# EDGAR Filing Document

**Accession Number:** 0000729528
**File Stem:** 0001193125-26-098108
**Filing Date:** 2026-3
**Character Count:** 2320354
**Document Hash:** 6692c1123fc7493a1e20e2d1372ec824
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098108.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098108

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 200

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03857
- **FILM NUMBER:** 26734104

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

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

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

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

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

## Series and Classes Contracts Data

### Global Growth Fund (Series ID: S000008786)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023903 | Class 1      |  |
| C000023904 | Class 2      |  |
| C000121502 | Class 4      |  |
| C000176234 | Class 1A     |  |

### American High-Income Trust (Series ID: S000008787)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023905 | Class 1      |  |
| C000023906 | Class 2      |  |
| C000023907 | Class 3      |  |
| C000121503 | Class 4      |  |
| C000176235 | Class 1A     |  |

### U.S. Government Securities Fund (Series ID: S000008788)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023908 | Class 1      |  |
| C000023909 | Class 2      |  |
| C000023910 | Class 3      |  |
| C000121504 | Class 4      |  |
| C000176236 | Class 1A     |  |

### Ultra-Short Bond Fund (Series ID: S000008789)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023911 | Class 1      |  |
| C000023912 | Class 2      |  |
| C000023913 | Class 3      |  |
| C000121505 | Class 4      |  |
| C000176237 | Class 1A     |  |

### SMALLCAP World Fund (Series ID: S000008790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023914 | Class 1      |  |
| C000023915 | Class 2      |  |
| C000121506 | Class 4      |  |
| C000176238 | Class 1A     |  |

### Growth Fund (Series ID: S000008791)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023916 | Class 1      |  |
| C000023917 | Class 2      |  |
| C000023918 | Class 3      |  |
| C000121507 | Class 4      |  |
| C000176239 | Class 1A     |  |

### EUPAC Fund (Series ID: S000008792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023919 | Class 1      |  |
| C000023920 | Class 2      |  |
| C000023921 | Class 3      |  |
| C000121508 | Class 4      |  |
| C000176240 | Class 1A     |  |

### New World Fund (Series ID: S000008793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023922 | Class 1      |  |
| C000023923 | Class 2      |  |
| C000121509 | Class 4      |  |
| C000176241 | Class 1A     |  |

### Washington Mutual Investors Fund (Series ID: S000008794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023924 | Class 1      |  |
| C000023925 | Class 2      |  |
| C000121510 | Class 4      |  |
| C000176242 | Class 1A     |  |

### Growth-Income Fund (Series ID: S000008795)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023926 | Class 1      |  |
| C000023927 | Class 2      |  |
| C000023928 | Class 3      |  |
| C000121511 | Class 4      |  |
| C000176243 | Class 1A     |  |

### Asset Allocation Fund (Series ID: S000008796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023929 | Class 1      |  |
| C000023930 | Class 2      |  |
| C000023931 | Class 3      |  |
| C000121512 | Class 4      |  |
| C000176244 | Class 1A     |  |

### The Bond Fund of America (Series ID: S000008797)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023932 | Class 1      |  |
| C000023933 | Class 2      |  |
| C000121513 | Class 4      |  |
| C000176245 | Class 1A     |  |

### Capital World Growth and Income Fund (Series ID: S000013710)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000037623 | Class 1      |  |
| C000037624 | Class 2      |  |
| C000121514 | Class 4      |  |
| C000176246 | Class 1A     |  |

### Capital World Bond Fund (Series ID: S000013796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000037827 | Class 1      |  |
| C000037828 | Class 2      |  |
| C000121515 | Class 4      |  |
| C000176247 | Class 1A     |  |

### International Growth and Income Fund (Series ID: S000023461)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000068980 | Class 1      |  |
| C000068981 | Class 2      |  |
| C000121516 | Class 4      |  |
| C000176248 | Class 1A     |  |

### American Funds Global Balanced Fund (Series ID: S000031859)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099201 | Class 1      |  |
| C000099202 | Class 2      |  |
| C000121517 | Class 4      |  |
| C000176249 | Class 1A     |  |

### American Funds Mortgage Fund (Series ID: S000031860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099203 | Class 1      |  |
| C000099204 | Class 2      |  |
| C000121518 | Class 4      |  |
| C000176250 | Class 1A     |  |

### Managed Risk Asset Allocation Fund (Series ID: S000038240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117906 | Class P1     |  |
| C000117907 | Class P2     |  |

### Managed Risk Growth Fund (Series ID: S000040665)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126054 | Class P1     |  |
| C000126055 | Class P2     |  |

### Managed Risk International Fund (Series ID: S000040666)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126056 | Class P1     |  |
| C000126057 | Class P2     |  |

### Managed Risk Washington Mutual Investors Fund (Series ID: S000040667)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126058 | Class P1     |  |
| C000126059 | Class P2     |  |

### Managed Risk Growth-Income Fund (Series ID: S000040668)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126060 | Class P1     |  |
| C000126061 | Class P2     |  |

### Capital Income Builder (Series ID: S000045163)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140604 | Class 1      |  |
| C000140605 | Class 2      |  |
| C000140606 | Class 4      |  |
| C000176252 | Class 1A     |  |

### U.S. Small and Mid Cap Equity Fund (Series ID: S000088658)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000254989 | Class 4      |  |
| C000254990 | Class 1      |  |
| C000254991 | Class 1A     |  |
| C000254992 | Class 2      |  |

?xml version='1.0' encoding='ASCII'? e20762a3-07d9-4867-a15a-fc4e9a41d847

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

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

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

------

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of principal executive offices)

Gregory F. Niland

5300 Robin Hood Rd.

Norfolk, VA 23513

(Name and address of agent for service)

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

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

#### Date of reporting period:
December 31, 2025

ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2382.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

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

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

capitalgroup.com/AFIS-returns-1.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534530.jpg)

#### Average annual total returns

---

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

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### 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.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Growth Fund
**Class 1A** 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

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$74 | 0.67% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 21.63% 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

capitalgroup.com/AFIS-returns-1A.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534662.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Global Growth Fund — Class 1A2 | 21.63% | 8.24% | 13.34% |
| MSCI ACWI (All Country World Index)3 | 22.34% | 11.19% | 11.95% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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)

#### 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-1A.

#### 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. INA5ARX-077-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Growth Fund
**Class 2** 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

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$74 | 0.67% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 21.62% 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

capitalgroup.com/AFIS-returns-2.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534574.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Global Growth Fund — Class 2\* | 21.62% | 8.23% | 12.17% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### 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-2.

#### 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. INA2ARX-077-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Growth Fund
**Class 4** 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

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$102 | 0.92% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 21.34% 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

capitalgroup.com/AFIS-returns-4.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534618.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Global Growth Fund — Class 4\* | 21.34% | 7.97% | 11.89% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### 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-4.

#### 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. INA4ARX-077-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Small Capitalization Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Small Capitalization Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$70 | 0.65% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 14.89% for the year ended December 31, 2025. That result compares with a 19.72% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### 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 industrials, materials and information technology contributing the most. Returns from the financials and utilities sectors were also positive. Companies based in Japan, the U.S. and Canada made meaningful contributions to the portfolio.

Conversely, the consumer discretionary and health care sectors were significant detractors from overall results. On a country and region basis, holdings in the Netherlands and Hong Kong were among the most notable detractors.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534706.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Global Small Capitalization Fund — Class 1\* | 14.89% | 0.73% | 7.50% |
| MSCI ACWI IMI Index† | 22.06% | 10.75% | 11.45% |
| MSCI All Country World Small Cap Index† | 19.72% | 7.29% | 9.32% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2954 |
| Total number of portfolio holdings | 281 |
| Total advisory fees paid (in millions) | $18 |
| Portfolio turnover rate | 51% |

---

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

#### 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-075-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Small Capitalization Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Small Capitalization Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$97 | 0.90% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 14.63% for the year ended December 31, 2025. That result compares with a 19.72% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### 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 industrials, materials and information technology contributing the most. Returns from the financials and utilities sectors were also positive. Companies based in Japan, the U.S. and Canada made meaningful contributions to the portfolio.

Conversely, the consumer discretionary and health care sectors were significant detractors from overall results. On a country and region basis, holdings in the Netherlands and Hong Kong were among the most notable detractors.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534838.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Global Small Capitalization Fund — Class 1A2 | 14.63% | 0.49% | 7.57% |
| MSCI ACWI IMI Index3 | 22.06% | 10.75% | 11.59% |
| MSCI All Country World Small Cap Index3 | 19.72% | 7.29% | 8.90% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $2954 |
| Total number of portfolio holdings | 281 |
| Total advisory fees paid (in millions) | $18 |
| Portfolio turnover rate | 51% |

---

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

#### 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-1A.

#### 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. INA5ARX-075-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Small Capitalization Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Small Capitalization Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$97 | 0.90% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 14.64% for the year ended December 31, 2025. That result compares with a 19.72% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### 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 industrials, materials and information technology contributing the most. Returns from the financials and utilities sectors were also positive. Companies based in Japan, the U.S. and Canada made meaningful contributions to the portfolio.

Conversely, the consumer discretionary and health care sectors were significant detractors from overall results. On a country and region basis, holdings in the Netherlands and Hong Kong were among the most notable detractors.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534750.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Global Small Capitalization Fund — Class 2\* | 14.64% | 0.49% | 7.23% |
| MSCI ACWI IMI Index† | 22.06% | 10.75% | 11.45% |
| MSCI All Country World Small Cap Index† | 19.72% | 7.29% | 9.32% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2954 |
| Total number of portfolio holdings | 281 |
| Total advisory fees paid (in millions) | $18 |
| Portfolio turnover rate | 51% |

---

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

#### 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-2.

#### 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. INA2ARX-075-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Global Small Capitalization Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Small Capitalization Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$123 | 1.15% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 14.33% for the year ended December 31, 2025. That result compares with a 19.72% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### 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 industrials, materials and information technology contributing the most. Returns from the financials and utilities sectors were also positive. Companies based in Japan, the U.S. and Canada made meaningful contributions to the portfolio.

Conversely, the consumer discretionary and health care sectors were significant detractors from overall results. On a country and region basis, holdings in the Netherlands and Hong Kong were among the most notable detractors.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534794.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Global Small Capitalization Fund — Class 4\* | 14.33% | 0.23% | 6.96% |
| MSCI ACWI IMI Index† | 22.06% | 10.75% | 11.45% |
| MSCI All Country World Small Cap Index† | 19.72% | 7.29% | 9.32% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2954 |
| Total number of portfolio holdings | 281 |
| Total advisory fees paid (in millions) | $18 |
| Portfolio turnover rate | 51% |

---

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

#### 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-4.

#### 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. INA4ARX-075-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.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

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

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

capitalgroup.com/AFIS-returns-1.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534882.jpg)

#### Average annual total returns

---

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

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### Changes in and disagreements with account ants
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.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth Fund
**Class 1A** 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

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$65 | 0.59% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 20.24% 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

capitalgroup.com/AFIS-returns-1A.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1535058.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Growth Fund — Class 1A2 | 20.24% | 13.37% | 18.69% |
| S&P 500 Index3 | 17.88% | 14.42% | 14.95% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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)

#### 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-1A.

#### 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. INA5ARX-027-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth Fund
**Class 2** 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

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$65 | 0.59% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 20.24% 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

capitalgroup.com/AFIS-returns-2.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534926.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Growth Fund — Class 2\* | 20.24% | 13.37% | 17.97% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### 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-2.

#### 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. INA2ARX-027-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth Fund
**Class 3** 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

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$57 | 0.52% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 20.32% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1534970.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Growth Fund — Class 3\* | 20.32% | 13.45% | 18.05% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### 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-3.

