | 7000 | 6984 |
| Ontario (Province of) 2/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.828 | 3900 | 3877 |
|  |  |  | 41531 |

---

American Funds Insurance Series **258**

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Weighted |  |  |
| Short-term securities (continued) | average yield | Principal amount | Value |
| Short-term securities (continued) | at acquisition | (000) | (000) |
| **U.S. Treasury bills 4.44%** |  |  |  |
| U.S. Treasury 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.632% | USD8,700 | $8667 |
| U.S. Treasury 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.652 | 5000 | 4977 |
|  |  |  | 13644 |
| Total short-term securities (cost: $308,476,000) |  |  | 308498 |
| Total investment securities 100.30% (cost: $308,476,000) |  |  | 308498 |
| Other assets less liabilities (0.30)% |  |  | (921) |
| Net assets 100.00% |  |  | $307577 |

---

(a)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $192,043,000, which represented 62.44% of the net assets of the fund.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

**259**American Funds Insurance Series

U.S. Government Securities Fund

**Investment portfolio December 31, 2025**

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.86% | Principal amount | &nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments 86.86% | (000) | (000) |
| **Mortgage-backed obligations 43.50%** |  |  |
| Federal agency mortgage-backed obligations 43.50% |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup> | USD—<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup> | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup> | 413 | 409 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup> | 968 | 957 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 721 | 683 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup> | —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> | 297 | 281 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup> | 8 | 8 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup> | 9 | 10 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup> | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup> | 15 | 15 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup> | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> | 22975 | 20051 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> | 250 | 257 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> | 126 | 129 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> | 27 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> | 114 | 117 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> | 14 | 14 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> | 63 | 65 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup> | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> | 5 | 6 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup> | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup> | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup> | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup> | 28 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup> | 754 | 784 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup> | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup> | 51 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> | 3360 | 3191 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup> | 42 | 40 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup> | 11 | 10 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup> | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup> | 5 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup> | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup> | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup> | 77 | 75 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup> | 2416 | 2281 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup> | 31 | 29 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> | 43 | 42 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> | 61 | 59 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> | 19 | 18 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup> | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> | 865 | 822 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup> | 318 | 302 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup> | 84 | 79 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup> | 428 | 406 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup> | 241 | 228 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup> | 2768 | 2508 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup> | 706 | 611 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 24 | 21 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> | 447 | 382 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> | 150 | 130 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup> | 1520 | 1304 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 187 | 153 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup> | 1301 | 1054 |

---

American Funds Insurance Series **260**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | USD66 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup> | 874 | 723 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup> | 559 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup> | 338 | 289 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> | 5 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup> | 1334 | 1080 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup> | 827 | 700 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup> | 4198 | 3797 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup> | 1272 | 1087 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup> | 257 | 218 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 149 | 129 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup> | 488 | 414 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup> | 1207 | 1025 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 550 | 471 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 364 | 308 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup> | 972 | 823 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 40 | 33 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(a)</sup> | 20 | 17 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(a)</sup> | 1948 | 1652 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup> | 996 | 856 |
| Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(a)</sup> | 5 | 4 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> | 633 | 575 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup> | 463 | 375 |
| Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(a)</sup> | 2286 | 2025 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> | 1868 | 1676 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup> | 949 | 840 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | 383 | 310 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup> | 368 | 312 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup> | 160 | 137 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> | 2932 | 2654 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup> | 1945 | 1724 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup> | 410 | 391 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup> | 3078 | 2496 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> | 7001 | 5926 |
| Fannie Mae Pool #CB3375 3.50% 4/1/2052 <sup>(a)</sup> | 1004 | 931 |
| Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(a)</sup> | 783 | 694 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> | 168 | 149 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup> | 549 | 523 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup> | 473 | 383 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup> | 98 | 79 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup> | 2471 | 2359 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup> | 49 | 49 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup> | 44 | 44 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup> | 203 | 165 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup> | 3391 | 2871 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> | 2189 | 2030 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> | 285 | 288 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup> | 46 | 46 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> | 628 | 619 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup> | 8032 | 8048 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 3185 | 2587 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup> | 912 | 898 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> | 832 | 817 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup> | 7788 | 7805 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup> | 4729 | 4733 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 576 | 587 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 526 | 536 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup> | 77 | 79 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> | 207 | 216 |

---

**261**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup> | USD48 | $46 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup> | 7 | 7 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup> | 47 | 45 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> | 2465 | 2418 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup> | 1804 | 1875 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> | 1367 | 1303 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> | 8 | 8 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> | 660 | 691 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup> | 717 | 739 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 543 | 563 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup> | 223 | 212 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup> | 1942 | 1977 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> | 320 | 338 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 288 | 294 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 1594 | 1646 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup> | 70 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> | 2635 | 2682 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> | 2588 | 2664 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup> | 1690 | 1741 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> | 1634 | 1684 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> | 1248 | 1287 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> | 1196 | 1240 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup> | 346 | 339 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 9038 | 9198 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup> | 1490 | 1533 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> | 245 | 253 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup> | 429 | 419 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> | 186 | 189 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> | 19754 | 20095 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup> | 444 | 457 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> | 618 | 644 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> | 178 | 185 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup> | 943 | 898 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup> | 24 | 25 |
| Fannie Mae Pool #FS8361 3.50% 12/1/2053 <sup>(a)</sup> | 254 | 236 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup> | 23 | 21 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> | 494 | 502 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> | 136 | 138 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup> | 9288 | 9680 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup> | 721 | 758 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 2899 | 3018 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 445 | 452 |
| Fannie Mae Pool #FS7809 7.00% 2/1/2054 <sup>(a)</sup> | 6000 | 6316 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 876 | 889 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup> | 395 | 401 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup> | 42 | 42 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> | 1169 | 1194 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 600 | 623 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> | 1109 | 1161 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup> | 5132 | 5210 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup> | 1595 | 1677 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 2882 | 2972 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> | 687 | 706 |
| Fannie Mae Pool #DB6813 6.00% 6/1/2054 <sup>(a)</sup> | 106 | 109 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 3937 | 4107 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup> | 1677 | 1743 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | 6657 | 6866 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> | 3615 | 3755 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 844 | 867 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 144 | 148 |

---

American Funds Insurance Series **262**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | USD5,993 | $6273 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 1622 | 1693 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 959 | 1007 |
| Fannie Mae Pool #DC1075 6.00% 8/1/2054 <sup>(a)</sup> | 234 | 240 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 217 | 225 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 112 | 115 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 101 | 104 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 88 | 92 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 84 | 86 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup> | 1648 | 1730 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup> | 1419 | 1475 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> | 1865 | 1906 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup> | 1350 | 1387 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup> | 91 | 93 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup> | 45 | 46 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup> | 4335 | 4506 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> | 1397 | 1440 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup> | 132 | 125 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> | 199 | 203 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 23 | 23 |
| Fannie Mae Pool #DC5696 6.00% 11/1/2054 <sup>(a)</sup> | 2547 | 2619 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> | 372 | 384 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 783 | 782 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> | 31 | 32 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup> | 2206 | 2293 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> | 1578 | 1621 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> | 947 | 978 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 26 | 26 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> | 192 | 198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> | 7300 | 7407 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup> | 10881 | 11317 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup> | 8612 | 8952 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup> | 6435 | 6770 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 1829 | 1880 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup> | 69 | 71 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup> | 67 | 69 |
| Fannie Mae Pool #MA5676 7.00% 4/1/2055 <sup>(a)</sup> | 670 | 705 |
| Fannie Mae Pool #DD9126 4.00% 5/1/2055 <sup>(a)</sup> | 53 | 50 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 174 | 179 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup> | 1377 | 1451 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup> | 662 | 681 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup> | 5053 | 5256 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 3040 | 3159 |
| Fannie Mae Pool #BV6163 3.50% 8/1/2055 <sup>(a)</sup> | 86 | 79 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup> | 4204 | 4266 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup> | 762 | 783 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup> | 470 | 489 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup> | 1705 | 1730 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup> | 158 | 150 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 1111 | 968 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 331 | 323 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> | 420 | 382 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup> | 941 | 918 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup> | —(b) | —(b) |
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup> | —(b) | 1;(b) |
| Freddie Mac Pool #1H1354 6.26% 11/1/2036 <sup>(a)(d)</sup> | 29 | 30 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup> | 1083 | 1025 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup> | 216 | 223 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup> | 446 | 459 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> | 601 | 521 |

---

**263**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup> | USD8,660 | $7741 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> | 2 | 2 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup> | 21 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup> | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup> | 109 | 107 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup> | 161 | 154 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup> | 202 | 203 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> | 41 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> | 58 | 55 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> | 5483 | 5288 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup> | 39 | 37 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup> | 39 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup> | 32 | 30 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup> | 24 | 23 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup> | 19 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup> | 16 | 16 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup> | 11 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup> | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup> | 686 | 666 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> | 38 | 37 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> | 32 | 31 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup> | 21 | 20 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup> | 12 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> | 63 | 62 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> | 5121 | 4951 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> | 156 | 156 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> | 74 | 73 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> | 50 | 49 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup> | 16 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup> | 123 | 117 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> | 36 | 34 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup> | 290 | 275 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup> | 151 | 143 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 23 | 21 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> | 1329 | 1079 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup> | 28 | 24 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup> | 1136 | 928 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> | 1713 | 1467 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 31 | 25 |
| Freddie Mac Pool #RA4528 2.50% 2/1/2051 <sup>(a)</sup> | 713 | 605 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 51 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 1974 | 1620 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> | 895 | 724 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> | 127 | 115 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup> | 7920 | 6839 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> | 398 | 325 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 418 | 362 |
| Freddie Mac Pool #QD3226 2.50% 12/1/2051 <sup>(a)</sup> | 952 | 806 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup> | 104 | 88 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup> | 259 | 224 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> | 121 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup> | 4455 | 3606 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(a)</sup> | 2324 | 1881 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup> | 293 | 237 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup> | 7547 | 7088 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 147 | 137 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup> | 327 | 264 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(a)</sup> | 104 | 97 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup> | 325 | 309 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(a)</sup> | 801 | 681 |

---

American Funds Insurance Series **264**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #8D0226 2.544% 5/1/2052 <sup>(a)(d)</sup> | USD412 | $383 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 7491 | 6653 |
| Freddie Mac Pool #QE1489 3.50% 5/1/2052 <sup>(a)</sup> | 1238 | 1148 |
| Freddie Mac Pool #QE3999 3.50% 5/1/2052 <sup>(a)</sup> | 410 | 380 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup> | 328 | 278 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup> | 262 | 232 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup> | 36 | 34 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup> | 2028 | 1717 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 3100 | 2749 |
| Freddie Mac Pool #RA7572 3.00% 8/1/2052 <sup>(a)</sup> | 48 | 43 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup> | 135 | 128 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> | 180 | 177 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup> | 781 | 782 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup> | 45 | 45 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup> | 36 | 37 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> | 792 | 777 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> | 185 | 182 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> | 116 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> | 8774 | 8809 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup> | 3051 | 2992 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> | 78 | 77 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> | 947 | 943 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup> | 698 | 687 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> | 1823 | 1856 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup> | 3737 | 3900 |
| Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(a)</sup> | 663 | 588 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> | 799 | 813 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup> | 744 | 767 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup> | 409 | 422 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> | 79 | 78 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> | 712 | 725 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> | 457 | 464 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup> | 3287 | 3388 |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup> | 1519 | 1568 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup> | 213 | 225 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 1346 | 1369 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup> | 12863 | 13257 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup> | 3429 | 3532 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> | 1797 | 1852 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup> | 748 | 771 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> | 371 | 386 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> | 336 | 347 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> | 219 | 227 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> | 186 | 194 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> | 1797 | 1881 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> | 1557 | 1632 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> | 1477 | 1560 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> | 1453 | 1532 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> | 1018 | 1076 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> | 817 | 860 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> | 494 | 515 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> | 462 | 493 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> | 15782 | 16058 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 569 | 580 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup> | 16252 | 16745 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup> | 17343 | 17848 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup> | 670 | 681 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup> | 34942 | 35984 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> | 1977 | 2036 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> | 72 | 75 |

---

**265**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SL2623 3.00% 10/1/2053 <sup>(a)</sup> | USD2,099 | $1859 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> | 4342 | 4473 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup> | 686 | 671 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup> | 2949 | 2993 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> | 9504 | 9972 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup> | 32 | 33 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> | 1820 | 1849 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> | 340 | 355 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup> | 157 | 149 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> | 861 | 875 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup> | 3774 | 3911 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup> | 172 | 177 |
| Freddie Mac Pool #SL2362 6.50% 2/1/2054 <sup>(a)</sup> | 4620 | 4858 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> | 461 | 468 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 526 | 537 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 93 | 94 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 490 | 509 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> | 478 | 485 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 66 | 68 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> | 2108 | 2207 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup> | 1019 | 1071 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup> | 11156 | 11596 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup> | 2477 | 2609 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> | 932 | 976 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> | 582 | 614 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> | 7350 | 7575 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> | 2780 | 2867 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 215 | 221 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> | 5542 | 5770 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> | 2052 | 2133 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> | 3847 | 3932 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> | 906 | 919 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 2900 | 2985 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 1336 | 1377 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 137 | 141 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 76 | 78 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup> | 51 | 53 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup> | 4317 | 4487 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 3489 | 3652 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup> | 673 | 683 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 470 | 485 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 245 | 253 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 232 | 242 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 225 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 138 | 142 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup> | 4396 | 4620 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 1520 | 1580 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup> | 1245 | 1301 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 3 | 3 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 379 | 384 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> | 3591 | 3719 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup> | 3112 | 3197 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> | 1422 | 1480 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> | 1033 | 1071 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup> | 1444 | 1520 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 2201 | 2261 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup> | 5 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 1301 | 1336 |

---

American Funds Insurance Series **266**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup> | USD4,423 | $4646 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 1003 | 1042 |
| Freddie Mac Pool #QY0582 4.00% 4/1/2055 <sup>(a)</sup> | 808 | 767 |
| Freddie Mac Pool #SD8524 5.50% 4/1/2055 <sup>(a)</sup> | 213 | 216 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 378 | 388 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup> | 622 | 661 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 348 | 357 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 649 | 648 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup> | 8713 | 9057 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup> | 2767 | 2807 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 1223 | 1257 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup> | 4638 | 4821 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup> | 631 | 648 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup> | 2776 | 2914 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup> | 1752 | 1841 |
| Freddie Mac Pool #QZ5542 3.50% 10/1/2055 <sup>(a)</sup> | 526 | 488 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> | 3875 | 3932 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup> | 3332 | 3184 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup> | 704 | 622 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> | 283 | 255 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> | 3410 | 3239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup> | 3022 | 2885 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> | 764 | 664 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup> | 1062 | 971 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup> | 324 | 318 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup> | 3378 | 3042 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup> | 386 | 377 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup> | 590 | 529 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup> | 1453 | 1417 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> | 316 | 284 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup> | 1257 | 1185 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> | 12897 | 12705 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup> | 3267 | 3108 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup> | 933 | 868 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup> | 435 | 392 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 3198 | 3120 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(e)</sup> | 5 | 5 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup> | 55 | 58 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup> | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup> | 113 | 122 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup> | 25 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup> | 113 | 117 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> | 60 | 64 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup> | 1653 | 1712 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup> | 602 | 615 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup> | 392 | 388 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup> | 14 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 734 | 609 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 643 | 533 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 4304 | 3676 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup> | 1863 | 1609 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 593 | 508 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> | 3352 | 2857 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup> | 78 | 67 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> | 2855 | 2459 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> | 1472 | 1273 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> | 896 | 774 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> | 707 | 606 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 224 | 202 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> | 827 | 714 |

---

**267**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| Federal agency mortgage-backed obligations (continued) |  |  |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | USD176 | $158 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> | 2004 | 1847 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> | 620 | 568 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 3811 | 3522 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 291 | 277 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup> | 401 | 382 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup> | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup> | 50 | 50 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 4091 | 4008 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> | 2634 | 2581 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> | 1116 | 1091 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 4323 | 4109 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 1352 | 1319 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup> | 484 | 490 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup> | 989 | 999 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup> | 343 | 346 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup> | 928 | 845 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup> | 484 | 440 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 418 | 312 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(e)</sup> | 1115 | 1033 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(e)</sup> | 920 | 908 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2041 <sup>(a)(e)</sup> | 780 | 790 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(e)</sup> | 16198 | 13097 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(e)</sup> | 119 | 110 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(e)</sup> | 1999 | 1951 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(e)</sup> | 6284 | 6373 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(e)</sup> | 18724 | 19228 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(e)</sup> | 6031 | 6268 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(e)</sup> | 7168 | 6605 |
| Total mortgage-backed obligations |  | 816712 |
| **U.S. Treasury bonds & notes 40.76%** |  |  |
| **U.S. Treasury bonds & notes 40.76%** |  |  |
| U.S. Treasury 36.84% |  |  |
| U.S. Treasury 4.25% 1/31/2026 | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026 | 9375 | 9388 |
| U.S. Treasury 4.625% 3/15/2026 | 11050 | 11072 |
| U.S. Treasury 4.50% 3/31/2026 | 1435 | 1438 |
| U.S. Treasury 4.875% 4/30/2026 | 35525 | 35676 |
| U.S. Treasury 0.875% 6/30/2026 | 2065 | 2038 |
| U.S. Treasury 4.50% 7/15/2026 | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026 | 25795 | 25919 |
| U.S. Treasury 4.625% 9/15/2026 | 10209 | 10285 |
| U.S. Treasury 3.50% 9/30/2026 | 11100 | 11094 |
| U.S. Treasury 3.875% 3/31/2027 | 23000 | 23100 |
| U.S. Treasury 4.50% 4/15/2027 | 30000 | 30371 |
| U.S. Treasury 0.50% 4/30/2027 | 1250 | 1202 |
| U.S. Treasury 2.625% 5/31/2027 | 2290 | 2263 |
| U.S. Treasury 3.75% 6/30/2027 | 33220 | 33348 |
| U.S. Treasury 3.875% 7/31/2027 | 10000 | 10059 |
| U.S. Treasury 3.75% 8/15/2027 | 5043 | 5064 |
| U.S. Treasury 3.625% 8/31/2027 | 2945 | 2951 |
| U.S. Treasury 3.375% 11/30/2027 | 600 | 599 |
| U.S. Treasury 4.25% 2/15/2028 <sup>(f)</sup> | 48655 | 49404 |
| U.S. Treasury 3.625% 5/31/2028 | 14850 | 14890 |
| U.S. Treasury 1.25% 6/30/2028 | 3325 | 3147 |
| U.S. Treasury 4.00% 6/30/2028 | 6907 | 6988 |
| U.S. Treasury 1.00% 7/31/2028 | 970 | 910 |
| U.S. Treasury 4.125% 7/31/2028 | 17685 | 17950 |
| U.S. Treasury 3.50% 11/15/2028 | 410 | 410 |

---

American Funds Insurance Series **268**

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount | Value |
| Bonds, notes & other debt instruments (continued) | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| U.S. Treasury (continued) |  |  |
| U.S. Treasury 2.625% 2/15/2029 | USD3,270 | $3180 |
| U.S. Treasury 4.50% 5/31/2029 | 825 | 849 |
| U.S. Treasury 2.625% 7/31/2029 | 9309 | 9006 |
| U.S. Treasury 4.00% 7/31/2029 | 15070 | 15268 |
| U.S. Treasury 4.125% 10/31/2029 | 4800 | 4883 |
| U.S. Treasury 4.125% 11/30/2029 | 10200 | 10377 |
| U.S. Treasury 4.375% 12/31/2029 | 23475 | 24106 |
| U.S. Treasury 4.00% 2/28/2030 | 11270 | 11415 |
| U.S. Treasury 4.00% 3/31/2030 | 15000 | 15193 |
| U.S. Treasury 3.75% 6/30/2030 | 17030 | 17075 |
| U.S. Treasury 3.875% 6/30/2030 | 6000 | 6046 |
| U.S. Treasury 4.00% 7/31/2030 | 1185 | 1200 |
| U.S. Treasury 4.625% 9/30/2030 | 1290 | 1341 |
| U.S. Treasury 4.875% 10/31/2030 | 625 | 657 |
| U.S. Treasury 3.50% 11/30/2030 | 505 | 500 |
| U.S. Treasury 4.25% 6/30/2031 | 9625 | 9847 |
| U.S. Treasury 4.125% 11/30/2031 | 3240 | 3290 |
| U.S. Treasury 4.125% 2/29/2032 | 9305 | 9440 |
| U.S. Treasury 4.125% 3/31/2032 | 3000 | 3043 |
| U.S. Treasury 4.125% 5/31/2032 | 10295 | 10435 |
| U.S. Treasury 4.00% 6/30/2032 | 16910 | 17018 |
| U.S. Treasury 2.75% 8/15/2032 | 8095 | 7550 |
| U.S. Treasury 3.75% 11/30/2032 | 4075 | 4030 |
| U.S. Treasury 3.875% 8/15/2033 | 3180 | 3156 |
| U.S. Treasury 4.375% 5/15/2034 | 1687 | 1726 |
| U.S. Treasury 3.875% 8/15/2034 | 1970 | 1941 |
| U.S. Treasury 4.25% 11/15/2034 | 1790 | 1810 |
| U.S. Treasury 4.625% 2/15/2035 | 5000 | 5194 |
| U.S. Treasury 4.25% 5/15/2035 | 1800 | 1816 |
| U.S. Treasury 4.25% 8/15/2035 | 5315 | 5357 |
| U.S. Treasury 4.00% 11/15/2035 | 285 | 281 |
| U.S. Treasury 4.50% 8/15/2039 | 13655 | 13699 |
| U.S. Treasury 4.625% 2/15/2040 | 90 | 91 |
| U.S. Treasury, interest only, 0% 11/15/2040 | 1110 | 545 |
| U.S. Treasury 1.375% 11/15/2040 | 1945 | 1265 |
| U.S. Treasury 3.875% 5/15/2043 | 820 | 737 |
| U.S. Treasury 4.375% 8/15/2043 | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044 | 3780 | 3663 |
| U.S. Treasury 4.125% 8/15/2044 | 11760 | 10810 |
| U.S. Treasury 2.50% 2/15/2045 | 4850 | 3441 |
| U.S. Treasury 5.00% 5/15/2045 | 8955 | 9207 |
| U.S. Treasury 4.625% 11/15/2045 | 180 | 176 |
| U.S. Treasury 2.50% 2/15/2046 | 3900 | 2720 |
| U.S. Treasury 2.50% 5/15/2046 | 1585 | 1101 |
| U.S. Treasury 2.875% 11/15/2046 | 2700 | 1997 |
| U.S. Treasury 3.00% 8/15/2048 | 750 | 556 |
| U.S. Treasury 2.375% 11/15/2049 | 1435 | 924 |
| U.S. Treasury 1.25% 5/15/2050 | 14825 | 7117 |
| U.S. Treasury 1.375% 8/15/2050 | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050 | 35205 | 18533 |
| U.S. Treasury 1.875% 2/15/2051 | 5892 | 3301 |
| U.S. Treasury 2.375% 5/15/2051 | 6280 | 3968 |
| U.S. Treasury 2.00% 8/15/2051 | 5226 | 3001 |
| U.S. Treasury 1.875% 11/15/2051 | 3164 | 1754 |
| U.S. Treasury 3.00% 8/15/2052 | 895 | 643 |
| U.S. Treasury 4.00% 11/15/2052 | 1849 | 1607 |
| U.S. Treasury 4.75% 11/15/2053 | 205 | 202 |
| U.S. Treasury 4.25% 2/15/2054 | 11130 | 10086 |
| U.S. Treasury 4.625% 5/15/2054 | 3165 | 3054 |
| U.S. Treasury 4.25% 8/15/2054 | 50 | 45 |

---

**269**American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Bonds, notes & other debt instruments (continued) |  | (000) | (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| U.S. Treasury (continued) |  |  |  |
| U.S. Treasury 4.625% 2/15/2055 |  | USD7,370 | $7115 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup> |  | 27230 | 26830 |
| U.S. Treasury 4.625% 11/15/2055 |  | 19425 | 18754 |
|  |  |  | 691669 |
| U.S. Treasury inflation-protected securities 3.92% |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup> |  | 9620 | 9533 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup> |  | 2960 | 2907 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup> |  | 37322 | 37704 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup> |  | 1093 | 1014 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup> |  | 3399 | 3107 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup> |  | 7377 | 7411 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup> |  | 141 | 138 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup> |  | 1506 | 1173 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup> |  | 1756 | 1308 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup> |  | 323 | 233 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup> |  | 368 | 212 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup> |  | 144 | 78 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup> |  | 456 | 410 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup> |  | 8752 | 8308 |
|  |  |  | 73536 |
| Total U.S. Treasury bonds & notes |  |  | 765205 |
| **Federal agency bonds & notes 2.60%** |  |  |  |
| **Federal agency bonds & notes 2.60%** |  |  |  |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 | Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 | 46 | 46 |
| Federal Home Loan Bank 3.25% 11/16/2028 |  | 6500 | 6462 |
| Federal Home Loan Bank 5.50% 7/15/2036 |  | 300 | 329 |
| Federal National Mortgage Association 7.125% 1/15/2030 |  | 2000 | 2258 |
| Private Export Funding Corp. 1.40% 7/15/2028 |  | 3000 | 2840 |
| Tennessee Valley Authority 2.875% 2/1/2027 |  | 5000 | 4966 |
| Tennessee Valley Authority 4.875% 5/15/2035 |  | 2445 | 2525 |
| Tennessee Valley Authority 4.65% 6/15/2035 |  | 1780 | 1811 |
| Tennessee Valley Authority 5.88% 4/1/2036 |  | 875 | 980 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060 |  | 250 | 223 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033 |  | 660 | 639 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 |  | 645 | 657 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 |  | 2200 | 2188 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 |  | 10250 | 10131 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 |  | 3064 | 3029 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 |  | 2020 | 1987 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 |  | 1773 | 1726 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 |  | 2074 | 1998 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 |  | 2167 | 2056 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 |  | 1639 | 1545 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 |  | 330 | 308 |
|  |  |  | 48704 |
| Total bonds, notes & other debt instruments (cost: $1,653,043,000) |  |  | 1630621 |
|  | Weighted |  |  |
|  | Weighted |  |  |
| Short-term securities 15.36% | average yield |  |  |
| Short-term securities 15.36% | at acquisition |  |  |
| **Commercial paper 8.81%** |  |  |  |
| Apple, Inc. 1/15/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 15000 | 14977 |
| CAFCO, LLC 1/14/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.040 | 10000 | 9985 |

---

American Funds Insurance Series **270**

![](g5xgrgdf638aa87pgojjr.jpg)

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Weighted |  |  |
| Short-term securities (continued) | average yield | Principal amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Short-term securities (continued) | at acquisition | (000) | (000) |
| **Commercial paper (continued)** |  |  |  |
| Chevron Corp. 2/3/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.760% | USD12,300 | $12258 |
| Desjardins Group 2/27/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750 | 12500 | 12425 |
| Exxon Asset Management Co. 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.820 | 19510 | 19332 |
| Linde, Inc. 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660 | 9400 | 9381 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660 | 10000 | 9998 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.740 | 7000 | 6981 |
| Procter & Gamble Co. 1/23/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900 | 10000 | 9977 |
| Procter & Gamble Co. 3/4/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700 | 20000 | 19982 |
| TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.715 | 15000 | 14992 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630 | 15200 | 15178 |
|  |  |  | 165402 |
| **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |  |  |  |
| Alberta (Province of) 2/12/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.770 | 10100 | 10056 |
| KfW 1/7/2026 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700 | 13000 | 12991 |
| Ontario (Province of) 2/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.770 | 25600 | 25501 |
|  |  |  | 48548 |
| **Federal agency bills & notes 3.97%** |  |  |  |
| Federal Farm Credit Banks 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.580 | 30500 | 30353 |
| Federal Home Loan Bank 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500 | 14364 | 14364 |
| Federal Home Loan Bank 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.842 | 11960 | 11935 |
| Federal Home Loan Bank 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.725 | 17900 | 17805 |
| Total short-term securities (cost: $288,397,000) |  |  | 288407 |

---

Options purchased (equity style) 0.01%

Options purchased (equity style)\*

Total options purchased (equity style) (cost: $330,000)

Total investment securities 102.23% (cost: $1,941,770,000)

Total options written (equity style) <sup>†</sup> 0.00 % (premium received: $102,000) Other assets less liabilities (2.23)%

Net assets 100.00%

1,919,270

(81) (41,841)

$1,877,348

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

Options on futures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Notional | Value at |
|  | Number of | Expiration | Exercise | amount | 12/31/2025 |
| Description | contracts | date | price | (000) | (000) |
| Call |  |  |  |  |  |
| 3 Month SOFR Futures Option | 2426 | 3/13/2026 | USD96.63 | USD606,500 | $242 |

---

**271**American Funds Insurance Series

![](g6gyl4kxomdn2p8sd2x64.jpg)

U.S. Government Securities Fund (continued)

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

Options on futures

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Notional | Value at |
|  |  | Number of | Number of | Expiration | Exercise |  | amount | 12/31/2025 |
| Description |  |  | contracts | date | price |  | (000) | (000) |
| Call |  |  |  |  |  |  |  |  |
| 3 Month SOFR Futures Option | 3 Month SOFR Futures Option |  | 1444 | 3/13/2026 | USD96.81 | USD(361000) | USD(361000) | $(81) |
| **Futures contracts** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Value and |
|  |  |  |  |  |  |  |  | unrealized |
|  |  |  |  |  |  |  |  | appreciation |
|  |  |  |  |  |  | Notional | Notional | (depreciation) |
|  |  |  |  | Number of | Expiration | amount | amount | at 12/31/2025 |
| Contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date |  | (000) | (000) |
| 30 Day Federal Funds Futures | 30 Day Federal Funds Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 18 | 2/2/2026 | USD7,228 | USD7,228 | $1 |
| 30 Day Federal Funds Futures | 30 Day Federal Funds Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 443 | 3/2/2026 | 177962 | 177962 | (25) |
| 3 Month SOFR Futures | 3 Month SOFR Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 3 | 6/17/2026 |  | 724 | (4) |
| 3 Month SOFR Futures | 3 Month SOFR Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 26 | 9/16/2026 |  | 6285 | (6) |
| 2 Year U.S. Treasury Note Futures | 2 Year U.S. Treasury Note Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 5852 | 4/6/2026 | 1221834 | 1221834 | (293) |
| 5 Year U.S. Treasury Note Futures | 5 Year U.S. Treasury Note Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 2936 | 4/6/2026 | 320918 | 320918 | (856) |
| 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | 10 Year Ultra U.S. Treasury Note Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 253 | 3/31/2026 | (29099) | (29099) | 169 |
| 10 Year U.S. Treasury Note Futures | 10 Year U.S. Treasury Note Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | 1099 | 3/31/2026 | (123569) | (123569) | 907 |
| 20 Year U.S. Treasury Bond Futures | 20 Year U.S. Treasury Bond Futures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 186 | 3/31/2026 |  | 21500 | (257) |
| 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | 30 Year Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 447 | 3/31/2026 |  | 52746 | (850) |
|  |  |  |  |  |  |  |  | $(1214) |
| **Swap contracts** |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |
| **Swap contracts** |  |  |  |  |  |  |  |  |
| Interest rate swaps |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps | &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps | &nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;Pay |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | &nbsp;&nbsp;&nbsp;Pay |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| 4.184% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/10/2026 | USD11,198 | $1 | $— | $1 |
| 4.2035% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/10/2026 | USD11,197 | 1 |  | 1 |
| 4.2045% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/10/2026 | USD1,020 | —(b) |  | —(b) |
| 4.27% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/16/2026 | USD9,621 | 6 |  | 6 |
| 4.265% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/16/2026 | USD4,777 | 3 |  | 3 |
| 4.3035% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,874 | 2 |  | 2 |
| 4.2515% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,847 | 2 |  | 2 |
| 4.2675% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,771 | 2 |  | 2 |
| 4.3005% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD1,989 | 1 |  | 1 |
| 4.288% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/17/2026 | USD2,021 | 1 |  | 1 |
| 4.568% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/1/2026 | USD27,000 | 34 |  | 34 |
| 4.56% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/1/2026 | USD27,400 | 34 |  | 34 |
| 4.6275% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/20/2026 | USD49,370 | 89 |  | 89 |
| 4.9005% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/17/2026 | USD14,100 | 46 |  | 46 |
| 4.815% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/6/2026 | USD31,500 | 116 |  | 116 |
| 4.723% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/7/2026 | USD30,490 | 103 |  | 103 |
| 4.659% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/17/2026 | USD45,400 | 159 |  | 159 |
| SOFR | Annual | 4.528% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/18/2026 | USD2,700 | (10) |  | (10) |

---

American Funds Insurance Series **272**

![](g5qvv4rme8uumy6nozvmv.jpg)

U.S. Government Securities Fund (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay |  |  |  | premium | appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive |  |  | Pay |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  |  |  |  |  | Notional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value at | paid | (depreciation) |
|  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| U.S. Urban CPI | At maturity | 2.12% | &nbsp;&nbsp;&nbsp;&nbsp;At maturity | 12/22/2026 | USD5,735 | $8 | $— | $8 |
| 3.535% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/23/2027 | USD13,000 | 16 |  | 16 |
| 3.5405% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/23/2027 | USD12,100 | 15 |  | 15 |
| 3.53% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/23/2027 | USD7,300 | 8 |  | 8 |
| SOFR | Annual | 4.186% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/18/2027 | USD54,150 | (467) |  | (467) |
| 3.7645% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2027 | USD23,600 | 95 |  | 95 |
| 3.761% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2027 | USD11,800 | 47 |  | 47 |
| 4.5895% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/6/2027 | USD22,710 | 361 |  | 361 |
| SOFR | Annual | 3.2465% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/15/2027 | USD16,600 | 19 |  | 19 |
| SOFR | Annual | 3.249% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/15/2027 | USD16,690 | 19 |  | 19 |
| 3.45% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/1/2028 | USD12,500 | 36 |  | 36 |
| 3.47% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/2/2028 | USD11,600 | 38 |  | 38 |
| 3.6475% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/27/2028 | USD19,700 | 143 |  | 143 |
| SOFR | Annual | 3.528% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/29/2030 | USD4,000 | (19) |  | (19) |
| SOFR | Annual | 3.529% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/29/2030 | USD4,800 | (23) |  | (23) |
| SOFR | Annual | 3.5485% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/29/2030 | USD5,200 | (29) |  | (29) |
| U.S. EFFR | Annual | 0.5385% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 3/26/2030 | USD49,000 | 5455 |  | 5455 |
| 3.18% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/17/2030 | USD2,600 | (25) |  | (25) |
| 3.275% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/18/2030 | USD2,600 | (15) |  | (15) |
| 3.353% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2030 | USD2,600 | (7) |  | (7) |
| 3.342% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2030 | USD2,600 | (8) |  | (8) |
| 3.344% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/20/2030 | USD2,600 | (8) |  | (8) |
| 3.128% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/28/2030 | USD2,600 | (31) |  | (31) |
| 3.285% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/1/2030 | USD2,500 | (14) |  | (14) |
| 3.259% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/1/2030 | USD2,600 | (17) |  | (17) |
| 3.186% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/9/2030 | USD2,600 | (25) |  | (25) |
| 3.215% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/10/2030 | USD2,500 | (21) |  | (21) |
| 3.29% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/19/2030 | USD3,100 | (17) |  | (17) |
| SOFR | Annual | 3.3615% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/31/2030 | USD15,320 | 38 |  | 38 |
| 3.31% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/9/2030 | USD26,800 | (132) |  | (132) |
| U.S. EFFR | Annual | 0.666% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/19/2030 | USD15,500 | 1909 |  | 1909 |
| 3.488% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2031 | USD6,316 | 1 |  | 1 |
| 3.43574% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2031 | USD7,364 | (16) |  | (16) |
| SOFR | Annual | 3.326% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/19/2032 | USD10,880 | 172 |  | 172 |
| SOFR | Annual | 3.4225% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 9/22/2032 | USD10,938 | 110 |  | 110 |
| SOFR | Annual | 4.1615% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/15/2033 | USD330 | (11) |  | (11) |
| SOFR | Annual | 4.15% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/15/2033 | USD880 | (29) |  | (29) |
| 4.0135% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/21/2033 | USD1,185 | 28 |  | 28 |
| SOFR | Annual | 3.6025% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/8/2034 | USD4,655 | 24 |  | 24 |
| SOFR | Annual | 3.7175% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/8/2035 | USD1,180 | 6 |  | 6 |
| SOFR | Annual | 3.6965% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/5/2035 | USD2,870 | 23 |  | 23 |
| SOFR | Annual | 3.79168% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2036 | USD8,076 | 33 |  | 33 |
| SOFR | Annual | 3.801% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2036 | USD6,989 | 23 |  | 23 |
| SOFR | Annual | 3.175% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/1/2038 | USD16,000 | 1118 |  | 1118 |
| 3.065% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/7/2040 | USD12,300 | (1298) |  | (1298) |
| 3.616% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/5/2044 | USD5,600 | (393) |  | (393) |
| 3.561% | Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/9/2044 | USD4,800 | (372) |  | (372) |
| SOFR | Annual | 3.9815% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 11/6/2044 | USD10,330 | 236 |  | 236 |
| SOFR | Annual | 3.045% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 7/27/2050 | USD3,600 | 640 |  | 640 |
| SOFR | Annual | 2.85282% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/6/2052 | USD540 | 117 |  | 117 |
| SOFR | Annual | 2.93542% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 12/6/2052 | USD550 | 112 |  | 112 |
| SOFR | Annual | 3.01413% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/12/2053 | USD1,402 | 268 |  | 268 |
| SOFR | Annual | 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 1/12/2053 | USD1,400 | 266 |  | 266 |

---

**273**American Funds Insurance Series

![](ggrkqk8k0ebercflfl2hd.jpg)

U.S. Government Securities Fund (continued)

**Swap contracts (continued)**

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Upfront | Unrealized |
|  | Receive |  | Pay |  |  |  |  | premium | appreciation |
|  | Receive |  | Pay |  | Notional |  | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional |  | Value at | paid | (depreciation) |
|  |  |  |  |  | Notional |  | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 12/31/2025 | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | Rate | &nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) |  | (000) | (000) | (000) |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.974% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/17/2053 | USD800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $159 | $— | $159 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.044% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/18/2053 | USD800 |  | 150 |  | 150 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0875% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2053 | USD800 |  | 144 |  | 144 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1035% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/19/2053 | USD800 |  | 142 |  | 142 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0895% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/20/2053 | USD800 |  | 144 |  | 144 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9405% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 4/28/2053 | USD800 |  | 163 |  | 163 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0535% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/1/2053 | USD1,600 |  | 297 |  | 297 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.085% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/9/2053 | USD900 |  | 162 |  | 162 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1135% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/10/2053 | USD800 |  | 141 |  | 141 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1605% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 5/19/2053 | USD1,000 |  | 168 |  | 168 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6765% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2054 | USD2,019 |  | 169 |  | 169 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6815% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/20/2054 | USD1,510 |  | 125 |  | 125 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7205% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 2/21/2054 | USD520 |  | 40 |  | 40 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47875% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/5/2054 | USD4,200 |  | 492 |  | 492 |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.415% | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 8/9/2054 | USD3,700 |  | 473 |  | 473 |
| 4.13862% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2056 | USD1,957 |  | (12) |  | (12) |
| 4.097% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2056 | USD1,702 |  | (23) |  | (23) |
|  |  |  |  |  |  | $11931 | $11931 | $— | $11931 |

---

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

(b)Amount less than one thousand.

(c)Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund.

(d)Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

(e)Represents securities transacted on a TBA basis.

(f)All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund.

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

---

| | |
|:---|:---|
| Key to abbreviation(s) |  |
| Assn. = Association | SOFR = Secured Overnight Financing Rate |
| CPI = Consumer Price Index | TBA = To be announced |
| EFFR = Effective Federal Funds Rate | USD = U.S. dollars |
| Refer to the notes to financial statements. |  |

---

American Funds Insurance Series **274**

Managed Risk Growth Fund

**Investment portfolio December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Growth funds 84.99% |  |  |  |  | Value |
| Growth funds 84.99% |  |  |  | Shares | (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | American Funds Insurance Series – Growth Fund, Class 1 |  |  | 3046065 | $429678 |
| Total growth funds (cost: $297,224,000) | Total growth funds (cost: $297,224,000) |  |  |  | 429678 |
| Fixed income funds 10.02% | Fixed income funds 10.02% |  |  |  |  |
| Fixed income funds 10.02% | Fixed income funds 10.02% |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 |  | 5324267 | 50687 |
| Total fixed income funds (cost: $50,772,000) | Total fixed income funds (cost: $50,772,000) |  |  |  | 50687 |
| Short-term securities 4.63% | Short-term securities 4.63% |  |  |  |  |
| Short-term securities 4.63% | Short-term securities 4.63% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 23417711 | 23418 |
| Total short-term securities (cost: $23,418,000) | Total short-term securities (cost: $23,418,000) |  |  |  | 23418 |
| Options purchased (equity style) 0.27% | Options purchased (equity style) 0.27% |  |  |  |  |
| Options purchased (equity style) 0.27% | Options purchased (equity style) 0.27% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 1328 |
| Total options purchased (cost: $4,348,000) | Total options purchased (cost: $4,348,000) |  |  |  | 1328 |
| Total investment securities 99.91% (cost: $375,762,000) | Total investment securities 99.91% (cost: $375,762,000) |  |  |  | 505111 |
| Other assets less liabilities 0.09% | Other assets less liabilities 0.09% |  |  |  | 468 |
| Net assets 100.00% |  |  |  |  | $505579 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 12/31/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 90 | USD61,610 | USD4,250.00 | 3/20/2026 | $31 |
| S&P 500 Index | 415 | 284088 | 4275.00 | 3/20/2026 | 146 |
| S&P 500 Index | 10 | 6846 | 4375.00 | 3/20/2026 | 4 |
| S&P 500 Index | 25 | 17114 | 4500.00 | 3/20/2026 | 11 |
| S&P 500 Index | 25 | 17114 | 4650.00 | 3/20/2026 | 14 |
| S&P 500 Index | 15 | 10268 | 4750.00 | 3/20/2026 | 9 |
| S&P 500 Index | 10 | 6846 | 4775.00 | 3/20/2026 | 6 |
| S&P 500 Index | 20 | 13691 | 4825.00 | 3/20/2026 | 13 |
| S&P 500 Index | 25 | 17114 | 4850.00 | 3/20/2026 | 17 |
| S&P 500 Index | 20 | 13691 | 4900.00 | 3/20/2026 | 14 |
| S&P 500 Index | 10 | 6846 | 4625.00 | 6/18/2026 | 22 |
| S&P 500 Index | 325 | 222479 | 4700.00 | 6/18/2026 | 715 |
| S&P 500 Index | 10 | 6846 | 4750.00 | 6/18/2026 | 24 |
| S&P 500 Index | 75 | 51341 | 4825.00 | 6/18/2026 | 181 |
| S&P 500 Index | 20 | 13691 | 4850.00 | 6/18/2026 | 49 |
| S&P 500 Index | 10 | 6846 | 5000.00 | 6/18/2026 | 29 |
| S&P 500 Index | 10 | 6846 | 4775.00 | 9/18/2026 | 43 |
|  |  |  |  |  | $1328 |

---

**275**American Funds Insurance Series

![](gyjgsj13jl4d6aane65bw.jpg)

Managed Risk Growth Fund (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | USD15,853 | $8 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth funds 84.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Fund, Class 1 | $445562 | $116262 | $180830 | $70206 | $(21522) | $429678 | $1046 | $34295 |
| Fixed income funds 10.02% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America, Class 1 | 52786 | 41135 | 44622 | 15 | 1373 | 50687 | 2246 |  |
| &nbsp;&nbsp;&nbsp;Total 95.01% |  |  |  | $70221 | $(20149) | $480365 | $3292 | $34295 |

---

(a)Rate represents the seven-day yield at 12/31/2025.

(b)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **276**

Managed Risk International Fund

**Investment portfolio December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Growth funds 85.00% |  |  |  |  | Value |
| Growth funds 85.00% |  |  |  | Shares | (000) |
| American Funds Insurance Series – International Fund, Class 1 | American Funds Insurance Series – International Fund, Class 1 | American Funds Insurance Series – International Fund, Class 1 |  | 4316673 | $96391 |
| Total growth funds (cost: $68,990,000) |  |  |  |  | 96391 |
| Fixed income funds 9.99% |  |  |  |  |  |
| Fixed income funds 9.99% |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 |  | 1190669 | 11335 |
| Total fixed income funds (cost: $11,379,000) | Total fixed income funds (cost: $11,379,000) |  |  |  | 11335 |
| Short-term securities 4.79% |  |  |  |  |  |
| Short-term securities 4.79% |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 5428105 | 5428 |
| Total short-term securities (cost: $5,428,000) | Total short-term securities (cost: $5,428,000) |  |  |  | 5428 |
| Options purchased (equity style) 0.23% | Options purchased (equity style) 0.23% |  |  |  |  |
| Options purchased (equity style) 0.23% | Options purchased (equity style) 0.23% |  |  |  |  |
| Options purchased (equity style)\* |  |  |  |  | 267 |
| Total options purchased (cost: $774,000) | Total options purchased (cost: $774,000) |  |  |  | 267 |
| Total investment securities 100.01% (cost: $86,571,000) | Total investment securities 100.01% (cost: $86,571,000) |  |  |  | 113421 |
| Other assets less liabilities (0.01)% |  |  |  |  | (17) |
| Net assets 100.00% |  |  |  |  | $113404 |
| **\*Options purchased (equity style)** |  |  |  |  |  |
| **\*Options purchased (equity style)** |  |  |  |  |  |
| **\*Options purchased (equity style)** |  |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 12/31/2025 |
| Description | &nbsp;&nbsp;contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| iShares MSCI EAFE ETF | 250 | USD2,401 | USD65.00 | 3/20/2026 | $2 |
| iShares MSCI EAFE ETF | 4900 | 47055 | 70.00 | 3/20/2026 | 47 |
| iShares MSCI EAFE ETF | 2600 | 24968 | 72.00 | 3/20/2026 | 51 |
| iShares MSCI EAFE ETF | 125 | 1200 | 74.00 | 3/20/2026 | 2 |
| iShares MSCI EAFE ETF | 300 | 2881 | 75.00 | 3/20/2026 | 4 |
| iShares MSCI EAFE ETF | 200 | 1921 | 76.00 | 3/20/2026 | 3 |
| iShares MSCI EAFE ETF | 2425 | 23287 | 70.00 | 6/18/2026 | 137 |
| iShares MSCI EAFE ETF | 450 | 4321 | 75.00 | 6/18/2026 | 21 |
|  |  |  |  |  | $267 |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | &nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| MSCI EAFE Index Futures | &nbsp;&nbsp;Long | 21 | 3/20/2026 | USD3,047 | $13 |

---

**277**American Funds Insurance Series

![](g6lzwf3ajk73xd9xxbs7j.jpg)

Managed Risk International Fund (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth funds 85.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Fund, Class 1 | $96701 | $11326 | $33601 | $6644 | $15321 | $96391 | $1416 | $— |
| Fixed income funds 9.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America, Class 1 | 11472 | 6653 | 7132 | 89 | 253 | 11335 | 495 |  |
| &nbsp;&nbsp;&nbsp;Total 94.99% |  |  |  | $6733 | $15574 | $107726 | $1911 | $— |

---

(a)Rate represents the seven-day yield at 12/31/2025.

(b)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **278**

Managed Risk Washington Mutual Investors Fund

**Investment portfolio December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Growth-and-income funds 85.06% | Growth-and-income funds 85.06% |  |  |  | Value |
| Growth-and-income funds 85.06% | Growth-and-income funds 85.06% |  |  | Shares | (000) |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 |  | 14745796 | $268079 |
| Total growth-and-income funds (cost: $198,932,000) | Total growth-and-income funds (cost: $198,932,000) |  |  |  | 268079 |
| Fixed income funds 10.01% | Fixed income funds 10.01% |  |  |  |  |
| Fixed income funds 10.01% | Fixed income funds 10.01% |  |  |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | American Funds Insurance Series – U.S. Government Securities Fund, Class 1 |  | 3186969 | 31551 |
| Total fixed income funds (cost: $31,563,000) | Total fixed income funds (cost: $31,563,000) |  |  |  | 31551 |
| Short-term securities 4.67% | Short-term securities 4.67% |  |  |  |  |
| Short-term securities 4.67% | Short-term securities 4.67% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 14703653 | 14704 |
| Total short-term securities (cost: $14,704,000) | Total short-term securities (cost: $14,704,000) |  |  |  | 14704 |
| Options purchased (equity style) 0.20% | Options purchased (equity style) 0.20% |  |  |  |  |
| Options purchased (equity style) 0.20% | Options purchased (equity style) 0.20% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 647 |
| Total options purchased (cost: $2,471,000) | Total options purchased (cost: $2,471,000) |  |  |  | 647 |
| Total investment securities 99.94% (cost: $247,670,000) | Total investment securities 99.94% (cost: $247,670,000) |  |  |  | 314981 |
| Other assets less liabilities 0.06% | Other assets less liabilities 0.06% |  |  |  | 191 |
| Net assets 100.00% |  |  |  |  | $315172 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 12/31/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 15 | USD10,268 | USD4,175.00 | 3/20/2026 | $5 |
| S&P 500 Index | 125 | 85569 | 4275.00 | 3/20/2026 | 44 |
| S&P 500 Index | 15 | 10268 | 4375.00 | 3/20/2026 | 6 |
| S&P 500 Index | 20 | 13691 | 4500.00 | 3/20/2026 | 9 |
| S&P 500 Index | 270 | 184828 | 4625.00 | 3/20/2026 | 135 |
| S&P 500 Index | 15 | 10268 | 4650.00 | 3/20/2026 | 8 |
| S&P 500 Index | 15 | 10268 | 4850.00 | 3/20/2026 | 10 |
| S&P 500 Index | 10 | 6846 | 4900.00 | 3/20/2026 | 7 |
| S&P 500 Index | 10 | 6846 | 4650.00 | 6/18/2026 | 22 |
| S&P 500 Index | 100 | 68455 | 4700.00 | 6/18/2026 | 220 |
| S&P 500 Index | 35 | 23959 | 4825.00 | 6/18/2026 | 85 |
| S&P 500 Index | 10 | 6846 | 4850.00 | 6/18/2026 | 24 |
| S&P 500 Index | 10 | 6846 | 5000.00 | 6/18/2026 | 29 |
| S&P 500 Index | 10 | 6846 | 4775.00 | 9/18/2026 | 43 |
|  |  |  |  |  | $647 |

---

**279**American Funds Insurance Series

![](g40eax7g1r79frk6ckjcf.jpg)

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | USD8,271 | $1 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth-and-income funds 85.06% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund, Class 1 | $273106 | $49141 | $75666 | $17364 | $4134 | $268079 | $4236 | $17905 |
| Fixed income funds 10.01% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities Fund, Class 1 | 32524 | 16239 | 18298 | (161) | 1247 | 31551 | 1405 |  |
| &nbsp;&nbsp;&nbsp;Total 95.07% |  |  |  | $17203 | $5381 | $299630 | $5641 | $17905 |

---

(a)Rate represents the seven-day yield at 12/31/2025.

(b)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **280**

Managed Risk Growth-Income Fund

**Investment portfolio December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Growth-and-income funds 79.67% | Growth-and-income funds 79.67% |  |  |  | Value |
| Growth-and-income funds 79.67% | Growth-and-income funds 79.67% |  |  | Shares | (000) |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | American Funds Insurance Series – Growth-Income Fund, Class 1 | American Funds Insurance Series – Growth-Income Fund, Class 1 |  | 24608461 | $1666731 |
| Total growth-and-income funds (cost: $1,348,887,000) | Total growth-and-income funds (cost: $1,348,887,000) |  |  |  | 1666731 |
| Fixed income funds 14.99% | Fixed income funds 14.99% |  |  |  |  |
| Fixed income funds 14.99% | Fixed income funds 14.99% |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 | American Funds Insurance Series – The Bond Fund of America, Class 1 |  | 32944468 | 313631 |
| Total fixed income funds (cost: $313,629,000) | Total fixed income funds (cost: $313,629,000) |  |  |  | 313631 |
| Short-term securities 4.82% | Short-term securities 4.82% |  |  |  |  |
| Short-term securities 4.82% | Short-term securities 4.82% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 100972696 | 100973 |
| Total short-term securities (cost: $100,973,000) | Total short-term securities (cost: $100,973,000) |  |  |  | 100973 |
| Options purchased (equity style) 0.34% | Options purchased (equity style) 0.34% |  |  |  |  |
| Options purchased (equity style) 0.34% | Options purchased (equity style) 0.34% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 7071 |
| Total options purchased (cost: $27,268,000) | Total options purchased (cost: $27,268,000) |  |  |  | 7071 |
| Total investment securities 99.82% (cost: $1,790,757,000) | Total investment securities 99.82% (cost: $1,790,757,000) | Total investment securities 99.82% (cost: $1,790,757,000) |  |  | 2088406 |
| Other assets less liabilities 0.18% | Other assets less liabilities 0.18% |  |  |  | 3734 |
| Net assets 100.00% |  |  |  |  | $2092140 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 12/31/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 80 | USD54,764 | USD4,175.00 | 3/20/2026 | $27 |
| S&P 500 Index | 1830 | 1252727 | 4275.00 | 3/20/2026 | 646 |
| S&P 500 Index | 205 | 140333 | 4375.00 | 3/20/2026 | 86 |
| S&P 500 Index | 40 | 27382 | 4425.00 | 3/20/2026 | 17 |
| S&P 500 Index | 95 | 65032 | 4500.00 | 3/20/2026 | 42 |
| S&P 500 Index | 50 | 34228 | 4525.00 | 3/20/2026 | 25 |
| S&P 500 Index | 2480 | 1697684 | 4625.00 | 3/20/2026 | 1240 |
| S&P 500 Index | 165 | 112951 | 4650.00 | 3/20/2026 | 91 |
| S&P 500 Index | 40 | 27382 | 4825.00 | 3/20/2026 | 26 |
| S&P 500 Index | 150 | 102683 | 4850.00 | 3/20/2026 | 103 |
| S&P 500 Index | 95 | 65032 | 4900.00 | 3/20/2026 | 65 |
| S&P 500 Index | 90 | 61610 | 4625.00 | 6/18/2026 | 193 |
| S&P 500 Index | 85 | 58187 | 4650.00 | 6/18/2026 | 187 |
| S&P 500 Index | 1110 | 759851 | 4700.00 | 6/18/2026 | 2442 |
| S&P 500 Index | 65 | 44496 | 4750.00 | 6/18/2026 | 155 |
| S&P 500 Index | 390 | 266975 | 4825.00 | 6/18/2026 | 944 |
| S&P 500 Index | 140 | 95837 | 4850.00 | 6/18/2026 | 343 |
| S&P 500 Index | 40 | 27382 | 5000.00 | 6/18/2026 | 118 |
| S&P 500 Index | 75 | 51341 | 4775.00 | 9/18/2026 | 321 |
|  |  |  |  |  | $7071 |

---

**281**American Funds Insurance Series

![](grkzd0gs0dq2eyrs66oy7.jpg)

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | USD87,879 | $46 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Growth-and-income funds 79.67% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth-Income Fund, Class 1 | $1736906 | $440767 | $500363 | $102594 | $(113173) | $1666731 | $18415 | $278792 |
| Fixed income funds 14.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America, Class 1 | 325683 | 143011 | 164543 | 624 | 8856 | 313631 | 13851 |  |
| &nbsp;&nbsp;&nbsp;Total 94.66% |  |  |  | $103218 | $(104317) | $1980362 | $32266 | $278792 |

---

(a)Rate represents the seven-day yield at 12/31/2025.

(b)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **282**

Managed Risk Asset Allocation Fund

**Investment portfolio December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset allocation funds 95.20% | Asset allocation funds 95.20% |  |  |  | Value |
| Asset allocation funds 95.20% | Asset allocation funds 95.20% |  |  | Shares | (000) |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | American Funds Insurance Series – Asset Allocation Fund, Class 1 | American Funds Insurance Series – Asset Allocation Fund, Class 1 |  | 51064459 | $1404783 |
| Total asset allocation funds (cost: $1,177,798,000) | Total asset allocation funds (cost: $1,177,798,000) |  |  |  | 1404783 |
| Short-term securities 4.77% | Short-term securities 4.77% |  |  |  |  |
| Short-term securities 4.77% | Short-term securities 4.77% |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 70445349 | 70445 |
| Total short-term securities (cost: $70,445,000) | Total short-term securities (cost: $70,445,000) |  |  |  | 70445 |
| Options purchased (equity style) 0.08% | Options purchased (equity style) 0.08% |  |  |  |  |
| Options purchased (equity style) 0.08% | Options purchased (equity style) 0.08% |  |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  |  |  | 1217 |
| Total options purchased (cost: $3,674,000) | Total options purchased (cost: $3,674,000) |  |  |  | 1217 |
| Total investment securities 100.05% (cost: $1,251,917,000) | Total investment securities 100.05% (cost: $1,251,917,000) | Total investment securities 100.05% (cost: $1,251,917,000) |  |  | 1476445 |
| Other assets less liabilities (0.05)% | Other assets less liabilities (0.05)% |  |  |  | (743) |
| Net assets 100.00% |  |  |  |  | $1475702 |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| **\*Options purchased (equity style)** | **\*Options purchased (equity style)** |  |  |  |  |
| Equity index options |  |  |  |  |  |
|  |  | Notional |  |  | Value at |
|  | Number of | amount | Exercise | Expiration | 12/31/2025 |
| Description | contracts | (000) | price | date | (000) |
| Put |  |  |  |  |  |
| S&P 500 Index | 385 | USD263,552 | USD4,275.00 | 3/20/2026 | $136 |
| S&P 500 Index | 40 | 27382 | 4375.00 | 3/20/2026 | 17 |
| S&P 500 Index | 15 | 10268 | 4850.00 | 3/20/2026 | 10 |
| S&P 500 Index | 20 | 13691 | 4900.00 | 3/20/2026 | 14 |
| S&P 500 Index | 45 | 30805 | 4650.00 | 6/18/2026 | 99 |
| S&P 500 Index | 340 | 232747 | 4700.00 | 6/18/2026 | 748 |
| S&P 500 Index | 20 | 13691 | 4750.00 | 6/18/2026 | 48 |
| S&P 500 Index | 60 | 41073 | 4825.00 | 6/18/2026 | 145 |
|  |  |  |  |  | $1217 |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
| **Futures contracts** |  |  |  |  |  |
|  |  |  |  |  | Value and |
|  |  |  |  |  | unrealized |
|  |  |  |  |  | appreciation |
|  |  |  |  | Notional | (depreciation) |
|  |  | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type | contracts | date | (000) | (000) |
| S&P 500 E-mini Index Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | 41 | 3/20/2026 | USD14,130 | $8 |

---

**283**American Funds Insurance Series

![](gm8scxn6t2kdrfrsk11ah.jpg)

Managed Risk Asset Allocation Fund (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Net | Net |  |  |  |
|  | Value at |  |  | Net | unrealized |  |  | Capital gain |
|  | Value at |  |  | realized | appreciation | Value at | Dividend | distributions |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income | received |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
| Asset allocation funds 95.20% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation Fund, Class 1 | $1923478 | $267997 | $889458 | $39013 | $63753 | $1404783 | $32501 | $127660 |

---

(a)Rate represents the seven-day yield at 12/31/2025.

(b)Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **284**

![](gefo04uhzs05vl4tirmgc.jpg)

Financial statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | Global |  |  |  |
|  | Global | Small |  |  | New |
|  | Growth | Capitalization | Growth | International | World |
|  | Fund | Fund | Fund | Fund | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $8852855 | $2958933 | $53450984 | $7375128 | $4007822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 288884 | 99500 | 1303602 | 122775 | 60900 |
| Cash | 567 | 60 | 709 | 35 | 673 |
| Cash collateral received for securities on loan | 1 | 7659 | 2331 | 2919 | 660 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 524 | 493 | 485 | 1008 | 364 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 80 |
| Bilateral swaps, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments |  | 369 |  | 2909 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 1608 | 193 | 20679 | 1289 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 11224 | 3053 | 17315 | 17842 | 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 12 | 119 | 55 | 37 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 476 | 869 | 65 | 1967 | 1037 |
|  | 9156151 | 3071248 | 54796225 | 7525909 | 4084592 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan | 1099 | 76585 | 29093 | 29195 | 6603 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 78 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 1119 | 20443 | 6814 | 631 | 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 12524 | 2529 | 54104 | 12427 | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 2898 | 1513 | 13966 | 3010 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 783 | 255 | 4640 | 360 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 1269 | 541 | 7457 | 1050 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 140 | 73 | 784 | 206 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | 4865 |  | 487 | 26882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 108 | 15506 | 98 | 168 | 18899 |
|  | 24805 | 117445 | 117443 | 73929 | 37224 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at December 31, 2025 | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4669963 | $1914050 | $18377552 | $4482586 | $2226544 |
| Total distributable earnings (accumulated loss) | 4461383 | 1039753 | 36301230 | 2969394 | 1820824 |
| Net assets at December 31, 2025 | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| Investment securities on loan, at value | $4 | $77998 | $22741 | $32814 | $8183 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 5567435 | 2237741 | 21947122 | 4929779 | 2464149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 288846 | 99493 | 1303348 | 122756 | 60891 |
| Cash denominated in currencies other than U.S. dollars, at cost | 524 | 493 | 485 | 1004 | 364 |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**285**American Funds Insurance Series

![](g9zysdby6z745egs6jr73.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  | Washington | U.S. Small and | Capital |  | International |
|  | Mutual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid | World Growth | Growth- | Growth |
|  | Investors | Cap Equity | and Income | Income | and Income |
|  | Fund | Fund | Fund | Fund | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $11684406 | $97802 | $2056244 | $42116707 | $398386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 272530 | 2963 | 26204 | 1493802 | 5441 |
| Cash | 865 | 75 | 332 | 289 | 57 |
| Cash collateral received for securities on loan | 86 | 94 | 101 |  | 85 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 268 | 1525 | 81 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 14157 | 139 | 4104 | 39606 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 4976 | 15 | 505 | 7670 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 15199 | 67 | 4247 | 38254 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 2 | 1 | 2 | 63 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 |  | 218 | 284 | 50 |
|  | 11992226 | 101156 | 2092225 | 43698200 | 406781 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan | 863 | 940 | 1007 |  | 848 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 2561 | 445 | 346 | 18633 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 9217 | 93 | 2063 | 34095 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 2288 | 39 | 664 | 9209 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 1448 | 4 | 226 | 2056 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 1458 | 9 | 360 | 4862 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 176 |  | 37 | 782 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  | 1192 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 159 |  | 813 | 60 | 10 |
|  | 18170 | 1530 | 5516 | 70889 | 2166 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at December 31, 2025 | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6329907 | $96908 | $1027159 | $19543567 | $280952 |
| Total distributable earnings (accumulated loss) | 5644149 | 2718 | 1059550 | 24083744 | 123663 |
| Net assets at December 31, 2025 | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| Investment securities on loan, at value | $842 | $914 | $987 | $— | $893 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 7123077 | 94143 | 1176146 | 21385651 | 268828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 272473 | 2962 | 26199 | 1435195 | 5440 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 268 | 1525 | 81 |
| Premiums received on options written |  |  |  |  |  |

---

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 **286**

![](g6702eh6ay9selx7fhwnt.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  |  | American |  |  |
|  |  |  | Funds |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital | Asset | Global | The Bond | Capital |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Income | Allocation | Balanced | Fund | World Bond |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builder | Fund | Fund | of America | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1550384 | $25894359 | $419047 | $10789267 | $1345676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 119513 | 1851572 | 32007 | 624236 | 136894 |
| Cash | 338 | 3883 | 241 | 1674 | 425 |
| Cash collateral received for securities on loan | 1157 | 2069 |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 175 | 2 | 92 | 3 | 9 |
| Unrealized appreciation on open forward currency contracts |  |  | 229 | 386 | 2812 |
| Bilateral swaps, at value |  |  | 38 | 2015 | 136 |
| Unrealized appreciation on unfunded commitments\* |  | 3 |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 2897 | 251377 | 1442 | 55805 | 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 582 | 3662 | 129 | 5946 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 5640 | 79619 | 2033 | 83388 | 15248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 12 | 347 | 14 | 507 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 17 | 1189 | 18 | 1920 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  | 1 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 8 | 78 | —<sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 137 | 808 | 36 | 22 | 141 |
|  | 1680860 | 28088968 | 455327 | 11565169 | 1512398 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan | 11565 | 20974 |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 281 | 420 | 1842 |
| Bilateral swaps, at value |  |  | 44 | 3943 | 2695 |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 5451 | 345093 | 3655 | 184956 | 25455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 1782 | 30592 | 278 | 11524 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 319 | 6211 | 163 | 1951 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 488 | 4502 | 126 | 1059 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 208 | 3158 | 84 | 1171 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 18 | 482 | 7 | 199 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 101 | 2093 | 28 | 3584 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 1 | 48 | 5 | 350 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes | 539 |  | 185 | —† | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 12 | 775 | 4 | (14) | 62 |
|  | 20484 | 413928 | 4860 | 209143 | 32628 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at December 31, 2025 | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1167067 | $16736971 | $339716 | $12855120 | $1705259 |
| Total distributable earnings (accumulated loss) | 493309 | 10938069 | 110751 | (1499094) | (225489) |
| Net assets at December 31, 2025 | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| Investment securities on loan, at value | $11011 | $19953 | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1124145 | 17944427 | 335829 | 10859512 | 1379551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 122247 | 1869376 | 31719 | 624125 | 135130 |
| Cash denominated in currencies other than U.S. dollars, at cost | 175 | 2 | 91 | 1 | 9 |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**287**American Funds Insurance Series

![](gwb0kvzh4cmz0fc62yvdv.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | American |  | U.S. | Managed |
|  | American | Funds |  | Government | Risk |
|  | High-Income | Mortgage | Ultra-Short | Securities | Growth |
|  | Trust | Fund | Bond Fund | Fund | Fund |
| Assets: |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $988979 | $133040 | $308498 | $1919270 | $24746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 35092 |  |  |  | 480365 |
| Cash | 846 | 152 | 101 | 2915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 220 |  |  |  | 1030 |
| Cash collateral pledged for swap contracts | 1311 |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on unfunded commitments\* | 1 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 104 | 7819 |  | 40517 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 433 | 167 | 89 | 2376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 16339 | 474 |  | 10972 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 4 | 4 |  | 271 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 13 | 8 |  | 562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3 |  |  |  |  |
|  | 1043345 | 141664 | 308688 | 1976883 | 507423 |
| Liabilities: |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  | 81 |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 2414 | 15929 |  | 94081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 1678 | 16 | 930 | 3012 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 250 | 24 | 68 | 342 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 147 | 41 | 35 | 341 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 191 | 25 | 66 | 328 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 34 | 4 | 12 | 51 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 15 | 58 |  | 978 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 6 | —<sup>†</sup> |  | 320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | —<sup>†</sup> | —<sup>†</sup> | 1 |  |
|  | 4736 | 16097 | 1111 | 99535 | 1844 |
| Commitments and contingencies\* |  |  |  |  |  |
| Net assets at December 31, 2025 | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| Net assets consist of: |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1332439 | $136386 | $305626 | $2132934 | $389009 |
| Total distributable earnings (accumulated loss) | (293830) | (10819) | 1951 | (255586) | 116570 |
| Net assets at December 31, 2025 | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 962603 | 132611 | 308476 | 1941770 | 27766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 35085 |  |  |  | 347996 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |
| Premiums received on options written |  |  |  | 102 |  |

---

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 **288**

![](g4o8pfpkg8don3d6v7f6f.jpg)