#### 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. INA3ARX-027-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth Fund
**Class 4** 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

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$92 | 0.84% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 19.93% 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

capitalgroup.com/AFIS-returns-4.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1535014.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Growth Fund — Class 4\* | 19.93% | 13.09% | 17.67% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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)

#### 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-4.

#### 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. INA4ARX-027-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$60 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 27.04% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535102.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Fund — Class 1\* | 27.04% | 3.66% | 7.26% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $7452 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid (in millions) | $34 |
| Portfolio turnover rate | 63% |

---

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

#### 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-071-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$88 | 0.78% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 26.68% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535278.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| International Fund — Class 1A2 | 26.68% | 3.40% | 7.16% |
| MSCI ACWI (All Country World Index) ex USA3 | 32.39% | 7.91% | 8.64% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $7452 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid (in millions) | $34 |
| Portfolio turnover rate | 63% |

---

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

#### 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-1A.

#### 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. INA5ARX-071-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$88 | 0.78% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 26.77% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535146.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Fund — Class 2\* | 26.77% | 3.40% | 7.00% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $7452 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid (in millions) | $34 |
| Portfolio turnover rate | 63% |

---

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

#### 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-2.

#### 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. INA2ARX-071-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Fund
**Class 3** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$81 | 0.71% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 26.85% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535190.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Fund — Class 3\* | 26.85% | 3.48% | 7.07% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $7452 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid (in millions) | $34 |
| Portfolio turnover rate | 63% |

---

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

#### 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-3.

#### 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. INA3ARX-071-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$117 | 1.03% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 26.41% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535234.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Fund — Class 4\* | 26.41% | 3.14% | 6.73% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $7452 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid (in millions) | $34 |
| Portfolio turnover rate | 63% |

---

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

#### 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-4.

#### 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. INA4ARX-071-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – New World Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - New World Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$66 | 0.58% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 28.60% for the year ended December 31, 2025. That result compares with a 33.57% gain for the MSCI Emerging Markets Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### 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 largely drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Holdings in most sectors delivered positive returns for the fund, with shares of information technology and financial companies significantly boosting results. Returns from the industrials, communication services and materials sectors surpassed those of the overall portfolio. Companies based in South Korea, the U.S., Taiwan and China also made meaningful contributions to the fund.

In contrast, holdings in the real estate sector detracted from overall results, posting the lowest returns among all sectors. Likewise, holdings in companies based in Denmark and Indonesia were the most notable detractors for the portfolio.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535322.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| New World Fund — Class 1\* | 28.60% | 5.59% | 9.53% |
| MSCI Emerging Markets Index† | 33.57% | 4.20% | 8.42% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $4047 |
| Total number of portfolio holdings | 612 |
| Total advisory fees paid (in millions) | $19 |
| Portfolio turnover rate | 49% |

---

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

\*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-076-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – New World Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - New World Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$95 | 0.83% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 28.27% for the year ended December 31, 2025. That result compares with a 33.57% gain for the MSCI Emerging Markets Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### 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 largely drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Holdings in most sectors delivered positive returns for the fund, with shares of information technology and financial companies significantly boosting results. Returns from the industrials, communication services and materials sectors surpassed those of the overall portfolio. Companies based in South Korea, the U.S., Taiwan and China also made meaningful contributions to the fund.

In contrast, holdings in the real estate sector detracted from overall results, posting the lowest returns among all sectors. Likewise, holdings in companies based in Denmark and Indonesia were the most notable detractors for the portfolio.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535454.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| New World Fund — Class 1A2 | 28.27% | 5.32% | 9.47% |
| MSCI Emerging Markets Index3 | 33.57% | 4.20% | 7.87% |
| MSCI ACWI (All Country World Index)3 | 22.34% | 11.19% | 11.95% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $4047 |
| Total number of portfolio holdings | 612 |
| Total advisory fees paid (in millions) | $19 |
| Portfolio turnover rate | 49% |

---

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

\*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-1A.

#### 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. INA5ARX-076-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – New World Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - New World Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$95 | 0.83% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 28.29% for the year ended December 31, 2025. That result compares with a 33.57% gain for the MSCI Emerging Markets Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### 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 largely drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Holdings in most sectors delivered positive returns for the fund, with shares of information technology and financial companies significantly boosting results. Returns from the industrials, communication services and materials sectors surpassed those of the overall portfolio. Companies based in South Korea, the U.S., Taiwan and China also made meaningful contributions to the fund.

In contrast, holdings in the real estate sector detracted from overall results, posting the lowest returns among all sectors. Likewise, holdings in companies based in Denmark and Indonesia were the most notable detractors for the portfolio.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535366.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| New World Fund — Class 2\* | 28.29% | 5.33% | 9.25% |
| MSCI Emerging Markets Index† | 33.57% | 4.20% | 8.42% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $4047 |
| Total number of portfolio holdings | 612 |
| Total advisory fees paid (in millions) | $19 |
| Portfolio turnover rate | 49% |

---

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

\*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-2.

#### 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. INA2ARX-076-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – New World Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - New World Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$123 | 1.08% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 27.92% for the year ended December 31, 2025. That result compares with a 33.57% gain for the MSCI Emerging Markets Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### 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 largely drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Holdings in most sectors delivered positive returns for the fund, with shares of information technology and financial companies significantly boosting results. Returns from the industrials, communication services and materials sectors surpassed those of the overall portfolio. Companies based in South Korea, the U.S., Taiwan and China also made meaningful contributions to the fund.

In contrast, holdings in the real estate sector detracted from overall results, posting the lowest returns among all sectors. Likewise, holdings in companies based in Denmark and Indonesia were the most notable detractors for the portfolio.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535410.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| New World Fund — Class 4\* | 27.92% | 5.06% | 8.98% |
| MSCI Emerging Markets Index† | 33.57% | 4.20% | 8.42% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $4047 |
| Total number of portfolio holdings | 612 |
| Total advisory fees paid (in millions) | $19 |
| Portfolio turnover rate | 49% |

---

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

\*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-4.

#### 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. INA4ARX-076-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Washington Mutual Investors Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$28 | 0.26% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 17.50% 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

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, each sector contributed positively to overall portfolio return, with information technology, industrials and financials being particularly additive, despite weakness in some financials holdings. Additionally, holdings in communication services, utilities and real estate all saw returns surpass those of the overall portfolio. The consumer staples and health care sectors posted double-digit gains but trailed the portfolio's total return.

Conversely, holdings in energy, materials and consumer discretionary provided minimal contributions to total return.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535498.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Washington Mutual Investors Fund — Class 1\* | 17.50% | 14.17% | 12.65% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $11974 |
| Total number of portfolio holdings | 191 |
| Total advisory fees paid (in millions) | $26 |
| Portfolio turnover rate | 37% |

---

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

#### 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-072-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Washington Mutual Investors Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$55 | 0.51% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 17.21% 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

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, each sector contributed positively to overall portfolio return, with information technology, industrials and financials being particularly additive, despite weakness in some financials holdings. Additionally, holdings in communication services, utilities and real estate all saw returns surpass those of the overall portfolio. The consumer staples and health care sectors posted double-digit gains but trailed the portfolio's total return.

Conversely, holdings in energy, materials and consumer discretionary provided minimal contributions to total return.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535630.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Washington Mutual Investors Fund — Class 1A2 | 17.21% | 13.88% | 11.51% |
| S&P 500 Index3 | 17.88% | 14.42% | 14.95% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $11974 |
| Total number of portfolio holdings | 191 |
| Total advisory fees paid (in millions) | $26 |
| Portfolio turnover rate | 37% |

---

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

#### 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-1A.

#### 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. INA5ARX-072-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Washington Mutual Investors Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$55 | 0.51% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 17.21% 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

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, each sector contributed positively to overall portfolio return, with information technology, industrials and financials being particularly additive, despite weakness in some financials holdings. Additionally, holdings in communication services, utilities and real estate all saw returns surpass those of the overall portfolio. The consumer staples and health care sectors posted double-digit gains but trailed the portfolio's total return.

Conversely, holdings in energy, materials and consumer discretionary provided minimal contributions to total return.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535542.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Washington Mutual Investors Fund — Class 2\* | 17.21% | 13.89% | 12.36% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $11974 |
| Total number of portfolio holdings | 191 |
| Total advisory fees paid (in millions) | $26 |
| Portfolio turnover rate | 37% |

---

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

#### 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-2.

#### 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. INA2ARX-072-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Washington Mutual Investors Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$82 | 0.76% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 16.90% 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

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, each sector contributed positively to overall portfolio return, with information technology, industrials and financials being particularly additive, despite weakness in some financials holdings. Additionally, holdings in communication services, utilities and real estate all saw returns surpass those of the overall portfolio. The consumer staples and health care sectors posted double-digit gains but trailed the portfolio's total return.

Conversely, holdings in energy, materials and consumer discretionary provided minimal contributions to total return.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1535586.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Washington Mutual Investors Fund — Class 4\* | 16.90% | 13.60% | 12.08% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $11974 |
| Total number of portfolio holdings | 191 |
| Total advisory fees paid (in millions) | $26 |
| Portfolio turnover rate | 37% |

---

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

#### 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-4.

#### 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. INA4ARX-072-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Small and Mid Cap Equity Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$58 | 0.54% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 15.95% for the year ended December 31, 2025. That result compares with a 11.91% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
During the fund's fiscal year, U.S. small- and mid-cap equities proved resilient, bouncing back from turbulence in early 2025. The Russell 2500 Index dipped in the first quarter along with the broader market, recovering in the second half of the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, most sectors added gains to the overall portfolio, with information technology and industrials leading contributions. Returns from the consumer staples and communication services sectors also exceeded those of the overall portfolio.

Conversely, holdings in materials and real estate were notable detractors to overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538446.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| U.S. Small and Mid Cap Equity Fund — Class 12 | 15.95% | 11.19% |
| Russell 3000 Index3 | 17.15% | 15.18% |
| Russell 2500 Index3 | 11.91% | 8.16% |
| Russell Midcap Index3 | 10.60% | 6.77% |

---

<sup>1</sup> Class 1 shares were first offered on November 15, 2024.

<sup>2</sup> 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.

<sup>3</sup> 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): London Stock Exchange Group.

**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 thousands) | $99626 |
| Total number of portfolio holdings | 158 |
| Total advisory fees paid (in thousands) | $216 |
| Portfolio turnover rate | 82% |

---

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

#### 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 period November 15, 2024 (commencement of operations) through December 31, 2024, fiscal year ended 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-195-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Small and Mid Cap Equity Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$58 | 0.54% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 15.93% for the year ended December 31, 2025. That result compares with a 11.91% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
During the fund's fiscal year, U.S. small- and mid-cap equities proved resilient, bouncing back from turbulence in early 2025. The Russell 2500 Index dipped in the first quarter along with the broader market, recovering in the second half of the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, most sectors added gains to the overall portfolio, with information technology and industrials leading contributions. Returns from the consumer staples and communication services sectors also exceeded those of the overall portfolio.

Conversely, holdings in materials and real estate were notable detractors to overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538490.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| U.S. Small and Mid Cap Equity Fund — Class 1A2 | 15.93% | 11.18% |
| Russell 3000 Index3 | 17.15% | 15.18% |
| Russell 2500 Index3 | 11.91% | 8.16% |
| Russell Midcap Index3 | 10.60% | 6.77% |

---

<sup>1</sup> Class 1A shares were first offered on November 15, 2024.

<sup>2</sup> 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.

<sup>3</sup> 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): London Stock Exchange Group.

**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 thousands) | $99626 |
| Total number of portfolio holdings | 158 |
| Total advisory fees paid (in thousands) | $216 |
| Portfolio turnover rate | 82% |

---

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

#### 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 period November 15, 2024 (commencement of operations) through December 31, 2024, fiscal year ended 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-1A.

#### 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. INA5ARX-195-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Small and Mid Cap Equity Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$58 | 0.54% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 15.93% for the year ended December 31, 2025. That result compares with a 11.91% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
During the fund's fiscal year, U.S. small- and mid-cap equities proved resilient, bouncing back from turbulence in early 2025. The Russell 2500 Index dipped in the first quarter along with the broader market, recovering in the second half of the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, most sectors added gains to the overall portfolio, with information technology and industrials leading contributions. Returns from the consumer staples and communication services sectors also exceeded those of the overall portfolio.

Conversely, holdings in materials and real estate were notable detractors to overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538534.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| U.S. Small and Mid Cap Equity Fund — Class 22 | 15.93% | 11.17% |
| Russell 3000 Index3 | 17.15% | 15.18% |
| Russell 2500 Index3 | 11.91% | 8.16% |
| Russell Midcap Index3 | 10.60% | 6.77% |

---

<sup>1</sup> Class 2 shares were first offered on November 15, 2024.