Financial statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | Managed Risk | Managed | Managed |
|  | Managed | Washington | Risk | Risk |
|  | Risk | Mutual | Growth- | Asset |
|  | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund |
| Assets: |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $5695 | $15351 | $108044 | $71662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 107726 | 299630 | 1980362 | 1404783 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 92 | 537 | 5713 | 918 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 79 | 760 | 1611 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares |  | 5 | 139 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 19 | 52 | 353 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 231 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |
|  | 113842 | 316335 | 2096222 | 1482591 |
| Liabilities: |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 83 | 805 | 1835 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 9 | 27 | 179 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative fees | 72 | 199 | 1324 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 24 | 65 | 54 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 2 | 5 | 30 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 248 | 62 | 660 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | 438 | 1163 | 4082 | 6889 |
| Commitments and contingencies\* |  |  |  |  |
| Net assets at December 31, 2025 | $113404 | $315172 | $2092140 | $1475702 |
| Net assets consist of: |  |  |  |  |
| Capital paid in on shares of beneficial interest | $126483 | $268118 | $1532154 | $1152802 |
| Total distributable earnings (accumulated loss) | (13079) | 47054 | 559986 | 322900 |
| Net assets at December 31, 2025 | $113404 | $315172 | $2092140 | $1475702 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 6202 | 17175 | 128241 | 74119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 80369 | 230495 | 1662516 | 1177798 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**289**American Funds Insurance Series

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) |
|  |  |  | Global |  |  |  |
|  |  | Global | Small |  |  | New |
|  |  | Growth | Capitalization | Growth | International | World |
|  |  | Fund | Fund | Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $4114734 | $784210 | $25167887 | $3364413 | $2103702 |
|  | Shares outstanding | 106085 | 38604 | 178424 | 150645 | 64791 |
|  | Net asset value per share | $38.79 | $20.31 | $141.06 | $22.33 | $32.47 |
| Class 1A: | Net assets | $65911 | $6412 | $458187 | $16600 | $31750 |
|  | Shares outstanding | 1713 | 321 | 3292 | 748 | 984 |
|  | Net asset value per share | $38.47 | $19.99 | $139.18 | $22.20 | $32.25 |
| Class 2: | Net assets | $3725188 | $1756619 | $21575396 | $3480776 | $940783 |
|  | Shares outstanding | 97736 | 92263 | 155446 | 156678 | 29375 |
|  | Net asset value per share | $38.11 | $19.04 | $138.80 | $22.22 | $32.03 |
| Class 3: | Net assets |  |  | $293095 | $16386 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2055 | 731 | Not applicable |
|  | Net asset value per share |  |  | $142.60 | $22.41 |  |
| Class 4: | Net assets | $1225513 | $406562 | $7184217 | $573805 | $971133 |
|  | Shares outstanding | 32637 | 21428 | 53458 | 26284 | 30626 |
|  | Net asset value per share | $37.55 | $18.97 | $134.39 | $21.83 | $31.71 |
|  |  | Washington | U.S. Small and | Capital |  | International |
|  |  | Mutual | Mid | World Growth | Growth- | Growth |
|  |  | Investors | Cap Equity | and Income | Income | and Income |
|  |  | Fund | Fund | Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $6434903 | $88135 | $621489 | $25779841 | $34897 |
|  | Shares outstanding | 353902 | 7861 | 33710 | 380653 | 2587 |
|  | Net asset value per share | $18.18 | $11.21 | $18.44 | $67.73 | $13.49 |
| Class 1A: | Net assets | $37706 | $11 | $11968 | $54369 | $9107 |
|  | Shares outstanding | 2085 | 1 | 654 | 810 | 696 |
|  | Net asset value per share | $18.09 | $11.21 | $18.31 | $67.11 | $13.09 |
| Class 2: | Net assets | $3148146 | $11 | $1090396 | $14357484 | $171727 |
|  | Shares outstanding | 176947 | 1 | 59340 | 216610 | 13110 |
|  | Net asset value per share | $17.79 | $11.21 | $18.38 | $66.28 | $13.10 |
| Class 3: | Net assets |  |  |  | $162563 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2394 | Not applicable |
|  | Net asset value per share |  |  |  | $67.91 |  |
| Class 4: | Net assets | $2353301 | $11469 | $362856 | $3273054 | $188884 |
|  | Shares outstanding | 134090 | 1022 | 20329 | 50535 | 14678 |
|  | Net asset value per share | $17.55 | $11.22 | $17.85 | $64.77 | $12.87 |

---

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 **290**

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) |
|  |  |  |  | American |  |  |
|  |  |  |  | Funds |  |  |
|  |  | Capital | Asset | Global | The Bond | Capital |
|  |  | Income | Allocation | Balanced | Fund | World Bond |
|  |  | Builder | Fund | Fund | of America | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $840977 | $15918554 | $96748 | $6909118 | $610786 |
|  | Shares outstanding | 58024 | 578698 | 6712 | 725503 | 59749 |
|  | Net asset value per share | $14.49 | $27.51 | $14.41 | $9.52 | $10.22 |
| Class 1A: | Net assets | $15288 | $55856 | $4557 | $296525 | $29723 |
|  | Shares outstanding | 1056 | 2045 | 318 | 31383 | 2935 |
|  | Net asset value per share | $14.48 | $27.31 | $14.31 | $9.45 | $10.13 |
| Class 2: | Net assets | $22737 | $4401467 | $147446 | $2723868 | $758385 |
|  | Shares outstanding | 1570 | 162734 | 10287 | 290775 | 75051 |
|  | Net asset value per share | $14.48 | $27.05 | $14.33 | $9.37 | $10.10 |
| Class 3: | Net assets |  | $35405 |  |  |  |
|  | Shares outstanding | Not applicable | 1285 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $27.55 |  |  |  |
| Class 4: | Net assets | $781374 | $7263758 | $201716 | $1426515 | $80876 |
|  | Shares outstanding | 54053 | 271330 | 14349 | 153303 | 8144 |
|  | Net asset value per share | $14.46 | $26.77 | $14.06 | $9.31 | $9.93 |
|  |  |  | American |  | U.S. | Managed |
|  |  | American | Funds |  | Government | Risk |
|  |  | High-Income | Mortgage | Ultra-Short | Securities | Growth |
|  |  | Trust | Fund | Bond Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| Class 1: | Net assets | $254585 | $18615 | $35747 | $261446 |  |
|  | Shares outstanding | 27282 | 1968 | 3170 | 26415 | Not applicable |
|  | Net asset value per share | $9.33 | $9.46 | $11.28 | $9.90 |  |
| Class 1A: | Net assets | $7747 | $3305 | $130 | $299685 |  |
|  | Shares outstanding | 835 | 355 | 11 | 30461 | Not applicable |
|  | Net asset value per share | $9.27 | $9.32 | $11.28 | $9.84 |  |
| Class 2: | Net assets | $533026 | $40771 | $214848 | $1056315 |  |
|  | Shares outstanding | 58703 | 4360 | 19752 | 108255 | Not applicable |
|  | Net asset value per share | $9.08 | $9.35 | $10.88 | $9.76 |  |
| Class 3: | Net assets | $7898 |  | $3534 | $4943 |  |
|  | Shares outstanding | 841 | Not applicable | 320 | 498 | Not applicable |
|  | Net asset value per share | $9.39 |  | $11.03 | $9.93 |  |
| Class 4: | Net assets | $235353 | $62876 | $53318 | $254959 |  |
|  | Shares outstanding | 22906 | 6824 | 4866 | 26181 | Not applicable |
|  | Net asset value per share | $10.27 | $9.21 | $10.96 | $9.74 |  |
| Class P1: | Net assets |  |  |  |  | $14278 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1001 |
|  | Net asset value per share |  |  |  |  | $14.26 |
| Class P2: | Net assets |  |  |  |  | $491301 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 34806 |
|  | Net asset value per share |  |  |  |  | $14.12 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**291**American Funds Insurance Series

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of assets and liabilities at December 31, 2025 (continued)** | **Statements of assets and liabilities at December 31, 2025 (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars and shares in thousands, except per-share amounts) |
|  |  |  | Managed Risk | Managed | Managed |
|  |  | Managed | Washington | Risk | Risk |
|  |  | Risk | Mutual | Growth- | Asset |
|  |  | International | Investors | Income | Allocation |
|  |  | Fund | Fund | Fund | Fund |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |
| Class P1: | Net assets | $2047 | $2840 | $1834093 | $12565 |
|  | Shares outstanding | 219 | 222 | 122227 | 934 |
|  | Net asset value per share | $9.34 | $12.77 | $15.01 | $13.46 |
| Class P2: | Net assets | $111356 | $312332 | $258047 | $1463137 |
|  | Shares outstanding | 11989 | 24621 | 17322 | 112531 |
|  | Net asset value per share | $9.29 | $12.69 | $14.90 | $13.00 |

---

\*Refer to Note 5 for further information on unfunded commitments.

†Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series **292**

![](g01ycarz8r5gmisp73a55.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | Global |  |  |  |
|  | Global | Small |  |  | New |
|  | Growth | Capitalization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth | International | World |
|  | Fund | Fund | Fund | Fund | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $121415 | $38161 | $254446 | $152648 | $65878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 12461 | 4646 | 51607 | 11400 | 5504 |
|  | 133876 | 42807 | 306053 | 164048 | 71382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 668 | 435 | 63 | 912 | 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 72 | 516 | 588 | 99 | 54 |
|  | 134616 | 43758 | 306704 | 165059 | 82167 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 40161 | 19042 | 152106 | 34101 | 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 11631 | 5205 | 67395 | 9726 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 2751 | 902 | 16193 | 1291 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | 2 | 1 | 11 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 2537 | 883 | 15100 | 2140 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 86 | 51 | 478 | 63 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 43 | 26 | 278 | 53 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 42 | 15 | 249 | 35 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 113 | 145 | 123 | 157 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 851 | 399 | 738 | 1018 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5 | 35 | 28 | 5 | 42 |
| Total fees and expenses before waivers and/or reimbursements | 58222 | 26704 | 252699 | 48591 | 30358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 8716 | 1377 | 1 |  | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 8716 | 1377 | 1 |  | 2573 |
| Total fees and expenses after waivers and/or reimbursements | 49506 | 25327 | 252698 | 48591 | 27785 |
| Net investment income | 85110 | 18431 | 54006 | 116468 | 54382 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1235883 | 353523 | 4845744 | 747952 | 300988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (82) | 2186 | 66 | (57) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (497) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | (1518) | 42 | 219 | 3403 | (403) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1234283 | 355751 | 4846029 | 751298 | 300188 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 365551 | 48245 | 4566279 | 841691 | 562176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (14) | (12785) | 56 | (26) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 554 | 893 | 111 | 2323 | 1194 |
|  | 366091 | 36353 | 4566446 | 843988 | 563384 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 1600374 | 392104 | 9412475 | 1595286 | 863572 |
| Net increase (decrease) in net assets resulting from operations | $1685484 | $410535 | $9466481 | $1711754 | $917954 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

**293**American Funds Insurance Series

![](ge0vyxbw16bvipyu3pvfn.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | **Statements of operations** for the year ended December 31, 2025 (continued) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  | Washington | U.S. Small | Capital |  | International |
|  | Mutual | and Mid | World Growth | Growth- | Growth |
|  | Investors | Cap Equity | and Income | Income | and Income |
|  | Fund | Fund | Fund | Fund | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $207376 | $586 | $38665 | $541729 | $11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 13883 | 60 | 2805 | 66629 | 489 |
|  | 221259 | 646 | 41470 | 608358 | 12179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 22 | 2 | 164 | 148 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 151 | 6 | 17 | 137 | 9 |
|  | 221432 | 654 | 41651 | 608643 | 12299 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 43009 | 216 | 9356 | 104279 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 12726 | 9 | 3383 | 42505 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 5166 | 8 | 801 | 7505 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | 3 |  | —† | 9 | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 3450 | 15 | 591 | 12580 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 52 | 4 | 14 | 390 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 38 | 3 | 10 | 217 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 57 | —† | 10 | 207 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 77 | 59 | 82 | 109 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 248 | —<sup>†</sup> | 161 | 349 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 | —<sup>†</sup> | 2 | 25 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 64832 | 314 | 14410 | 168175 | 3468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 16888 |  | 1970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  | 38 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 16888 | 38 | 1970 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 47944 | 276 | 12440 | 168175 | 3468 |
| Net investment income | 173488 | 378 | 29211 | 440468 | 8831 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1056433 | (942) | 183640 | 3158953 | 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (10) | —<sup>†</sup> | 5 | 6384 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 162 | (1431) | (12) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1056404 | (942) | 183807 | 3163906 | 21065 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 614865 | 4098 | 226913 | 3625006 | 82799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (30) | —† | (4) | (128689) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 206 | 541 | 94 |
|  | 614843 | 4098 | 227115 | 3496858 | 82880 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 1671247 | 3156 | 410922 | 6660764 | 103945 |
| Net increase (decrease) in net assets resulting from operations | $1844735 | $3534 | $440133 | $7101232 | $112776 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **294**

![](gqcp3w25bozswa00050ey.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | **Statements of operations** for the year ended December 31, 2025 (continued) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  |  | American |  |  |
|  |  |  | Funds |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital | Asset | Global | The Bond | Capital |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Income | Allocation | Balanced | Fund | World Bond |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builder | Fund | Fund | of America | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $38765 | $218666 | $6265 | $4 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 5736 | 108867 | 1353 | 32185 | 4626 |
|  | 44501 | 327533 | 7618 | 32189 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 9967 | 362329 | 5490 | 502412 | 62140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 41 | 290 | 3 |  |  |
|  | 54509 | 690152 | 13111 | 534601 | 66855 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 5458 | 72026 | 1870 | 39384 | 6326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 1836 | 28081 | 799 | 10077 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 1820 | 17303 | 438 | 3890 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 458 | 8176 | 126 | 3357 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 11 | 150 | 9 | 101 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 11 | 121 | 5 | 88 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 8 | 134 | 2 | 54 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 104 | 111 | 85 | 66 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 104 | 224 | 107 | 141 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | 19 | —† | 7 | 2 |
| Total fees and expenses before waivers and/or reimbursements | 9811 | 126351 | 3441 | 57167 | 9435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 1987 |  | 71 | 16783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 1987 |  | 71 | 16783 |  |
| Total fees and expenses after waivers and/or reimbursements | 7824 | 126351 | 3370 | 40384 | 9435 |
| Net investment income | 46685 | 563801 | 9741 | 494217 | 57420 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 62600 | 3027901 | 26945 | 17102 | (13024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 16 | (136545) | (2) | 284 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (586) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  | 41 |  | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 1420 | 28857 | 469 | 21847 | 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (3684) | (9144) | (2268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 147 | (1718) | (169) | 143 | (828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | (86) | (392) | (50) | 49 | (96) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 64110 | 2918103 | 23483 | 30281 | (8965) |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 169327 | 396525 | 31781 | 242048 | 74949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 789 | 154231 | 104 | (182) | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  | 4 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 699 | (1220) | 224 | 21668 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | 130 | (1861) | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (213) | 3084 | 389 | 9256 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | 141 | 379 | 71 | 93 | 429 |
|  | 170743 | 552999 | 32703 | 271022 | 82688 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 234853 | 3471102 | 56186 | 301303 | 73723 |
| Net increase (decrease) in net assets resulting from operations | $281538 | $4034903 | $65927 | $795520 | $131143 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

**295**American Funds Insurance Series

![](gvy2gaxwjxli7vif2as1u.jpg)

Financial statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | **Statements of operations** for the year ended December 31, 2025 (continued) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | American |  | U.S. | Managed |
|  | American | Funds |  | Government | Risk |
|  | High-Income | Mortgage | Ultra-Short | Securities | Growth |
|  | Trust | Fund | Bond Fund | Fund | Fund |
| Investment income: |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  | —<sup>†</sup> | $— | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1002 | $— | $—<sup>†</sup> | $— | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 1878 |  |  |  | 3292 |
|  | 2880 |  |  |  | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 67851 | 6102 | 14226 | 84744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |  |
|  | 70731 | 6102 | 14226 | 84744 | 4210 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 4001 | 349 | 846 | 5429 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 1850 | 244 | 732 | 3216 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 508 | 148 | 156 | 1312 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 297 | 36 | 99 | 552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 12 | 8 | 9 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 8 | 1 | 2 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 4 | —† | 2 | 9 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 89 | 52 | 50 | 56 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 21 | 15 | 1 | 34 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 14 | —<sup>†</sup> | —<sup>†</sup> | 1 | —<sup>†</sup> |
| Total fees and expenses before waivers and/or reimbursements | 6804 | 853 | 1897 | 10635 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 1188 | 87 |  | 1412 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 1188 | 87 |  | 1412 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 5616 | 766 | 1897 | 9223 | 3124 |
| Net investment income | 65115 | 5336 | 12329 | 75521 | 1086 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation): |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  | —<sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (831) | 421 | —<sup>†</sup> | 2163 | (4185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | —† |  |  |  | 70221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  | 1 |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 293 | 1057 |  | 18297 | (13362) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (917) | 27 |  | 4094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | 5 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> | 154 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | (1450) | 1506 | —<sup>†</sup> | 24581 | 87123 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 15779 | 2481 | (2) | 32939 | (2333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 3 |  |  |  | (20149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 62 | 209 |  | 5703 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (207) | (15) |  | (1861) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | 15637 | 2675 | (2) | 36802 | (22937) |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 14187 | 4181 | (2) | 61383 | 64186 |
| Net increase (decrease) in net assets resulting from operations | $79302 | $9517 | $12327 | $136904 | $65272 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **296**

![](g6lc6jy8oytxphgsra9sz.jpg)

Financial statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  | Managed Risk | Managed | Managed |
|  | Managed | Washington | Risk | Risk |
|  | Risk | Mutual | Growth- | Asset |
|  | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund |
| Investment income: |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $213 | $587 | $3944 | $3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 1911 | 5641 | 32266 | 32501 |
|  | 2124 | 6228 | 36210 | 36177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |
|  | 2124 | 6228 | 36210 | 36177 |
| Fees and expenses\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 133 | 369 | 2463 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 280 | 786 | 662 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance administrative services | 285 | 792 | 5286 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>†</sup> | —<sup>†</sup> | —<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative services | 57 | 61 | 98 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 8 | 9 | 19 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 1 | 2 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 2 | 6 | 38 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 6 | 6 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | —† | —<sup>†</sup> | 2 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 772 | 2031 | 8585 | 11779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 19 | 52 | 348 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement | 39 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 58 | 52 | 348 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 714 | 1979 | 8237 | 11455 |
| Net investment income | 1410 | 4249 | 27973 | 24722 |
| Net realized gain (loss) and unrealized appreciation (depreciation): |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (997) | (2786) | (28619) | (3827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 6733 | 17203 | 103218 | 39013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (6090) | (8845) | (37033) | (47196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency transactions | 39 | 61 | 367 | 201 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (315) | 23538 | 316725 | 115851 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (422) | (1184) | (13505) | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 15574 | 5381 | (104317) | 63753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (88) | 75 | 1063 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |
|  | 15064 | 4272 | (116759) | 62522 |
| Net realized gain (loss) and unrealized appreciation |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)

Net increase (decrease) in net assets resulting from operations

---

| | | | |
|:---|:---|:---|:---|
| 14749 | 27810 | 199966 | 178373 |
| $16159 | $32059 | $227939 | $203095 |

---

\*Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

†Amount less than one thousand.

Refer to the notes to financial statements.

**297**American Funds Insurance Series

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  |  | Global Small | Global Small |  |  |
|  | Global Growth Fund | Global Growth Fund | Capitalization Fund | Capitalization Fund | Growth Fund | Growth Fund |
|  | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $85110 | $83934 | $18431 | $14439 | $54006 | $123765 |
| Net realized gain (loss) | 1234283 | 1058571 | 355751 | 67213 | 4846029 | 3989653 |
| Net unrealized appreciation (depreciation) | 366091 | (106961) | 36353 | (6037) | 4566446 | 7880200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 1685484 | 1035544 | 410535 | 75615 | 9466481 | 11993618 |
| Distributions paid to shareholders | (1167286) | (362247) | (76359) | (145595) | (4046623) | (1183768) |
| Net capital share transactions | 554825 | (305156) | (370832) | (124117) | 1555981 | (2405717) |
| Total increase (decrease) in net assets | 1073023 | 368141 | (36656) | (194097) | 6975839 | 8404133 |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of year | $9131346 | $8058323 | $2953803 | $2990459 | $54678782 | $47702943 |
|  |  |  |  |  | Washington Mutual | Washington Mutual |
|  | International Fund | International Fund | New World Fund | New World Fund | Investors Fund | Investors Fund |
|  | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $116468 | $80016 | $54382 | $49823 | $173488 | $178541 |
| Net realized gain (loss) | 751298 | 335500 | 300188 | 148263 | 1056404 | 784826 |
| Net unrealized appreciation (depreciation) | 843988 | (158907) | 563384 | 26354 | 614843 | 937617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 1711754 | 256609 | 917954 | 224440 | 1844735 | 1900984 |
| Distributions paid to shareholders | (99689) | (91320) | (192985) | (66666) | (947281) | (270276) |
| Net capital share transactions | (946603) | (557783) | (89200) | (124462) | 10588 | (851035) |
| Total increase (decrease) in net assets | 665462 | (392494) | 635769 | 33312 | 908042 | 779673 |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of year | $7451980 | $6786518 | $4047368 | $3411599 | $11974056 | $11066014 |

---

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 **298**

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets (continued)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |  |
|  | U.S. Small and Mid | U.S. Small and Mid | World Growth | World Growth |  |  |
|  | Cap Equity Fund | Cap Equity Fund | and Income Fund | and Income Fund | &nbsp;&nbsp;Growth-Income Fund | &nbsp;&nbsp;Growth-Income Fund |
|  |  | Period |  |  |  |  |
|  | Year ended | ended |  |  |  |  |
|  | December 31, | December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, |
|  | 2025 | 2024\* | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $378 | $13 | $29211 | $29625 | $440468 | $464425 |
| Net realized gain (loss) | (942) | 4 | 183807 | 142599 | 3163906 | 6999624 |
| Net unrealized appreciation (depreciation) | 4098 | (438) | 227115 | 78887 | 3496858 | 1206283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 3534 | (421) | 440133 | 251111 | 7101232 | 8670332 |
| Distributions paid to shareholders | (397) | (13) | (99132) | (32476) | (7414912) | (2264497) |
| Net capital share transactions | 81910 | 15013 | (142611) | (191651) | 2685997 | (2602817) |
| Total increase (decrease) in net assets | 85047 | 14579 | 198390 | 26984 | 2372317 | 3803018 |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of year | $99626 | $14579 | $2086709 | $1888319 | $43627311 | $41254994 |
|  | International Growth | International Growth |  |  |  |  |
|  | and Income Fund | and Income Fund | Capital Income Builder | Capital Income Builder | &nbsp;&nbsp;Asset Allocation Fund | &nbsp;&nbsp;Asset Allocation Fund |
|  | Year ended December 31, | Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $8831 | $7648 | $46685 | $42544 | $563801 | $590761 |
| Net realized gain (loss) | 21065 | (1592) | 64110 | 24024 | 2918103 | 1925378 |
| Net unrealized appreciation (depreciation) | 82880 | 5162 | 170743 | 61325 | 552999 | 1576776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 112776 | 11218 | 281538 | 127893 | 4034903 | 4092915 |
| Distributions paid to shareholders | (9200) | (8098) | (46016) | (45676) | (2469833) | (1743267) |
| Net capital share transactions | (21614) | (9047) | 56186 | 35182 | (975710) | (949298) |
| Total increase (decrease) in net assets | 81962 | (5927) | 291708 | 117399 | 589360 | 1400350 |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of year | $404615 | $322653 | $1660376 | $1368668 | $27675040 | $27085680 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

**299**American Funds Insurance Series

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets (continued)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  | American Funds | American Funds | &nbsp;&nbsp;The Bond Fund | &nbsp;&nbsp;The Bond Fund |  |  |
|  | Global Balanced Fund | Global Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;of America |  | Capital World Bond Fund | Capital World Bond Fund |
|  | Year ended December 31, | Year ended December 31, | &nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $9741 | $9318 | $494217 | $501464 | $57420 | $61225 |
| Net realized gain (loss) | 23483 | 16800 | 30281 | (134500) | (8965) | (22949) |
| Net unrealized appreciation (depreciation) | 32703 | (1065) | 271022 | (207188) | 82688 | (80072) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 65927 | 25053 | 795520 | 159776 | 131143 | (41796) |
| Distributions paid to shareholders | (21425) | (7048) | (486650) | (475626) | (44306) | (33915) |
| Net capital share transactions | 13683 | (14487) | (119742) | 474834 | (55304) | (16393) |
| Total increase (decrease) in net assets | 58185 | 3518 | 189128 | 158984 | 31533 | (92104) |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of year | $450467 | $392282 | $11356026 | $11166898 | $1479770 | $1448237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American |  | American Funds | American Funds |  |  |
|  | High-Income Trust | High-Income Trust | &nbsp;&nbsp;Mortgage Fund | &nbsp;&nbsp;Mortgage Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund |
|  | Year ended December 31, | Year ended December 31, | &nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $65115 | $60672 | $5336 | $5237 | $12329 | $16889 |
| Net realized gain (loss) | (1450) | 3094 | 1506 | (1054) | —† | —† |
| Net unrealized appreciation (depreciation) | 15637 | 19028 | 2675 | (3372) | (2) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 79302 | 82794 | 9517 | 811 | 12327 | 17019 |
| Distributions paid to shareholders | (64338) | (59402) | (5115) | (5001) | (12940) | (17633) |
| Net capital share transactions | 91682 | 34726 | 10334 | 7230 | (30488) | (33462) |
| Total increase (decrease) in net assets | 106646 | 58118 | 14736 | 3040 | (31101) | (34076) |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of year | $1038609 | $931963 | $125567 | $110831 | $307577 | $338678 |

---

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 **300**

Financial statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statements of changes in net assets (continued)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dollars in thousands) |
|  | U.S. Government | U.S. Government | Managed Risk | Managed Risk | Managed Risk | Managed Risk |
|  | Securities Fund | Securities Fund | Growth Fund | Growth Fund | International Fund | International Fund |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $75521 | $72049 | $1086 | $2764 | $1410 | $1470 |
| Net realized gain (loss) | 24581 | (1294) | 87123 | 37612 | (315) | (2539) |
| Net unrealized appreciation (depreciation) | 36802 | (55237) | (22937) | 69526 | 15064 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 136904 | 15518 | 65272 | 109902 | 16159 | 86 |
| Distributions paid to shareholders | (79096) | (73267) | (28627) | (2419) | (1480) | (1561) |
| Net capital share transactions | (487) | 353747 | (57328) | (88856) | (15583) | (8399) |
| Total increase (decrease) in net assets | 57321 | 295998 | (20683) | 18627 | (904) | (9874) |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of year | $1877348 | $1820027 | $505579 | $526262 | $113404 | $114308 |
|  | Managed Risk | Managed Risk |  |  |  |  |
|  | Washington Mutual | Washington Mutual | Managed Risk | Managed Risk | Managed Risk | Managed Risk |
|  | Investors Fund | Investors Fund | Growth-Income Fund | Growth-Income Fund | Asset Allocation Fund | Asset Allocation Fund |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operations: |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |
| Net investment income (loss) | $4249 | $4979 | $27973 | $33950 | $24722 | $37923 |
| Net realized gain (loss) | 23538 | (4225) | 316725 | 73326 | 115851 | 123915 |
| Net unrealized appreciation (depreciation) | 4272 | 42170 | (116759) | 261435 | 62522 | 124394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations | 32059 | 42924 | 227939 | 368711 | 203095 | 286232 |
| Distributions paid to shareholders | (5960) | (5475) | (128115) | (65908) | (168266) | (69126) |
| Net capital share transactions | (33133) | (39434) | (184550) | (313193) | (584977) | (294452) |
| Total increase (decrease) in net assets | (7034) | (1985) | (84726) | (10390) | (550148) | (77346) |
| Net assets: |  |  |  |  |  |  |
| Beginning of year | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of year | $315172 | $322206 | $2092140 | $2176866 | $1475702 | $2025850 |

---

\*For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

**301**American Funds Insurance Series

![](g6ld2gk0skxqdyjs9lvxb.jpg)

Notes to financial statements

1. Organization

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

U.S. Small and Mid Cap Equity Fund — To provide capital appreciation.

Capital World Growth and Income Fund — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

American Funds Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

The Bond Fund of America — To provide as high a level of current income as is consistent with the preservation of capital.

American Funds Insurance Series **302**

![](gp8k4otpepnr1z2ok7aqy.jpg)

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.

American High-Income Trust — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

American Funds Mortgage Fund — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government Securities Fund— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

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

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Operating segments — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

**303**American Funds Insurance Series

![](gyf303kqxoi6fch9x09en.jpg)

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

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

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends are declared daily after and determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions are a return of capital for tax purposes.

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

3. Valuation

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

American Funds Insurance Series **304**

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

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

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**305**American Funds Insurance Series

Processes and structure — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of December 31, 2025, were as follows (dollars in thousands):

Global Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $1677360 | $1004158 | $— | $2681518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 814793 | 803211 |  | 1618004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 624592 | 643004 |  | 1267596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 599727 | 664790 |  | 1264517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 522458 | 184815 |  | 707273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 333006 | 159304 |  | 492310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 142724 | 161843 |  | 304567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 138904 | 87575 |  | 226479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 63628 | 58552 |  | 122180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 31223 | 81724 |  | 112947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 39385 | 14981 |  | 54366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 289982 |  |  | 289982 |
| &nbsp;&nbsp;&nbsp;Total | $5277782 | $3863957 | $— | $9141739 |

---

American Funds Insurance Series **306**

Global Small Capitalization Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $260831 | $365281 | $— | $626112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 222052 | 263645 |  | 485697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 296229 | 132470 | 265 | 428964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 191624 | 153882 |  | 345506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 201747 | 110388 |  | 312135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 116183 | 112638 |  | 228821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 48497 | 68762 |  | 117259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 42102 | 54064 |  | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 69622 | 8949 |  | 78571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 7877 | 63370 |  | 71247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 34021 | 13548 |  | 47569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 7200 |  | 12088 | 19288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible bonds & notes |  | 1581 |  | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 945 |  | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 154617 | 43943 |  | 198560 |
| &nbsp;&nbsp;&nbsp;Total | $1652602 | $1393478 | $12353 | $3058433 |

---

Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $15453954 | $942978 | $24211 | $16421143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 9313134 | 27790 |  | 9340924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 5922020 | 72405 | 8789 | 6003214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4852390 | 170495 | 4230 | 5027115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 3974058 | 100498 |  | 4074556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1017667 |  | 4743 | 1022410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 949496 | 28695 |  | 978191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 846476 |  |  | 846476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 405935 |  |  | 405935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 365298 |  |  | 365298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  | 315115 | 315115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  |  | —<sup>1</sup> | —1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 7644 |  | 36076 | 43720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 1330364 |  |  | 1330364 |
| &nbsp;&nbsp;&nbsp;Total | $52723581 | $1637841 | $393164 | $54754586 |

---

<sup>1</sup>Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>value at<br>1/1/2025 | Transfers<br>into<br>Level 3<sup>2</sup> | <br>Purchases | <br>Sales | Net<br>realized<br>gain (loss)<sup>3</sup> | Unrealized<br>appreciation<br>(depreciation)<sup>3</sup> | Transfers<br>out of<br>Level 3<sup>2</sup> | Ending<br>value at<br>12/31/2025 |
| &nbsp;&nbsp;&nbsp;Investment securities | $173935 | $— | $122218 | $(13741) | $— | $110752 | $— | $393164 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | $110752 |

---

<sup>2</sup>Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

**307**American Funds Insurance Series

Unobservable inputs — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Value at<br>12/31/2025 | <br>&nbsp;&nbsp;Valuation<br>&nbsp;&nbsp;techniques | <br>&nbsp;&nbsp;Unobservable<br>&nbsp;&nbsp;inputs | <br>Range<br>(if applicable) | <br>&nbsp;&nbsp;Weighted<br>&nbsp;&nbsp;average<sup>1</sup> | Impact to<br>valuation from<br>an increase in<br>input<sup>2</sup> |
|  |  |  | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Common stocks | $41973 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Discount for uncertainty | 15% - 50% | &nbsp;&nbsp;26% | Decrease |
|  |  |  | &nbsp;&nbsp;Premium to transaction price | 11% | &nbsp;&nbsp;11% | Increase |
|  |  | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  | &nbsp;&nbsp;Transaction |  |  |  |  |
|  |  | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Discount for uncertainty | 5% - 50% | &nbsp;&nbsp;6% | Decrease |
|  |  |  | &nbsp;&nbsp;Discount for uncertainty | 5% - 50% | &nbsp;&nbsp;6% | Decrease |
| &nbsp;&nbsp;&nbsp;Preferred securities | $315115 |  | &nbsp;&nbsp;EV/Gross Profit multiple | 11.9x | &nbsp;&nbsp;11.9x | Increase |
| &nbsp;&nbsp;&nbsp;Preferred securities | $315115 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred securities | $315115 | &nbsp;&nbsp;Market | &nbsp;&nbsp;Premium to EV/Gross Profit | 50% | &nbsp;&nbsp;50% | Increase |
|  |  | &nbsp;&nbsp;Market | &nbsp;&nbsp;Premium to EV/Gross Profit | 50% | &nbsp;&nbsp;50% | Increase |
|  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;multiple | 50% | &nbsp;&nbsp;50% | Increase |
|  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;multiple |  |  |  |
|  |  |  | &nbsp;&nbsp;DLOM | 10% | &nbsp;&nbsp;10% | Decrease |
| &nbsp;&nbsp;&nbsp;Rights & warrants | $—<sup>3</sup> | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Rights & warrants | $—<sup>3</sup> | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  | &nbsp;&nbsp;recovery value |  |  |  |  |
|  |  |  | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Convertible stocks | $36076 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Discount to transaction price | 5% | &nbsp;&nbsp;5% | Decrease |
|  |  |  | &nbsp;&nbsp;Premium to transaction price | 11% | &nbsp;&nbsp;11% | Increase |
|  | $393164 |  |  |  |  |  |

---

<sup>1</sup>Weighted average is by relative fair value.

<sup>2</sup>This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>3</sup>Amount less than one thousand.

Key to abbreviations

DLOM = Discount for lack of marketability

EV = Enterprise value

International Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $132411 | $1126206 | $— | $1258617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11113 | 1201308 |  | 1212421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 53833 | 1063830 | 7933 | 1125596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 631675 | 291367 |  | 923042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 14900 | 697226 |  | 712126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 127415 | 546112 |  | 673527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care |  | 447622 |  | 447622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 186352 | 230194 |  | 416546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples |  | 335793 |  | 335793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 209483 |  | 209483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  | 33353 | 726 | 34079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  |  | —\* | —\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 149051 |  |  | 149051 |
| &nbsp;&nbsp;&nbsp;Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\*Amount less than one thousand.