<sup>2</sup> 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.

<sup>3</sup> 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): London Stock Exchange Group.

**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 thousands) | $99626 |
| Total number of portfolio holdings | 158 |
| Total advisory fees paid (in thousands) | $216 |
| Portfolio turnover rate | 82% |

---

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

#### 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 period November 15, 2024 (commencement of operations) through December 31, 2024, fiscal year ended 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-2.

#### 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. INA2ARX-195-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Small and Mid Cap Equity Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$68 | 0.63% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 15.88% for the year ended December 31, 2025. That result compares with a 11.91% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
During the fund's fiscal year, U.S. small- and mid-cap equities proved resilient, bouncing back from turbulence in early 2025. The Russell 2500 Index dipped in the first quarter along with the broader market, recovering in the second half of the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, most sectors added gains to the overall portfolio, with information technology and industrials leading contributions. Returns from the consumer staples and communication services sectors also exceeded those of the overall portfolio.

Conversely, holdings in materials and real estate were notable detractors to overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538578.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| U.S. Small and Mid Cap Equity Fund — Class 42 | 15.88% | 11.13% |
| Russell 3000 Index3 | 17.15% | 15.18% |
| Russell 2500 Index3 | 11.91% | 8.16% |
| Russell Midcap Index3 | 10.60% | 6.77% |

---

<sup>1</sup> Class 4 shares were first offered on November 15, 2024.

<sup>2</sup> 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.

<sup>3</sup> 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): London Stock Exchange Group.

**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 thousands) | $99626 |
| Total number of portfolio holdings | 158 |
| Total advisory fees paid (in thousands) | $216 |
| Portfolio turnover rate | 82% |

---

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

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/AFIS-literature-4 or upon request at (800) 421-4225.

The total annual operating expense ratio for Class 4 shares increased from 0.55% to 0.63% during the reporting period. The increase was primarily due to an increase in distribution services (12b-1) fees as well as other expenses, both of which were driven by changes in net assets.

#### 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 period November 15, 2024 (commencement of operations) through December 31, 2024, fiscal year ended 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-4.

#### 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. INA4ARX-195-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Growth and Income Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

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

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 25.16% 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

capitalgroup.com/AFIS-returns-1.

#### 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 Korea, Taiwan and China. India remained relatively flat despite solid macroeconomic fundamentals.

Within the fund, all equity sectors delivered gains, with information technology, industrials and financials sectors being particularly additive. Communications services, materials and consumer staples holdings also saw returns surpassing those of the overall portfolio. U.S.-based companies, which represent over half of the portfolio, posted gains but lagged the fund's overall results. Companies based in the U.K. and Taiwan also made meaningful contributions.

Conversely, holdings in real estate and health care were a significant detractor from overall results, posting the lowest returns among all sectors. On a country basis, Denmark, Indonesia 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.

![Fund Performance - Growth of 10K](chartimages_1535674.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital World Growth and Income Fund — Class 1\* | 25.16% | 10.56% | 11.30% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2087 |
| Total number of portfolio holdings | 344 |
| Total advisory fees paid (in millions) | $7 |
| Portfolio turnover rate | 45% |

---

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

#### 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-073-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Growth and Income Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$75 | 0.67% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 24.79% 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

capitalgroup.com/AFIS-returns-1A.

#### 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 Korea, Taiwan and China. India remained relatively flat despite solid macroeconomic fundamentals.

Within the fund, all equity sectors delivered gains, with information technology, industrials and financials sectors being particularly additive. Communications services, materials and consumer staples holdings also saw returns surpassing those of the overall portfolio. U.S.-based companies, which represent over half of the portfolio, posted gains but lagged the fund's overall results. Companies based in the U.K. and Taiwan also made meaningful contributions.

Conversely, holdings in real estate and health care were a significant detractor from overall results, posting the lowest returns among all sectors. On a country basis, Denmark, Indonesia 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.

![Fund Performance - Growth of 10K](chartimages_1535806.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Capital World Growth and Income Fund — Class 1A2 | 24.79% | 10.28% | 11.31% |
| MSCI ACWI (All Country World Index)3 | 22.34% | 11.19% | 11.95% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $2087 |
| Total number of portfolio holdings | 344 |
| Total advisory fees paid (in millions) | $7 |
| Portfolio turnover rate | 45% |

---

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

#### 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-1A.

#### 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. INA5ARX-073-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Growth and Income Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$75 | 0.67% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 24.80% 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

capitalgroup.com/AFIS-returns-2.

#### 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 Korea, Taiwan and China. India remained relatively flat despite solid macroeconomic fundamentals.

Within the fund, all equity sectors delivered gains, with information technology, industrials and financials sectors being particularly additive. Communications services, materials and consumer staples holdings also saw returns surpassing those of the overall portfolio. U.S.-based companies, which represent over half of the portfolio, posted gains but lagged the fund's overall results. Companies based in the U.K. and Taiwan also made meaningful contributions.

Conversely, holdings in real estate and health care were a significant detractor from overall results, posting the lowest returns among all sectors. On a country basis, Denmark, Indonesia 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.

![Fund Performance - Growth of 10K](chartimages_1535718.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital World Growth and Income Fund — Class 2\* | 24.80% | 10.29% | 11.02% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2087 |
| Total number of portfolio holdings | 344 |
| Total advisory fees paid (in millions) | $7 |
| Portfolio turnover rate | 45% |

---

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

#### 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-2.

#### 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. INA2ARX-073-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Growth and Income Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$103 | 0.92% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 24.46% 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

capitalgroup.com/AFIS-returns-4.

#### 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 Korea, Taiwan and China. India remained relatively flat despite solid macroeconomic fundamentals.

Within the fund, all equity sectors delivered gains, with information technology, industrials and financials sectors being particularly additive. Communications services, materials and consumer staples holdings also saw returns surpassing those of the overall portfolio. U.S.-based companies, which represent over half of the portfolio, posted gains but lagged the fund's overall results. Companies based in the U.K. and Taiwan also made meaningful contributions.

Conversely, holdings in real estate and health care were a significant detractor from overall results, posting the lowest returns among all sectors. On a country basis, Denmark, Indonesia 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.

![Fund Performance - Growth of 10K](chartimages_1535762.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital World Growth and Income Fund — Class 4\* | 24.46% | 10.01% | 10.74% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2087 |
| Total number of portfolio holdings | 344 |
| Total advisory fees paid (in millions) | $7 |
| Portfolio turnover rate | 45% |

---

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

#### 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-4.

#### 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. INA4ARX-073-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.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

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

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

capitalgroup.com/AFIS-returns-1.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1535850.jpg)

#### Average annual total returns

---

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

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

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

\*Less than 0.01%.

#### 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-026-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth-Income Fund
**Class 1A** 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

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$58 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 18.06% 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

capitalgroup.com/AFIS-returns-1A.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1536026.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Growth-Income Fund — Class 1A2 | 18.06% | 13.90% | 13.95% |
| S&P 500 Index3 | 17.88% | 14.42% | 14.95% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

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

\*Less than 0.01%.

#### 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-1A.

#### 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. INA5ARX-026-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth-Income Fund
**Class 2** 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

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$58 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 18.06% 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

capitalgroup.com/AFIS-returns-2.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1535894.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Growth-Income Fund — Class 2\* | 18.06% | 13.90% | 13.92% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

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

\*Less than 0.01%.

#### 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-2.

#### 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. INA2ARX-026-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth-Income Fund
**Class 3** 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

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$50 | 0.46% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 18.13% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1535938.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Growth-Income Fund — Class 3\* | 18.13% | 13.98% | 14.00% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

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

\*Less than 0.01%.

#### 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-3.

#### 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. INA3ARX-026-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Growth-Income Fund
**Class 4** 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

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$85 | 0.78% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 17.77% 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

capitalgroup.com/AFIS-returns-4.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1535982.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Growth-Income Fund — Class 4\* | 17.77% | 13.62% | 13.63% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

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

\*Less than 0.01%.

#### 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-4.

#### 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. INA4ARX-026-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Growth and Income Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$67 | 0.57% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 35.83% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets also rallied, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

All sectors of the fund contributed positively to the overall portfolio, with financials, industrials, information technology and materials being particularly additive. Returns from the consumer staples and energy sectors were also positive, though below the portfolio's overall return. Geographically, investments in the United Kingdom, France and Germany made meaningful contributions to overall results.

In contrast, holdings in consumer discretionary and health care, though still positive, lagged the broader portfolio's return. Country-wise, holdings in Denmark, the Philippines and Indonesia were the most notable detractors on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536070.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Growth and Income Fund — Class 1\* | 35.83% | 7.97% | 8.08% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $405 |
| Total number of portfolio holdings | 301 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 48% |

---

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

#### 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-054-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Growth and Income Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$95 | 0.81% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 35.35% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets also rallied, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

All sectors of the fund contributed positively to the overall portfolio, with financials, industrials, information technology and materials being particularly additive. Returns from the consumer staples and energy sectors were also positive, though below the portfolio's overall return. Geographically, investments in the United Kingdom, France and Germany made meaningful contributions to overall results.

In contrast, holdings in consumer discretionary and health care, though still positive, lagged the broader portfolio's return. Country-wise, holdings in Denmark, the Philippines and Indonesia were the most notable detractors on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536202.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| International Growth and Income Fund — Class 1A2 | 35.35% | 7.68% | 8.39% |
| MSCI ACWI (All Country World Index) ex USA3 | 32.39% | 7.91% | 8.64% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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) | $405 |
| Total number of portfolio holdings | 301 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 48% |

---

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

#### 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-1A.

#### 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. INA5ARX-054-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Growth and Income Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$95 | 0.81% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 35.41% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets also rallied, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

All sectors of the fund contributed positively to the overall portfolio, with financials, industrials, information technology and materials being particularly additive. Returns from the consumer staples and energy sectors were also positive, though below the portfolio's overall return. Geographically, investments in the United Kingdom, France and Germany made meaningful contributions to overall results.

In contrast, holdings in consumer discretionary and health care, though still positive, lagged the broader portfolio's return. Country-wise, holdings in Denmark, the Philippines and Indonesia were the most notable detractors on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536114.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Growth and Income Fund — Class 2\* | 35.41% | 7.69% | 7.81% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $405 |
| Total number of portfolio holdings | 301 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 48% |

---

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

#### 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-2.

#### 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. INA2ARX-054-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – International Growth and Income Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Growth and Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$125 | 1.06% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 35.09% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets also rallied, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

All sectors of the fund contributed positively to the overall portfolio, with financials, industrials, information technology and materials being particularly additive. Returns from the consumer staples and energy sectors were also positive, though below the portfolio's overall return. Geographically, investments in the United Kingdom, France and Germany made meaningful contributions to overall results.

In contrast, holdings in consumer discretionary and health care, though still positive, lagged the broader portfolio's return. Country-wise, holdings in Denmark, the Philippines and Indonesia were the most notable detractors on absolute results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536158.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| International Growth and Income Fund — Class 4\* | 35.09% | 7.42% | 7.54% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $405 |
| Total number of portfolio holdings | 301 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 48% |

---

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

#### 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-4.

#### 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. INA4ARX-054-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital Income Builder
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital Income Builder (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$30 | 0.27% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 20.69% for the year ended December 31, 2025. That result compares with a 17.73% gain for the 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major equity markets delivered solid returns, led by the eurozone and the United Kingdom. U.S. stocks advanced (albeit by less than international equities), led by continued growth of large-cap technology companies. Major central banks, including the U.S. Federal Reserve, cut rates as inflation generally eased. Global bonds rallied on U.S. rate-cut expectations and a weakening U.S. dollar. Simultaneously, the U.S. fixed income market posted strong gains, supported by corporate bonds.

Overall, equities contributed meaningfully to the portfolio's absolute returns, particularly within the financials and information technology sectors. While stocks domiciled overseas outpaced domestic ones, they remained a smaller portion of the portfolio than U.S. equities.