American Funds Insurance Series **308**

New World Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | &nbsp;&nbsp;Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $292708 | $622707 | $634 | $916049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 150731 | 554211 | —\* | 704942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 190649 | 322157 |  | 512806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 111250 | 379009 |  | 490259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 146817 | 246709 |  | 393526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 126958 | 131900 | —\* | 258858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 64194 | 145778 |  | 209972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 37995 | 142731 |  | 180726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 27489 | 61632 | —\* | 89121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 450 | 55019 |  | 55469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1071 | 45485 |  | 46556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 9540 | 11707 | 8293 | 29540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 113791 |  | 113791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 66843 | 264 |  | 67107 |
| &nbsp;&nbsp;&nbsp;Total | $1226695 | $2833100 | $8927 | $4068722 |
|  |  | Other investments<sup>†</sup> | Other investments<sup>†</sup> |  |
|  | Level 1 | &nbsp;&nbsp;Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $24 | $— | $— | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (17) |  |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (78) |  | (78) |
| &nbsp;&nbsp;&nbsp;Total | $7 | $2 | $— | $9 |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

Washington Mutual Investors Fund

As of December 31, 2025, all of the fund's investment securities were classified as Level 1.

U.S. Small and Mid Cap Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $23464 | $228 | $— | $23692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19657 |  |  | 19657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 15537 |  |  | 15537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 11031 | 370 |  | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 8602 |  |  | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 7106 |  |  | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 2486 |  |  | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 2419 |  |  | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2280 |  |  | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1892 |  |  | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1884 |  |  | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 3809 |  |  | 3809 |
| &nbsp;&nbsp;&nbsp;Total | $100167 | $598 | $— | $100765 |

---

**309**American Funds Insurance Series

Capital World Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $355139 | $145088 | $— | $500227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 148399 | 190693 |  | 339092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 157537 | 146549 | —\* | 304086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 125382 | 66163 |  | 191545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 113749 | 59921 |  | 173670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 132454 | 39630 |  | 172084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 76631 | 49420 |  | 126051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 53201 | 47392 |  | 100593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 56523 | 21036 |  | 77559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 19661 | 25980 |  | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 9862 | 7705 |  | 17567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 3844 | 2367 |  | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 1012 |  | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 27110 |  |  | 27110 |
| &nbsp;&nbsp;&nbsp;Total | $1279492 | $802956 | $—\* | $2082448 |
| &nbsp;&nbsp;\*Amount less than one thousand. |  |  |  |  |

---

Growth-Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $13428880 | $231230 | $— | $13660110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5464629 | 445806 |  | 5910435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 5113646 | 117059 |  | 5230705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 4380271 |  |  | 4380271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 3324828 | 182155 |  | 3506983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1728094 |  |  | 1728094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 565554 | 678297 |  | 1243851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1011738 |  |  | 1011738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 899740 |  |  | 899740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 537861 |  |  | 537861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 828 |  | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 1122736 |  |  | 1122736 |
| &nbsp;&nbsp;&nbsp;Total | $41878219 | $1732290 | $— | $43610509 |

---

American Funds Insurance Series **310**

International Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $5556 | $88187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* | $93743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 10956 | 47158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 2848 | 51607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4607 | 32456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 37063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 5133 | 27490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 32623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 12674 | 17182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 29856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1046 | 28653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 29699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1407 | 26447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 27854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 9053 | 7510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | 16563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 625 | 10796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 770 | 5261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  | 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 6204 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6204 |
| &nbsp;&nbsp;&nbsp;Total | $60879 | $342948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* | $403827 |
| &nbsp;&nbsp;\*Amount less than one thousand. |  |  |  |  |

---

Capital Income Builder

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $131640 | $135397 | $—\* | $267037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 122940 | 52651 |  | 175591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 104021 | 44144 |  | 148165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 67519 | 80079 |  | 147598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 75761 | 57263 |  | 133024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 46892 | 47327 |  | 94219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 40107 | 45388 |  | 85495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 63017 | 15198 |  | 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 31425 | 27538 |  | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 23727 | 34637 |  | 58364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 38351 | 7444 |  | 45795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 4813 |  |  | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 47200 |  | 47200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bonds & notes |  | 13281 | 220 | 13501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 38098 |  |  | 38098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 91824 |  |  | 91824 |
| &nbsp;&nbsp;&nbsp;Total | $880135 | $789442 | $320 | $1669897 |

---

Refer to the end of the table(s) for footnote(s).

**311**American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Other investments<sup>†</sup> | Other investments<sup>†</sup> |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $36 | $— | $— | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (315) |  |  | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;Total | $(279) | $258 | $— | $(21) |
| &nbsp;&nbsp;\*Amount less than one thousand. |  |  |  |  |
| &nbsp;&nbsp;<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | &nbsp;&nbsp;<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | &nbsp;&nbsp;<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |  |  |

---

Asset Allocation Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $4829446 | $116467 | $— | $4945913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2902743 |  | —\* | 2902743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2527277 | 162101 |  | 2689378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1911575 | 3565 | 12663 | 1927803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1278083 | 24636 |  | 1302719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1135802 |  | —\* | 1135802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 901988 | 61331 |  | 963319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 278367 |  |  | 278367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 253456 | 897 | 655 | 255008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 57144 |  |  | 57144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  | 755 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants | 119 |  | —\* | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 33030 |  |  | 33030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible bonds & notes |  | 27731 |  | 27731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 529161 |  | 529161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 88970 |  | 88970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  | 31871 | 7860 | 39731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 22827 |  | 22827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 846762 |  |  | 846762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 1023715 |  |  | 1023715 |
| &nbsp;&nbsp;&nbsp;Total | $19491165 | $8231620 | $23146 | $27745931 |
|  |  | Other investments<sup>†</sup> | Other investments<sup>†</sup> |  |
|  | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1925 | $— | $— | $1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (6069) |  |  | (6069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (435) |  | (435) |
| &nbsp;&nbsp;&nbsp;Total | $(4144) | $3108 | $— | $(1036) |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

American Funds Insurance Series **312**

American Funds Global Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Investment securities | Investment securities |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $42224 | $42224 | $10455 | $— | $52679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 17553 | 17553 | 27727 |  | 45280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 23532 | 23532 | 19831 |  | 43363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 28226 | 28226 | 6598 |  | 34824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 11679 | 11679 | 9383 |  | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 12657 | 12657 | 6825 |  | 19482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 17646 | 17646 | 1167 |  | 18813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 12793 | 12793 | 5213 |  | 18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 5420 | 5420 | 9798 |  | 15218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 10753 | 10753 | 1687 |  | 12440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  |  | 2599 |  | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible stocks | 2921 | 2921 |  |  | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  |  | 57330 |  | 57330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  |  | 24907 |  | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  |  | 24474 |  | 24474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  |  | 22758 |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bonds & notes |  |  | 2889 |  | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 4250 | 4250 |  |  | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 27757 | 27757 |  |  | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased on foreign currencies (equity style) |  |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;Total | $217411 | $217411 | $233643 | $— | $451054 |
|  |  |  | Other investments\* | Other investments\* |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on options written (futures style) | $ | $4 | $— | $— | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts |  | 118 |  |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  |  | 229 |  | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  |  | 96 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  |  | —† |  | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;Liabilities: |  | —<sup>†</sup> |  |  | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on options purchased (futures style) |  | —<sup>†</sup> |  |  | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts |  | (132) |  |  | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  |  | (281) |  | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  |  | (28) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  |  | (44) |  | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;Total | $ | $(10) | $7 | $— | $(3) |

---

\*Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>Amount less than one thousand.

**313**American Funds Insurance Series

The Bond Fund of America

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $3635346 | $1368 | $3636714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 3430212 |  | 3430212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 499168 |  | 499168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 202127 |  | 202127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 166499 |  | 166499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 11855 |  | 11855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  |  | 6359 | 6359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 624236 |  |  | 624236 |
| &nbsp;&nbsp;&nbsp;Total | $624236 | $10781540 | $7727 | $11413503 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1242 | $— | $— | $1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (9824) |  |  | (9824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (420) |  | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (3943) |  | (3943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (3263) |  | (3263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (182) |  | (182) |
| &nbsp;&nbsp;&nbsp;Total | $(8582) | $2657 | $— | $(5925) |

---

\*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

American Funds Insurance Series **314**

Capital World Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euros |  | $303335 | $— | $303335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese yen |  | 106583 |  | 106583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British pounds |  | 65433 |  | 65433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian reais |  | 34010 |  | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korean won |  | 26746 |  | 26746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese yuan renminbi |  | 26106 |  | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian dollars |  | 23355 |  | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian rupees |  | 19121 |  | 19121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian dollars |  | 18610 |  | 18610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian ringgits |  | 18045 |  | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungarian forints |  | 16359 |  | 16359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesian rupiah |  | 7755 |  | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos |  | 6454 |  | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danish kroner |  | 6328 |  | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian pesos |  | 4371 |  | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African rand |  | 4221 |  | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos |  | 4074 |  | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish zloty |  | 4060 |  | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand dollars |  | 2940 |  | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkish lira |  | 1845 |  | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine pesos |  | 1260 |  | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech korunas |  | 857 |  | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. dollars |  | 643061 | 579 | 643640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks | 5 |  | 59 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment funds | 22734 |  |  | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities | 114160 |  |  | 114160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;Total | $136907 | $1344945 | $718 | $1482570 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on options written (futures style) | $28 | $— | $— | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| &nbsp;&nbsp;&nbsp;Liabilities: | —† |  |  | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on options purchased (futures style) | —† |  |  | —<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (1631) |  |  | (1631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (1842) |  | (1842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1055) |  | (1055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (2695) |  | (2695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (201) |  | (201) |
| &nbsp;&nbsp;&nbsp;Total | $12 | $(1418) | $— | $(1406) |

---

\*Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>Amount less than one thousand.

**315**American Funds Insurance Series

American High-Income Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Investment securities | Investment securities |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes | $ | $— | $878262 | $148 | $878410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 38405 | 3278 | 41683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible bonds & notes |  |  | 1265 |  | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 34700 | 10356 | 20680 | 65736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred securities |  |  |  | 1713 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights & warrants |  | 45 | 127 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities |  | 35092 |  |  | 35092 |
| &nbsp;&nbsp;&nbsp;Total | $69837 | $69837 | $928415 | $25819 | $1024071 |
|  |  |  | Other investments<sup>1</sup> | Other investments<sup>1</sup> |  |
|  |  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts |  | $15 | $— | $— | $15 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts |  | (29) |  |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  |  | (163) |  | (163) |
| &nbsp;&nbsp;&nbsp;Total |  | $(14) | $(163) | $— | $(177) |

---

<sup>1</sup>Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>value at<br>1/1/2025 | Transfers<br>into<br>Level 3<sup>2</sup> | <br>Purchases | <br>Sales | Net<br>realized<br>gain (loss)<sup>3</sup> | Unrealized<br>appreciation<br>(depreciation)<sup>3</sup> | Transfers<br>out of<br>Level 3<sup>2</sup> | Ending<br>value at<br>12/31/2025 |
| &nbsp;&nbsp;&nbsp;Investment securities | $36440 | $1868 | $7442 | $(4555) | $(2928) | $(7757) | $(4691) | $25819 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | $(8134) |

---

<sup>2</sup>Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

American Funds Insurance Series **316**

Unobservable inputs — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Value at | | | | | |
|  | 12/31/2025 | 12/31/2025 | <br>&nbsp;&nbsp;Valuation<br>&nbsp;&nbsp;techniques | <br>&nbsp;&nbsp;Unobservable<br>&nbsp;&nbsp;inputs | <br>Range<br>(if applicable) | <br>&nbsp;&nbsp;Weighted<br>&nbsp;&nbsp;average\* | Impact to<br>valuation from<br>an increase in<br>input<sup>†</sup> |
|  |  |  | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;Expected proceeds | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other |  |  | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $3426 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $3426 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;debt instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $3426 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;debt instruments |  |  |  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;Indicative market | &nbsp;&nbsp;Broker quote | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  |  | &nbsp;&nbsp;quotation | &nbsp;&nbsp;Broker quote | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  |  | &nbsp;&nbsp;quotation |  |  |  |  |
|  |  |  | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;Expected proceeds | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
|  |  |  | &nbsp;&nbsp;Estimated |  |  |  |  |
|  |  |  | &nbsp;&nbsp;Estimated | &nbsp;&nbsp;Discount for uncertainty | 10% - 15% | &nbsp;&nbsp;13% | Decrease |
|  |  |  | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;Discount for uncertainty | 10% - 15% | &nbsp;&nbsp;13% | Decrease |
|  |  |  | &nbsp;&nbsp;recovery value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks |  | 20680 | &nbsp;&nbsp;recovery value | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Common stocks |  | 20680 |  | &nbsp;&nbsp;De minimis | Not applicable | &nbsp;&nbsp;Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Common stocks |  | 20680 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks |  | 20680 | &nbsp;&nbsp;Market | &nbsp;&nbsp;EV/EBITDA multiple | 5.9x - 10.0x | &nbsp;&nbsp;8.2x | Increase |
|  |  |  | &nbsp;&nbsp;Market | &nbsp;&nbsp;EV/EBITDA multiple | 5.9x - 10.0x | &nbsp;&nbsp;8.2x | Increase |
|  |  |  | &nbsp;&nbsp;Market |  |  |  |  |
|  |  |  | &nbsp;&nbsp;Market | &nbsp;&nbsp;EV/EBITDA-CAPEX multiple | 11.0x | &nbsp;&nbsp;11.0x | Increase |
|  |  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;EV/EBITDA-CAPEX multiple | 11.0x | &nbsp;&nbsp;11.0x | Increase |
|  |  |  | &nbsp;&nbsp;comparables |  |  |  |  |
|  |  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;DLOM | 7% | &nbsp;&nbsp;7% | Decrease |
|  |  |  |  | &nbsp;&nbsp;DLOM | 7% | &nbsp;&nbsp;7% | Decrease |
| &nbsp;&nbsp;&nbsp;Preferred securities |  | 1713 | &nbsp;&nbsp;Market | &nbsp;&nbsp;EV/EBITDA multiple | 4.8x | &nbsp;&nbsp;4.8x | Increase |
| &nbsp;&nbsp;&nbsp;Preferred securities |  | 1713 | &nbsp;&nbsp;comparables | &nbsp;&nbsp;DLOM | 15% | &nbsp;&nbsp;15% | Decrease |
|  |  |  | &nbsp;&nbsp;comparables | &nbsp;&nbsp;DLOM | 15% | &nbsp;&nbsp;15% | Decrease |
|  | $25819 | $25819 |  |  |  |  |  |

---

\*Weighted average is by relative fair value.

<sup>†</sup>This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

CAPEX = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before interest, taxes, depreciation and amortization

EV = Enterprise value

American Funds Mortgage Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $99553 | $— | $99553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 1295 |  | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities |  | 24381 |  | 24381 |
| &nbsp;&nbsp;&nbsp;Total | $— | $133040 | $— | $133040 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $18 | $— | $— | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (150) |  |  | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;Total | $(132) | $126 | $— | $(6) |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Ultra-Short Bond Fund

As of December 31, 2025, all of the fund's investment securities were classified as Level 2.

**317**American Funds Insurance Series

![](gvm2w6odvu71b4yd94k04.jpg)

U.S. Government Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Investment securities | Investment securities |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $816712 | $— | $816712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 48704 |  | 48704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term securities |  | 288407 |  | 288407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased on futures (equity style) | 242 |  |  | 242 |
| &nbsp;&nbsp;&nbsp;Total | $242 | $1919028 | $— | $1919270 |
|  |  | Other investments\* | Other investments\* |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1077 | $— | $— | $1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of options written (equity style) | (81) |  |  | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (2291) |  |  | (2291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (3022) |  | (3022) |
| &nbsp;&nbsp;&nbsp;Total | $(1295) | $11931 | $— | $10636 |

---

\*Options written, futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Managed Risk Growth Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk International Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Washington Mutual Investors Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Growth-Income Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

American Funds Insurance Series **318**

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi- governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

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

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

**319**American Funds Insurance Series

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

American Funds Insurance Series **320**

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to a fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, a fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

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

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage- backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

Investments in future delivery contracts — A fund may enter into transactions involving future delivery contracts, such as to-be- announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When a fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), a fund may or may not hold the types of mortgage-backed securities required to be delivered. A fund may choose to roll these transactions in lieu of settling them.

**321**American Funds Insurance Series

When a fund rolls the purchase of these types of future delivery transactions, a fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predeter- mined price. When a fund rolls the sale of these transactions rather than settling them, a fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of a fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for a fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates

—i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

Investing in securities backed by the U.S. government — U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Leverage risk — Certain transactions of a fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of a fund's portfolio may be magnified, and a fund may be exposed to a heightened risk of loss and increased costs.

American Funds Insurance Series **322**

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

Nondiversification — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

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

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

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

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

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

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, a fund would remain subject to the risk of adverse price movements until a fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**323**American Funds Insurance 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 a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

American Funds Insurance Series **324**

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Collateral received | Collateral received |  |
|  | Value of |  |  | Value of |
|  | Value of |  |  | Value of |
|  | investment |  |  | investment |
|  | securities |  | U.S. government | securities |
| &nbsp;&nbsp;&nbsp;Funds | on loan | Cash | securities | purchased |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $4 | $1099 | $— | $1098 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 77998 | 76585 | 3923 | 68926 |
| &nbsp;&nbsp;&nbsp;Growth Fund | 22741 | 29093 |  | 26762 |
| &nbsp;&nbsp;&nbsp;International Fund | 32814 | 29195 | 4491 | 26276 |
| &nbsp;&nbsp;&nbsp;New World Fund | 8183 | 6603 | 1991 | 5943 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 842 | 863 |  | 777 |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund | 914 | 940 |  | 846 |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | 987 | 1007 |  | 906 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 893 | 848 | 95 | 763 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | 11011 | 11565 |  | 10408 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | 19953 | 20974 |  | 18905 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2025, the maximum exposure from these unfunded commit- ments for Asset Allocation Fund and American High-Income Trust was $204,000 and $94,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was $3,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

**325**American Funds Insurance Series

Option contracts — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

American Funds Insurance Series **326**

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

Options on equity indexes — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

Options on futures — One of the funds has entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

Options on foreign currencies —The fund has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

**327**American Funds Insurance Series

Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

American Funds Insurance Series **328**

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Options | Options |  | Forward | Interest | Credit |
|  | on | on | Futures | currency | rate | default |
|  | futures | foreign currencies | contracts | contracts | swaps | swaps |
| &nbsp;&nbsp;&nbsp;New World Fund | Not applicable | Not applicable | $7466 | $19861 | $513\* | Not applicable |
| &nbsp;&nbsp;&nbsp;International Growth and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund | Not applicable | Not applicable | Not applicable | 641\* | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | Not applicable | Not applicable | 156652 | 393\* | 7878 | 5062 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | Not applicable | Not applicable | 2772351 | Not applicable | 360170 | 61194 |
| &nbsp;&nbsp;&nbsp;American Funds Global |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | $10369 | $2000 | 65213 | 87154 | 21599 | 4642 |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America | Not applicable | Not applicable | 5555115 | 233285 | 863621 | 190139 |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund | 56460 | 19365 | 817202 | 522298 | 376182 | 69538 |
| &nbsp;&nbsp;&nbsp;American High-Income Trust | Not applicable | Not applicable | 31856 | Not applicable | Not applicable | 18973 |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund | 32136 | Not applicable | 96592 | Not applicable | 1975 | Not applicable |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | 1099058 | Not applicable | 1984739 | Not applicable | 813610 | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund | 620857 | Not applicable | 1115 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | 99717 | Not applicable | 172 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Washington |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Investors Fund | 369929 | Not applicable | 2897 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | 3972877 | Not applicable | 57285 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation | 537228 | Not applicable | 16791 | Not applicable | Not applicable | Not applicable |

---

\*No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

**329**American Funds Insurance Series

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options contracts, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

New World Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $24 | Unrealized depreciation<sup>1</sup> | $17 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open | 80 | Unrealized depreciation on open | 78 |
|  |  | forward currency contracts |  | forward currency contracts |  |
|  |  |  | $104 |  | $95 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $177 | Net unrealized appreciation | $(4) |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (497) | Net unrealized appreciation | (78) |
|  |  | currency contracts |  | (depreciation) on forward currency |  |
|  |  |  |  | contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | (88) | Net unrealized appreciation | 104 |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $(408) |  | $22 |
| International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |  |  |
| International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |  |  |
| International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | $(18) | Net unrealized appreciation | $(10) |
|  |  | currency contracts |  | (depreciation) on forward currency |  |
|  |  |  |  | contracts |  |
| Capital Income Builder |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $36 | Unrealized depreciation<sup>1</sup> | $315 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 261 | Unrealized depreciation<sup>1</sup> | 1 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 2 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $297 |  | $318 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **330**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | &nbsp;&nbsp;Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $1420 | Net unrealized appreciation | $699 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | 13 | Net unrealized appreciation |  |
|  |  | currency contracts |  | (depreciation) on forward currency |  |
|  |  |  |  | contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 97 | Net unrealized appreciation | (211) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | 50 | Net unrealized appreciation | (2) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $1580 |  | $486 |

---

Asset Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $1925 | Unrealized depreciation<sup>1</sup> | $6069 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 3543 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 435 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $5468 |  | $6504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $28857 | Net unrealized appreciation | $(1220) |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 5 | Net unrealized appreciation | 3662 |
|  |  | contracts |  | (depreciation) on swap contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (1723) | Net unrealized appreciation | (578) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $27139 |  | $1864 |

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Refer to the end of the table(s) for footnote(s).

**331**American Funds Insurance Series

American Funds Global Balanced Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Currency | Investment securities | $ | $2 | Investment securities | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Unrealized appreciation<sup>1</sup> |  |  | Unrealized depreciation<sup>1</sup> | —2 |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Unrealized appreciation<sup>1</sup> |  | 4 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> |  | 118 | Unrealized depreciation<sup>1</sup> | 132 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open |  | 229 | Unrealized depreciation on open | 281 |
|  |  | forward currency contracts |  |  | forward currency contracts |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> |  | 96 | Unrealized depreciation<sup>1</sup> | 28 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (bilateral) | Interest | Bilateral swaps, at value |  | 38 | Bilateral swaps, at value | 44 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | —<sup>2</sup> | Unrealized depreciation<sup>1</sup> | 3 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |
|  |  |  | $487 | $487 |  | $488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |
|  |  | Location on statement of |  |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations |  | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Currency | Net realized gain (loss) on | $ | $— | Net unrealized appreciation | $(8) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  |  | (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on options |  | (67) | Net unrealized appreciation | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;(futures style) |  | purchased (futures style) |  |  | (depreciation) on options |  |
|  |  |  |  |  | purchased (futures style) |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Net realized gain (loss) on options |  | 41 | Net unrealized appreciation | 4 |
| &nbsp;&nbsp;&nbsp;(futures style) |  | written |  |  | (depreciation) on options written |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures |  | 469 | Net unrealized appreciation | 224 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (3684) | (3684) | Net unrealized appreciation | 130 |
|  |  | currency contracts |  |  | (depreciation) on forward currency |  |
|  |  |  |  |  | contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | (136) | (136) | Net unrealized appreciation | 388 |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap |  | (33) | Net unrealized appreciation | 1 |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |
|  |  |  | $(3410) | $(3410) |  | $739 |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **332**

The Bond Fund of America

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $ | $1242 | Unrealized depreciation<sup>1</sup> | $ | $9824 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open |  | 386 | Unrealized depreciation on open |  | 420 |
|  |  | forward currency contracts |  |  | forward currency contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> |  | 8064 | Unrealized depreciation<sup>1</sup> |  | 3263 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (bilateral) | Interest | Bilateral swaps, at value |  | 2015 | Bilateral swaps, at value |  | 3943 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  |  | Unrealized depreciation<sup>1</sup> |  | 182 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
|  |  |  | $11707 | $11707 |  | $17632 | $17632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations |  | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $21847 | $21847 | Net unrealized appreciation | $21668 | $21668 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (9144) | (9144) | Net unrealized appreciation | (1861) | (1861) |
|  |  | currency contracts |  |  | (depreciation) on forward currency |  |  |
|  |  |  |  |  | contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap |  | 5030 | Net unrealized appreciation |  | 9452 |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (4887) | (4887) | Net unrealized appreciation |  | (196) |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
|  |  |  | $12846 | $12846 |  | $29063 | $29063 |
| Capital World Bond Fund | Capital World Bond Fund |  |  |  |  |  |  |
| Capital World Bond Fund | Capital World Bond Fund |  |  |  |  |  |  |
| Capital World Bond Fund | Capital World Bond Fund |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Currency | Investment securities | $ | $16 | Investment securities | $ | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Unrealized appreciation<sup>1</sup> |  |  | Unrealized depreciation<sup>1</sup> |  | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Unrealized appreciation<sup>1</sup> |  | 28 | Unrealized depreciation<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(futures style) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> |  | 1615 | Unrealized depreciation<sup>1</sup> |  | 1631 |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Unrealized appreciation on open |  | 2812 | Unrealized depreciation on open |  | 1842 |
|  |  | forward currency contracts |  |  | forward currency contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> |  | 1403 | Unrealized depreciation<sup>1</sup> |  | 1055 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap (bilateral) | Interest | Bilateral swaps, at value |  | 136 | Bilateral swaps, at value |  | 2695 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | 24 | Unrealized depreciation<sup>1</sup> |  | 201 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
|  |  |  | $6034 | $6034 |  | $7424 | $7424 |

---

Refer to the end of the table(s) for footnote(s).

**333**American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on | $(46) | Net unrealized appreciation | $ | $1 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Currency | Net realized gain (loss) on | 159 | Net unrealized appreciation |  | (48) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Currency | Net realized gain (loss) on options | 58 | Net unrealized appreciation |  | 60 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | written |  | (depreciation) on options written |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on options | (586) | Net unrealized appreciation |  | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;(futures style) |  | purchased (futures style) |  | (depreciation) on options |  |  |
|  |  |  |  | purchased (futures style) |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Net realized gain (loss) on options | 365 | Net unrealized appreciation |  | 28 |
| &nbsp;&nbsp;&nbsp;(futures style) |  | written |  | (depreciation) on options written |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 7420 | Net unrealized appreciation |  | 1912 |
|  |  | contracts |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency | Currency | Net realized gain (loss) on forward | (2268) | Net unrealized appreciation |  | 1027 |
|  |  | currency contracts |  | (depreciation) on forward currency |  |  |
|  |  |  |  | contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | (387) | Net unrealized appreciation |  | 3786 |
|  |  | contracts |  | (depreciation) on swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (441) | Net unrealized appreciation |  | (64) |
|  |  | contracts |  | (depreciation) on swap contracts |  |  |
|  |  |  | $4274 |  | $6702 | $6702 |

---

American High-Income Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $15 | Unrealized depreciation<sup>1</sup> | $29 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 163 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |
|  |  |  | $15 |  | $192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | $293 | Net unrealized appreciation | $62 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Swap | Credit | Net realized gain (loss) on swap | (917) | Net unrealized appreciation | (207) |
|  |  | contracts |  | (depreciation) on swap contracts |  |
|  |  |  | $(624) |  | $(145) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **334**

American Funds Mortgage Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | $ | $18 | Unrealized depreciation<sup>1</sup> | $150 | $150 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> |  | 127 | Unrealized depreciation<sup>1</sup> |  | 1 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
|  |  |  | $145 | $145 |  | $151 | $151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations |  | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on | $ | $(31) | Net unrealized appreciation | $ | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Net realized gain (loss) on options |  | 1 | Net unrealized appreciation |  |  |
| &nbsp;&nbsp;&nbsp;(equity style) |  | written |  |  | (depreciation) on options written |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 1057 | 1057 | Net unrealized appreciation |  | 209 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap |  | 27 | Net unrealized appreciation |  | (15) |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
|  |  |  | $1054 | $1054 |  | $194 | $194 |
| U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |  |  |  |
| U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |  |  |  |
| U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities |  | Value | assets and liabilities |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Investment securities | $ | $242 | Investment securities | $ | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Options written, at value |  |  | Options written, at value |  | 81 |
| &nbsp;&nbsp;&nbsp;(equity style) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Unrealized appreciation<sup>1</sup> | 1077 | 1077 | Unrealized depreciation<sup>1</sup> | 2291 | 2291 |
| &nbsp;&nbsp;&nbsp;Swap (centrally | Interest | Unrealized appreciation<sup>1</sup> | 14953 | 14953 | Unrealized depreciation<sup>1</sup> | 3022 | 3022 |
| &nbsp;&nbsp;&nbsp;cleared) |  |  |  |  |  |  |  |
|  |  |  | $16272 | $16272 |  | $5394 | $5394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |
|  |  | Location on statement of |  |  | Location on statement of |  |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations |  | Value | operations |  | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Interest | Net realized gain (loss) on | $(1087) | $(1087) | Net unrealized appreciation | $ | $36 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments |  |  | (depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;Options written | Interest | Net realized gain (loss) on options |  | 27 | Net unrealized appreciation |  | 21 |
| &nbsp;&nbsp;&nbsp;(equity style) |  | written |  |  | (depreciation) on options written |  |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 18297 | 18297 | Net unrealized appreciation | 5703 | 5703 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Swap | Interest | Net realized gain (loss) on swap | 4094 | 4094 | Net unrealized appreciation | (1861) | (1861) |
|  |  | contracts |  |  | (depreciation) on swap contracts |  |  |
|  |  |  | $21331 | $21331 |  | $3899 | $3899 |

---

Refer to the end of the table(s) for footnote(s).

**335**American Funds Insurance Series

Managed Risk Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $1328 | $1328 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 8 | 8 | Unrealized appreciation<sup>1</sup> |  |
|  |  |  | $1336 | $1336 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(4185) | (4185) | Net unrealized appreciation | $(2333) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  |  | (depreciation) on investments in |  |
|  |  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (357) | (357) | Net unrealized appreciation | (4) |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (13013) | (13013) | Net unrealized appreciation | (455) |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 8 | 8 | Net unrealized appreciation | 4 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |
|  |  |  | $(17547) | $(17547) |  | $(2788) |
| Managed Risk International Fund | Managed Risk International Fund |  |  |  |  |  |
| Managed Risk International Fund | Managed Risk International Fund |  |  |  |  |  |
| Managed Risk International Fund | Managed Risk International Fund |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $267 | $267 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> |  | 13 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $280 | $280 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(997) | (997) | Net unrealized appreciation | $(422) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  |  | (depreciation) on investments in |  |
|  |  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (6096) | (6096) | Net unrealized appreciation | (91) |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 6 | 6 | Net unrealized appreciation | 3 |
|  |  | contracts |  |  | (depreciation) on futures contracts |  |
|  |  |  | $(7087) | $(7087) |  | $(510) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **336**

Managed Risk Washington Mutual Investors Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $647 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 1 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $648 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(2786) | Net unrealized appreciation | $(1184) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (185) | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (8674) | Net unrealized appreciation | 67 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 14 | Net unrealized appreciation | 8 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(11631) |  | $(1109) |
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $7071 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 46 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $7117 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(28619) | Net unrealized appreciation | $(13505) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (1347) | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (35731) | Net unrealized appreciation | 1038 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 45 | Net unrealized appreciation | 25 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(65652) |  | $(12442) |

---

Refer to the end of the table(s) for footnote(s).

**337**American Funds Insurance Series

Managed Risk Asset Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Investment securities from | $1217 | Investment securities from | $— |
| &nbsp;&nbsp;&nbsp;(equity style) |  | unaffiliated issuers<sup>3</sup> |  | unaffiliated issuers<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Unrealized appreciation<sup>1</sup> | 8 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $1225 |  | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
|  |  | Location on statement of |  | Location on statement of |  |
| &nbsp;&nbsp;&nbsp;Contracts | Risk type | operations | Value | operations | Value |
| &nbsp;&nbsp;&nbsp;Options purchased | Equity | Net realized gain (loss) on | $(3827) | Net unrealized appreciation | $(1962) |
| &nbsp;&nbsp;&nbsp;(equity style) |  | investments in unaffiliated issuers |  | (depreciation) on investments in |  |
|  |  |  |  | unaffiliated issuers |  |
| &nbsp;&nbsp;&nbsp;Futures | Currency | Net realized gain (loss) on futures | (513) | Net unrealized appreciation |  |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Equity | Net realized gain (loss) on futures | (47392) | Net unrealized appreciation | 417 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;Futures | Interest | Net realized gain (loss) on futures | 709 | Net unrealized appreciation | 314 |
|  |  | contracts |  | (depreciation) on futures contracts |  |
|  |  |  | $(51023) |  | $(1231) |

---

<sup>1</sup>Includes cumulative appreciation/depreciation on future style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup>Amount less than one thousand.

<sup>3</sup>Includes options purchased as reported in each fund's investment portfolio.

American Funds Insurance Series **338**

Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as cash collateral pledged in each fund's statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

New World Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Gross amounts not offset in the |  |  |
|  | Gross amounts | statement of assets and liabilities and | statement of assets and liabilities and | statement of assets and liabilities and |  |
|  | Gross amounts | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon | $22 | $— | $— | $— | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 39 | (27) |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 15 |  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;Total | $79 | $(28) | $— | $— | $51 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $22 | $— | $— | $— | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 27 | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 27 |  |  |  | 27 |
| &nbsp;&nbsp;&nbsp;Total | $77 | $(28) | $— | $— | $49 |

---

Refer to the end of the table(s) for footnote(s).