The fund's bond holdings, while providing income and stability, delivered smaller gains. Securitized debt, emerging markets debt and corporates were the largest detractors from absolute returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538270.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital Income Builder — Class 1\* | 20.69% | 9.36% | 7.84% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |
| 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index† | 17.73% | 7.73% | 8.92% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1660 |
| Total number of portfolio holdings | 1146 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 87% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-101-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital Income Builder
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital Income Builder (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$57 | 0.52% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 20.42% for the year ended December 31, 2025. That result compares with a 17.73% gain for the 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major equity markets delivered solid returns, led by the eurozone and the United Kingdom. U.S. stocks advanced (albeit by less than international equities), led by continued growth of large-cap technology companies. Major central banks, including the U.S. Federal Reserve, cut rates as inflation generally eased. Global bonds rallied on U.S. rate-cut expectations and a weakening U.S. dollar. Simultaneously, the U.S. fixed income market posted strong gains, supported by corporate bonds.

Overall, equities contributed meaningfully to the portfolio's absolute returns, particularly within the financials and information technology sectors. While stocks domiciled overseas outpaced domestic ones, they remained a smaller portion of the portfolio than U.S. equities.

The fund's bond holdings, while providing income and stability, delivered smaller gains. Securitized debt, emerging markets debt and corporates were the largest detractors from absolute returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538402.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Capital Income Builder — Class 1A2 | 20.42% | 9.09% | 7.88% |
| MSCI ACWI (All Country World Index)3 | 22.34% | 11.19% | 11.95% |
| 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index3 | 17.73% | 7.73% | 9.05% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1660 |
| Total number of portfolio holdings | 1146 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 87% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-1A.

#### 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. INA5ARX-101-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital Income Builder
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital Income Builder (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$57 | 0.52% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 20.41% for the year ended December 31, 2025. That result compares with a 17.73% gain for the 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major equity markets delivered solid returns, led by the eurozone and the United Kingdom. U.S. stocks advanced (albeit by less than international equities), led by continued growth of large-cap technology companies. Major central banks, including the U.S. Federal Reserve, cut rates as inflation generally eased. Global bonds rallied on U.S. rate-cut expectations and a weakening U.S. dollar. Simultaneously, the U.S. fixed income market posted strong gains, supported by corporate bonds.

Overall, equities contributed meaningfully to the portfolio's absolute returns, particularly within the financials and information technology sectors. While stocks domiciled overseas outpaced domestic ones, they remained a smaller portion of the portfolio than U.S. equities.

The fund's bond holdings, while providing income and stability, delivered smaller gains. Securitized debt, emerging markets debt and corporates were the largest detractors from absolute returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538314.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital Income Builder — Class 2\* | 20.41% | 9.08% | 7.59% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |
| 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index† | 17.73% | 7.73% | 8.92% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1660 |
| Total number of portfolio holdings | 1146 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 87% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-2.

#### 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. INA2ARX-101-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital Income Builder
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital Income Builder (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$85 | 0.77% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 20.16% for the year ended December 31, 2025. That result compares with a 17.73% gain for the 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major equity markets delivered solid returns, led by the eurozone and the United Kingdom. U.S. stocks advanced (albeit by less than international equities), led by continued growth of large-cap technology companies. Major central banks, including the U.S. Federal Reserve, cut rates as inflation generally eased. Global bonds rallied on U.S. rate-cut expectations and a weakening U.S. dollar. Simultaneously, the U.S. fixed income market posted strong gains, supported by corporate bonds.

Overall, equities contributed meaningfully to the portfolio's absolute returns, particularly within the financials and information technology sectors. While stocks domiciled overseas outpaced domestic ones, they remained a smaller portion of the portfolio than U.S. equities.

The fund's bond holdings, while providing income and stability, delivered smaller gains. Securitized debt, emerging markets debt and corporates were the largest detractors from absolute returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1538358.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital Income Builder — Class 4\* | 20.16% | 8.82% | 7.32% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |
| 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index† | 17.73% | 7.73% | 8.92% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1660 |
| Total number of portfolio holdings | 1146 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 87% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-4.

#### 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. INA4ARX-101-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.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

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

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

capitalgroup.com/AFIS-returns-1.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1536246.jpg)

#### Average annual total returns

---

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

---

<sup>\*</sup> 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.

<sup>†</sup> 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Asset Allocation Fund
**Class 1A** 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

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$59 | 0.55% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 15.86% 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

capitalgroup.com/AFIS-returns-1A.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1536422.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Asset Allocation Fund — Class 1A2 | 15.86% | 8.97% | 9.68% |
| S&P 500 Index3 | 17.88% | 14.42% | 14.95% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index3 | 13.70% | 8.47% | 9.83% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-1A.

#### 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. INA5ARX-070-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Asset Allocation Fund
**Class 2** 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

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$59 | 0.55% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 15.85% 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

capitalgroup.com/AFIS-returns-2.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1536290.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Asset Allocation Fund — Class 2\* | 15.85% | 8.97% | 9.77% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index† | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-2.

#### 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. INA2ARX-070-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Asset Allocation Fund
**Class 3** 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

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$52 | 0.48% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 15.94% 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.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1536334.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Asset Allocation Fund — Class 3\* | 15.94% | 9.05% | 9.85% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index† | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-3.

#### 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. INA3ARX-070-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Asset Allocation Fund
**Class 4** 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

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$86 | 0.80% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 15.59% 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

capitalgroup.com/AFIS-returns-4.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1536378.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Asset Allocation Fund — Class 4\* | 15.59% | 8.70% | 9.50% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index† | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

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

\*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-4.

#### 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. INA4ARX-070-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Global Balanced Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Global Balanced Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$55 | 0.51% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 17.42% for the year ended December 31, 2025. That result compares with a 15.15% gain for the Global Balanced Historical Benchmarks Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major regions delivered solid returns, led by Europe, emerging markets and Asia Pacific. U.S. stocks advanced on strong large cap technology growth, but lost momentum later in the year. Major central banks, including the Federal Reserve, cut rates. Global bonds rallied on expectations of additional U.S. rate cuts and a weaker U.S. dollar, while U.S. fixed income delivered strong gains, supported by corporate bonds.

The fund's overall results were driven by overseas equities, which provided robust returns for the period. Stocks in the Eurozone and United Kingdom had particularly high returns. Although domestic equities lagged international markets, they remained an important contributor to absolute returns. On a sector basis, financials and industrials led the way.

Fixed income represented nearly one-third of portfolio holdings. While returns trailed equities, the allocation offered a measure of balance and helped mitigate volatility during periods of market stress. Emerging markets debt and investment grade corporates posted strong gains, whereas Treasuries weighed on results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536466.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Funds Global Balanced Fund — Class 1\* | 17.42% | 6.37% | 7.96% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |
| Global Balanced Historical Benchmarks Index† | 15.15% | 5.53% | 7.49% |
| Global Balanced Fixed Income Historical Benchmarks Index† | 4.86% | (2.75)% | 0.95% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $450 |
| Total number of portfolio holdings | 729 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 86% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 57% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-057-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Global Balanced Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Global Balanced Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$83 | 0.76% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 17.21% for the year ended December 31, 2025. That result compares with a 15.15% gain for the Global Balanced Historical Benchmarks Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major regions delivered solid returns, led by Europe, emerging markets and Asia Pacific. U.S. stocks advanced on strong large cap technology growth, but lost momentum later in the year. Major central banks, including the Federal Reserve, cut rates. Global bonds rallied on expectations of additional U.S. rate cuts and a weaker U.S. dollar, while U.S. fixed income delivered strong gains, supported by corporate bonds.

The fund's overall results were driven by overseas equities, which provided robust returns for the period. Stocks in the Eurozone and United Kingdom had particularly high returns. Although domestic equities lagged international markets, they remained an important contributor to absolute returns. On a sector basis, financials and industrials led the way.

Fixed income represented nearly one-third of portfolio holdings. While returns trailed equities, the allocation offered a measure of balance and helped mitigate volatility during periods of market stress. Emerging markets debt and investment grade corporates posted strong gains, whereas Treasuries weighed on results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536598.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Global Balanced Fund — Class 1A2 | 17.21% | 6.12% | 7.99% |
| MSCI ACWI (All Country World Index)3 | 22.34% | 11.19% | 11.95% |
| Global Balanced Historical Benchmarks Index3 | 15.15% | 5.53% | 7.57% |
| Global Balanced Fixed Income Historical Benchmarks Index3 | 4.86% | (2.75)% | 0.83% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $450 |
| Total number of portfolio holdings | 729 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 86% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 57% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-1A.

#### 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. INA5ARX-057-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Global Balanced Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Global Balanced Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$83 | 0.76% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 17.14% for the year ended December 31, 2025. That result compares with a 15.15% gain for the Global Balanced Historical Benchmarks Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major regions delivered solid returns, led by Europe, emerging markets and Asia Pacific. U.S. stocks advanced on strong large cap technology growth, but lost momentum later in the year. Major central banks, including the Federal Reserve, cut rates. Global bonds rallied on expectations of additional U.S. rate cuts and a weaker U.S. dollar, while U.S. fixed income delivered strong gains, supported by corporate bonds.

The fund's overall results were driven by overseas equities, which provided robust returns for the period. Stocks in the Eurozone and United Kingdom had particularly high returns. Although domestic equities lagged international markets, they remained an important contributor to absolute returns. On a sector basis, financials and industrials led the way.

Fixed income represented nearly one-third of portfolio holdings. While returns trailed equities, the allocation offered a measure of balance and helped mitigate volatility during periods of market stress. Emerging markets debt and investment grade corporates posted strong gains, whereas Treasuries weighed on results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536510.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Funds Global Balanced Fund — Class 2\* | 17.14% | 6.11% | 7.69% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |
| Global Balanced Historical Benchmarks Index† | 15.15% | 5.53% | 7.49% |
| Global Balanced Fixed Income Historical Benchmarks Index† | 4.86% | (2.75)% | 0.95% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $450 |
| Total number of portfolio holdings | 729 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 86% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 57% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-2.

#### 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. INA2ARX-057-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Global Balanced Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Global Balanced Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$110 | 1.01% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 16.96% for the year ended December 31, 2025. That result compares with a 15.15% gain for the Global Balanced Historical Benchmarks Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major regions delivered solid returns, led by Europe, emerging markets and Asia Pacific. U.S. stocks advanced on strong large cap technology growth, but lost momentum later in the year. Major central banks, including the Federal Reserve, cut rates. Global bonds rallied on expectations of additional U.S. rate cuts and a weaker U.S. dollar, while U.S. fixed income delivered strong gains, supported by corporate bonds.

The fund's overall results were driven by overseas equities, which provided robust returns for the period. Stocks in the Eurozone and United Kingdom had particularly high returns. Although domestic equities lagged international markets, they remained an important contributor to absolute returns. On a sector basis, financials and industrials led the way.

Fixed income represented nearly one-third of portfolio holdings. While returns trailed equities, the allocation offered a measure of balance and helped mitigate volatility during periods of market stress. Emerging markets debt and investment grade corporates posted strong gains, whereas Treasuries weighed on results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536554.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Funds Global Balanced Fund — Class 4\* | 16.96% | 5.85% | 7.43% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |
| Global Balanced Historical Benchmarks Index† | 15.15% | 5.53% | 7.49% |
| Global Balanced Fixed Income Historical Benchmarks Index† | 4.86% | (2.75)% | 0.95% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $450 |
| Total number of portfolio holdings | 729 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 86% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 57% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-4.

#### 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. INA4ARX-057-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – The Bond Fund of America
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$25 | 0.24% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 7.40% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536642.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| The Bond Fund of America — Class 1\* | 7.40% | 0.10% | 2.61% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11356 |
| Total number of portfolio holdings | 2101 |
| Total advisory fees paid (in millions) | $23 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 247% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 159% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-078-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – The Bond Fund of America
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$51 | 0.49% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 7.24% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536774.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| The Bond Fund of America — Class 1A2 | 7.24% | (0.14)% | 2.28% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11356 |
| Total number of portfolio holdings | 2101 |
| Total advisory fees paid (in millions) | $23 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 247% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 159% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-1A.