**339**American Funds Insurance Series

American Funds Global Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Gross amounts not offset in the | &nbsp;&nbsp;&nbsp;&nbsp;Gross amounts not offset in the |  |  |
|  | Gross amounts | statement of assets and liabilities and | statement of assets and liabilities and | statement of assets and liabilities and |  |
|  | Gross amounts | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $8 | $(8) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 27 | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | —† | —<sup>†</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 79 | (79) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 116 | (67) |  |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 29 | (12) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 2 | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 4 | (4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 2 | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $267 | $(201) | $— | $— | $66 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $26 | $(8) | $(18) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 38 | (27) |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 8 | —<sup>†</sup> |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 109 | (79) |  |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 67 | (67) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 12 | (12) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 19 | (2) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 46 | (4) |  |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 3 |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 5 | (2) |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Total | $333 | $(201) | $(18) | $— | $114 |

---

The Bond Fund of America

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Gross amounts not offset in the |  |  |
|  | Gross amounts | statement of assets and liabilities and | statement of assets and liabilities and | statement of assets and liabilities and |  |
|  | Gross amounts | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the | subject to a master netting agreement | subject to a master netting agreement | subject to a master netting agreement |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $490 | $(242) | $(248) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 578 | (578) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1285 | (1203) |  |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 48 |  |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Total | $2401 | $(2023) | $(248) | $— | $130 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $242 | $(242) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 1146 | (578) | (568) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 1352 |  | (1353) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 255 |  | (254) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1203 | (1203) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 165 |  |  |  | 165 |
| &nbsp;&nbsp;&nbsp;Total | $4363 | $(2023) | $(2175) | $— | $165 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **340**

Capital World Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Gross amounts not offset in the |  |  |
|  | Gross amounts | &nbsp;&nbsp;statement of assets and liabilities and | &nbsp;&nbsp;statement of assets and liabilities and |  |  |
|  | Gross amounts | &nbsp;&nbsp;subject to a master netting agreement | &nbsp;&nbsp;subject to a master netting agreement |  |  |
|  | recognized in the | &nbsp;&nbsp;subject to a master netting agreement | &nbsp;&nbsp;subject to a master netting agreement |  |  |
|  | recognized in the |  |  |  |  |
|  | recognized in the |  |  |  |  |
|  | statement of assets | Available | Non-cash | Cash | Net |
| &nbsp;&nbsp;&nbsp;Counterparty | and liabilities | to offset | collateral\* | collateral\* | amount |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $147 | $(147) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon | 34 |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 450 | (450) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 608 | (608) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 381 | (381) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 188 | (102) |  | (86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 44 | (24) |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 1035 | (59) | (330) | (290) | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 23 | (16) |  |  | 7 |
| &nbsp;&nbsp;&nbsp;Total | $2948 | $(1825) | $(330) | $(376) | $417 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | $1107 | $(147) | $(948) | $— | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | 627 | (450) | (177) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 65 | (19) |  |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank | 897 | (608) |  |  | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1448 | (381) | (1017) |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank | 102 | (102) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 24 | (24) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 257 | (19) | (238) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | 59 | (59) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 16 | (16) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $4602 | $(1825) | $(2380) | $— | $397 |

---

\*Collateral is shown on a settlement basis.

<sup>†</sup>Amount less than one thousand.

**341**American Funds Insurance Series

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

![](g7v2hgubd40tg8ak3vvfu.jpg)

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2025, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund | Reclaims | Fees | Interest |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $587 | $51 | $597 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 45 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;International Fund | 2072 | 111 | 887 |
| &nbsp;&nbsp;&nbsp;New World Fund | 231 | 24 | 11 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | 18 |  | —\* |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 430 | 5 | 107 |

---

\*Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

American Funds Insurance Series **342**

Additional tax basis disclosures for each fund as of December 31, 2025, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Global |  |  |  | Washington |
|  | Global | Small |  |  | New | Mutual |
|  | Growth | Capitalization | Growth | International | World | Investors |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Undistributed ordinary income | $58118 | $52615 | $328671 | $164687 | $41259 | $40991 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains | 1202418 | 330342 | 4562299 | 532733 | 281284 | 1064187 |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward utilized |  |  |  | 206867 |  |  |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 3491592 | 789376 | 32066603 | 2385110 | 1575330 | 4698662 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (287030) | (116954) | (655627) | (88696) | (59715) | (159517) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 3204562 | 672422 | 31410976 | 2296414 | 1515615 | 4539145 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 5937177 | 2386011 | 23343610 | 5201489 | 2553117 | 7417791 |
| &nbsp;&nbsp;&nbsp;Reclassification from (to) total distributable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings/accumulated loss to (from) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital paid in on shares of beneficial |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest |  | (1) |  | 2 | (1) |  |
|  |  |  |  | International |  |  |
|  | U.S. Small | Capital World | Growth- | Growth | Capital | Asset |
|  | and Mid Cap | Growth and | Income | and Income | Income | Allocation |
|  | Equity Fund | Income Fund | Fund | Fund | Builder | Fund |
| &nbsp;&nbsp;&nbsp;Undistributed ordinary income | $— | $16020 | $702034 | $2910 | $15728 | $217220 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains |  | 179378 | 2604901 |  | 58769 | 2837208 |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> | (592) |  |  | (4662) |  |  |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward utilized |  |  |  | 21009 | 6862 |  |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 9350 | 910098 | 21146735 | 135582 | 454550 | 8582220 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (6040) | (45447) | (369429) | (9951) | (35422) | (691994) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 3310 | 864651 | 20777306 | 125631 | 419128 | 7890226 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 97455 | 1217797 | 22833203 | 278196 | 1250632 | 19857297 |
| &nbsp;&nbsp;&nbsp;Reclassification from (to) total distributable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings/accumulated loss to (from) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital paid in on shares of beneficial |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest | (14) | 1 | 3 | (1) |  | (1) |

---

Refer to the end of the table(s) for footnote(s).

**343**American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | American |  |  |  |  |  |
|  | Funds |  | Capital |  | American |  |
|  | Global | The Bond | World | American | Funds | Ultra-Short |
|  | Balanced | Fund of | Bond | High-Income | Mortgage | Bond |
|  | Fund | America | Fund | Trust | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Undistributed ordinary income | $3091 | $81931 | $10845 | $12190 | $953 | $1944 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains | 25777 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> |  | (1511983) | (198979) | (329593) | (12321) | (1) |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward utilized |  | 72789 | 1003 |  | 1889 |  |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 94991 | 158694 | 43122 | 64529 | 1677 | 32 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (12752) | (227608) | (77373) | (39750) | (1122) | (10) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 82239 | (68914) | (34251) | 24779 | 555 | 22 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 368808 | 11488814 | 1516353 | 1000940 | 132479 | 308476 |
| &nbsp;&nbsp;&nbsp;Reclassification from (to) total distributable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings/accumulated loss to (from) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital paid in on shares of beneficial |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest |  |  |  |  | 1 |  |
|  |  |  |  | Managed |  |  |
|  |  |  |  | Risk | Managed | Managed |
|  | U.S. | Managed | Managed | Washington | Risk | Risk |
|  | Government | Risk | Risk | Mutual | Growth- | Asset |
|  | Securities | Growth | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Undistributed ordinary income | $13856 | $1773 | $1429 | $4281 | $25464 | $23428 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains |  | 31113 |  |  | 284557 | 112392 |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward<sup>1</sup> | (257785) |  | (21682) | (1893) |  |  |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward utilized | 27799 |  |  | 20459 |  |  |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 32667 | 132454 | 27401 | 69146 | 317848 | 226986 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation on |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | (47954) | (48770) | (20227) | (24480) | (67881) | (39913) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (15287) | 83684 | 7174 | 44666 | 249967 | 187073 |
| &nbsp;&nbsp;&nbsp;Cost of investments | 1936415 | 421427 | 106247 | 270315 | 1838439 | 1289372 |

---

<sup>1</sup>Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 |  | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $66139 | $455982 | $522121 | $65173 | $99126 | $164299 |
| &nbsp;&nbsp;&nbsp;Class 1A | 749 | 2766 | 3515 | 319 | 536 | 855 |
| &nbsp;&nbsp;&nbsp;Class 2 | 53132 | 443236 | 496368 | 57169 | 103301 | 160470 |
| &nbsp;&nbsp;&nbsp;Class 4 | 14879 | 130403 | 145282 | 12745 | 23878 | 36623 |
| &nbsp;&nbsp;&nbsp;Total | $134899 | $1032387 | $1167286 | $135406 | $226841 | $362247 |

---

American Funds Insurance Series **344**

![](g0u24n3f1v1wxqlw7p8qn.jpg)

Global Small Capitalization Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $3919 | $19199 | $23118 |
| &nbsp;&nbsp;&nbsp;Class 1A | 20 | 126 | 146 |
| &nbsp;&nbsp;&nbsp;Class 2 | 5919 | 39094 | 45013 |
| &nbsp;&nbsp;&nbsp;Class 4 | 766 | 7316 | 8082 |
| &nbsp;&nbsp;&nbsp;Total | $10624 | $65735 | $76359 |

---

Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $283031 | $1543000 | $1826031 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4439 | 26100 | 30539 |
| &nbsp;&nbsp;&nbsp;Class 2 | 243730 | 1433339 | 1677069 |
| &nbsp;&nbsp;&nbsp;Class 3 | 3240 | 18878 | 22118 |
| &nbsp;&nbsp;&nbsp;Class 4 | 69855 | 421011 | 490866 |
| &nbsp;&nbsp;&nbsp;Total | $604295 | $3442328 | $4046623 |

---

International Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $49061 | $— | $49061 |
| &nbsp;&nbsp;&nbsp;Class 1A | 205 |  | 205 |
| &nbsp;&nbsp;&nbsp;Class 2 | 44060 |  | 44060 |
| &nbsp;&nbsp;&nbsp;Class 3 | 210 |  | 210 |
| &nbsp;&nbsp;&nbsp;Class 4 | 6153 |  | 6153 |
| &nbsp;&nbsp;&nbsp;Total | $99689 | $— | $99689 |

---

New World Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $32320 | $71532 | $103852 |
| &nbsp;&nbsp;&nbsp;Class 1A | 369 | 453 | 822 |
| &nbsp;&nbsp;&nbsp;Class 2 | 11967 | 31619 | 43586 |
| &nbsp;&nbsp;&nbsp;Class 4 | 11031 | 33694 | 44725 |
| &nbsp;&nbsp;&nbsp;Total | $55687 | $137298 | $192985 |

---

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $24044 | $21820 | $45864 |
| 120 | 119 | 239 |
| 42943 | 43051 | 85994 |
| 6428 | 7070 | 13498 |
| $73535 | $72060 | $145595 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $121696 | $433019 | $554715 |
| 1328 | 7268 | 8596 |
| 72492 | 433759 | 506251 |
| 1123 | 5725 | 6848 |
| 9370 | 97988 | 107358 |
| $206009 | $977759 | $1183768 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $46267 | $— | $46267 |
| 157 |  | 157 |
| 40220 |  | 40220 |
| 191 |  | 191 |
| 4485 |  | 4485 |
| $91320 | $— | $91320 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $29713 | $8227 | $37940 |
| 167 | 49 | 216 |
| 11293 | 3828 | 15121 |
| 9604 | 3785 | 13389 |
| $50777 | $15889 | $66666 |

---

**345**American Funds Insurance Series

Washington Mutual Investors Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $131443 | $397175 | $528618 | $111395 | $50394 | $161789 |
| &nbsp;&nbsp;&nbsp;Class 1A | 661 | 2103 | 2764 | 426 | 202 | 628 |
| &nbsp;&nbsp;&nbsp;Class 2 | 57467 | 193815 | 251282 | 46990 | 24567 | 71557 |
| &nbsp;&nbsp;&nbsp;Class 4 | 36815 | 127802 | 164617 | 23694 | 12608 | 36302 |
| &nbsp;&nbsp;&nbsp;Total | $226386 | $720895 | $947281 | $182505 | $87771 | $270276 |

---

U.S. Small and Mid Cap Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | For the period November 15, 2024<sup>2</sup> to | For the period November 15, 2024<sup>2</sup> to | For the period November 15, 2024<sup>2</sup> to |
|  | Year ended December 31, 2025 | Year ended December 31, 2025 |  |  | December 31, 2024 |  |
|  |  |  |  |  |  | Total |
|  | Ordinary | Long-term |  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains |  | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $364 | $—<sup>3</sup> | $364 | $—<sup>3</sup> | $— | $—<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Class 1A | —<sup>3</sup> | —<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | —<sup>3</sup> |  | —<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Class 2 | —<sup>3</sup> | —<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | —<sup>3</sup> |  | —<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Class 4 | 33 | —<sup>3</sup> | 33 | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;Total | $397 | $— | $397 | $13 | $— | $13 |

---

Capital World Growth and Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $9542 | $21740 | $31282 | $11350 | $— | $11350 |
| &nbsp;&nbsp;&nbsp;Class 1A | 157 | 363 | 520 | 144 |  | 144 |
| &nbsp;&nbsp;&nbsp;Class 2 | 14202 | 37773 | 51975 | 17039 |  | 17039 |
| &nbsp;&nbsp;&nbsp;Class 4 | 4099 | 11256 | 15355 | 3943 |  | 3943 |
| &nbsp;&nbsp;&nbsp;Total | $28000 | $71132 | $99132 | $32476 | $— | $32476 |

---

Growth-Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $512210 | $3878399 | $4390609 | $338365 | $1023186 | $1361551 |
| &nbsp;&nbsp;&nbsp;Class 1A | 901 | 7252 | 8153 | 495 | 1702 | 2197 |
| &nbsp;&nbsp;&nbsp;Class 2 | 257694 | 2211126 | 2468820 | 163135 | 597677 | 760812 |
| &nbsp;&nbsp;&nbsp;Class 3 | 2899 | 23742 | 26641 | 1879 | 6513 | 8392 |
| &nbsp;&nbsp;&nbsp;Class 4 | 50309 | 470380 | 520689 | 26050 | 105495 | 131545 |
| &nbsp;&nbsp;&nbsp;Total | $824013 | $6590899 | $7414912 | $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **346**

![](g0besx3plizghrzecsyud.jpg)

International Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $835 | $— | $835 |
| &nbsp;&nbsp;&nbsp;Class 1A | 211 |  | 211 |
| &nbsp;&nbsp;&nbsp;Class 2 | 4052 |  | 4052 |
| &nbsp;&nbsp;&nbsp;Class 4 | 4102 |  | 4102 |
| &nbsp;&nbsp;&nbsp;Total | $9200 | $— | $9200 |

---

Capital Income Builder

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $25206 | $— | $25206 |
| &nbsp;&nbsp;&nbsp;Class 1A | 416 |  | 416 |
| &nbsp;&nbsp;&nbsp;Class 2 | 618 |  | 618 |
| &nbsp;&nbsp;&nbsp;Class 4 | 19776 |  | 19776 |
| &nbsp;&nbsp;&nbsp;Total | $46016 | $— | $46016 |

---

Asset Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $438651 | $1019238 | $1457889 |
| &nbsp;&nbsp;&nbsp;Class 1A | 1307 | 2795 | 4102 |
| &nbsp;&nbsp;&nbsp;Class 2 | 111878 | 280960 | 392838 |
| &nbsp;&nbsp;&nbsp;Class 3 | 884 | 2081 | 2965 |
| &nbsp;&nbsp;&nbsp;Class 4 | 166513 | 445526 | 612039 |
| &nbsp;&nbsp;&nbsp;Total | $719233 | $1750600 | $2469833 |

---

American Funds Global Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $1498 | $3585 | $5083 |
| &nbsp;&nbsp;&nbsp;Class 1A | 60 | 152 | 212 |
| &nbsp;&nbsp;&nbsp;Class 2 | 1941 | 5617 | 7558 |
| &nbsp;&nbsp;&nbsp;Class 4 | 2293 | 6279 | 8572 |
| &nbsp;&nbsp;&nbsp;Total | $5792 | $15633 | $21425 |

---

Refer to the end of the table(s) for footnote(s).

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $461 | $— | $461 |
| 156 |  | 156 |
| 3897 |  | 3897 |
| 3584 |  | 3584 |
| $8098 | $— | $8098 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $25390 | $— | $25390 |
| 397 |  | 397 |
| 575 |  | 575 |
| 19314 |  | 19314 |
| $45676 | $— | $45676 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $374078 | $678739 | $1052817 |
| 848 | 1422 | 2270 |
| 92429 | 187595 | 280024 |
| 693 | 1326 | 2019 |
| 127247 | 278890 | 406137 |
| $595295 | $1147972 | $1743267 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $1963 | $— | $1963 |
| 64 |  | 64 |
| 2714 |  | 2714 |
| 2307 |  | 2307 |
| $7048 | $— | $7048 |

---

**347**American Funds Insurance Series

![](gf9h23wpndddm5suog97j.jpg)

The Bond Fund of America

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $302949 | $— | $302949 |
| &nbsp;&nbsp;&nbsp;Class 1A | 12103 |  | 12103 |
| &nbsp;&nbsp;&nbsp;Class 2 | 115204 |  | 115204 |
| &nbsp;&nbsp;&nbsp;Class 4 | 56394 |  | 56394 |
| &nbsp;&nbsp;&nbsp;Total | $486650 | $— | $486650 |

---

Capital World Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $19172 | $— | $19172 |
| &nbsp;&nbsp;&nbsp;Class 1A | 837 |  | 837 |
| &nbsp;&nbsp;&nbsp;Class 2 | 22086 |  | 22086 |
| &nbsp;&nbsp;&nbsp;Class 4 | 2211 |  | 2211 |
| &nbsp;&nbsp;&nbsp;Total | $44306 | $— | $44306 |

---

American High-Income Trust

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $16430 | $— | $16430 |
| &nbsp;&nbsp;&nbsp;Class 1A | 438 |  | 438 |
| &nbsp;&nbsp;&nbsp;Class 2 | 34271 |  | 34271 |
| &nbsp;&nbsp;&nbsp;Class 3 | 495 |  | 495 |
| &nbsp;&nbsp;&nbsp;Class 4 | 12704 |  | 12704 |
| &nbsp;&nbsp;&nbsp;Total | $64338 | $— | $64338 |

---

American Funds Mortgage Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $803 | $— | $803 |
| &nbsp;&nbsp;&nbsp;Class 1A | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;Class 2 | 1703 |  | 1703 |
| &nbsp;&nbsp;&nbsp;Class 4 | 2473 |  | 2473 |
| &nbsp;&nbsp;&nbsp;Total | $5115 | $— | $5115 |

---

Refer to the end of the table(s) for footnote(s).

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $305561 | $— | $305561 |
| 8909 |  | 8909 |
| 115243 |  | 115243 |
| 45913 |  | 45913 |
| $475626 | $— | $475626 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $15387 | $— | $15387 |
| 983 |  | 983 |
| 16410 |  | 16410 |
| 1135 |  | 1135 |
| $33915 | $— | $33915 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $15191 | $— | $15191 |
| 199 |  | 199 |
| 35147 |  | 35147 |
| 529 |  | 529 |
| 8336 |  | 8336 |
| $59402 | $— | $59402 |
| Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $804 | $— | $804 |
| 121 |  | 121 |
| 1928 |  | 1928 |
| 2148 |  | 2148 |
| $5001 | $— | $5001 |

---

American Funds Insurance Series **348**

![](gdtiwkf5r6kerec7qtbp0.jpg)

Ultra-Short Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $1510 | $— | $1510 |
| &nbsp;&nbsp;&nbsp;Class 1A | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Class 2 | 9131 |  | 9131 |
| &nbsp;&nbsp;&nbsp;Class 3 | 156 |  | 156 |
| &nbsp;&nbsp;&nbsp;Class 4 | 2138 |  | 2138 |
| &nbsp;&nbsp;&nbsp;Total | $12940 | $— | $12940 |

---

U.S. Government Securities Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class 1 | $11629 | $— | $11629 |
| &nbsp;&nbsp;&nbsp;Class 1A | 12377 |  | 12377 |
| &nbsp;&nbsp;&nbsp;Class 2 | 44749 |  | 44749 |
| &nbsp;&nbsp;&nbsp;Class 3 | 212 |  | 212 |
| &nbsp;&nbsp;&nbsp;Class 4 | 10129 |  | 10129 |
| &nbsp;&nbsp;&nbsp;Total | $79096 | $— | $79096 |

---

Managed Risk Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $248 | $558 | $806 |
| &nbsp;&nbsp;&nbsp;Class P2 | 6657 | 21164 | 27821 |
| &nbsp;&nbsp;&nbsp;Total | $6905 | $21722 | $28627 |

---

Managed Risk International Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $30 | $— | $30 |
| &nbsp;&nbsp;&nbsp;Class P2 | 1450 |  | 1450 |
| &nbsp;&nbsp;&nbsp;Total | $1480 | $— | $1480 |

---

Managed Risk Washington Mutual Investors Fund

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 |  |
|  |  |  | Total |
|  | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $58 | $— | $58 |
| &nbsp;&nbsp;&nbsp;Class P2 | 5902 |  | 5902 |
| &nbsp;&nbsp;&nbsp;Total | $5960 | $— | $5960 |

---

Refer to the end of the table(s) for footnote(s).

Year ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $1996 | $— | $1996 |
| 6 |  | 6 |
| 12857 |  | 12857 |
| 205 |  | 205 |
| 2569 |  | 2569 |
| $17633 | $— | $17633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $11248 | $— | $11248 |
| 11344 |  | 11344 |
| 42551 |  | 42551 |
| 204 |  | 204 |
| 7920 |  | 7920 |
| $73267 | $— | $73267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $93 | $— | $93 |
| 2326 |  | 2326 |
| $2419 | $— | $2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $29 | $— | $29 |
| 1532 |  | 1532 |
| $1561 | $— | $1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  | Total |
| Ordinary | Long-term | distributions |
| income | capital gains | paid |
| $53 | $— | $53 |
| 5422 |  | 5422 |
| $5475 | $— | $5475 |

---

**349**American Funds Insurance Series

![](gd284mtbz4qvirazlqlio.jpg)

Managed Risk Growth-Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2025 | Year ended December 31, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $42231 | $70237 | $112468 | $33022 | $25142 | $58164 |
| &nbsp;&nbsp;&nbsp;Class P2 | 5433 | 10214 | 15647 | 4085 | 3659 | 7744 |
| &nbsp;&nbsp;&nbsp;Total | $47664 | $80451 | $128115 | $37107 | $28801 | $65908 |

---

Managed Risk Asset Allocation Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 |  |
|  |  |  | Total |  |  | Total |
|  | Ordinary | Long-term | distributions | Ordinary | Long-term | distributions |
| &nbsp;&nbsp;&nbsp;Share class | income | capital gains | paid | income | capital gains | paid |
| &nbsp;&nbsp;&nbsp;Class P1 | $348 | $722 | $1070 | $226 | $138 | $364 |
| &nbsp;&nbsp;&nbsp;Class P2 | 46064 | 121132 | 167196 | 39976 | 28786 | 68762 |
| &nbsp;&nbsp;&nbsp;Total | $46412 | $121854 | $168266 | $40202 | $28924 | $69126 |

---

<sup>2</sup>Commencement of operations.

<sup>3</sup>Amount less than one thousand.

7. Fees and transactions

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2025, total investment advisory services fees waived by CRMC were $53,879,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

American Funds Insurance Series **350**

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Net asset level |  | For the | For the |
|  |  |  | Net asset level |  | year ended | year ended |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates |  | (in billions) |  | year ended | year ended |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates |  | (in billions) |  | December 31, | December 31, |
|  |  |  |  |  | December 31, | December 31, |
|  |  |  |  |  | December 31, | December 31, |
|  | Beginning | Ending | In excess | In excess | 2025, | 2025, |
| &nbsp;&nbsp;&nbsp;Fund | with | with | Up to | of | before waiver | after waiver |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.475% | &nbsp;&nbsp;&nbsp;&nbsp;.435% | $15.0 | $15.0 | .475% | .372% |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.647 | &nbsp;&nbsp;&nbsp;&nbsp;.615 | 15.0 | 15.0 | .647 | .600 |
| &nbsp;&nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;.275 | .6 | 44.0 | .302 | .302 |
| &nbsp;&nbsp;&nbsp;International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.478 | &nbsp;&nbsp;&nbsp;&nbsp;.430 | 15.0 | 21.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;New World Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.577 | &nbsp;&nbsp;&nbsp;&nbsp;.510 | 15.0 | 15.0 | .577 | .507 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.374 | &nbsp;&nbsp;&nbsp;&nbsp;.350 | 15.0 | 15.0 | .374 | .227 |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.450 |  | all |  | .450 | .450 |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.475 | &nbsp;&nbsp;&nbsp;&nbsp;.435 | 15.0 | 15.0 | .475 | .375 |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;.217 | .6 | 44.0 | .249 | .249 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.478 | &nbsp;&nbsp;&nbsp;&nbsp;.450 | 15.0 | 15.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.357 | &nbsp;&nbsp;&nbsp;&nbsp;.330 | 15.0 | 15.0 | .357 | .227 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;.236 | .6 | 34.0 | .264 | .264 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.446 | &nbsp;&nbsp;&nbsp;&nbsp;.420 | 15.0 | 15.0 | .446 | .429 |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.352 | &nbsp;&nbsp;&nbsp;&nbsp;.320 | 15.0 | 15.0 | .352 | .202 |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.431 | &nbsp;&nbsp;&nbsp;&nbsp;.360 | 15.0 | 15.0 | .431 | .431 |
| &nbsp;&nbsp;&nbsp;American High-Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.404 | &nbsp;&nbsp;&nbsp;&nbsp;.386 | 15.0 | 15.0 | .404 | .284 |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.295 | &nbsp;&nbsp;&nbsp;&nbsp;.280 | 15.0 | 15.0 | .295 | .222 |
| &nbsp;&nbsp;&nbsp;Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.257 | &nbsp;&nbsp;&nbsp;&nbsp;.242 | 15.0 | 15.0 | .257 | .257 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.295 | &nbsp;&nbsp;&nbsp;&nbsp;.280 | 15.0 | 15.0 | .295 | .218 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk International Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk Washington Mutual Investors Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.100 |  | all |  | .150 | .100 |

---

\*For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently approved limits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan limits |
| &nbsp;&nbsp;&nbsp;Class 1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Class P1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Class P2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**351**American Funds Insurance Series

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communica- tions and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administra- tive services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administra- tive services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class-specific expenses under the agreements described above were as follows (dollars in thousands): | Class-specific expenses under the agreements described above were as follows (dollars in thousands): | Class-specific expenses under the agreements described above were as follows (dollars in thousands): | Class-specific expenses under the agreements described above were as follows (dollars in thousands): | Class-specific expenses under the agreements described above were as follows (dollars in thousands): | Class-specific expenses under the agreements described above were as follows (dollars in thousands): |  |  |
| Global Growth Fund |  |  |  | Global Small Capitalization Fund | Global Small Capitalization Fund |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $1131 | Class 1 | Not applicable | Not applicable | $257 |
| Class 1A | $— | $83 | 10 | Class 1A | $— | $15 | 2 |
| Class 2 | 8963 | Not applicable | 1076 | Class 2 | 4317 | Not applicable | 518 |
| Class 4 | 2668 | 2668 | 320 | Class 4 | 888 | 887 | 106 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $11631 | $2751 | $2537 | &nbsp;&nbsp;&nbsp;expenses | $5205 | $902 | $883 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Growth Fund |  |  |  | International Fund |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $6865 | Class 1 | Not applicable | Not applicable | $967 |
| Class 1A | $— | $1029 | 123 | Class 1A | $— | $35 | 4 |
| Class 2 | 51724 | Not applicable | 6207 | Class 2 | 8442 | Not applicable | 1013 |
| Class 3 | 507 | Not applicable | 85 | Class 3 | 28 | Not applicable | 5 |
| Class 4 | 15164 | 15164 | 1820 | Class 4 | 1256 | 1256 | 151 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $67395 | $16193 | $15100 | &nbsp;&nbsp;&nbsp;expenses | $9726 | $1291 | $2140 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| New World Fund |  |  |  | Washington Mutual Investors Fund | Washington Mutual Investors Fund |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $581 | Class 1 | Not applicable | Not applicable | $1913 |
| Class 1A | $— | $44 | 5 | Class 1A | $— | $84 | 10 |
| Class 2 | 2096 | Not applicable | 252 | Class 2 | 7644 | Not applicable | 917 |
| Class 4 | 2211 | 2211 | 265 | Class 4 | 5082 | 5082 | 610 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $4307 | $2255 | $1103 | &nbsp;&nbsp;&nbsp;expenses | $12726 | $5166 | $3450 |

---

American Funds Insurance Series **352**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund |  | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $10 | Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $—\* | —\* | Class 1A | $— | $26 | 3 |
| Class 2 | —\* Not applicable | —\* Not applicable | —\* | Class 2 | 2607 | Not applicable | 313 |
| Class 4 | 9 | 8 | 5 | Class 4 | 776 | 775 | 93 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $9 | $8 | $15 | &nbsp;&nbsp;&nbsp;expenses | $3383 | $801 | $591 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Growth-Income Fund |  |  |  | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $7452 | Class 1 | Not applicable | Not applicable | $8 |
| Class 1A | $— | $119 | 14 | Class 1A | $— | $19 | 2 |
| Class 2 | 34840 | Not applicable | 4181 | Class 2 | 404 | Not applicable | 49 |
| Class 3 | 279 | Not applicable | 47 | Class 4 | 456 | 456 | 55 |
| Class 4 | 7386 | 7386 | 886 | Total class-specific |  |  |  |
| Class 4 | 7386 | 7386 | 886 | Total class-specific |  |  |  |
|  |  |  |  | Total class-specific |  |  |  |
|  |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $860 | $475 | $114 |
| &nbsp;&nbsp;&nbsp;expenses | $42505 | $7505 | $12580 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $42505 | $7505 | $12580 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $42505 | $7505 | $12580 |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Capital Income Builder |  |  |  | Asset Allocation Fund |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $234 | Class 1 | Not applicable | Not applicable | $4789 |
| Class 1A | $— | $34 | 4 | Class 1A | $— | $119 | 14 |
| Class 2 | 51 | Not applicable | 6 | Class 2 | 10837 | Not applicable | 1301 |
| Class 4 | 1785 | 1786 | 214 | Class 3 | 60 | Not applicable | 10 |
| Total class-specific |  |  |  | Class 4 | 17184 | 17184 | 2062 |
| Total class-specific |  |  |  | Class 4 | 17184 | 17184 | 2062 |
| Total class-specific |  |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $1836 | $1820 | $458 | Total class-specific |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $28081 | $17303 | $8176 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $28081 | $17303 | $8176 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $28081 | $17303 | $8176 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  | The Bond Fund of America |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $29 | Class 1 | Not applicable | Not applicable | $2070 |
| Class 1A | $— | $10 | 1 | Class 1A | $— | $643 | 77 |
| Class 2 | 371 | Not applicable | 45 | Class 2 | 6831 | Not applicable | 820 |
| Class 4 | 428 | 428 | 51 | Class 4 | 3246 | 3247 | 390 |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| Total class-specific |  |  |  | Total class-specific |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $799 | $438 | $126 | &nbsp;&nbsp;&nbsp;expenses | $10077 | $3890 | $3357 |

---

Refer to the end of the table(s) for footnote(s).

**353**American Funds Insurance Series

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Capital World Bond Fund |  |  |  | American High-Income Trust |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $182 | Class 1 | Not applicable | Not applicable | $73 |
| Class 1A | $— | $81 | 10 | Class 1A | $— | $11 | 1 |
| Class 2 | 1893 | Not applicable | 227 | Class 2 | 1338 | Not applicable | 161 |
| Class 4 | 176 | 176 | 21 | Class 3 | 15 | Not applicable | 2 |
| Total class-specific |  |  |  | Class 4 | 497 | 497 | 60 |
| Total class-specific |  |  |  | Class 4 | 497 | 497 | 60 |
| Total class-specific |  |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $2069 | $257 | $440 | Total class-specific |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $1850 | $508 | $297 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $1850 | $508 | $297 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $1850 | $508 | $297 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| American Funds Mortgage Fund | American Funds Mortgage Fund |  |  | Ultra-Short Bond Fund |  |  |  |
|  |  | Insurance |  |  |  | Insurance |  |
|  | Distribution | administrative | Administrative |  | Distribution | administrative | Administrative |
| Share class | services | services | services | Share class | services | services | services |
| Class 1 | Not applicable | Not applicable | $5 | Class 1 | Not applicable | Not applicable | $11 |
| Class 1A | $— | $8 | 1 | Class 1A | $— | $—\* | —\* |
| Class 2 | 104 | Not applicable | 13 | Class 2 | 569 | Not applicable | 68 |
| Class 4 | 140 | 140 | 17 | Class 3 | 7 | Not applicable | 1 |
| Total class-specific |  |  |  | Class 4 | 156 | 156 | 19 |
| Total class-specific |  |  |  | Class 4 | 156 | 156 | 19 |
| Total class-specific |  |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $244 | $148 | $36 | Total class-specific |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $732 | $156 | $99 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $732 | $156 | $99 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;expenses | $732 | $156 | $99 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Government Securities Fund | U.S. Government Securities Fund |  |  | Managed Risk Growth Fund | Managed Risk Growth Fund |  |
|  |  | Insurance |  |  |  | Insurance |
|  | Distribution | administrative | Administrative |  | Distribution | administrative |
| Share class | services | services | services | Share class | services | services |
| Class 1 | Not applicable | Not applicable | $79 | Class P1 | Not applicable | $34 |
| Class 1A | $— | $724 | 87 | Class P2 | $1243 | 1243 |
| Class 2 | 2619 | Not applicable | 314 | Total class-specific |  |  |
| Class 2 | 2619 | Not applicable | 314 | Total class-specific |  |  |
| Class 3 | 9 | Not applicable | 1 | Total class-specific |  |  |
| Class 3 | 9 | Not applicable | 1 | &nbsp;&nbsp;&nbsp;expenses | $1243 | $1277 |
| Class 4 | 588 | 588 | 71 | &nbsp;&nbsp;&nbsp;expenses | $1243 | $1277 |
| Class 4 | 588 | 588 | 71 |  |  |  |
| Class 4 | 588 | 588 | 71 |  |  |  |
| Total class-specific |  |  |  |  |  |  |
| Total class-specific |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $3216 | $1312 | $552 |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk International Fund | Managed Risk International Fund |  | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |
|  |  | Insurance |  |  | Insurance |
|  | Distribution | administrative |  | Distribution | administrative |
| Share class | services | services | Share class | services | services |
| Class P1 | Not applicable | $5 | Class P1 | Not applicable | $6 |
| Class P2 | $280 | 280 | Class P2 | $786 | 786 |
| Total class-specific |  |  | Total class-specific |  |  |
| Total class-specific |  |  | Total class-specific |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $280 | $285 | &nbsp;&nbsp;&nbsp;expenses | $786 | $792 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **354**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |  |
|  |  | Insurance |  |  | Insurance |
|  | Distribution | administrative |  | Distribution | administrative |
| Share class | services | services | Share class | services | services |
| Class P1 | Not applicable | $4624 | Class P1 | Not applicable | $30 |
| Class P2 | $662 | 662 | Class P2 | $4685 | 4685 |
| Total class-specific |  |  | Total class-specific |  |  |
| Total class-specific |  |  | Total class-specific |  |  |
| &nbsp;&nbsp;&nbsp;expenses | $662 | $5286 | &nbsp;&nbsp;&nbsp;expenses | $4685 | $4715 |

---

\*Amount less than one thousand.

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2025, total fees and expenses reimbursed by CRMC were $77,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

Trustees' deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  | Increase (decrease) |  |
|  |  | in value of | Total trustees' |
| &nbsp;&nbsp;&nbsp;Fund | Current fees | deferred amounts | compensation |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $21 | $21 | $42 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 8 | 7 | 15 |
| &nbsp;&nbsp;&nbsp;Growth Fund | 125 | 124 | 249 |
| &nbsp;&nbsp;&nbsp;International Fund | 18 | 17 | 35 |
| &nbsp;&nbsp;&nbsp;New World Fund | 9 | 9 | 18 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 29 | 28 | 57 |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund | —\* | —\* | —\* |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | 5 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund | 106 | 101 | 207 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | 4 | 4 | 8 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | 69 | 65 | 134 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America | 28 | 26 | 54 |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund | 4 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;American High-Income Trust | 2 | 2 | 4 |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund | —\* | —\* | —\* |
| &nbsp;&nbsp;&nbsp;Ultra-Short Bond Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities Fund | 5 | 4 | 9 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;Managed Risk International Fund | 1 | —\* | 1 |
| &nbsp;&nbsp;&nbsp;Managed Risk Washington Mutual Investors Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income Fund | 5 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation Fund | 5 | 4 | 9 |

---

\*Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**355**American Funds Insurance Series

![](gqygszm8sk3u5k65bke9r.jpg)

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Net |
|  |  |  | realized |
| &nbsp;&nbsp;&nbsp;Fund | Purchases | Sales | gain (loss) |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | $147747 | $67664 | $22487 |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | 27498 | 11204 | 1978 |
| &nbsp;&nbsp;&nbsp;Growth Fund | 350283 | 350719 | 70559 |
| &nbsp;&nbsp;&nbsp;International Fund | 110941 | 87605 | 3851 |
| &nbsp;&nbsp;&nbsp;New World Fund | 24060 | 50564 | 13902 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 131489 | 156251 | 20344 |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | 32218 | 38497 | 8339 |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund | 506006 | 592940 | 172397 |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund | 2294 | 4747 | 363 |
| &nbsp;&nbsp;&nbsp;Capital Income Builder | 23371 | 19211 | 4803 |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund | 250712 | 107065 | 54741 |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund | 3867 | 4371 | 1147 |

---

Interfund lending — Pursuant to an exemptive order issued by the SEC, each fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. Each fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

8. Indemnifications

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2025.

American Funds Insurance Series **356**

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

![](g35mgovz3dlz8t09fmf5z.jpg)

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $304055 | 8321 | $522119 | 15107 | $(541519) | (14564) | $284655 | 8864 |
| Class 1A | 42972 | 1157 | 3516 | 101 | (3744) | (102) | 42744 | 1156 |
| Class 2 | 35075 | 964 | 496369 | 14649 | (528583) | (14441) | 2861 | 1172 |
| Class 4 | 180514 | 5009 | 145282 | 4354 | (101231) | (2811) | 224565 | 6552 |
| Total net increase (decrease) | $562616 | 15451 | $1167286 | 34211 | $(1175077) | (31918) | $554825 | 17744 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $182743 | 4922 | $164299 | 4426 | $(478156) | (12907) | $(131114) | (3559) |
| Class 1A | 3593 | 97 | 855 | 23 | (3164) | (85) | 1284 | 35 |
| Class 2 | 64877 | 1789 | 160470 | 4397 | (544385) | (14948) | (319038) | (8762) |
| Class 4 | 187863 | 5186 | 36623 | 1016 | (80774) | (2235) | 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | $362247 | 9862 | $(1106479) | (30175) | $(305156) | (8319) |
| Global Small Capitalization Fund |  |  |  |  |  |  |  |  |
| Global Small Capitalization Fund |  |  |  |  |  |  |  |  |
| Global Small Capitalization Fund |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | &nbsp;&nbsp;Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $66285 | 3641 | $22933 | 1232 | $(343352) | (18170) | $(254134) | (13297) |
| Class 1A | 532 | 29 | 146 | 8 | (424) | (23) | 254 | 14 |
| Class 2 | 30784 | 1809 | 45015 | 2592 | (247355) | (13805) | (171556) | (9404) |
| Class 4 | 91459 | 5277 | 8081 | 469 | (44936) | (2531) | 54604 | 3215 |
| Total net increase (decrease) | $189060 | 10756 | $76175 | 4301 | $(636067) | (34529) | $(370832) | (19472) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $82737 | 4519 | $45699 | 2557 | $(168033) | (9099) | $(39597) | (2023) |
| Class 1A | 766 | 43 | 239 | 14 | (637) | (35) | 368 | 22 |
| Class 2 | 58585 | 3367 | 85994 | 5139 | (246897) | (14207) | (102318) | (5701) |
| Class 4 | 41322 | 2398 | 13498 | 810 | (37390) | (2159) | 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | $145430 | 8520 | $(452957) | (25500) | $(124117) | (6653) |

---

Refer to the end of the table(s) for footnote(s).

**357**American Funds Insurance Series

Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $2221332 | 17180 | $1824411 | 14872 | $(2853744) | (22053) | $1191999 | 9999 |
| Class 1A | 118725 | 930 | 30539 | 252 | (115193) | (884) | 34071 | 298 |
| Class 2 | 504023 | 3932 | 1677068 | 13892 | (3177573) | (24443) | (996482) | (6619) |
| Class 3 | 1511 | 12 | 22118 | 178 | (36889) | (277) | (13260) | (87) |
| Class 4 | 1221571 | 9782 | 490866 | 4193 | (372784) | (2965) | 1339653 | 11010 |
| Total net increase (decrease) | $4067162 | 31836 | $4045002 | 33387 | $(6556183) | (50622) | $1555981 | 14601 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $1283657 | 11196 | $554066 | 4995 | $(2581742) | (22564) | $(744019) | (6373) |
| Class 1A | 43180 | 381 | 8596 | 79 | (33697) | (304) | 18079 | 156 |
| Class 2 | 414661 | 3673 | 506251 | 4690 | (3189792) | (28372) | (2268880) | (20009) |
| Class 3 | 1071 | 10 | 6848 | 62 | (32036) | (278) | (24117) | (206) |
| Class 4 | 874214 | 7971 | 107359 | 1032 | (368353) | (3358) | 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | $1183120 | 10858 | $(6205620) | (54876) | $(2405717) | (20787) |
| International Fund |  |  |  |  |  |  |  |  |
| International Fund |  |  |  |  |  |  |  |  |
| International Fund |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;Reinvestments of | &nbsp;&nbsp;&nbsp;Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $123286 | 6300 | $49061 | 2250 | $(619084) | (30505) | $(446737) | (21955) |
| Class 1A | 1909 | 93 | 205 | 10 | (1577) | (80) | 537 | 23 |
| Class 2 | 158584 | 8280 | 44060 | 2025 | (720522) | (36038) | (517878) | (25733) |
| Class 3 | 143 | 7 | 210 | 10 | (1989) | (100) | (1636) | (83) |
| Class 4 | 72454 | 3758 | 6153 | 287 | (59496) | (3027) | 19111 | 1018 |
| Total net increase (decrease) | $356376 | 18438 | $99689 | 4582 | $(1402668) | (69750) | $(946603) | (46730) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $103818 | 5617 | $46267 | 2445 | $(505047) | (27104) | $(354962) | (19042) |
| Class 1A | 2421 | 132 | 158 | 9 | (2072) | (114) | 507 | 27 |
| Class 2 | 294279 | 16201 | 40220 | 2136 | (554239) | (30168) | (219740) | (11831) |
| Class 3 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | 191 | 10 | (2572) | (137) | (2379) | (127) |
| Class 4 | 64019 | 3511 | 4485 | 242 | (49713) | (2726) | 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | $91321 | 4842 | $(1113643) | (60249) | $(557783) | (29946) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **358**

New World Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) |  |
| Share class | Amount | &nbsp;&nbsp;Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $158509 | 5359 | $103852 | 3572 | $(340861) | (11604) | $(78500) | (2673) |
| Class 1A | 18473 | 602 | 822 | 28 | (2946) | (103) | 16349 | 527 |
| Class 2 | 114042 | 3791 | 43585 | 1527 | (173334) | (5988) | (15707) | (670) |
| Class 4 | 92171 | 3197 | 44726 | 1588 | (148239) | (5158) | (11342) | (373) |
| Total net increase (decrease) | $383195 | 12949 | $192985 | 6715 | $(665380) | (22853) | $(89200) | (3189) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $211139 | 7770 | $37940 | 1389 | $(310526) | (11467) | $(61447) | (2308) |
| Class 1A | 2546 | 92 | 216 | 8 | (1406) | (52) | 1356 | 48 |
| Class 2 | 97709 | 3717 | 15121 | 562 | (163082) | (6131) | (50252) | (1852) |
| Class 4 | 79272 | 3006 | 13389 | 502 | (106780) | (4055) | (14119) | (547) |
| Total net increase (decrease) | $390666 | 14585 | $66666 | 2461 | $(581794) | (21705) | $(124462) | (4659) |

---

Washington Mutual Investors Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $140928 | 8311 | $526965 | 31376 | $(1006677) | (57564) | $(338784) | (17877) |
| Class 1A | 6301 | 363 | 2764 | 166 | (2905) | (165) | 6160 | 364 |
| Class 2 | 90385 | 5278 | 251281 | 15319 | (430673) | (25241) | (89007) | (4644) |
| Class 4 | 377965 | 22441 | 164617 | 10176 | (110363) | (6612) | 432219 | 26005 |
| Total net increase (decrease) | $615579 | 36393 | $945627 | 57037 | $(1550618) | (89582) | $10588 | 3848 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $87079 | 5408 | $161220 | 9874 | $(948618) | (58997) | $(700319) | (43715) |
| Class 1A | 4491 | 279 | 628 | 38 | (3232) | (205) | 1887 | 112 |
| Class 2 | 56060 | 3529 | 71557 | 4484 | (477590) | (30368) | (349973) | (22355) |
| Class 4 | 260219 | 16589 | 36302 | 2301 | (99151) | (6416) | 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | $269707 | 16697 | $(1528591) | (95986) | $(851035) | (53484) |

---

U.S. Small and Mid Cap Equity Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;Reinvestments of | &nbsp;&nbsp;&nbsp;&nbsp;Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares |  | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $94466 | 8554 | $364 | 32 | $ | $(8030) | (726) | $86800 | $86800 | 7860 |
| Class 1A |  |  | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  |  | —<sup>2</sup> | —<sup>2</sup> |
| Class 2 |  |  | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  |  | —<sup>2</sup> | —<sup>2</sup> |
| Class 4 | 14686 | 1364 | 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |  | (19609) | (1843) |  | (4890) | (476) |
| Total net increase (decrease) | $109152 | 9918 | $397 | 35 | $(27639) | $(27639) | (2569) | $81910 | $81910 | 7384 |
| For the period November 15, 2024<sup>3</sup> to December 31, 2024 | For the period November 15, 2024<sup>3</sup> to December 31, 2024 | For the period November 15, 2024<sup>3</sup> to December 31, 2024 | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |  |  |  |  |  |  |
| Class 1 | $10 | 1 | $—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | $ | $— |  | &nbsp;&nbsp;&nbsp;$ | $10 | 1 |
| Class 1A | 10 | 1 | —2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—2 |  |  |  |  | 10 | 1 |
| Class 2 | 10 | 1 | —<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—2 |  |  |  |  | 10 | 1 |
| Class 4 | 14970 | 1497 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |  |  |  |  | 14983 | 1498 |
| Total net increase (decrease) | $15000 | 1500 | $13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $ | $— |  | $15013 | $15013 | 1501 |

---

Refer to the end of the table(s) for footnote(s).

**359**American Funds Insurance Series

Capital World Growth and Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $61144 | 3871 | $30791 | 1846 | $(173302) | (10431) | $(81367) | (4714) |
| Class 1A | 1669 | 101 | 519 | 31 | (625) | (37) | 1563 | 95 |
| Class 2 | 28763 | 1702 | 51975 | 3135 | (185399) | (11041) | (104661) | (6204) |
| Class 4 | 58603 | 3584 | 15355 | 952 | (32104) | (1961) | 41854 | 2575 |
| Total net increase (decrease) | $150179 | 9258 | $98640 | 5964 | $(391430) | (23470) | $(142611) | (8248) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $61832 | 4046 | $11187 | 709 | $(124340) | (8176) | $(51321) | (3421) |
| Class 1A | 1263 | 86 | 144 | 9 | (793) | (51) | 614 | 44 |
| Class 2 | 14751 | 970 | 17039 | 1085 | (177803) | (11812) | (146013) | (9757) |
| Class 4 | 31604 | 2138 | 3943 | 258 | (30478) | (2080) | 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | $32313 | 2061 | $(333414) | (22119) | $(191651) | (12818) |
| Growth-Income Fund |  |  |  |  |  |  |  |  |
| Growth-Income Fund |  |  |  |  |  |  |  |  |
| Growth-Income Fund |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $684973 | 10461 | $4387256 | 72937 | $(3619605) | (54457) | $1452624 | 28941 |
| Class 1A | 6675 | 102 | 8152 | 137 | (4519) | (68) | 10308 | 171 |
| Class 2 | 125378 | 1919 | 2468820 | 42004 | (1981266) | (30316) | 612932 | 13607 |
| Class 3 | 1554 | 24 | 26641 | 442 | (19918) | (294) | 8277 | 172 |
| Class 4 | 408921 | 6393 | 520690 | 9074 | (327755) | (5109) | 601856 | 10358 |
| Total net increase (decrease) | $1227501 | 18899 | $7411559 | 124594 | $(5953063) | (90244) | $2685997 | 53249 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $332044 | 5020 | $1360424 | 21268 | $(3357393) | (51220) | $(1664925) | (24932) |
| Class 1A | 5383 | 81 | 2198 | 35 | (5242) | (81) | 2339 | 35 |
| Class 2 | 113447 | 1761 | 760811 | 12154 | (2068284) | (32090) | (1194026) | (18175) |
| Class 3 | 313 | 5 | 8392 | 131 | (19777) | (301) | (11072) | (165) |
| Class 4 | 332452 | 5218 | 131545 | 2144 | (199130) | (3142) | 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | $2263370 | 35732 | $(5649826) | (86834) | $(2602817) | (39017) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **360**

International Growth and Income Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares | Amount | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $21760 | $21760 | 1847 | $836 | 64 | $(11542) | $(11542) | (986) | $11054 | $11054 | 925 |
| Class 1A |  | 1735 | 146 | 211 | 17 |  | (982) | (83) |  | 964 | 80 |
| Class 2 |  | 6438 | 538 | 4052 | 319 |  | (32846) | (2832) |  | (22356) | (1975) |
| Class 4 |  | 40773 | 3574 | 4102 | 330 |  | (56151) | (4650) |  | (11276) | (746) |
| Total net increase (decrease) | $70706 | $70706 | 6105 | $9201 | 730 | $(101521) | $(101521) | (8551) | $(21614) | $(21614) | (1716) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $3051 | 287 | $461 | 43 | $ | $(1958) | (184) | $ | $1554 | 146 |
| Class 1A |  | 950 | 92 | 156 | 15 |  | (1296) | (129) |  | (190) | (22) |
| Class 2 |  | 5039 | 489 | 3897 | 378 |  | (25957) | (2509) |  | (17021) | (1642) |
| Class 4 |  | 22262 | 2198 | 3583 | 353 |  | (19235) | (1887) |  | 6610 | 664 |
| Total net increase (decrease) | $31302 | $31302 | 3066 | $8097 | 789 | $ | $(48446) | (4709) | $ | $(9047) | (854) |
| Capital Income Builder |  |  |  |  |  |  |  |  |  |  |  |
| Capital Income Builder |  |  |  |  |  |  |  |  |  |  |  |
| Capital Income Builder |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $85393 | 6373 | $25206 | 1809 | $ | $(99423) | (7387) | $11176 | $11176 | 795 |
| Class 1A |  | 2260 | 165 | 416 | 30 |  | (1912) | (141) |  | 764 | 54 |
| Class 2 |  | 2677 | 195 | 618 | 44 |  | (1985) | (147) |  | 1310 | 92 |
| Class 4 | 124148 | 124148 | 9183 | 19776 | 1420 |  | (100988) | (7397) |  | 42936 | 3206 |
| Total net increase (decrease) | $214478 | $214478 | 15916 | $46016 | 3303 | $(204308) | $(204308) | (15072) | $56186 | $56186 | 4147 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $55004 | 4532 | $25389 | 2057 | $ | $(74884) | (6100) | $5509 | $5509 | 489 |
| Class 1A |  | 1738 | 141 | 397 | 32 |  | (825) | (68) |  | 1310 | 105 |
| Class 2 |  | 3421 | 272 | 575 | 47 |  | (1546) | (126) |  | 2450 | 193 |
| Class 4 |  | 82282 | 6662 | 19315 | 1565 |  | (75684) | (6165) |  | 25913 | 2062 |
| Total net increase (decrease) | $142445 | $142445 | 11607 | $45676 | 3701 | $(152939) | $(152939) | (12459) | $35182 | $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

**361**American Funds Insurance Series

Asset Allocation Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $294441 | 11354 | $1457889 | 56910 | $(2784021) | (104912) | $(1031691) | (36648) |
| Class 1A | 12382 | 473 | 4101 | 161 | (5261) | (199) | 11222 | 435 |
| Class 2 | 79938 | 3065 | 392837 | 15618 | (657596) | (25193) | (184821) | (6510) |
| Class 3 | 598 | 23 | 2965 | 116 | (2207) | (84) | 1356 | 55 |
| Class 4 | 385083 | 14916 | 612040 | 24612 | (768899) | (29799) | 228224 | 9729 |
| Total net increase (decrease) | $772442 | 29831 | $2469832 | 97417 | $(4217984) | (160187) | $(975710) | (32939) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $189766 | 7473 | $1052819 | 42339 | $(2193455) | (86366) | $(950870) | (36554) |
| Class 1A | 9384 | 373 | 2270 | 91 | (5272) | (211) | 6382 | 253 |
| Class 2 | 63147 | 2538 | 280024 | 11458 | (646053) | (25867) | (302882) | (11871) |
| Class 3 | 546 | 22 | 2019 | 81 | (3219) | (128) | (654) | (25) |
| Class 4 | 595855 | 24315 | 406136 | 16791 | (703265) | (28339) | 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | $1743268 | 70760 | $(3551264) | (140911) | $(949298) | (35430) |

---

American Funds Global Balanced Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  | Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class | Amount | Shares |  | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $6531 | 484 | &nbsp;&nbsp;&nbsp;$ | $5082 | 376 | $(20431) | (1505) | $ | $(8818) | (645) |
| Class 1A | 829 | 60 |  | 212 | 16 | (593) | (44) |  | 448 | 32 |
| Class 2 | 4258 | 313 |  | 7557 | 564 | (29048) | (2132) |  | (17233) | (1255) |
| Class 4 | 52129 | 3887 |  | 8574 | 652 | (21417) | (1605) |  | 39286 | 2934 |
| Total net increase (decrease) | $63747 | 4744 | $21425 | $21425 | 1608 | $(71489) | (5286) | $ | $13683 | 1066 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $5008 | 386 | &nbsp;&nbsp;&nbsp;$ | $1963 | 149 | $(13832) | (1065) | $ | $(6861) | (530) |
| Class 1A | 1071 | 82 |  | 64 | 5 | (316) | (25) |  | 819 | 62 |
| Class 2 | 5061 | 388 |  | 2714 | 208 | (26779) | (2070) |  | (19004) | (1474) |
| Class 4 | 23792 | 1863 |  | 2307 | 180 | (15540) | (1226) |  | 10559 | 817 |
| Total net increase (decrease) | $34932 | 2719 | &nbsp;&nbsp;&nbsp;$ | $7048 | 542 | $(56467) | (4386) | $(14487) | $(14487) | (1125) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **362**

The Bond Fund of America

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $967884 | 101560 | $301425 | 31796 | $(1549531) | (162304) | $(280222) | (28948) |
| Class 1A | 78228 | 8287 | 12103 | 1287 | (20799) | (2206) | 69532 | 7368 |
| Class 2 | 95476 | 10155 | 115204 | 12362 | (327900) | (34938) | (117220) | (12421) |
| Class 4 | 277694 | 29681 | 56394 | 6089 | (125920) | (13500) | 208168 | 22270 |
| Total net increase (decrease) | $1419282 | 149683 | $485126 | 51534 | $(2024150) | (212948) | $(119742) | (11731) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $997057 | 104811 | $303806 | 32314 | $(1023095) | (106864) | $277768 | 30261 |
| Class 1A | 30267 | 3210 | 8908 | 955 | (69212) | (7414) | (30037) | (3249) |
| Class 2 | 118960 | 12741 | 115243 | 12454 | (268162) | (28438) | (33959) | (3243) |
| Class 4 | 297378 | 31907 | 45913 | 4990 | (82229) | (8801) | 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | $473870 | 50713 | $(1442698) | (151517) | $474834 | 51865 |
| Capital World Bond Fund |  |  |  |  |  |  |  |  |
| Capital World Bond Fund |  |  |  |  |  |  |  |  |
| Capital World Bond Fund |  |  |  |  |  |  |  |  |
|  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | Net increase | Net increase |
|  | Sales<sup>1</sup> |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class 1 | $81146 | 7964 | $19172 | 1887 | $(113554) | (11168) | $(13236) | (1317) |
| Class 1A | 6629 | 658 | 837 | 83 | (19119) | (1921) | (11653) | (1180) |
| Class 2 | 78645 | 7818 | 22086 | 2199 | (148416) | (14851) | (47685) | (4834) |
| Class 4 | 24427 | 2456 | 2211 | 224 | (9368) | (946) | 17270 | 1734 |
| Total net increase (decrease) | $190847 | 18896 | $44306 | 4393 | $(290457) | (28886) | $(55304) | (5597) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class 1 | $50423 | 5049 | $15387 | 1561 | $(110677) | (11006) | $(44867) | (4396) |
| Class 1A | 39370 | 4030 | 983 | 100 | (1586) | (160) | 38767 | 3970 |
| Class 2 | 107727 | 10975 | 16410 | 1683 | (141037) | (14229) | (16900) | (1571) |
| Class 4 | 13021 | 1348 | 1135 | 119 | (7549) | (775) | 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | $33915 | 3463 | $(260849) | (26170) | $(16393) | (1305) |

---

Refer to the end of the table(s) for footnote(s).

**363**American Funds Insurance Series

American High-Income Trust

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Shares |  | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $34287 | 3728 | $16202 | 1746 | $ | $(29101) | (3085) | $21388 | $21388 | 2389 |
| Class 1A |  | 5913 | 617 | 438 | 47 |  | (1640) | (174) |  | 4711 | 490 |
| Class 2 |  | 34261 | 3735 | 34272 | 3796 |  | (79188) | (8621) | (10655) | (10655) | (1090) |
| Class 3 |  | 292 | 31 | 495 | 53 |  | (1072) | (113) |  | (285) | (29) |
| Class 4 | 121429 | 121429 | 11743 | 12704 | 1244 |  | (57610) | (5614) |  | 76523 | 7373 |
| Total net increase (decrease) | $196182 | $196182 | 19854 | $64111 | 6886 | $(168611) | $(168611) | (17607) | $91682 | $91682 | 9133 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $9340 | 1009 | $15096 | 1627 | $ | $(25253) | (2709) | &nbsp;&nbsp;&nbsp;$ | $(817) | (73) |
| Class 1A |  | 996 | 107 | 199 | 21 |  | (720) | (77) |  | 475 | 51 |
| Class 2 |  | 18069 | 1979 | 35146 | 3885 |  | (64581) | (7119) | (11366) | (11366) | (1255) |
| Class 3 |  | 151 | 16 | 529 | 57 |  | (1201) | (130) |  | (521) | (57) |
| Class 4 |  | 93982 | 9271 | 8335 | 821 |  | (55362) | (5531) |  | 46955 | 4561 |
| Total net increase (decrease) | $122538 | $122538 | 12382 | $59305 | 6411 | $(147117) | $(147117) | (15566) | $34726 | $34726 | 3227 |
| American Funds Mortgage Fund |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Sales<sup>1</sup> |  | Reinvestments of | Reinvestments of |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | Sales<sup>1</sup> |  | distributions | distributions |  | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Shares |  | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $422 | 45 | $803 | 85 | $ | $(161) | (17) | $1064 | $1064 | 113 |
| Class 1A |  | 765 | 83 | 136 | 15 |  | (381) | (41) |  | 520 | 57 |
| Class 2 |  | 2443 | 262 | 1703 | 184 |  | (6870) | (736) |  | (2724) | (290) |
| Class 4 |  | 17888 | 1929 | 2473 | 270 |  | (8887) | (963) |  | 11474 | 1236 |
| Total net increase (decrease) | $21518 | $21518 | 2319 | $5115 | 554 | $(16299) | $(16299) | (1757) | $10334 | $10334 | 1116 |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $170 | 18 | $804 | 87 | $ | $(279) | (30) | &nbsp;&nbsp;&nbsp;$ | $695 | 75 |
| Class 1A |  | 976 | 105 | 121 | 13 |  | (195) | (21) |  | 902 | 97 |
| Class 2 |  | 3228 | 349 | 1928 | 211 |  | (5636) | (603) |  | (480) | (43) |
| Class 4 |  | 18316 | 1981 | 2148 | 239 |  | (14351) | (1539) |  | 6113 | 681 |
| Total net increase (decrease) | $22690 | $22690 | 2453 | $5001 | 550 | $(20461) | $(20461) | (2193) | &nbsp;&nbsp;&nbsp;$ | $7230 | 810 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **364**

Ultra-Short Bond Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares |  | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $12058 | 1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $1510 | 134 | $(16422) | (1436) | $ | $(2854) | (251) |
| Class 1A |  |  |  |  | 5 | —<sup>2</sup> |  |  |  | 5 | —<sup>2</sup> |
| Class 2 |  | 56142 | 5069 |  | 9131 | 838 | (94607) | (8552) |  | (29334) | (2645) |
| Class 3 |  | 305 | 27 |  | 156 | 14 | (904) | (81) |  | (443) | (40) |
| Class 4 |  | 54897 | 4953 |  | 2138 | 195 | (54897) | (4931) |  | 2138 | 217 |
| Total net increase (decrease) | $123402 | $123402 | 11100 | $12940 | $12940 | 1181 | $(166830) | (15000) | $(30488) | $(30488) | (2719) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $16477 | 1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ | $1996 | 176 | $(20160) | (1740) | $ | $(1687) | (135) |
| Class 1A |  |  |  |  | 6 | 1 |  |  |  | 6 | 1 |
| Class 2 |  | 57235 | 5128 |  | 12858 | 1175 | (97431) | (8724) |  | (27338) | (2421) |
| Class 3 |  | 370 | 32 |  | 204 | 19 | (841) | (74) |  | (267) | (23) |
| Class 4 |  | 19303 | 1714 |  | 2569 | 233 | (26048) | (2325) |  | (4176) | (378) |
| Total net increase (decrease) | $ | $93385 | 8303 | $17633 | $17633 | 1604 | $(144480) | (12863) | $(33462) | $(33462) | (2956) |
| U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | Reinvestments of | Reinvestments of | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | Net increase | Net increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> |  |  | distributions | distributions | Repurchases<sup>1</sup> | Repurchases<sup>1</sup> |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares |  | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $69757 | 7044 | $11280 | $11280 | 1145 | $(96647) | (9743) | $(15610) | $(15610) | (1554) |
| Class 1A |  | 34073 | 3475 | 12377 | 12377 | 1264 | (41345) | (4222) |  | 5105 | 517 |
| Class 2 | 118543 | 118543 | 12052 | 44750 | 44750 | 4609 | (191505) | (19527) |  | (28212) | (2866) |
| Class 3 |  | 420 | 42 |  | 212 | 22 | (877) | (88) |  | (245) | (24) |
| Class 4 | 114384 | 114384 | 11659 | 10129 | 10129 | 1045 | (86038) | (8789) |  | 38475 | 3915 |
| Total net increase (decrease) | $337177 | $337177 | 34272 | $78748 | $78748 | 8085 | $(416412) | (42369) | $ | $(487) | (12) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class 1 | $ | $68973 | 6957 | $10757 | $10757 | 1108 | $(60235) | (6083) | $ | $19495 | 1982 |
| Class 1A | 283124 | 283124 | 28940 | 11344 | 11344 | 1174 | (6503) | (659) | 287965 | 287965 | 29455 |
| Class 2 | 101793 | 101793 | 10487 | 42550 | 42550 | 4440 | (132491) | (13544) |  | 11852 | 1383 |
| Class 3 |  | 881 | 89 |  | 204 | 21 | (1780) | (181) |  | (695) | (71) |
| Class 4 |  | 72367 | 7407 |  | 7920 | 827 | (45157) | (4667) |  | 35130 | 3567 |
| Total net increase (decrease) | $527138 | $527138 | 53880 | $72775 | $72775 | 7570 | $(246166) | (25134) | $353747 | $353747 | 36316 |
| Managed Risk Growth Fund |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Reinvestments of | Reinvestments of |  |  |  | Net increase | Net increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |  | distributions | distributions | Repurchases | Repurchases |  | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $906 | 67 | &nbsp;&nbsp;&nbsp;&nbsp;$ | $806 | 62 | $(2055) | (151) | $ | $(343) | (22) |
| Class P2 |  | 11175 | 851 | 27821 | 27821 | 2164 | (95981) | (7085) | (56985) | (56985) | (4070) |
| Total net increase (decrease) | $12081 | $12081 | 918 | $28627 | $28627 | 2226 | $(98036) | (7236) | $(57328) | $(57328) | (4092) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $974 | 79 | &nbsp;&nbsp;&nbsp;&nbsp;$ | $93 | 8 | $(2663) | (220) | $ | $(1596) | (133) |
| Class P2 |  | 10767 | 875 |  | 2326 | 197 | (100353) | (8347) | (87260) | (87260) | (7275) |
| Total net increase (decrease) | $11741 | $11741 | 954 | &nbsp;&nbsp;&nbsp;&nbsp;$ | $2419 | 205 | $(103016) | (8567) | $(88856) | $(88856) | (7408) |

---

Refer to the end of the table(s) for footnote(s).

**365**American Funds Insurance Series

Managed Risk International Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Reinvestments of | Reinvestments of |  |  |  | Net increase | Net increase |
|  | Sales |  | distributions | distributions | Repurchases | Repurchases |  | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |
| Class P1 | $128 | 15 | $30 | 4 | $(215) | (25) | $ | $(57) | (6) |
| Class P2 | 3091 | 371 | 1450 | 178 | (20067) | (2311) |  | (15526) | (1762) |
| Total net increase (decrease) | $3219 | 386 | $1480 | 182 | $(20282) | (2336) | $(15583) | $(15583) | (1768) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class P1 | $146 | 17 | $29 | 3 | $(232) | (27) | $ | $(57) | (7) |
| Class P2 | 5087 | 599 | 1532 | 174 | (14961) | (1722) |  | (8342) | (949) |
| Total net increase (decrease) | $5233 | 616 | $1561 | 177 | $(15193) | (1749) | $ | $(8399) | (956) |
| Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |  |  |  |  |  |  |  |  |
|  |  |  | Reinvestments of | Reinvestments of |  |  |  | Net increase | Net increase |
|  | Sales |  | distributions | distributions | Repurchases | Repurchases |  | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares |  | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |
| Class P1 | $169 | 14 | $58 | 5 | $(347) | (29) | $ | $(120) | (10) |
| Class P2 | 6854 | 561 | 5902 | 497 | (45769) | (3770) |  | (33013) | (2712) |
| Total net increase (decrease) | $7023 | 575 | $5960 | 502 | $(46116) | (3799) | $(33133) | $(33133) | (2722) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class P1 | $290 | 26 | $53 | 5 | $(607) | (54) | $ | $(264) | (23) |
| Class P2 | 6900 | 617 | 5422 | 490 | (51492) | (4594) |  | (39170) | (3487) |
| Total net increase (decrease) | $7190 | 643 | $5475 | 495 | $(52099) | (4648) | $(39434) | $(39434) | (3510) |

---

Managed Risk Growth-Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Reinvestments of | Reinvestments of |  |  | Net increase | Net increase |
|  | Sales |  | distributions | distributions | Repurchases | Repurchases | (decrease) | (decrease) |
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |
| Class P1 | $28162 | 1984 | $112468 | 8142 | $(296821) | (20511) | $(156191) | (10385) |
| Class P2 | 3550 | 249 | 15647 | 1145 | (47556) | (3301) | (28359) | (1907) |
| Total net increase (decrease) | $31712 | 2233 | $128115 | 9287 | $(344377) | (23812) | $(184550) | (12292) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |
| Class P1 | $16125 | 1168 | $58164 | 4309 | $(346171) | (25246) | $(271882) | (19769) |
| Class P2 | 4069 | 297 | 7744 | 582 | (53124) | (3920) | (41311) | (3041) |
| Total net increase (decrease) | $20194 | 1465 | $65908 | 4891 | $(399295) | (29166) | $(313193) | (22810) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **366**

![](glif0vpyk5o1cbqkkbz33.jpg)

Managed Risk Asset Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Reinvestments of | Reinvestments of |  |  | Net increase | Net increase |
|  |  | Sales |  | distributions | distributions | Repurchases | Repurchases | (decrease) | (decrease) |
| Share class |  | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares |
| Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $26 | 2 | $1070 | 86 | $(494) | (38) | $602 | 50 |
| Class P2 |  | 18388 | 1464 | 167196 | 13947 | (771163) | (60543) | (585579) | (45132) |
| Total net increase (decrease) | $18414 | $18414 | 1466 | $168266 | 14033 | $(771657) | (60581) | $(584977) | (45082) |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Class P1 | $ | $1509 | 116 | $365 | 29 | $(1325) | (108) | $549 | 37 |
| Class P2 |  | 32478 | 2619 | 68762 | 5709 | (396241) | (32260) | (295001) | (23932) |
| Total net increase (decrease) | $33987 | $33987 | 2735 | $69127 | 5738 | $(397566) | (32368) | $(294452) | (23895) |

---

<sup>1</sup>Includes exchanges between share classes of the fund.