#### 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. INA5ARX-078-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – The Bond Fund of America
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$51 | 0.49% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 7.26% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536686.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| The Bond Fund of America — Class 2\* | 7.26% | (0.14)% | 2.36% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11356 |
| Total number of portfolio holdings | 2101 |
| Total advisory fees paid (in millions) | $23 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 247% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 159% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-2.

#### 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. INA2ARX-078-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – The Bond Fund of America
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$77 | 0.74% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 6.98% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536730.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| The Bond Fund of America — Class 4\* | 6.98% | (0.38)% | 2.11% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11356 |
| Total number of portfolio holdings | 2101 |
| Total advisory fees paid (in millions) | $23 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 247% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 159% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-4.

#### 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. INA4ARX-078-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Bond Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$50 | 0.48% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 9.55% for the year ended December 31, 2025. That result compares with a 8.17% gain for the Bloomberg Global Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
Emerging markets bonds posted strong gains, supported by U.S. rate cuts and a weaker dollar. European yields climbed amid a global sell-off toward the end of the year, which was sparked by rising Japanese yields. The euro, British pound and Mexican peso strengthened, while the Argentine peso and Indian rupee declined.

Sector allocation and security selection contributed to relative results. Country/market allocation decisions added to relative returns, driven primarily by duration management. From a country perspective, off-benchmark positions in Brazilian government bonds benefitted results. Currency positioning contributed to comparative results, supported by gains from unhedged currency exposure.

At the broad level, the impact of currency hedging weighed on relative returns over the period. Underweight positions in Japanese and Chinese government bonds, as well as select non-benchmark positions, detracted from results. Finally, underweight positions in uniform mortgage-backed securities and U.S. Treasuries, which outperformed over the period, were a detriment to results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536818.jpg)

#### Average annual tot al retu rns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital World Bond Fund — Class 1\* | 9.55% | (2.27)% | 1.47% |
| Bloomberg Global Aggregate Index† | 8.17% | (2.15)% | 1.26% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1480 |
| Total number of portfolio holdings | 1248 |
| Total advisory fees paid (in millions) | $6 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 106% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 59% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-079-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Bond Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$76 | 0.73% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 9.31% for the year ended December 31, 2025. That result compares with a 8.17% gain for the Bloomberg Global Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
Emerging markets bonds posted strong gains, supported by U.S. rate cuts and a weaker dollar. European yields climbed amid a global sell-off toward the end of the year, which was sparked by rising Japanese yields. The euro, British pound and Mexican peso strengthened, while the Argentine peso and Indian rupee declined.

Sector allocation and security selection contributed to relative results. Country/market allocation decisions added to relative returns, driven primarily by duration management. From a country perspective, off-benchmark positions in Brazilian government bonds benefitted results. Currency positioning contributed to comparative results, supported by gains from unhedged currency exposure.

At the broad level, the impact of currency hedging weighed on relative returns over the period. Underweight positions in Japanese and Chinese government bonds, as well as select non-benchmark positions, detracted from results. Finally, underweight positions in uniform mortgage-backed securities and U.S. Treasuries, which outperformed over the period, were a detriment to results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536950.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Capital World Bond Fund — Class 1A2 | 9.31% | (2.50)% | 1.09% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 1.18% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1480 |
| Total number of portfolio holdings | 1248 |
| Total advisory fees paid (in millions) | $6 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 106% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 59% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-1A.

#### 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. INA5ARX-079-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Bond Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$76 | 0.73% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 9.39% for the year ended December 31, 2025. That result compares with a 8.17% gain for the Bloomberg Global Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
Emerging markets bonds posted strong gains, supported by U.S. rate cuts and a weaker dollar. European yields climbed amid a global sell-off toward the end of the year, which was sparked by rising Japanese yields. The euro, British pound and Mexican peso strengthened, while the Argentine peso and Indian rupee declined.

Sector allocation and security selection contributed to relative results. Country/market allocation decisions added to relative returns, driven primarily by duration management. From a country perspective, off-benchmark positions in Brazilian government bonds benefitted results. Currency positioning contributed to comparative results, supported by gains from unhedged currency exposure.

At the broad level, the impact of currency hedging weighed on relative returns over the period. Underweight positions in Japanese and Chinese government bonds, as well as select non-benchmark positions, detracted from results. Finally, underweight positions in uniform mortgage-backed securities and U.S. Treasuries, which outperformed over the period, were a detriment to results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536862.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital World Bond Fund — Class 2\* | 9.39% | (2.50)% | 1.23% |
| Bloomberg Global Aggregate Index† | 8.17% | (2.15)% | 1.26% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1480 |
| Total number of portfolio holdings | 1248 |
| Total advisory fees paid (in millions) | $6 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 106% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 59% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-2.

#### 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. INA2ARX-079-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Capital World Bond Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$102 | 0.98% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 9.03% for the year ended December 31, 2025. That result compares with a 8.17% gain for the Bloomberg Global Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
Emerging markets bonds posted strong gains, supported by U.S. rate cuts and a weaker dollar. European yields climbed amid a global sell-off toward the end of the year, which was sparked by rising Japanese yields. The euro, British pound and Mexican peso strengthened, while the Argentine peso and Indian rupee declined.

Sector allocation and security selection contributed to relative results. Country/market allocation decisions added to relative returns, driven primarily by duration management. From a country perspective, off-benchmark positions in Brazilian government bonds benefitted results. Currency positioning contributed to comparative results, supported by gains from unhedged currency exposure.

At the broad level, the impact of currency hedging weighed on relative returns over the period. Underweight positions in Japanese and Chinese government bonds, as well as select non-benchmark positions, detracted from results. Finally, underweight positions in uniform mortgage-backed securities and U.S. Treasuries, which outperformed over the period, were a detriment to results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536906.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital World Bond Fund — Class 4\* | 9.03% | (2.76)% | 0.97% |
| Bloomberg Global Aggregate Index† | 8.17% | (2.15)% | 1.26% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1480 |
| Total number of portfolio holdings | 1248 |
| Total advisory fees paid (in millions) | $6 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 106% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 59% |

---

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

<sup>\*</sup>Less than 0.01%.

<sup>†</sup>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-4.

#### 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. INA4ARX-079-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American High-Income Trust
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American High-Income Trust (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$34 | 0.33% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 8.52% for the year ended December 31, 2025. That result compares with a 8.62% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

Within the fund, holdings in technology, electric utilities and communications were particularly additive to results relative to the benchmark. Similarly, consumer cyclicals and real estate investment trusts (REITs) contributed positively to relative returns.

Conversely, the energy, consumer non-cyclicals and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash and derivatives detracted from overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1536994.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 1\* | 8.52% | 5.87% | 7.22% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 8.62% | 4.50% | 6.52% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1039 |
| Total number of portfolio holdings | 883 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate | 39% |

---

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

\*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-028-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American High-Income Trust
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American High-Income Trust (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$60 | 0.58% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 8.19% for the year ended December 31, 2025. That result compares with a 8.62% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

Within the fund, holdings in technology, electric utilities and communications were particularly additive to results relative to the benchmark. Similarly, consumer cyclicals and real estate investment trusts (REITs) contributed positively to relative returns.

Conversely, the energy, consumer non-cyclicals and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash and derivatives detracted from overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537170.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class 1A2 | 8.19% | 5.59% | 5.74% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 8.62% | 4.50% | 5.30% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1039 |
| Total number of portfolio holdings | 883 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate | 39% |

---

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

\*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-1A.

#### 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. INA5ARX-028-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American High-Income Trust
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American High-Income Trust (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$60 | 0.58% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 8.24% for the year ended December 31, 2025. That result compares with a 8.62% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

Within the fund, holdings in technology, electric utilities and communications were particularly additive to results relative to the benchmark. Similarly, consumer cyclicals and real estate investment trusts (REITs) contributed positively to relative returns.

Conversely, the energy, consumer non-cyclicals and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash and derivatives detracted from overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537038.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 2\* | 8.24% | 5.60% | 6.96% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 8.62% | 4.50% | 6.52% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1039 |
| Total number of portfolio holdings | 883 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate | 39% |

---

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

\*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-2.

#### 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. INA2ARX-028-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American High-Income Trust
**Class 3** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American High-Income Trust (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$53 | 0.51% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 8.26% for the year ended December 31, 2025. That result compares with a 8.62% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

Within the fund, holdings in technology, electric utilities and communications were particularly additive to results relative to the benchmark. Similarly, consumer cyclicals and real estate investment trusts (REITs) contributed positively to relative returns.

Conversely, the energy, consumer non-cyclicals and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash and derivatives detracted from overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537082.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 3\* | 8.26% | 5.68% | 7.03% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 8.62% | 4.50% | 6.52% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1039 |
| Total number of portfolio holdings | 883 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate | 39% |

---

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

\*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-3.

#### 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. INA3ARX-028-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American High-Income Trust
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American High-Income Trust (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$86 | 0.83% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 7.93% for the year ended December 31, 2025. That result compares with a 8.62% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

Within the fund, holdings in technology, electric utilities and communications were particularly additive to results relative to the benchmark. Similarly, consumer cyclicals and real estate investment trusts (REITs) contributed positively to relative returns.

Conversely, the energy, consumer non-cyclicals and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash and derivatives detracted from overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537126.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 4\* | 7.93% | 5.33% | 6.68% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 8.62% | 4.50% | 6.52% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1039 |
| Total number of portfolio holdings | 883 |
| Total advisory fees paid (in millions) | $3 |
| Portfolio turnover rate | 39% |

---

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

\*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-4.

#### 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. INA4ARX-028-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Mortgage Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Mortgage Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$33 | 0.32% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 8.92% for the year ended December 31, 2025. That result compares with a 8.58% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in over 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pulling short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's duration positioning was additive to results, relative to the benchmark. Security selection within agency MBS further helped the portfolio's relative returns.

Conversely, curve positioning as well as allocations to Treasuries and securitized credit weighed on results, relative to the benchmark.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537214.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Funds Mortgage Fund — Class 1\* | 8.92% | 0.57% | 1.94% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Mortgage Backed Securities Index† | 8.58% | 0.15% | 1.59% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $125567 |
| Total number of portfolio holdings | 495 |
| Total advisory fees paid (in thousands) | $262 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 421% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 65% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/AFIS-literature-1 or upon request at (800) 421-4225.

During the reporting period, the fund enhanced its disclosure regarding its use of future delivery contracts. When the fund purchases certain types of future delivery contracts, these investments can increase the fund's market exposure because the value of securities the fund contracts to purchase is reflected each day in determining the fund's net asset value and the fund is not required to pay for or obtain, respectively, the securities until settlement date. This could result in the fund being subject to leverage risk, as the value of the fund's investments may exceed its net assets.

#### 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-052-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Mortgage Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Mortgage Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$59 | 0.57% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 8.57% for the year ended December 31, 2025. That result compares with a 8.58% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in over 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pulling short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's duration positioning was additive to results, relative to the benchmark. Security selection within agency MBS further helped the portfolio's relative returns.

Conversely, curve positioning as well as allocations to Treasuries and securitized credit weighed on results, relative to the benchmark.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537346.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Mortgage Fund — Class 1A2 | 8.57% | 0.31% | 1.64% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |
| Bloomberg U.S. Mortgage Backed Securities Index3 | 8.58% | 0.15% | 1.58% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $125567 |
| Total number of portfolio holdings | 495 |
| Total advisory fees paid (in thousands) | $262 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 421% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 65% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/AFIS-literature-1A or upon request at (800) 421-4225.

During the reporting period, the fund enhanced its disclosure regarding its use of future delivery contracts. When the fund purchases certain types of future delivery contracts, these investments can increase the fund's market exposure because the value of securities the fund contracts to purchase is reflected each day in determining the fund's net asset value and the fund is not required to pay for or obtain, respectively, the securities until settlement date. This could result in the fund being subject to leverage risk, as the value of the fund's investments may exceed its net assets.

#### 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-1A.

#### 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. INA5ARX-052-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Mortgage Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Mortgage Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$58 | 0.56% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 8.63% for the year ended December 31, 2025. That result compares with a 8.58% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in over 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pulling short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's duration positioning was additive to results, relative to the benchmark. Security selection within agency MBS further helped the portfolio's relative returns.