<sup>2</sup>Amount less than one thousand.

<sup>3</sup>Commencement of operations.

11. Ownership concentration

At December 31, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 16% and 12% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 16% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, American Funds Insurance Series - Managed Risk Growth Portfolio held aggregate ownership of 88% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

12. Investment transactions and other disclosures

The following tables present additional information for each fund for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Global |  |  |  | Washington |
|  | Global | Small |  |  | New | Mutual |
|  | Growth | Capitalization | Growth | International | World | Investors |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $3656642 | $1452423 | $13253467 | $4365483 | $1743062 | $4143311 |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 4157232 | 1904785 | 15938916 | 5008755 | 1945071 | 4942962 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on dividend income | 6075 | 1809 | 5326 | 13842 | 6486 | 1223 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes (refunded) paid on interest |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income | 13 | (4) |  |  | 73 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes refunded (paid) on realized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains | (575) | 6710 |  | 10979 | 6156 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes provided on unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation | 4050 | 16423 |  | 26206 | 18398 |  |

---

Refer to the end of the table(s) for footnote(s).

**367**American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Capital |  |  |  |  |
|  | U.S. Small | World |  | International |  |  |
|  | and Mid | Growth | Growth- | Growth | Capital | Asset |
|  | Cap Equity | and Income | Income | and Income | Income | Allocation |
|  | Fund | Fund | Fund | Fund | Builder | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $120447 | $858369 | $10813388 | $175002 | $768196 | $19856310 |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 40880 | 1049450 | 14833476 | 191476 | 769516 | 23654064 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on dividend income |  | 1944 | 4363 | 879 | 1935 | 4168 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes (refunded) paid on interest |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income |  | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes refunded (paid) on realized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains |  | 170 |  | 27 | 150 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes provided on unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation |  | 679 |  | 253 | 427 |  |
|  | American |  |  |  |  |  |
|  | Funds |  |  |  | American |  |
|  | Global | The Bond | Capital | American | Funds | Ultra-Short |
|  | Balanced | Fund | World Bond | High-Income | Mortgage | Bond |
|  | Fund | of America | Fund | Trust | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $317783 | $12490283 | $1356541 | $445624 | $450360 | $— |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 335715 | 13383953 | 1521836 | 359070 | 448538 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes paid on dividend income | 359 |  |  | (9) |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes (refunded) paid on interest |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income | 2 | 8 | 65 |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes refunded (paid) on realized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains | 163 |  | 384 |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes provided on unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation | 166 |  | 133 |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Managed |  |  |
|  |  |  |  | Risk | Managed | Managed |
|  | U.S. | Managed | Managed | Washington | Risk | Risk |
|  | Government | Risk | Risk | Mutual | Growth- | Asset |
|  | Securities | Growth | International | Investors | Income | Allocation |
|  | Fund | Fund | Fund | Fund | Fund | Fund |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities\* | $3759879 | $157397 | $17979 | $65380 | $583778 | $267997 |
| &nbsp;&nbsp;&nbsp;Sales of investment securities\* | 3982540 | 225452 | 40733 | 93964 | 664906 | 889458 |

---

\*Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

American Funds Insurance Series **368**

![](gm4fy4mcjxqp4995kqmlz.jpg)

Financial highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

Global Growth Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $36.91 | $.44 | $6.92 | $7.36 | $(.60) | $(4.88) | $(5.48) | $38.79 | 21.98% | $4115 | .52% | .42% | 1.18% |
| 12/31/2024 | 33.92 | .44 | 4.29 | 4.73 | (.67) | (1.07) | (1.74) | 36.91 | 13.94 | 3589 | .52 | .41 | 1.20 |
| 12/31/2023 | 30.18 | .36 | 6.30 | 6.66 | (.37) | (2.55) | (2.92) | 33.92 | 22.91 | 3418 | .52 | .41 | 1.13 |
| 12/31/2022 | 45.46 | .34 | (11.34) | (11.00) | (.31) | (3.97) | (4.28) | 30.18 | (24.54) | 3104 | .53 | .46 | 1.01 |
| 12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36.70 | .30 | 6.90 | 7.20 | (.55) | (4.88) | (5.43) | 38.47 | 21.63 | 66 | .77 | .67 | .81 |
| 12/31/2024 | 33.74 | .35 | 4.26 | 4.61 | (.58) | (1.07) | (1.65) | 36.70 | 13.67 | 20 | .77 | .66 | .95 |
| 12/31/2023 | 30.04 | .28 | 6.26 | 6.54 | (.29) | (2.55) | (2.84) | 33.74 | 22.60 | 18 | .77 | .66 | .88 |
| 12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
| 12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36.37 | .34 | 6.79 | 7.13 | (.51) | (4.88) | (5.39) | 38.11 | 21.62 | 3725 | .77 | .67 | .93 |
| 12/31/2024 | 33.44 | .35 | 4.22 | 4.57 | (.57) | (1.07) | (1.64) | 36.37 | 13.68 | 3512 | .77 | .66 | .95 |
| 12/31/2023 | 29.79 | .28 | 6.21 | 6.49 | (.29) | (2.55) | (2.84) | 33.44 | 22.60 | 3522 | .77 | .66 | .88 |
| 12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
| 12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 35.93 | .24 | 6.70 | 6.94 | (.44) | (4.88) | (5.32) | 37.55 | 21.34 | 1225 | 1.02 | .92 | .67 |
| 12/31/2024 | 33.08 | .25 | 4.18 | 4.43 | (.51) | (1.07) | (1.58) | 35.93 | 13.39 | 937 | 1.02 | .91 | .69 |
| 12/31/2023 | 29.51 | .20 | 6.14 | 6.34 | (.22) | (2.55) | (2.77) | 33.08 | 22.29 | 732 | 1.02 | .91 | .63 |
| 12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
| 12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |

---

Refer to the end of the table(s) for footnote(s).

**369**American Funds Insurance Series

![](gxfypkmw2go3mc1dh3gw8.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

Global Small Capitalization Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $18.15 | $.16 | $2.50 | $2.66 | $(.10) | $(.40) | $(.50) | $20.31 | 14.89% | $784 | .70% | .65% | .84% |
| 12/31/2024 | 18.57 | .12 | .34 | .46 | (.23) | (.65) | (.88) | 18.15 | 2.59 | 942 | .70 | .67 | .66 |
| 12/31/2023 | 16.22 | .11 | 2.53 | 2.64 | (.08) | (.21) | (.29) | 18.57 | 16.45 | 1001 | .70 | .65 | .63 |
| 12/31/2022 | 34.17 | .05 | (9.50) | (9.45) |  | (8.50) | (8.50) | 16.22 | (29.37) | 916 | .72 | .69 | .24 |
| 12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.88 | .11 | 2.46 | 2.57 | (.06) | (.40) | (.46) | 19.99 | 14.63 | 6 | .95 | .90 | .58 |
| 12/31/2024 | 18.31 | .07 | .34 | .41 | (.19) | (.65) | (.84) | 17.88 | 2.34 | 5 | .95 | .92 | .40 |
| 12/31/2023 | 16.00 | .06 | 2.50 | 2.56 | (.04) | (.21) | (.25) | 18.31 | 16.15 | 5 | .95 | .90 | .38 |
| 12/31/2022 | 33.93 | —<sup>4</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.05 | .10 | 2.35 | 2.45 | (.06) | (.40) | (.46) | 19.04 | 14.64 | 1757 | .95 | .90 | .58 |
| 12/31/2024 | 17.50 | .07 | .32 | .39 | (.19) | (.65) | (.84) | 17.05 | 2.33 | 1733 | .95 | .92 | .41 |
| 12/31/2023 | 15.30 | .06 | 2.39 | 2.45 | (.04) | (.21) | (.25) | 17.50 | 16.17 | 1879 | .95 | .90 | .38 |
| 12/31/2022 | 32.94 | —<sup>4</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.01 | .05 | 2.35 | 2.40 | (.04) | (.40) | (.44) | 18.97 | 14.33 | 407 | 1.20 | 1.15 | .31 |
| 12/31/2024 | 17.46 | .03 | .32 | .35 | (.15) | (.65) | (.80) | 17.01 | 2.12 | 310 | 1.20 | 1.17 | .15 |
| 12/31/2023 | 15.28 | .02 | 2.37 | 2.39 | —<sup>4</sup> | (.21) | (.21) | 17.46 | 15.79 | 300 | 1.20 | 1.15 | .13 |
| 12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
| 12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **370**

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

Growth Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $127.47 | $.36 | $24.17 | $24.53 | $(.33) | $(10.61) | $(10.94) | $141.06 | 20.54% | $25168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.34% | .27% |
| 12/31/2024 | 99.44 | .51 | 30.78 | 31.29 | (.67) | (2.59) | (3.26) | 127.47 | 31.96 | 21469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.34 | .45 |
| 12/31/2023 | 76.29 | .57 | 28.16 | 28.73 | (.54) | (5.04) | (5.58) | 99.44 | 38.81 | 17382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35 | .65 |
| 12/31/2022 | 127.58 | .58 | (37.03) | (36.45) | (.53) | (14.31) | (14.84) | 76.29 | (29.75) | 13660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.35 | .64 |
| 12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.34 | .37 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 126.11 | .03 | 23.86 | 23.89 | (.21) | (10.61) | (10.82) | 139.18 | 20.24 | 458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .02 |
| 12/31/2024 | 98.46 | .22 | 30.43 | 30.65 | (.41) | (2.59) | (3.00) | 126.11 | 31.61 | 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .20 |
| 12/31/2023 | 75.61 | .35 | 27.88 | 28.23 | (.34) | (5.04) | (5.38) | 98.46 | 38.47 | 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .40 |
| 12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .45 |
| 12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .13 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 125.79 | .03 | 23.80 | 23.83 | (.21) | (10.61) | (10.82) | 138.80 | 20.24 | 21576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .02 |
| 12/31/2024 | 98.20 | .22 | 30.34 | 30.56 | (.38) | (2.59) | (2.97) | 125.79 | 31.61 | 20386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .20 |
| 12/31/2023 | 75.41 | .35 | 27.80 | 28.15 | (.32) | (5.04) | (5.36) | 98.20 | 38.49 | 17879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .40 |
| 12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | .38 |
| 12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.59 | .12 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128.88 | .13 | 24.42 | 24.55 | (.22) | (10.61) | (10.83) | 142.60 | 20.32 | 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | .09 |
| 12/31/2024 | 100.54 | .30 | 31.09 | 31.39 | (.46) | (2.59) | (3.05) | 128.88 | 31.70 | 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | .27 |
| 12/31/2023 | 77.09 | .42 | 28.45 | 28.87 | (.38) | (5.04) | (5.42) | 100.54 | 38.56 | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .47 |
| 12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .45 |
| 12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | .19 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 122.38 | (.29) | 23.08 | 22.79 | (.17) | (10.61) | (10.78) | 134.39 | 19.93 | 7184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84 | (.23) |
| 12/31/2024 | 95.70 | (.06) | 29.52 | 29.46 | (.19) | (2.59) | (2.78) | 122.38 | 31.29 | 5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84 | (.06) |
| 12/31/2023 | 73.64 | .13 | 27.12 | 27.25 | (.15) | (5.04) | (5.19) | 95.70 | 38.13 | 3522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | .15 |
| 12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | .14 |
| 12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.84 | (.13) |

---

Refer to the end of the table(s) for footnote(s).

**371**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

International Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $17.84 | $.35 | $4.47 | $4.82 | $(.33) | $— | $(.33) | $22.33 | 27.04% | $3364 | .53% | 1.79% |
| 12/31/2024 | 17.50 | .23 | .38 | .61 | (.27) |  | (.27) | 17.84 | 3.40 | 3080 | .52 | 1.26 |
| 12/31/2023 | 15.31 | .25 | 2.20 | 2.45 | (.26) |  | (.26) | 17.50 | 16.12 | 3353 | .53 | 1.50 |
| 12/31/2022 | 22.70 | .34 | (4.79) | (4.45) | (.34) | (2.60) | (2.94) | 15.31 | (20.57) | 3157 | .54 | 1.95 |
| 12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.75 | .30 | 4.43 | 4.73 | (.28) |  | (.28) | 22.20 | 26.68 | 17 | .78 | 1.50 |
| 12/31/2024 | 17.41 | .18 | .38 | .56 | (.22) |  | (.22) | 17.75 | 3.17 | 13 | .77 | .99 |
| 12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.85 | 12 | .78 | 1.24 |
| 12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
| 12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.75 | .30 | 4.44 | 4.74 | (.27) |  | (.27) | 22.22 | 26.77 | 3481 | .78 | 1.54 |
| 12/31/2024 | 17.41 | .19 | .37 | .56 | (.22) |  | (.22) | 17.75 | 3.16 | 3238 | .77 | 1.00 |
| 12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.84 | 3382 | .78 | 1.24 |
| 12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
| 12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.90 | .32 | 4.48 | 4.80 | (.29) |  | (.29) | 22.41 | 26.85 | 16 | .71 | 1.61 |
| 12/31/2024 | 17.56 | .20 | .37 | .57 | (.23) |  | (.23) | 17.90 | 3.19 | 15 | .70 | 1.08 |
| 12/31/2023 | 15.35 | .22 | 2.22 | 2.44 | (.23) |  | (.23) | 17.56 | 15.99 | 17 | .71 | 1.32 |
| 12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
| 12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.46 | .25 | 4.36 | 4.61 | (.24) |  | (.24) | 21.83 | 26.41 | 574 | 1.03 | 1.26 |
| 12/31/2024 | 17.13 | .14 | .37 | .51 | (.18) |  | (.18) | 17.46 | 2.93 | 441 | 1.02 | .74 |
| 12/31/2023 | 14.99 | .16 | 2.16 | 2.32 | (.18) |  | (.18) | 17.13 | 15.56 | 415 | 1.03 | .99 |
| 12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **372**

![](gdenfyw32lzupd4676peh.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

New World Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $26.67 | $.49 | $6.93 | $7.42 | $(.41) | $(1.21) | $(1.62) | $32.47 | 28.60% | $2103 | .65% | .58% | 1.66% |
| 12/31/2024 | 25.48 | .43 | 1.32 | 1.75 | (.44) | (.12) | (.56) | 26.67 | 6.86 | 1800 | .64 | .57 | 1.60 |
| 12/31/2023 | 22.30 | .40 | 3.19 | 3.59 | (.41) |  | (.41) | 25.48 | 16.22 | 1778 | .64 | .57 | 1.64 |
| 12/31/2022 | 31.83 | .37 | (7.17) | (6.80) | (.39) | (2.34) | (2.73) | 22.30 | (21.86) | 1610 | .68 | .57 | 1.48 |
| 12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.53 | .37 | 6.93 | 7.30 | (.37) | (1.21) | (1.58) | 32.25 | 28.27 | 32 | .90 | .83 | 1.25 |
| 12/31/2024 | 25.36 | .36 | 1.31 | 1.67 | (.38) | (.12) | (.50) | 26.53 | 6.58 | 12 | .89 | .82 | 1.33 |
| 12/31/2023 | 22.19 | .33 | 3.20 | 3.53 | (.36) |  | (.36) | 25.36 | 15.98 | 10 | .89 | .82 | 1.38 |
| 12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.33 | .41 | 6.84 | 7.25 | (.34) | (1.21) | (1.55) | 32.03 | 28.29 | 941 | .90 | .83 | 1.41 |
| 12/31/2024 | 25.17 | .36 | 1.30 | 1.66 | (.38) | (.12) | (.50) | 26.33 | 6.55 | 791 | .89 | .82 | 1.36 |
| 12/31/2023 | 22.02 | .33 | 3.17 | 3.50 | (.35) |  | (.35) | 25.17 | 15.99 | 803 | .89 | .82 | 1.39 |
| 12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.09 | .33 | 6.77 | 7.10 | (.27) | (1.21) | (1.48) | 31.71 | 27.92 | 971 | 1.15 | 1.08 | 1.16 |
| 12/31/2024 | 24.95 | .29 | 1.28 | 1.57 | (.31) | (.12) | (.43) | 26.09 | 6.33 | 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | .27 | 3.14 | 3.41 | (.30) |  | (.30) | 24.95 | 15.67 | 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
| 12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |

---

Refer to the end of the table(s) for footnote(s).

**373**American Funds Insurance Series

![](gqa38m2s7wohapdmisiqn.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>3</sup> |

---

Washington Mutual Investors Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $16.86 | $.29 | $2.52 | $2.81 | $(.29) | $(1.20) | $(1.49) | $18.18 | 17.50% | $6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| 12/31/2024 | 14.49 | .29 | 2.51 | 2.80 | (.30) | (.13) | (.43) | 16.86 | 19.40 | 6269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| 12/31/2023 | 12.69 | .28 | 1.92 | 2.20 | (.28) | (.12) | (.40) | 14.49 | 17.66 | 6020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| 12/31/2022 | 18.09 | .31 | (1.69) | (1.38) | (.30) | (3.72) | (4.02) | 12.69 | (8.28) | 5507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| 12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16.79 | .24 | 2.51 | 2.75 | (.25) | (1.20) | (1.45) | 18.09 | 17.21 | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| 12/31/2024 | 14.43 | .25 | 2.50 | 2.75 | (.26) | (.13) | (.39) | 16.79 | 19.15 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| 12/31/2023 | 12.61 | .23 | 1.92 | 2.15 | (.21) | (.12) | (.33) | 14.43 | 17.29 | 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| 12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| 12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16.53 | .24 | 2.46 | 2.70 | (.24) | (1.20) | (1.44) | 17.79 | 17.21 | 3148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| 12/31/2024 | 14.21 | .24 | 2.47 | 2.71 | (.26) | (.13) | (.39) | 16.53 | 19.14 | 3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| 12/31/2023 | 12.46 | .24 | 1.88 | 2.12 | (.25) | (.12) | (.37) | 14.21 | 17.29 | 2899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| 12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| 12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16.34 | .20 | 2.42 | 2.62 | (.21) | (1.20) | (1.41) | 17.55 | 16.90 | 2353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| 12/31/2024 | 14.06 | .20 | 2.44 | 2.64 | (.23) | (.13) | (.36) | 16.34 | 18.85 | 1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| 12/31/2023 | 12.34 | .20 | 1.86 | 2.06 | (.22) | (.12) | (.34) | 14.06 | 16.97 | 1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| 12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| 12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **374**

![](gjuhgud87u6bd1ei2besv.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

U.S. Small and Mid Cap Equity Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $9.71 | $.10 | $1.45 | $1.55 | $(.05) | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>4</sup> | $(.05) | $11.21 | 15.95% | $88 | &nbsp;&nbsp;&nbsp;&nbsp;.59% | &nbsp;&nbsp;&nbsp;&nbsp;.54% | &nbsp;&nbsp;&nbsp;&nbsp;.87% |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (.01) | 9.71 | (2.81)<sup>8</sup> | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.59<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.72<sup>10</sup> |
| Class 1A: |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> |  |  | 15.93<sup>11</sup> | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.68<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.74<sup>11</sup> |
| 12/31/2025 | 9.71 | .08 | 1.46 | 1.54 | (.04) | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | (.04) | 11.21 | 15.93<sup>11</sup> | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.68<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.74<sup>11</sup> |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (.01) | 9.71 | (2.81)<sup>811</sup> | —9 | &nbsp;&nbsp;&nbsp;&nbsp;.591011 | &nbsp;&nbsp;&nbsp;&nbsp;.541011 | &nbsp;&nbsp;&nbsp;&nbsp;.721011 |
| Class 2: |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> |  |  | 15.93<sup>11</sup> | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.68<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.74<sup>11</sup> |
| 12/31/2025 | 9.71 | .08 | 1.46 | 1.54 | (.04) | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | (.04) | 11.21 | 15.93<sup>11</sup> | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.68<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.54<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.74<sup>11</sup> |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (.01) | 9.71 | (2.81)<sup>811</sup> | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;.591011 | &nbsp;&nbsp;&nbsp;&nbsp;.541011 | &nbsp;&nbsp;&nbsp;&nbsp;.721011 |
| Class 4: |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> |  |  |  |  |  |  |  |
| 12/31/2025 | 9.71 | .07 | 1.47 | 1.54 | (.03) | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | (.03) | 11.22 | 15.88 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;.64 |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (.01) | 9.71 | (2.82)<sup>811</sup> | 15 | &nbsp;&nbsp;&nbsp;&nbsp;.591011 | &nbsp;&nbsp;&nbsp;&nbsp;.551011 | &nbsp;&nbsp;&nbsp;&nbsp;.711011 |

---

Refer to the end of the table(s) for footnote(s).

**375**American Funds Insurance Series

![](g4w6wijz0iofnzryvtme9.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

Capital World Growth and Income Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $15.53 | $.29 | $3.51 | $3.80 | $(.28) | $(.61) | $(.89) | $18.44 | 25.16% | $622 | .52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| 12/31/2024 | 13.85 | .27 | 1.71 | 1.98 | (.30) |  | (.30) | 15.53 | 14.24 | 597 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| 12/31/2023 | 11.67 | .27 | 2.19 | 2.46 | (.28) |  | (.28) | 13.85 | 21.22 | 579 | .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| 12/31/2022 | 18.42 | .32 | (3.28) | (2.96) | (.34) | (3.45) | (3.79) | 11.67 | (17.13) | 548 | .57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| 12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15.44 | .24 | 3.48 | 3.72 | (.24) | (.61) | (.85) | 18.31 | 24.79 | 12 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| 12/31/2024 | 13.77 | .23 | 1.70 | 1.93 | (.26) |  | (.26) | 15.44 | 14.00 | 8 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| 12/31/2023 | 11.61 | .23 | 2.18 | 2.41 | (.25) |  | (.25) | 13.77 | 20.87 | 7 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| 12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| 12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15.49 | .24 | 3.50 | 3.74 | (.24) | (.61) | (.85) | 18.38 | 24.80 | 1090 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| 12/31/2024 | 13.81 | .23 | 1.71 | 1.94 | (.26) |  | (.26) | 15.49 | 14.00 | 1015 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| 12/31/2023 | 11.64 | .23 | 2.18 | 2.41 | (.24) |  | (.24) | 13.81 | 20.88 | 1040 | .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| 12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| 12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15.08 | .19 | 3.40 | 3.59 | (.21) | (.61) | (.82) | 17.85 | 24.46 | 363 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| 12/31/2024 | 13.46 | .18 | 1.67 | 1.85 | (.23) |  | (.23) | 15.08 | 13.70 | 268 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| 12/31/2023 | 11.35 | .19 | 2.14 | 2.33 | (.22) |  | (.22) | 13.46 | 20.65 | 235 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| 12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| 12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **376**

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

Growth-Income Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $69.59 | $.78 | $10.25 | $11.03 | $(.76) | $(12.13) | $(12.89) | $67.73 | 18.37% | $25780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.28% | 1.17% |
| 12/31/2024 | 59.26 | .84 | 13.33 | 14.17 | (.89) | (2.95) | (3.84) | 69.59 | 24.55 | 24476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.28 | 1.28 |
| 12/31/2023 | 50.21 | .86 | 11.96 | 12.82 | (.88) | (2.89) | (3.77) | 59.26 | 26.47 | 22319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 1.60 |
| 12/31/2022 | 67.35 | .85 | (11.50) | (10.65) | (.83) | (5.66) | (6.49) | 50.21 | (16.28) | 19692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 1.54 |
| 12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 1.28 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69.10 | .61 | 10.14 | 10.75 | (.61) | (12.13) | (12.74) | 67.11 | 18.06 | 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .92 |
| 12/31/2024 | 58.88 | .67 | 13.24 | 13.91 | (.74) | (2.95) | (3.69) | 69.10 | 24.25 | 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 1.02 |
| 12/31/2023 | 49.93 | .72 | 11.87 | 12.59 | (.75) | (2.89) | (3.64) | 58.88 | 26.12 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.35 |
| 12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.30 |
| 12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 1.04 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 68.38 | .60 | 10.03 | 10.63 | (.60) | (12.13) | (12.73) | 66.28 | 18.06 | 14357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | .92 |
| 12/31/2024 | 58.30 | .66 | 13.10 | 13.76 | (.73) | (2.95) | (3.68) | 68.38 | 24.23 | 13882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 1.03 |
| 12/31/2023 | 49.46 | .72 | 11.75 | 12.47 | (.74) | (2.89) | (3.63) | 58.30 | 26.14 | 12894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.35 |
| 12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.29 |
| 12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.03 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69.76 | .66 | 10.26 | 10.92 | (.64) | (12.13) | (12.77) | 67.91 | 18.13 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | .99 |
| 12/31/2024 | 59.40 | .72 | 13.36 | 14.08 | (.77) | (2.95) | (3.72) | 69.76 | 24.32 | 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | 1.10 |
| 12/31/2023 | 50.33 | .77 | 11.97 | 12.74 | (.78) | (2.89) | (3.67) | 59.40 | 26.23 | 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 1.42 |
| 12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 1.36 |
| 12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 1.10 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 67.14 | .43 | 9.80 | 10.23 | (.47) | (12.13) | (12.60) | 64.77 | 17.77 | 3273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | .67 |
| 12/31/2024 | 57.34 | .49 | 12.86 | 13.35 | (.60) | (2.95) | (3.55) | 67.14 | 23.93 | 2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | .78 |
| 12/31/2023 | 48.72 | .57 | 11.57 | 12.14 | (.63) | (2.89) | (3.52) | 57.34 | 25.82 | 2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | 1.10 |
| 12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | 1.05 |
| 12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | .79 |

---

Refer to the end of the table(s) for footnote(s).

**377**American Funds Insurance Series

![](gtkcpd39auj6dqujnokyb.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

International Growth and Income Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $10.19 | $.33 | $3.31 | $3.64 | $(.34) | $— | $(.34) | $13.49 | 35.83% | $35 | .57% | .57% | &nbsp;&nbsp;&nbsp;&nbsp;2.68% |
| 12/31/2024 | 10.10 | .28 | .10 | .38 | (.29) |  | (.29) | 10.19 | 3.64 | 17 | .57 | .57 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| 12/31/2023 | 8.94 | .27 | 1.15 | 1.42 | (.26) |  | (.26) | 10.10 | 16.08 | 15 | .56 | .55 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| 12/31/2022 | 19.62 | .39 | (3.09) | (2.70) | (.28) | (7.70) | (7.98) | 8.94 | (15.00) | 13 | .64 | .54 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| 12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.91 | .28 | 3.21 | 3.49 | (.31) |  | (.31) | 13.09 | 35.35 | 9 | .81 | .81 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| 12/31/2024 | 9.83 | .24 | .10 | .34 | (.26) |  | (.26) | 9.91 | 3.39 | 6 | .82 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| 12/31/2023 | 8.70 | .24 | 1.13 | 1.37 | (.24) |  | (.24) | 9.83 | 15.92 | 6 | .81 | .80 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| 12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| 12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.91 | .28 | 3.22 | 3.50 | (.31) |  | (.31) | 13.10 | 35.41 | 172 | .81 | .81 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| 12/31/2024 | 9.82 | .25 | .10 | .35 | (.26) |  | (.26) | 9.91 | 3.48 | 150 | .82 | .82 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| 12/31/2023 | 8.70 | .24 | 1.12 | 1.36 | (.24) |  | (.24) | 9.82 | 15.76 | 165 | .81 | .80 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| 12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
| 12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.74 | .25 | 3.16 | 3.41 | (.28) |  | (.28) | 12.87 | 35.09 | 189 | 1.06 | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| 12/31/2024 | 9.67 | .22 | .09 | .31 | (.24) |  | (.24) | 9.74 | 3.11 | 150 | 1.07 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| 12/31/2023 | 8.56 | .21 | 1.12 | 1.33 | (.22) |  | (.22) | 9.67 | 15.66 | 143 | 1.06 | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| 12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| 12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **378**

![](ge8p6rneagm8p0j2jjgjf.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

Capital Income Builder

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $12.39 | $.45 | $2.09 | $2.54 | $(.44) | $— | $(.44) | $14.49 | 20.69% | $841 | .40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% |
| 12/31/2024 | 11.63 | .42 | .79 | 1.21 | (.45) |  | (.45) | 12.39 | 10.45 | 709 | .40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| 12/31/2023 | 10.99 | .41 | .59 | 1.00 | (.36) |  | (.36) | 11.63 | 9.28 | 660 | .40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| 12/31/2022 | 12.17 | .37 | (1.21) | (.84) | (.34) |  | (.34) | 10.99 | (6.90) | 586 | .44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| 12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.38 | .41 | 2.10 | 2.51 | (.41) |  | (.41) | 14.48 | 20.42 | 15 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| 12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 13 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| 12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 10 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| 12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| 12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.38 | .41 | 2.10 | 2.51 | (.41) |  | (.41) | 14.48 | 20.41 | 23 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| 12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 18 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| 12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 15 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 |
| 12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| 12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.36 | .38 | 2.09 | 2.47 | (.37) |  | (.37) | 14.46 | 20.16 | 781 | .90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| 12/31/2024 | 11.60 | .36 | .79 | 1.15 | (.39) |  | (.39) | 12.36 | 9.93 | 629 | .90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| 12/31/2023 | 10.96 | .35 | .59 | .94 | (.30) |  | (.30) | 11.60 | 8.75 | 566 | .90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| 12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| 12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 |

---

Refer to the end of the table(s) for footnote(s).

**379**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions)<br> net assets<sup>3</sup> | net assets |

---

Asset Allocation Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $26.04 | $.59 | $3.39 | $3.98 | $(.60) | $(1.91) | $(2.51) | $27.51 | 16.16% | $15919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| 12/31/2024 | 23.86 | .60 | 3.29 | 3.89 | (.61) | (1.10) | (1.71) | 26.04 | 16.73 | 16023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| 12/31/2023 | 22.20 | .57 | 2.54 | 3.11 | (.56) | (.89) | (1.45) | 23.86 | 14.55 | 15555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| 12/31/2022 | 29.08 | .52 | (4.24) | (3.72) | (.51) | (2.65) | (3.16) | 22.20 | (13.19) | 15138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| 12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25.88 | .52 | 3.36 | 3.88 | (.54) | (1.91) | (2.45) | 27.31 | 15.86 | 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| 12/31/2024 | 23.74 | .54 | 3.26 | 3.80 | (.56) | (1.10) | (1.66) | 25.88 | 16.41 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| 12/31/2023 | 22.10 | .51 | 2.53 | 3.04 | (.51) | (.89) | (1.40) | 23.74 | 14.32 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| 12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| 12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25.65 | .52 | 3.32 | 3.84 | (.53) | (1.91) | (2.44) | 27.05 | 15.85 | 4401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| 12/31/2024 | 23.53 | .53 | 3.24 | 3.77 | (.55) | (1.10) | (1.65) | 25.65 | 16.44 | 4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| 12/31/2023 | 21.91 | .50 | 2.52 | 3.02 | (.51) | (.89) | (1.40) | 23.53 | 14.27 | 4261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| 12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| 12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.08 | .55 | 3.38 | 3.93 | (.55) | (1.91) | (2.46) | 27.55 | 15.94 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| 12/31/2024 | 23.90 | .56 | 3.29 | 3.85 | (.57) | (1.10) | (1.67) | 26.08 | 16.52 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| 12/31/2023 | 22.23 | .53 | 2.55 | 3.08 | (.52) | (.89) | (1.41) | 23.90 | 14.37 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| 12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| 12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25.41 | .45 | 3.29 | 3.74 | (.47) | (1.91) | (2.38) | 26.77 | 15.59 | 7264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| 12/31/2024 | 23.34 | .46 | 3.20 | 3.66 | (.49) | (1.10) | (1.59) | 25.41 | 16.11 | 6649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| 12/31/2023 | 21.75 | .44 | 2.49 | 2.93 | (.45) | (.89) | (1.34) | 23.34 | 14.02 | 5807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| 12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| 12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **380**

![](g9o5yh2w47a79o2vlv6yp.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

American Funds Global Balanced Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $12.96 | $.36 | $1.84 | $2.20 | $(.22) | $(.53) | $(.75) | $14.41 | 17.42% | $97 | .52% | .51% | 2.63% |
| 12/31/2024 | 12.37 | .34 | .52 | .86 | (.27) |  | (.27) | 12.96 | 6.90 | 95 | .52 | .51 | 2.63 |
| 12/31/2023 | 12.55 | .33 | 1.29 | 1.62 | (.23) | (1.57) | (1.80) | 12.37 | 14.05 | 98 | .53 | .52 | 2.67 |
| 12/31/2022 | 14.73 | .26 | (2.37) | (2.11) |  | (.07) | (.07) | 12.55 | (14.33) | 96 | .59 | .58 | 1.99 |
| 12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.87 | .32 | 1.84 | 2.16 | (.19) | (.53) | (.72) | 14.31 | 17.21 | 4 | .78 | .76 | 2.36 |
| 12/31/2024 | 12.30 | .30 | .51 | .81 | (.24) |  | (.24) | 12.87 | 6.57 | 4 | .78 | .77 | 2.35 |
| 12/31/2023 | 12.49 | .29 | 1.30 | 1.59 | (.21) | (1.57) | (1.78) | 12.30 | 13.77 | 3 | .78 | .77 | 2.42 |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.89 | .32 | 1.84 | 2.16 | (.19) | (.53) | (.72) | 14.33 | 17.14 | 147 | .77 | .76 | 2.38 |
| 12/31/2024 | 12.31 | .31 | .50 | .81 | (.23) |  | (.23) | 12.89 | 6.58 | 149 | .77 | .76 | 2.38 |
| 12/31/2023 | 12.49 | .30 | 1.29 | 1.59 | (.20) | (1.57) | (1.77) | 12.31 | 13.83 | 160 | .78 | .77 | 2.42 |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.66 | .28 | 1.82 | 2.10 | (.17) | (.53) | (.70) | 14.06 | 16.96 | 202 | 1.03 | 1.01 | 2.10 |
| 12/31/2024 | 12.10 | .27 | .50 | .77 | (.21) |  | (.21) | 12.66 | 6.32 | 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | .26 | 1.27 | 1.53 | (.18) | (1.57) | (1.75) | 12.10 | 13.45 | 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |

---

Refer to the end of the table(s) for footnote(s).