Conversely, curve positioning as well as allocations to Treasuries and securitized credit weighed on results, relative to the benchmark.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537258.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Funds Mortgage Fund — Class 2\* | 8.63% | 0.31% | 1.68% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Mortgage Backed Securities Index† | 8.58% | 0.15% | 1.59% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $125567 |
| Total number of portfolio holdings | 495 |
| Total advisory fees paid (in thousands) | $262 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 421% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 65% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/AFIS-literature-2 or upon request at (800) 421-4225.

During the reporting period, the fund enhanced its disclosure regarding its use of future delivery contracts. When the fund purchases certain types of future delivery contracts, these investments can increase the fund's market exposure because the value of securities the fund contracts to purchase is reflected each day in determining the fund's net asset value and the fund is not required to pay for or obtain, respectively, the securities until settlement date. This could result in the fund being subject to leverage risk, as the value of the fund's investments may exceed its net assets.

#### 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-2.

#### 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. INA2ARX-052-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – American Funds Mortgage Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - American Funds Mortgage Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$85 | 0.82% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 8.32% for the year ended December 31, 2025. That result compares with a 8.58% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in over 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pulling short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's duration positioning was additive to results, relative to the benchmark. Security selection within agency MBS further helped the portfolio's relative returns.

Conversely, curve positioning as well as allocations to Treasuries and securitized credit weighed on results, relative to the benchmark.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537302.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Funds Mortgage Fund — Class 4\* | 8.32% | 0.06% | 1.43% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Mortgage Backed Securities Index† | 8.58% | 0.15% | 1.59% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $125567 |
| Total number of portfolio holdings | 495 |
| Total advisory fees paid (in thousands) | $262 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 421% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 65% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/AFIS-literature-4 or upon request at (800) 421-4225.

During the reporting period, the fund enhanced its disclosure regarding its use of future delivery contracts. When the fund purchases certain types of future delivery contracts, these investments can increase the fund's market exposure because the value of securities the fund contracts to purchase is reflected each day in determining the fund's net asset value and the fund is not required to pay for or obtain, respectively, the securities until settlement date. This could result in the fund being subject to leverage risk, as the value of the fund's investments may exceed its net assets.

#### 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-4.

#### 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. INA4ARX-052-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Ultra-Short Bond Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Ultra-Short Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$32 | 0.31% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 4.15% for the year ended December 31, 2025. That result compares with a 4.46% gain for the Bloomberg Short-Term Government/Corporate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
During the fund's fiscal year, the U.S. Federal Reserve lowered its policy rate three times to support growth amid weakening labor market conditions. Short-term yields continued to decline, reflecting shifting expectations around the Fed's rate-cut trajectory. Notably, the yield on the U.S. 3-month Treasury bill dropped to its lowest point in more than three years.

The fund invests primarily in very short-term fixed income instruments and adheres to higher credit quality standards in its investments. These are reflected in the fund's investments in commercial paper and other short-duration instruments.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537654.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Ultra-Short Bond Fund — Class 1\* | 4.15% | 3.02% | 1.96% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg Short-Term Government/Corporate Index† | 4.46% | 3.12% | 2.34% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $307577 |
| Total number of portfolio holdings | 41 |
| Total advisory fees paid (in thousands) | $846 |
| Portfolio turnover rate |  |

---

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

---

| | |
|:---|:---|
| Short-term securities: |  |
| &nbsp;&nbsp;&nbsp;Commercial paper | 62.55% |
| &nbsp;&nbsp;&nbsp;Federal agency bills & notes | 19.81% |
| &nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. | 13.50% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury bills | 4.44% |
| Other assets less liabilities | (0.30)% |
| Total | 100.00% |

---

#### 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-029-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Ultra-Short Bond Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Ultra-Short Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$54 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 3.92% for the year ended December 31, 2025. That result compares with a 4.46% gain for the Bloomberg Short-Term Government/Corporate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
During the fund's fiscal year, the U.S. Federal Reserve lowered its policy rate three times to support growth amid weakening labor market conditions. Short-term yields continued to decline, reflecting shifting expectations around the Fed's rate-cut trajectory. Notably, the yield on the U.S. 3-month Treasury bill dropped to its lowest point in more than three years.

The fund invests primarily in very short-term fixed income instruments and adheres to higher credit quality standards in its investments. These are reflected in the fund's investments in commercial paper and other short-duration instruments.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537786.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Ultra-Short Bond Fund — Class 1A2 | 3.92% | 2.90% | 2.11% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |
| Bloomberg Short-Term Government/Corporate Index3 | 4.46% | 3.12% | 2.51% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $307577 |
| Total number of portfolio holdings | 41 |
| Total advisory fees paid (in thousands) | $846 |
| Portfolio turnover rate |  |

---

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

---

| | |
|:---|:---|
| Short-term securities: |  |
| &nbsp;&nbsp;&nbsp;Commercial paper | 62.55% |
| &nbsp;&nbsp;&nbsp;Federal agency bills & notes | 19.81% |
| &nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. | 13.50% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury bills | 4.44% |
| Other assets less liabilities | (0.30)% |
| Total | 100.00% |

---

#### 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-1A.

#### 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. INA5ARX-029-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Ultra-Short Bond Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Ultra-Short Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$57 | 0.56% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 3.83% for the year ended December 31, 2025. That result compares with a 4.46% gain for the Bloomberg Short-Term Government/Corporate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
During the fund's fiscal year, the U.S. Federal Reserve lowered its policy rate three times to support growth amid weakening labor market conditions. Short-term yields continued to decline, reflecting shifting expectations around the Fed's rate-cut trajectory. Notably, the yield on the U.S. 3-month Treasury bill dropped to its lowest point in more than three years.

The fund invests primarily in very short-term fixed income instruments and adheres to higher credit quality standards in its investments. These are reflected in the fund's investments in commercial paper and other short-duration instruments.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537698.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Ultra-Short Bond Fund — Class 2\* | 3.83% | 2.78% | 1.71% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg Short-Term Government/Corporate Index† | 4.46% | 3.12% | 2.34% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $307577 |
| Total number of portfolio holdings | 41 |
| Total advisory fees paid (in thousands) | $846 |
| Portfolio turnover rate |  |

---

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

---

| | |
|:---|:---|
| Short-term securities: |  |
| &nbsp;&nbsp;&nbsp;Commercial paper | 62.55% |
| &nbsp;&nbsp;&nbsp;Federal agency bills & notes | 19.81% |
| &nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. | 13.50% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury bills | 4.44% |
| Other assets less liabilities | (0.30)% |
| Total | 100.00% |

---

#### 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-2.

#### 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. INA2ARX-029-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Ultra-Short Bond Fund
**Class 3** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Ultra-Short Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$50 | 0.49% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 3.86% for the year ended December 31, 2025. That result compares with a 4.46% gain for the Bloomberg Short-Term Government/Corporate Index.

#### What factors influenced results
During the fund's fiscal year, the U.S. Federal Reserve lowered its policy rate three times to support growth amid weakening labor market conditions. Short-term yields continued to decline, reflecting shifting expectations around the Fed's rate-cut trajectory. Notably, the yield on the U.S. 3-month Treasury bill dropped to its lowest point in more than three years.

The fund invests primarily in very short-term fixed income instruments and adheres to higher credit quality standards in its investments. These are reflected in the fund's investments in commercial paper and other short-duration instruments.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537742.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Ultra-Short Bond Fund — Class 3\* | 3.86% | 2.83% | 1.78% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg Short-Term Government/Corporate Index† | 4.46% | 3.12% | 2.34% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $307577 |
| Total number of portfolio holdings | 41 |
| Total advisory fees paid (in thousands) | $846 |
| Portfolio turnover rate |  |

---

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

---

| | |
|:---|:---|
| Short-term securities: |  |
| &nbsp;&nbsp;&nbsp;Commercial paper | 62.55% |
| &nbsp;&nbsp;&nbsp;Federal agency bills & notes | 19.81% |
| &nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. | 13.50% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury bills | 4.44% |
| Other assets less liabilities | (0.30)% |
| Total | 100.00% |

---

#### 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-3.

#### 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. INA3ARX-029-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Ultra-Short Bond Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Ultra-Short Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$82 | 0.81% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 3.59% for the year ended December 31, 2025. That result compares with a 4.46% gain for the Bloomberg Short-Term Government/Corporate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
During the fund's fiscal year, the U.S. Federal Reserve lowered its policy rate three times to support growth amid weakening labor market conditions. Short-term yields continued to decline, reflecting shifting expectations around the Fed's rate-cut trajectory. Notably, the yield on the U.S. 3-month Treasury bill dropped to its lowest point in more than three years.

The fund invests primarily in very short-term fixed income instruments and adheres to higher credit quality standards in its investments. These are reflected in the fund's investments in commercial paper and other short-duration instruments.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537610.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Ultra-Short Bond Fund — Class 4\* | 3.59% | 2.53% | 1.46% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg Short-Term Government/Corporate Index† | 4.46% | 3.12% | 2.34% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $307577 |
| Total number of portfolio holdings | 41 |
| Total advisory fees paid (in thousands) | $846 |
| Portfolio turnover rate |  |

---

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

---

| | |
|:---|:---|
| Short-term securities: |  |
| &nbsp;&nbsp;&nbsp;Commercial paper | 62.55% |
| &nbsp;&nbsp;&nbsp;Federal agency bills & notes | 19.81% |
| &nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. | 13.50% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury bills | 4.44% |
| Other assets less liabilities | (0.30)% |
| Total | 100.00% |

---

#### 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-4.

#### 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. INA4ARX-029-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Government Securities Fund
**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Government Securities Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$27 | 0.26% |

---

#### Management's discussion of fund performance
The fund's Class 1 shares gained 8.01% for the year ended December 31, 2025. That result compares with a 7.09% gain for the Bloomberg U.S. Government/Mortgage-Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
Over the past year, the U.S. bond market delivered solid results as easing inflation pressures and shifting expectations for monetary policy shaped the investment landscape. Short term yields moved lower following policy adjustments by the U.S. Federal Reserve (Fed), while longer term yields remained comparatively elevated amid ongoing issuance and a steeper curve. Against this backdrop, most high quality fixed income sectors generated positive returns supported by resilient economic conditions and improved investor sentiment.

Within the portfolio, duration positioning was additive as yields generally declined, driven by expectations of moderating economic conditions and a more dovish Fed. Sector positioning benefited from a larger-than-benchmark exposure to agency mortgage-backed securities (MBS) and an off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS), both of which outpaced Treasuries. Security selection within MBS added value due to the fund's emphasis on higher coupon mortgages.

Conversely, yield curve positioning, including instrument selection in expressing curve views, detracted as the curve steepened but not enough to offset the income drag associated with the position. The fund's cash balance also modestly weighed on results, given the strong returns across most fixed income sectors during the year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537390.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| U.S. Government Securities Fund — Class 1\* | 8.01% | 0.01% | 1.95% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index† | 7.09% | (0.53)% | 1.46% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1877 |
| Total number of portfolio holdings | 753 |
| Total advisory fees paid (in millions) | $4 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 253% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 44% |

---

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

\*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-030-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Government Securities Fund
**Class 1A** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Government Securities Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-1A. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1A | &nbsp;&nbsp;$53 | 0.51% |

---

#### Management's discussion of fund performance
The fund's Class 1A shares gained 7.80% for the year ended December 31, 2025. That result compares with a 7.09% gain for the Bloomberg U.S. Government/Mortgage-Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-1A.

#### What factors influenced results
Over the past year, the U.S. bond market delivered solid results as easing inflation pressures and shifting expectations for monetary policy shaped the investment landscape. Short term yields moved lower following policy adjustments by the U.S. Federal Reserve (Fed), while longer term yields remained comparatively elevated amid ongoing issuance and a steeper curve. Against this backdrop, most high quality fixed income sectors generated positive returns supported by resilient economic conditions and improved investor sentiment.

Within the portfolio, duration positioning was additive as yields generally declined, driven by expectations of moderating economic conditions and a more dovish Fed. Sector positioning benefited from a larger-than-benchmark exposure to agency mortgage-backed securities (MBS) and an off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS), both of which outpaced Treasuries. Security selection within MBS added value due to the fund's emphasis on higher coupon mortgages.

Conversely, yield curve positioning, including instrument selection in expressing curve views, detracted as the curve steepened but not enough to offset the income drag associated with the position. The fund's cash balance also modestly weighed on results, given the strong returns across most fixed income sectors during the year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537566.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| U.S. Government Securities Fund — Class 1A2 | 7.80% | (0.24)% | 1.77% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.92% |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index3 | 7.09% | (0.53)% | 1.47% |

---

<sup>1</sup> Class 1A shares were first offered on January 6, 2017.

<sup>2</sup> 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.

<sup>3</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1877 |
| Total number of portfolio holdings | 753 |
| Total advisory fees paid (in millions) | $4 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 253% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 44% |

---

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

\*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-1A.

#### 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. INA5ARX-030-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Government Securities Fund
**Class 2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Government Securities Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-2. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;$53 | 0.51% |

---

#### Management's discussion of fund performance
The fund's Class 2 shares gained 7.75% for the year ended December 31, 2025. That result compares with a 7.09% gain for the Bloomberg U.S. Government/Mortgage-Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-2.

#### What factors influenced results
Over the past year, the U.S. bond market delivered solid results as easing inflation pressures and shifting expectations for monetary policy shaped the investment landscape. Short term yields moved lower following policy adjustments by the U.S. Federal Reserve (Fed), while longer term yields remained comparatively elevated amid ongoing issuance and a steeper curve. Against this backdrop, most high quality fixed income sectors generated positive returns supported by resilient economic conditions and improved investor sentiment.

Within the portfolio, duration positioning was additive as yields generally declined, driven by expectations of moderating economic conditions and a more dovish Fed. Sector positioning benefited from a larger-than-benchmark exposure to agency mortgage-backed securities (MBS) and an off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS), both of which outpaced Treasuries. Security selection within MBS added value due to the fund's emphasis on higher coupon mortgages.

Conversely, yield curve positioning, including instrument selection in expressing curve views, detracted as the curve steepened but not enough to offset the income drag associated with the position. The fund's cash balance also modestly weighed on results, given the strong returns across most fixed income sectors during the year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537434.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| U.S. Government Securities Fund — Class 2\* | 7.75% | (0.23)% | 1.70% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index† | 7.09% | (0.53)% | 1.46% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1877 |
| Total number of portfolio holdings | 753 |
| Total advisory fees paid (in millions) | $4 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 253% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 44% |

---

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

\*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-2.

#### 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. INA2ARX-030-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Government Securities Fund
**Class 3** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Government Securities Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-3. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;$46 | 0.44% |

---

#### Management's discussion of fund performance
The fund's Class 3 shares gained 7.78% for the year ended December 31, 2025. That result compares with a 7.09% gain for the Bloomberg U.S. Government/Mortgage-Backed Securities Index.

#### What factors influenced results
Over the past year, the U.S. bond market delivered solid results as easing inflation pressures and shifting expectations for monetary policy shaped the investment landscape. Short term yields moved lower following policy adjustments by the U.S. Federal Reserve (Fed), while longer term yields remained comparatively elevated amid ongoing issuance and a steeper curve. Against this backdrop, most high quality fixed income sectors generated positive returns supported by resilient economic conditions and improved investor sentiment.

Within the portfolio, duration positioning was additive as yields generally declined, driven by expectations of moderating economic conditions and a more dovish Fed. Sector positioning benefited from a larger-than-benchmark exposure to agency mortgage-backed securities (MBS) and an off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS), both of which outpaced Treasuries. Security selection within MBS added value due to the fund's emphasis on higher coupon mortgages.

Conversely, yield curve positioning, including instrument selection in expressing curve views, detracted as the curve steepened but not enough to offset the income drag associated with the position. The fund's cash balance also modestly weighed on results, given the strong returns across most fixed income sectors during the year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537478.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| U.S. Government Securities Fund — Class 3\* | 7.78% | (0.19)% | 1.77% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index† | 7.09% | (0.53)% | 1.46% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1877 |
| Total number of portfolio holdings | 753 |
| Total advisory fees paid (in millions) | $4 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 253% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 44% |

---

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

\*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-3.

#### 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. INA3ARX-030-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – U.S. Government Securities Fund
**Class 4** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - U.S. Government Securities Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-4. You can also request this information by contacting us at

(800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;$79 | 0.76% |

---

#### Management's discussion of fund performance
The fund's Class 4 shares gained 7.54% for the year ended December 31, 2025. That result compares with a 7.09% gain for the Bloomberg U.S. Government/Mortgage-Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-4.

#### What factors influenced results
Over the past year, the U.S. bond market delivered solid results as easing inflation pressures and shifting expectations for monetary policy shaped the investment landscape. Short term yields moved lower following policy adjustments by the U.S. Federal Reserve (Fed), while longer term yields remained comparatively elevated amid ongoing issuance and a steeper curve. Against this backdrop, most high quality fixed income sectors generated positive returns supported by resilient economic conditions and improved investor sentiment.

Within the portfolio, duration positioning was additive as yields generally declined, driven by expectations of moderating economic conditions and a more dovish Fed. Sector positioning benefited from a larger-than-benchmark exposure to agency mortgage-backed securities (MBS) and an off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS), both of which outpaced Treasuries. Security selection within MBS added value due to the fund's emphasis on higher coupon mortgages.

Conversely, yield curve positioning, including instrument selection in expressing curve views, detracted as the curve steepened but not enough to offset the income drag associated with the position. The fund's cash balance also modestly weighed on results, given the strong returns across most fixed income sectors during the year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537522.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| U.S. Government Securities Fund — Class 4\* | 7.54% | (0.49)% | 1.45% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index† | 7.09% | (0.53)% | 1.46% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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): 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

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1877 |
| Total number of portfolio holdings | 753 |
| Total advisory fees paid (in millions) | $4 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 253% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 44% |

---

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

\*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-4.

#### 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. INA4ARX-030-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Growth 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 Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-P1. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P1 | &nbsp;&nbsp;$38 | 0.36% |

---

#### Management's discussion of fund performance
The fund's Class P1 shares gained 13.63% for the year ended December 31, 2025. That result compares with a 7.55% gain for the S&P 500 Managed Risk Index - Moderate Aggressive. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-P1.

#### What factors influenced results
U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 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 fund's overall returns were fueled by U.S.-based equities, which provided strong gains for the period. International equities outpaced U.S. stocks but remained a relatively small portion of the portfolio. Overall, the information technology and communication services sectors were the largest contributors to absolute equity returns. 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.

The fund's bond holdings, while offering income and stability, saw smaller positive returns. Securitized debt and corporate bonds accounted for more than half of the fixed income allocation and contributed to absolute returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537830.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Growth Fund — Class P1\* | 13.63% | 8.22% | 12.03% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate Aggressive† | 7.55% | 9.57% | 9.68% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 thousands) | $505579 |
| Total number of portfolio holdings | 21 |
| Total advisory fees paid (in thousands) | $511 |
| Portfolio turnover rate | 32% |

---

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

\*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-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-058-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Growth Fund
**Class P2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$66 | 0.62% |

---

#### Management's discussion of fund performance
The fund's Class P2 shares gained 13.41% for the year ended December 31, 2025. That result compares with a 7.55% gain for the S&P 500 Managed Risk Index - Moderate Aggressive. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-P2.

#### What factors influenced results
U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 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 fund's overall returns were fueled by U.S.-based equities, which provided strong gains for the period. International equities outpaced U.S. stocks but remained a relatively small portion of the portfolio. Overall, the information technology and communication services sectors were the largest contributors to absolute equity returns. 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.

The fund's bond holdings, while offering income and stability, saw smaller positive returns. Securitized debt and corporate bonds accounted for more than half of the fixed income allocation and contributed to absolute returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537874.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Growth Fund — Class P2\* | 13.41% | 7.96% | 11.74% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate Aggressive† | 7.55% | 9.57% | 9.68% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 thousands) | $505579 |
| Total number of portfolio holdings | 21 |
| Total advisory fees paid (in thousands) | $511 |
| Portfolio turnover rate | 32% |

---

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

\*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-P2.

#### 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. INP2ARX-058-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk International Fund
**Class P1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-P1. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P1 | &nbsp;&nbsp;$39 | 0.36% |

---

#### Management's discussion of fund performance
The fund's Class P1 shares gained 15.33% for the year ended December 31, 2025. That result compares with a 15.41% gain for the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index - Moderate Aggressive. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-P1.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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.

Overseas equities contributed greatly to the fund's return for the period, with the financials and information technology sectors being particularly additive. The fund's bond holdings, while offering income and stability, saw smaller gains. Treasuries and securitized debt accounted for more than half of the fund's fixed income allocation and contributed significantly to absolute returns. The fund's managed risk strategy, employed to stabilize volatility and reduce downside exposure, did not materially impact the fund's results over the reporting period.

In terms of detractors, non-U.S. health care equities had a negative impact on overall results, along with domestic investments in materials. Forward contracts were the sole fixed income detractor.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537918.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk International Fund — Class P1\* | 15.33% | (0.04)% | 3.23% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |
| S&P EPAC Ex. Korea LargeMidCap Managed Risk Index - Moderate Aggressive† | 15.41% | 4.93% | 4.73% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 and 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 thousands) | $113404 |
| Total number of portfolio holdings | 12 |
| Total advisory fees paid (in thousands) | $114 |
| Portfolio turnover rate | 17% |

---

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

\*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-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-086-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk International Fund
**Class P2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$68 | 0.63% |

---

#### Management's discussion of fund performance
The fund's Class P2 shares gained 15.09% for the year ended December 31, 2025. That result compares with a 15.41% gain for the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index - Moderate Aggressive. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-P2.

#### What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. 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.

Overseas equities contributed greatly to the fund's return for the period, with the financials and information technology sectors being particularly additive. The fund's bond holdings, while offering income and stability, saw smaller gains. Treasuries and securitized debt accounted for more than half of the fund's fixed income allocation and contributed significantly to absolute returns. The fund's managed risk strategy, employed to stabilize volatility and reduce downside exposure, did not materially impact the fund's results over the reporting period.

In terms of detractors, non-U.S. health care equities had a negative impact on overall results, along with domestic investments in materials. Forward contracts were the sole fixed income detractor.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1537962.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk International Fund — Class P2\* | 15.09% | (0.29)% | 2.90% |
| MSCI ACWI (All Country World Index) ex USA† | 32.39% | 7.91% | 8.41% |
| S&P EPAC Ex. Korea LargeMidCap Managed Risk Index - Moderate Aggressive† | 15.41% | 4.93% | 4.73% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 and 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 thousands) | $113404 |
| Total number of portfolio holdings | 12 |
| Total advisory fees paid (in thousands) | $114 |
| Portfolio turnover rate | 17% |

---

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

\*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-P2.

#### 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. INP2ARX-086-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Washington Mutual Investors Fund
**Class P1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-P1. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P1 | &nbsp;&nbsp;$38 | 0.36% |

---

#### Management's discussion of fund performance
The fund's Class P1 shares gained 10.95% 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

capitalgroup.com/AFIS-returns-P1.

#### What factors influenced results
U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

The portfolio's focus on equity income helped returns for the period. Domestic equities contributed the most, with information technology, industrials and financials adding meaningfully to total results. While foreign-domiciled equities outpaced domestic stocks, they remained a relatively small portion of the portfolio and did not significantly add 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, adding gains, did not significantly contribute to the portfolio's total returns, 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.

![Fund Performance - Growth of 10K](chartimages_1538006.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Washington Mutual Investors Fund — Class P1\* | 10.95% | 8.32% | 7.50% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate† | 7.47% | 8.36% | 8.78% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 thousands) | $315172 |
| Total number of portfolio holdings | 18 |
| Total advisory fees paid (in thousands) | $317 |
| Portfolio turnover rate | 22% |

---

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

\*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-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-087-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Washington Mutual Investors Fund
**Class P2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$66 | 0.63% |

---

#### Management's discussion of fund performance
The fund's Class P2 shares gained 10.65% 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

capitalgroup.com/AFIS-returns-P2.