**381**American Funds Insurance Series

![](goyu8ahc7s0470i1p2qop.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

The Bond Fund of America

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $9.27 | $.43 | $.25 | $.68 | $(.43) | $— | $(.43) | $9.52 | 7.40% | $6909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54% |
| 12/31/2024 | 9.54 | .44 | (.29) | .15 | (.42) |  | (.42) | 9.27 | 1.50 | 6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 |
| 12/31/2023 | 9.41 | .39 | .09 | .48 | (.35) |  | (.35) | 9.54 | 5.21 | 6908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 |
| 12/31/2022 | 11.21 | .31 | (1.67) | (1.36) | (.32) | (.12) | (.44) | 9.41 | (12.26) | 6370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| 12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.20 | .41 | .25 | .66 | (.41) |  | (.41) | 9.45 | 7.24 | 297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 |
| 12/31/2024 | 9.47 | .41 | (.29) | .12 | (.39) |  | (.39) | 9.20 | 1.23 | 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| 12/31/2023 | 9.35 | .37 | .08 | .45 | (.33) |  | (.33) | 9.47 | 4.89 | 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| 12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| 12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.12 | .40 | .26 | .66 | (.41) |  | (.41) | 9.37 | 7.26 | 2724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 |
| 12/31/2024 | 9.40 | .41 | (.30) | .11 | (.39) |  | (.39) | 9.12 | 1.16 | 2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| 12/31/2023 | 9.27 | .36 | .10 | .46 | (.33) |  | (.33) | 9.40 | 5.02 | 2879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 |
| 12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| 12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.07 | .38 | .25 | .63 | (.39) |  | (.39) | 9.31 | 6.98 | 1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 |
| 12/31/2024 | 9.35 | .38 | (.29) | .09 | (.37) |  | (.37) | 9.07 | .98 | 1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 |
| 12/31/2023 | 9.23 | .34 | .09 | .43 | (.31) |  | (.31) | 9.35 | 4.72 | 963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| 12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| 12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **382**

![](gra25ez0yognchuqbuxn0.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

Capital World Bond Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $9.63 | $.41 | $.51 | $.92 | $(.33) | $— | $(.33) | $10.22 | 9.55% | $611 | .48% | .48% | &nbsp;&nbsp;&nbsp;&nbsp;4.07% |
| 12/31/2024 | 10.16 | .42 | (.70) | (.28) | (.25) |  | (.25) | 9.63 | (2.76) | 588 | .48 | .48 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 |
| 12/31/2023 | 9.55 | .32 | .29 | .61 |  |  |  | 10.16 | 6.39 | 665 | .48 | .48 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 |
| 12/31/2022 | 11.79 | .25 | (2.30) | (2.05) | (.03) | (.16) | (.19) | 9.55 | (17.43) | 663 | .51 | .48 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| 12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.54 | .39 | .50 | .89 | (.30) |  | (.30) | 10.13 | 9.31 | 30 | .73 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| 12/31/2024 | 10.08 | .40 | (.69) | (.29) | (.25) |  | (.25) | 9.54 | (2.97) | 39 | .74 | .74 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| 12/31/2023 | 9.50 | .30 | .28 | .58 |  |  |  | 10.08 | 6.11 | 1 | .73 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| 12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| 12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.52 | .38 | .50 | .88 | (.30) |  | (.30) | 10.10 | 9.39 | 758 | .73 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| 12/31/2024 | 10.03 | .39 | (.69) | (.30) | (.21) |  | (.21) | 9.52 | (3.04) | 761 | .73 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| 12/31/2023 | 9.45 | .29 | .29 | .58 |  |  |  | 10.03 | 6.14 | 817 | .73 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| 12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| 12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.37 | .35 | .49 | .84 | (.28) |  | (.28) | 9.93 | 9.03 | 81 | .98 | .98 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| 12/31/2024 | 9.88 | .36 | (.68) | (.32) | (.19) |  | (.19) | 9.37 | (3.32) | 60 | .98 | .98 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| 12/31/2023 | 9.33 | .27 | .28 | .55 |  |  |  | 9.88 | 5.89 | 57 | .98 | .98 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| 12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| 12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |

---

Refer to the end of the table(s) for footnote(s).

**383**American Funds Insurance Series

![](gppb76z8515j5i9yevotb.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments<sup>3</sup> | ments<sup>2,3</sup> | net assets<sup>2</sup> |

---

American High-Income Trust

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $9.19 | $.64 | $.13 | $.77 | $(.63) | $— | $(.63) | $9.33 | 8.52% | $255 | .45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81% |
| 12/31/2024 | 8.94 | .65 | .24 | .89 | (.64) |  | (.64) | 9.19 | 9.92 | 229 | .45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96 |
| 12/31/2023 | 8.53 | .63 | .43 | 1.06 | (.65) |  | (.65) | 8.94 | 12.69 | 223 | .45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 |
| 12/31/2022 | 10.19 | .56 | (1.47) | (.91) | (.75) |  | (.75) | 8.53 | (9.01) | 224 | .47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95 |
| 12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.15 | .61 | .13 | .74 | (.62) |  | (.62) | 9.27 | 8.19 | 8 | .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 |
| 12/31/2024 | 8.90 | .62 | .25 | .87 | (.62) |  | (.62) | 9.15 | 9.73 | 3 | .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| 12/31/2023 | 8.51 | .61 | .41 | 1.02 | (.63) |  | (.63) | 8.90 | 12.40 | 3 | .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90 |
| 12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 |
| 12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.96 | .60 | .13 | .73 | (.61) |  | (.61) | 9.08 | 8.24 | 533 | .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 |
| 12/31/2024 | 8.73 | .61 | .23 | .84 | (.61) |  | (.61) | 8.96 | 9.67 | 536 | .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70 |
| 12/31/2023 | 8.35 | .59 | .41 | 1.00 | (.62) |  | (.62) | 8.73 | 12.45 | 533 | .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85 |
| 12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 |
| 12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.25 | .63 | .13 | .76 | (.62) |  | (.62) | 9.39 | 8.26 | 8 | .63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| 12/31/2024 | 8.99 | .63 | .25 | .88 | (.62) |  | (.62) | 9.25 | 9.79 | 8 | .63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| 12/31/2023 | 8.58 | .61 | .43 | 1.04 | (.63) |  | (.63) | 8.99 | 12.54 | 8 | .63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 |
| 12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 |
| 12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10.07 | .65 | .14 | .79 | (.59) |  | (.59) | 10.27 | 7.93 | 235 | .95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 |
| 12/31/2024 | 9.75 | .65 | .27 | .92 | (.60) |  | (.60) | 10.07 | 9.39 | 156 | .95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| 12/31/2023 | 9.26 | .63 | .46 | 1.09 | (.60) |  | (.60) | 9.75 | 12.18 | 107 | .95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| 12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44 |
| 12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **384**

Financial highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  | Ratio of |
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  | expenses |
|  |  | Net gains |  |  |  |  |  |  | to average |
|  |  | (losses) on |  |  |  |  |  |  | net assets |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | before |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | waivers/<br>(loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | reimburse- |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> | (in millions) | ments<br> ments<sup>2</sup> net assets<sup>2</sup> |

---

American Funds Mortgage Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $9.08 | $.46 | $.34 | $.80 | $(.42) | $— | $(.42) | $9.46 | 8.92% | $19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.32% | 4.84% |
| 12/31/2024 | 9.44 | .47 | (.38) | .09 | (.45) |  | (.45) | 9.08 | .93 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.31 | 5.04 |
| 12/31/2023 | 9.45 | .45 | (.08) | .37 | (.38) |  | (.38) | 9.44 | 4.03 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 4.76 |
| 12/31/2022 | 10.63 | .07 | (1.10) | (1.03) | (.15) |  | (.15) | 9.45 | (9.76) | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.25 | .70 |
| 12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | .58 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.96 | .43 | .33 | .76 | (.40) |  | (.40) | 9.32 | 8.57 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | 4.59 |
| 12/31/2024 | 9.32 | .44 | (.37) | .07 | (.43) |  | (.43) | 8.96 | .74 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | 4.78 |
| 12/31/2023 | 9.34 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.32 | 3.72 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 4.38 |
| 12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.91 |
| 12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | .33 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.98 | .43 | .34 | .77 | (.40) |  | (.40) | 9.35 | 8.63 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | 4.60 |
| 12/31/2024 | 9.34 | .45 | (.38) | .07 | (.43) |  | (.43) | 8.98 | .68 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.56 | 4.79 |
| 12/31/2023 | 9.36 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.34 | 3.68 | 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | 4.35 |
| 12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.87 |
| 12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | .33 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.86 | .40 | .33 | .73 | (.38) |  | (.38) | 9.21 | 8.32 | 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | 4.33 |
| 12/31/2024 | 9.23 | .42 | (.38) | .04 | (.41) |  | (.41) | 8.86 | .35 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.82 | 4.53 |
| 12/31/2023 | 9.25 | .38 | (.06) | .32 | (.34) |  | (.34) | 9.23 | 3.51 | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.78 | 4.12 |
| 12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | 1.66 |
| 12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | .08 |

---

Refer to the end of the table(s) for footnote(s).

**385**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |  |  |  |
|  |  | Net gains |  |  |  |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |  |  | Ratio of |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |  | Ratio of | net income |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, | Net assets, | expenses | (loss) |
|  | beginning | realized and | investment | investment | (from capital | and | end | end of year | to average | to average |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year | Total return (in millions) | net assets | net assets |

---

Ultra-Short Bond Fund

Class 1:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $11.31 | $.46 | $.01 | $.47 | $(.50) | $— | $(.50) | $11.28 | 4.15% | $36 | &nbsp;&nbsp;&nbsp;.31% | 4.01% |
| 12/31/2024 | 11.35 | .58 | (.01) | .57 | (.61) |  | (.61) | 11.31 | 5.08 | 39 | &nbsp;&nbsp;&nbsp;.30 | 4.98 |
| 12/31/2023 | 11.35 | .55 | .01 | .56 | (.56) |  | (.56) | 11.35 | 4.94 | 40 | &nbsp;&nbsp;&nbsp;.30 | 4.81 |
| 12/31/2022 | 11.27 | .17 | (.01) | .16 | (.08) |  | (.08) | 11.35 | 1.42 | 51 | &nbsp;&nbsp;&nbsp;.32 | 1.48 |
| 12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | &nbsp;&nbsp;&nbsp;.37 | (.28) |
| Class 1A: |  |  |  |  |  |  |  |  |  | —<sup>9</sup> |  |  |
| 12/31/2025 | 11.31 | .43 | .01 | .44 | (.47) |  | (.47) | 11.28 | 3.92 | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;.53 | 3.78 |
| 12/31/2024 | 11.35 | .55 | —<sup>4</sup> | .55 | (.59) |  | (.59) | 11.31 | 4.86 | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;.53 | 4.74 |
| 12/31/2023 | 11.35 | .54 |  | .54 | (.54) |  | (.54) | 11.35 | 4.79 | —9 | &nbsp;&nbsp;&nbsp;.53 | 4.69 |
| 12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;.31 | 1.40 |
| 12/31/2021 | 11.31 | (.03) | —<sup>4</sup> | (.03) |  |  |  | 11.28 | (.27) | —<sup>9</sup> | &nbsp;&nbsp;&nbsp;.36 | (.28) |
| Class 2: |  |  | —<sup>4</sup> |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10.93 | .42 | —<sup>4</sup> | .42 | (.47) |  | (.47) | 10.88 | 3.83 | 215 | &nbsp;&nbsp;&nbsp;.56 | 3.77 |
| 12/31/2024 | 10.98 | .53 | —<sup>4</sup> | .53 | (.58) |  | (.58) | 10.93 | 4.89 | 245 | &nbsp;&nbsp;&nbsp;.55 | 4.73 |
| 12/31/2023 | 11.00 | .51 | —4 | .51 | (.53) |  | (.53) | 10.98 | 4.64 | 273 | &nbsp;&nbsp;&nbsp;.55 | 4.56 |
| 12/31/2022 | 10.93 | .13 | —4 | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | &nbsp;&nbsp;&nbsp;.57 | 1.23 |
| 12/31/2021 | 10.99 | (.06) | —<sup>4</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | &nbsp;&nbsp;&nbsp;.62 | (.53) |
| Class 3: |  |  | —<sup>4</sup> |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.08 | .43 | —<sup>4</sup> | .43 | (.48) |  | (.48) | 11.03 | 3.86 | 4 | &nbsp;&nbsp;&nbsp;.49 | 3.84 |
| 12/31/2024 | 11.13 | .54 | —<sup>4</sup> | .54 | (.59) |  | (.59) | 11.08 | 4.91 | 4 | &nbsp;&nbsp;&nbsp;.48 | 4.79 |
| 12/31/2023 | 11.14 | .52 | .01 | .53 | (.54) |  | (.54) | 11.13 | 4.75 | 4 | &nbsp;&nbsp;&nbsp;.48 | 4.64 |
| 12/31/2022 | 11.07 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | &nbsp;&nbsp;&nbsp;.50 | 1.19 |
| 12/31/2021 | 11.12 | (.05) | —<sup>4</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | &nbsp;&nbsp;&nbsp;.55 | (.46) |
| Class 4: |  |  | —4 |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.00 | .39 | —4 | .39 | (.43) |  | (.43) | 10.96 | 3.59 | 53 | &nbsp;&nbsp;&nbsp;.81 | 3.52 |
| 12/31/2024 | 11.05 | .50 | .01 | .51 | (.56) |  | (.56) | 11.00 | 4.62 | 51 | &nbsp;&nbsp;&nbsp;.80 | 4.47 |
| 12/31/2023 | 11.05 | .48 | .01 | .49 | (.49) |  | (.49) | 11.05 | 4.44 | 56 | &nbsp;&nbsp;&nbsp;.80 | 4.28 |
| 12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | &nbsp;&nbsp;&nbsp;.82 | 1.05 |
| 12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | &nbsp;&nbsp;&nbsp;.87 | (.79) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **386**

![](ghejccrq6squ52oz1yvze.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total | Net asset |
|  | value, | (both | Total from | (from net | Distributions | dividends | value, |
|  | beginning | realized and | investment | investment | (from capital | and | end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |
|  | expenses | expenses |  |
|  | to average | to average |  |
|  | net assets | net assets | Ratio of |
|  | before | after | net income |
| Net assets, | waivers/ | waivers/ | (loss) |
| end of year | reimburse- | reimburse- | to average |
| (in millions) | ments | ments<sup>2</sup> | net assets<sup>2</sup> |

---

U.S. Government Securities Fund

Class 1:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $9.59 | $.43 | $.33 | $.76 | $(.45) | $— | $(.45) | $9.90 | 8.01% | $261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.26% | 4.35% |
| 12/31/2024 | 9.91 | .45 | (.35) | .10 | (.42) |  | (.42) | 9.59 | .99 | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.27 | 4.53 |
| 12/31/2023 | 9.99 | .40 | (.09) | .31 | (.39) |  | (.39) | 9.91 | 3.21 | 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.21 | 4.05 |
| 12/31/2022 | 11.67 | .32 | (1.56) | (1.24) | (.44) |  | (.44) | 9.99 | (10.75) | 242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.22 | 2.90 |
| 12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.29 | 1.50 |
| Class 1A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.53 | .41 | .33 | .74 | (.43) |  | (.43) | 9.84 | 7.80 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | 4.10 |
| 12/31/2024 | 9.87 | .42 | (.35) | .07 | (.41) |  | (.41) | 9.53 | .70 | 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | 4.23 |
| 12/31/2023 | 9.96 | .38 | (.10) | .28 | (.37) |  | (.37) | 9.87 | 2.88 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | 3.83 |
| 12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 2.70 |
| 12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.53 | 1.28 |
| Class 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.46 | .40 | .33 | .73 | (.43) |  | (.43) | 9.76 | 7.75 | 1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | 4.10 |
| 12/31/2024 | 9.78 | .42 | (.34) | .08 | (.40) |  | (.40) | 9.46 | .75 | 1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.52 | 4.28 |
| 12/31/2023 | 9.87 | .37 | (.09) | .28 | (.37) |  | (.37) | 9.78 | 2.89 | 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | 3.80 |
| 12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 2.69 |
| 12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | 1.24 |
| Class 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.62 | .42 | .32 | .74 | (.43) |  | (.43) | 9.93 | 7.78 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | 4.17 |
| 12/31/2024 | 9.94 | .43 | (.35) | .08 | (.40) |  | (.40) | 9.62 | .79 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | 4.35 |
| 12/31/2023 | 10.02 | .39 | (.10) | .29 | (.37) |  | (.37) | 9.94 | 3.00 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.39 | 3.85 |
| 12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.40 | 2.76 |
| 12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.47 | 1.31 |
| Class 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.44 | .38 | .33 | .71 | (.41) |  | (.41) | 9.74 | 7.54 | 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.76 | 3.85 |
| 12/31/2024 | 9.77 | .39 | (.34) | .05 | (.38) |  | (.38) | 9.44 | .44 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.77 | 4.02 |
| 12/31/2023 | 9.86 | .35 | (.10) | .25 | (.34) |  | (.34) | 9.77 | 2.62 | 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | 3.54 |
| 12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72 | 2.45 |
| 12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.79 | .98 |

---

Refer to the end of the table(s) for footnote(s).

**387**American Funds Insurance Series

![](gqvwixhu7vbf63cib6zuf.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | Net asset |
|  | beginning | realized and | investment | investment | (from capital | and | value, end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |  |
|  | expenses | expenses |  |  |
|  | to average | to average |  |  |
|  | net assets | net assets |  | Ratio of |
| Net assets, | before | after | Net | net income |
| end of | waivers/ | waivers/ | effective | (loss) |
| year | reimburse- | reimburse- | expense | to average |
| (in millions) | ments<sup>12</sup> | ments<sup>2,12</sup> | ratio2,13,14 | net assets<sup>2</sup> |

---

Managed Risk Growth Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $13.35 | $.06 | $1.67 | $1.73 | $(.25) | $(.57) | $(.82) | $14.26 | 13.63% | $14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67% | .47% |
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09) |  | (.09) | 13.35 | 23.82 | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08) | (2.79) | (2.87) | 10.86 | 23.77 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46) | (4.40) | (.22) | (2.54) | (2.76) | 11.37 | (24.62) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.69 | .19 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 13.19 | .03 | 1.66 | 1.69 | (.19) | (.57) | (.76) | 14.12 | 13.41 | 491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.93 | .21 |
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06) |  | (.06) | 13.19 | 23.50 | 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07) | (2.79) | (2.86) | 10.73 | 23.50 | 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.94 | .20 |
| 12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.95 | (.07) |

---

Managed Risk International Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $8.23 | $.14 | $1.10 | $1.24 | $(.13) | $— | $(.13) | $9.34 | 15.33% | $2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36% | .83% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| 12/31/2024 | 8.36 | .13 | (.12) | .01 | (.14) |  | (.14) | 8.23 | (.05) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | .84 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15) | (.64) | (.79) | 8.36 | 6.36 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | .84 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75) | (1.60) | (.34) |  | (.34) | 8.61 | (15.27) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | .85 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| 12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | .86 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.18 | .10 | 1.12 | 1.22 | (.11) |  | (.11) | 9.29 | 15.09 | 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| 12/31/2024 | 8.32 | .10 | (.13) | (.03) | (.11) |  | (.11) | 8.18 | (.45) | 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14) | (.64) | (.78) | 8.32 | 6.22 | 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| 12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |

---

Managed Risk Washington Mutual Investors Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $11.76 | $.20 | $1.07 | $1.27 | $(.26) | $— | $(.26) | $12.77 | 10.95% | $3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61% | 1.64% |
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22) |  | (.22) | 11.76 | 14.20 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24) | (1.49) | (1.73) | 10.50 | 10.04 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38) | (1.15) | (.56) |  | (.56) | 11.24 | (8.92) | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | 1.33 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.69 | .16 | 1.07 | 1.23 | (.23) |  | (.23) | 12.69 | 10.65 | 312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.34 |
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19) |  | (.19) | 11.69 | 13.99 | 319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21) | (1.49) | (1.70) | 10.43 | 9.73 | 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.92 | .91 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **388**

![](g92dbad2tawg0ofkmh0fu.jpg)

Financial highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions |  |
|  |  | Net gains |  |  |  |  |  |
|  |  | (losses) on |  |  |  |  |  |
|  | Net asset | securities |  | Dividends |  | Total |  |
|  | value, | (both | Total from | (from net | Distributions | dividends | Net asset |
|  | beginning | realized and | investment | investment | (from capital | and | value, end |
| Year ended | of year<br> (loss) | unrealized) | operations | income) | gains) | distributions | of year<br> Total return<sup>2</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ratio of | Ratio of |  |  |
|  | expenses | expenses |  |  |
|  | to average | to average |  |  |
|  | net assets | net assets |  | Ratio of |
| Net assets, | before | after | Net | net income |
| end of | waivers/ | waivers/ | effective | (loss) |
| year | reimburse- | reimburse- | expense | to average |
| (in millions) | ments<sup>12</sup> | ments<sup>2,12</sup> | ratio2,13,14 | net assets<sup>2</sup> |

---

Managed Risk Growth-Income Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $14.35 | $.20 | $1.36 | $1.56 | $(.34) | $(.56) | $(.90) | $15.01 | 11.45% | $1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63% | 1.35% |
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23) | (.18) | (.41) | 14.35 | 18.03 | 1903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21) | (1.62) | (1.83) | 12.53 | 16.17 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79) | (2.61) | (.30) | (.31) | (.61) | 12.51 | (16.74) | 1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.64 | .96 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14.25 | .16 | 1.35 | 1.51 | (.30) | (.56) | (.86) | 14.90 | 11.17 | 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.10 |
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20) | (.18) | (.38) | 14.25 | 17.69 | 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18) | (1.62) | (1.80) | 12.45 | 15.90 | 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.89 | .70 |

---

Managed Risk Asset Allocation Fund

Class P1:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 12/31/2025 | $13.20 | $.26 | $1.22 | $1.48 | $(.39) | $(.83) | $(1.22) | $13.46 | 12.01% $ | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27) | (.17) | (.44) | 13.20 | 14.90 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26) | (1.45) | (1.71) | 11.90 | 10.51 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34) | (2.10) | (.32) | (.48) | (.80) | 12.43 | (13.75) | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Class P2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.78 | .17 | 1.22 | 1.39 | (.34) | (.83) | (1.17) | 13.00 | 11.67 | 1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24) | (.17) | (.41) | 12.78 | 14.63 | 2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22) | (1.45) | (1.67) | 11.53 | 10.23 | 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |

---

Refer to the end of the table(s) for footnote(s).

**389**American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Portfolio turnover rate for all share classes |  | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |
| Portfolio turnover rate for all share classes |  |  |  |  |  |
| Portfolio turnover rate for all share classes |  |  |  |  |  |
| excluding mortgage dollar roll transactions<sup>15,16</sup> | 2025<sup>17</sup> | 2024 | 2023 | 2022 | 2021 |
| Capital Income Builder | 72% | 49% | 59% | 48% | 60% |
| Asset Allocation Fund | 72 | 43 | 54 | 42 | 45 |
| American Funds Global Balanced Fund | 57 | 55 | 43 | 111 | 36 |
| The Bond Fund of America | 159 | 102 | 129 | 77 | 87 |
| Capital World Bond Fund | 59 | 54 | 110 | 114 | 64 |
| American Funds Mortgage Fund | 65 | 52 | 85 | 56 | 38 |
| U.S. Government Securities Fund | 44 | 43 | 113 | 77 | 126 |
| Portfolio turnover rate for all share classes |  | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |
| Portfolio turnover rate for all share classes |  |  |  |  |  |
| Portfolio turnover rate for all share classes |  |  |  |  |  |
| including mortgage dollar roll transactions, if any<sup>15,16</sup> | 2025<sup>17</sup> | 2024 | 2023 | 2022 | 2021 |
| Global Growth Fund | 45% | 41% | 29% | 29% | 18% |
| Global Small Capitalization Fund | 51 | 47 | 36 | 40 | 29 |
| Growth Fund | 27 | 23 | 23 | 29 | 25 |
| International Fund | 63 | 35 | 28 | 42 | 44 |
| New World Fund | 49 | 55 | 36 | 40 | 43 |
| Washington Mutual Investors Fund | 37 | 31 | 29 | 30 | 90 |
| Capital World Growth and Income Fund | 45 | 34 | 29 | 42 | 85 |
| Growth-Income Fund | 27 | 45 | 26 | 25 | 24 |
| International Growth and Income Fund | 48 | 39 | 38 | 48 | 41 |
| Capital Income Builder | 87 | 107 | 149 | 126 | 93 |
| Asset Allocation Fund | 115 | 129 | 159 | 118 | 124 |
| American Funds Global Balanced Fund | 86 | 141 | 103 | 126 | 39 |
| The Bond Fund of America | 247 | 398 | 545 | 415 | 456 |
| Capital World Bond Fund | 106 | 269 | 286 | 188 | 91 |
| American High-Income Trust | 39 | 45 | 40 | 34 | 56 |
| American Funds Mortgage Fund | 421 | 644 | 1053 | 1141 | 975 |
| U.S. Government Securities Fund | 253 | 398 | 744 | 695 | 433 |
| Ultra-Short Bond Fund | —18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—18 | —18 | —18 | —18 |
| U.S. Small and Mid Cap Equity Fund | 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4678 |  |  |  |
| Managed Risk Growth Fund | 32 | 14 | 39 | 97 | 32 |
| Managed Risk International Fund | 17 | 11 | 27 | 82 | 24 |
| Managed Risk Washington Mutual Investors Fund | 22 | 8 | 19 | 70 | 16 |
| Managed Risk Growth-Income Fund | 29 | 13 | 21 | 67 | 13 |
| Managed Risk Asset Allocation Fund | 15 | 7 | 13 | 48 | 5 |

---

<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup>Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup>Amount less than $.01.

<sup>5</sup>Amount less than .01%.

<sup>6</sup>Based on operations for a period that is less than a full year.

<sup>7</sup>For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>8</sup>Not annualized.

<sup>9</sup>Amount less than $1 million.

<sup>10</sup>Annualized.

<sup>11</sup>All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insur- ance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>12</sup>This column does not include expenses of the underlying funds in which each fund invests.

<sup>13</sup>This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented.

<sup>14</sup>Unaudited.

<sup>15</sup>Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup>Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup>Rates exclude in-kind transactions, if any.

<sup>18</sup>Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Insurance Series **390**

![](gxjagao2p5ovz1j5oil7j.jpg)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, U.S. Small and Mid Cap Equity Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (twenty-four of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Statements of changes in net |  |
| &nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;Statements of operations | &nbsp;&nbsp;assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;&nbsp;Global Growth Fund | &nbsp;&nbsp;For the year ended | &nbsp;&nbsp;For the years ended | &nbsp;&nbsp;For the years ended |
|  | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;December 31, 2025 and 2024 | &nbsp;&nbsp;December 31, 2025, 2024, |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;December 31, 2025 and 2024 | &nbsp;&nbsp;December 31, 2025, 2024, |
| &nbsp;&nbsp;&nbsp;Global Small Capitalization Fund |  |  | &nbsp;&nbsp;2023, 2022 and 2021 |
|  |  |  | &nbsp;&nbsp;2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;Growth Fund |  |  | &nbsp;&nbsp;2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;International Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;New World Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth-Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;International Growth and Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Income Builder |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Allocation Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Global Balanced Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;The Bond Fund of America |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital World Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;American High-Income Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Mortgage Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Ultra-Short Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Managed Risk International Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Managed Risk Washington Mutual Investors |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Managed Risk Growth-Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Managed Risk Asset Allocation Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Small and Mid Cap Equity Fund |  | &nbsp;&nbsp;For the year ended December 31, 2025 and the period | &nbsp;&nbsp;For the year ended December 31, 2025 and the period |
|  |  | &nbsp;&nbsp;November 15, 2024 (commencement of operations) through | &nbsp;&nbsp;November 15, 2024 (commencement of operations) through |
|  |  | &nbsp;&nbsp;December 31, 2024 |  |

---

**391**American Funds Insurance Series

![](gf0wzvehnswt5kzhprw0m.jpg)

Report of Independent Registered Public Accounting Firm

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstate- ment, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

American Funds Insurance Series **392**

![](gbcom0gz4av4wtvfwmakv.jpg)

Changes in and disagreements with accountants

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the independent registered public accounting firm for the funds constituting the American Funds Insurance Series (hereafter referred to as the "series") for the fiscal year ending December 31, 2026 audit. The change in the series' independent registered public accounting firm was approved by the series' board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect PwC's previous engagement to audit the series' financial statements for the fiscal year ended December 31, 2025.

PwC's reports on the series' financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, (i) were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the series' financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The series requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the series' Form N-CSR.

During the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, neither the series, nor anyone on its behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the series' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**393**American Funds Insurance Series

![](g6ex8uqe12fwlkk72cazf.jpg)

Matters submitted for shareholder vote

Results of special meeting of shareholders

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date): 6,453,899,830

Total shares voting on November 25, 2025: 5,466,407,300 (84.7% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Percent |  | &nbsp;&nbsp;&nbsp;&nbsp;Percent |
|  |  | of shares |  | &nbsp;&nbsp;&nbsp;&nbsp;of shares |
| Board member | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes for | voting for | Votes withheld | &nbsp;&nbsp;&nbsp;&nbsp;withheld |
| Christopher D. Buchbinder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306101397 | 97.1% | 160305903 | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| Vanessa C. L. Chang | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284613703 | 96.7% | 181793597 | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| Francisco G. Cigarroa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5286720803 | 96.7% | 179686497 | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| Nariman Farvardin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280935681 | 96.6% | 185471619 | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Jennifer C. Feikin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301887966 | 97.0% | 164519334 | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| John G. Freund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294548932 | 96.9% | 171858368 | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Leslie Stone Heisz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298606338 | 96.9% | 167800962 | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Sharon I. Meers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301554248 | 97.0% | 164853052 | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| William L. Robbins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308925891 | 97.1% | 157481409 | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| Kenneth M. Simril | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304791425 | 97.0% | 161615875 | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| Margaret Spellings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296599626 | 96.9% | 169807674 | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Christopher E. Stone | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297067517 | 96.9% | 169339783 | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Alexandra Trower | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307205561 | 97.1% | 159201739 | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| Paul S. Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302164262 | 97.0% | 164243038 | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |

---

Remuneration paid to directors, officers and others

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

American Funds Insurance Series **394**

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 15.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

------

#### Item 19. Exhibits.
(a)(1) Code of Ethics ([EX-99.CODE ETH](EX-99.CODEETH.htm))

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](EX-99.CERT.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906.CERT.](EX-99.906CERT.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SunAmerica Series Trust

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: March 4, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: March 4, 2026

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: March 4, 2026

------

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT 99.CERT** <br>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 3, 2026

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 3, 2026

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

------

## Ex-99.Code

#### SUNAMERICA SERIES TRUST SEASONS SERIES TRUST

#### (collectively, the "Funds")

#### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL ACCOUNTING OFFICERS
I. **Introduction** 

The Boards of Directors/Trustees of the Funds (the "Boards") have adopted this Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds' Principal Executive Officer and Principal Accounting Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

· Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely and understandable disclosure;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

II. **Honest and Ethical Conduct** 

a. **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

· with honesty, diligence, and a commitment to professional and ethical responsibility;

· carefully, thoroughly and in a timely manner; and

· in conformity with applicable professional and technical standards.

b. **Ethical Handling of Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest improperly interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The compliance programs and procedures of the Funds and the Funds' investment adviser, SunAmerica Asset Management, LLC. ("SAAMCo"), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds and SAAMCo, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for SAAMCo, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and SAAMCo. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and SAAMCo and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of other investment companies advised by SAAMCo.

In particular, each Covered Officer must:

· Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

· Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

------

· Report at least annually to the Funds' Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

· Service as a director on the board of any company;

· The receipt of any non-nominal gifts;

· The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than SAAMCo, the Funds' principal underwriter or any affiliated person thereof;

· A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

c. **Conduct in the Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Funds' financial statements or any facts used in the preparation of the Funds' financial statements. This section is intended to prohibit:

· making, or permitting or directing another to make, materially false or misleading entries in the Funds' financial statements or records;

· failing to correct the Funds' financial statements or records that are materially false or misleading; and

· signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. **Obligations to the Independent Auditor of the Funds** 

In dealing with the Funds' independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds' independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds' independent auditor in

------

the performance of an audit of the Funds' financial statements for the purpose of rendering such financial statements materially misleading.

I. **Disclosure and Compliance** 

· Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

· Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Boards and auditors, or to governmental regulators and self- regulatory organizations;

· Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and SAAMCo with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

II. **Reporting and Accountability** 

Each Covered Officer must:

· Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read and understands the Code;

· Annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

· Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code that are made in good faith; and

· Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

The Funds will act according to the following procedures in investigating and enforcing this Code:

------

· The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

· If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

· If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of SAAMCo or its board; or a recommendation to dismiss the Covered Officer;

· The Ethics Committee will be responsible for granting waivers, as appropriate;

· The Ethics Committee will inform the Boards of violations or waivers of this Code; and

· Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

III. **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, SAAMCo, the Funds' principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds, SAAMCo and the Funds' principal underwriter, under Rule 17j-1 of the Investment Company Act, and SAAMCo's more detailed policies and procedures set forth in the SAAMCo Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

IV. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Boards.

V. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds, the Ethics Committee, SAAMCo and the Boards and their independent counsel.

------

VI. Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

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#### Exhibit A
John Genoy, Principal Executive Officer

Gregory R. Kingston, Principal Accounting Officer

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## Exhibit 99.906

#### EXHIBIT 99.906.CERT
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

John T. Genoy, Principal Executive Officer, and Gregory R. Kingston, Principal Financial Officer of SunAmerica Series Trust (the "registrant"), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: March 3, 2026

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

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