#### What factors influenced results
U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

The portfolio's focus on equity income helped returns for the period. Domestic equities contributed the most, with information technology, industrials and financials adding meaningfully to total results. While foreign-domiciled equities outpaced domestic stocks, they remained a relatively small portion of the portfolio and did not significantly add 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, adding gains, did not significantly contribute to the portfolio's total returns, 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.

![Fund Performance - Growth of 10K](chartimages_1538050.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Washington Mutual Investors Fund — Class P2\* | 10.65% | 8.04% | 7.18% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate† | 7.47% | 8.36% | 8.78% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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 thousands) | $315172 |
| Total number of portfolio holdings | 18 |
| Total advisory fees paid (in thousands) | $317 |
| Portfolio turnover rate | 22% |

---

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

\*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-P2.

#### 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. INP2ARX-087-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.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

capitalgroup.com/AFIS-literature-P1. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P1 | &nbsp;&nbsp;$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

capitalgroup.com/AFIS-returns-P1.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1538094.jpg)

#### Average annual total returns

---

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

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2092 |
| Total number of portfolio holdings | 23 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 29% |

---

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

\*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-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.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Growth-Income Fund
**Class P2** 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 **capitalgroup.com/AFIS-literature-P2**. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$64 | 0.61% |

---

#### Management's discussion of fund performance
The fund's Class P2 shares gained 11.17% 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

capitalgroup.com/AFIS-returns-P2.

#### 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.

![Fund Performance - Growth of 10K](chartimages_1538138.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Growth-Income Fund — Class P2\* | 11.17% | 7.70% | 8.98% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate† | 7.47% | 8.36% | 8.78% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $2092 |
| Total number of portfolio holdings | 23 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 29% |

---

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

\*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-P2.

#### 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. INP2ARX-085-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Asset Allocation Fund
**Class P1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk 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

capitalgroup.com/AFIS-literature-P1. 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;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P1 | &nbsp;&nbsp;$38 | 0.36% |

---

#### Management's discussion of fund performance
The fund's Class P1 shares gained 12.01% for the year ended December 31, 2025. That result compares with a 7.41% gain for the S&P 500 Managed Risk Index - Moderate Conservative. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-P1.

#### 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.

Domestic equities contributed the most to fund results, with holdings in information technology, industrials and communication services being particularly additive. While overseas-domiciled equities outpaced U.S. stocks, they remained a relatively small portion of the portfolio, adding moderately 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 significantly contribute 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.

![Fund Performance - Growth of 10K](chartimages_1538182.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Asset Allocation Fund — Class P1\* | 12.01% | 6.71% | 7.44% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate Conservative† | 7.41% | 7.19% | 7.94% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $1476 |
| Total number of portfolio holdings | 11 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 15% |

---

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

\*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-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-056-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds Insurance Series <sup>®</sup> – Managed Risk Asset Allocation Fund
**Class P2** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Managed Risk 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

capitalgroup.com/AFIS-literature-P2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class P2 | &nbsp;&nbsp;$65 | 0.61% |

---

#### Management's discussion of fund performance
The fund's Class P2 shares gained 11.67% for the year ended December 31, 2025. That result compares with a 7.41% gain for the S&P 500 Managed Risk Index - Moderate Conservative. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/AFIS-returns-P2.

#### 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.

Domestic equities contributed the most to fund results, with holdings in information technology, industrials and communication services being particularly additive. While overseas-domiciled equities outpaced U.S. stocks, they remained a relatively small portion of the portfolio, adding moderately 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 significantly contribute 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.

![Fund Performance - Growth of 10K](chartimages_1538226.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Managed Risk Asset Allocation Fund — Class P2\* | 11.67% | 6.43% | 7.17% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |
| S&P 500 Managed Risk Index - Moderate Conservative† | 7.41% | 7.19% | 7.94% |

---

<sup>\*</sup> 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.

<sup>†</sup> 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) | $1476 |
| Total number of portfolio holdings | 11 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 15% |

---

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

\*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-P2.

#### 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. INP2ARX-056-0226© 2026 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

------

#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Christopher E. Stone, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

------

#### ITEM 4 - Principal Accountant Fees and Services

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | (d) All Other Fees |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271000 |  | &nbsp;&nbsp;218000 |  |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093000 |  | &nbsp;&nbsp;259000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable |  |  |  |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;44000 |  |  |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.

**(e1)(e2)(h)** All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

------

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

------

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

------

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

------

![](img8960ed031.jpg)

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

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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **Money market investments 3.16%** | **Money market investments 3.16%** | **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%** | **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>  | 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)<br>|
| **Net assets 100.00%** |  | $9131346 |

---

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

------

Global Growth Fund (continued)

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

------

---

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

---

<sup>(a)</sup> Non-income producing.

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

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

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

<sup>(e)</sup> 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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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) | **Total common stocks** (cost: $2,108,611,000) | 2838047 |
| 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) | **Total preferred securities** (cost: $27,808,000) | 19288 |
| 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% | Principal amount<br> (000)<br>|  |
| **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) | **Total convertible bonds & notes** (cost: $923,000) | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |
| **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 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) | **Total bonds, notes & other debt instruments** (cost: $1,334,000) | 945 |
| Short-term securities 6.72% | Shares |  |
| **Money market investments 2.90%** | **Money market investments 2.90%** | **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) |  | Shares | Value<br> (000)<br>|
| **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>  | 55116990 | $55117 |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | 138082 | 13810 |
|  |  |  | 68927 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** |
| Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup>  | 3.214<br> %<br>| USD21,500 | 21464 |
| TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup>  | 2.868 | 22500 | 22479 |
|  |  |  | 43943 |
| **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | 198560 |
| **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | 3058433 |
| Other assets less liabilities (3.54)% | Other assets less liabilities (3.54)% |  | (104630)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $2953803 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Lands' End, Inc. <sup>(a)(k)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 3.37%** |  |  |  |  |  |  |  |
| **Money market investments 2.90%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)</sup>  | 16001 | &nbsp;&nbsp; 781768 | &nbsp;&nbsp; 712093 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 85690 | &nbsp;&nbsp; 4646 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.47%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(l)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 99500 |  |
| **Total 3.37%** |  |  |  | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $(12785)<br>| &nbsp;&nbsp; $99500 | &nbsp;&nbsp; $4646 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $17554 | $17014 | 0.57<br> %<br>|
| SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> <br>| 5/28/2021 | 14344 | 10054 | 0.34 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> <br>| 2/25/2021 | 4748 | 842 | 0.03 |
| Yotpo, Ltd. <sup>(a)(d)</sup> <br>| 3/16/2021 | 1418 | 265 | 0.01 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 602 | 112 | 0.01 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 573 | 107 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 384 | 72 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 187 | 35 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 159 | 30 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 88 | 16 | 0.00 <br><sup>(n)</sup><br>|

---

American Funds Insurance Series<sub>12</sub>

------

Global Small Capitalization Fund (continued)

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

------

---

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

---

<sup>(a)</sup> Non-income producing.

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

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

<sup>(d)</sup> Value determined using significant unobservable inputs.

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

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

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

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

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

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

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

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

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

<sup>(n)</sup> 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% | Shares | Value<br> (000)<br>|
| **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<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 31998 | $11135 |
| Einride AB <sup>(a)(b)(c)</sup>  | 128088 | 2621 |
| Einride AB (EUR denominated) <sup>(a)(b)(c)</sup>  | 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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 53352 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(f)</sup><br>|
| 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) | Shares | Value<br> (000)<br>|
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 128700 | $7644 |
| **Industrials 0.00%** |  |  |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 809003 | 534 |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 171920 | 113 |
|  |  | 647 |
| **Total convertible stocks** (cost: $32,010,000) |  | 43720 |
| Short-term securities 2.43% |  |  |
| **Money market investments 2.38%** | **Money market investments 2.38%** | **Money market investments 2.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup>  | 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>  | 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)<br>|
| **Net assets 100.00%** |  | $54678782 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.38%** |  |  |  |  |  |  |  |
| **Money market investments 2.38%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | $1045665 | &nbsp;&nbsp; $5918652 | &nbsp;&nbsp; $5660837 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | 4032 |  | &nbsp;&nbsp; 4032 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total 2.38%** |  |  |  | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup> <br>| 8/29/2025 | $86525 | $154007 | 0.28<br> %<br>|
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2023 | 55638 | 114458 | 0.21 |
| Stripe, Inc., Class B <sup>(a)(b)</sup> <br>| 5/6/'2021 | 6766 | 6983 | 0.01 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2021 | 2113 | 2181 | 0.01 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/28/2021 | 23781 | 37291 | 0.07 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup> <br>| 5/23/2025-6/3/2025 | 2305 | 2305 | 0.00 <br><sup>(l)</sup><br>|
| Verily Life Sciences, LLC <sup>(a)(b)</sup> <br>| 12/21/2018 | 37000 | 8789 | 0.02 |

---

---

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

---

------

Growth Fund (continued)

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

------

---

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

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

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

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

<sup>(e)</sup> 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. 

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

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

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

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

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

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

<sup>(l)</sup> Amount less than 0.01%.

---

| |
|:---|
| **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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| SembCorp Industries, Ltd.  | 2815100 | $13142 |
| National Grid PLC  | 702416 | 10825 |
| RWE AG  | 148645 | 7909 |
|  |  | 209483 |
| **Total common stocks** (cost: $4,876,359,000) |  | 7314773 |
| Preferred securities 0.46% |  |  |
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4652963 | 33353 |
| **Information technology 0.01%** |  |  |
| 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>  | 18 | 29 |
| 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% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 7730 | — <br><sup>(e)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(e)</sup><br>|
| Short-term securities 2.00% |  |  |
| **Money market investments 1.65%** | **Money market investments 1.65%** | **Money market investments 1.65%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 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%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 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)<br>|
| **Net assets 100.00%** |  | $7451980 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.65%** |  |  |  |  |  |  |  |
| **Money market investments 1.65%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $396476 | &nbsp;&nbsp; $1657364 | &nbsp;&nbsp; $1930982 | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

International Fund (continued)

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

------

---

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

---

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

------

---

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

---

<sup>(a)</sup> Non-income producing.

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

<sup>(c)</sup> Value determined using significant unobservable inputs.

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

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

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

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

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

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

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

<sup>(k)</sup> 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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 2004 |
| **Total preferred securities** (cost: $27,027,000) |  | 29540 |
| Bonds, notes & other debt instruments 2.81% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| 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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 + <br> 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 <br> 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 <br> 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) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials 0.02%** | **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>  | LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | 355 | 374 |
| Mexico City Airport Trust 4.25% 10/31/2026  | Mexico City Airport Trust 4.25% 10/31/2026  | 200 | 199 |
|  |  |  | 919 |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 200 | 213 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | 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>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | 420 | 426 |
|  |  |  | 839 |
| **Health care 0.01%** | **Health care 0.01%** |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 280 | 273 |
| **Total corporate bonds and notes** | **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 |  |
| **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | 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>  | 5942714 | 5943 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 1/6/2026  | 19.531<br> %<br>| EGP12,600 | 264 |
| **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | **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) | **Total investment securities 100.53%** (cost: $2,525,040,000) | 4068722 |
| Other assets less liabilities (0.53)% | Other assets less liabilities (0.53)% |  | (21354)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $4047368 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(417)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| 5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| 5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

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

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| MXN | 1600 | USD | 89 | UBS AG | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| USD | 88 | MXN | 1600 | Goldman Sachs | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| MYR | 397 | USD | 97 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| MYR | 350 | USD | 86 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 835 | MYR | 3443 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| CZK | 52445 | USD | 2529 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| USD | 196 | IDR | 3257000 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| IDR | 1360795 | USD | 82 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 5512 | USD | 61 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 7000 | USD | 77 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| IDR | 1452260 | USD | 87 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 145 | MXN | 2603 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 1570 | CZK | 32520 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 784 | COP | 3027600 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| ZAR | 21461 | USD | 1256 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| CNH | 13485 | USD | 1920 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| THB | 30030 | USD | 953 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| ZAR | 1300 | USD | 78 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| BRL | 470 | USD | 86 | Barclays Bank PLC | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 517 | USD | 144 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 250 | USD | 70 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 819 | BRL | 4516 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2267 | ZAR | 37931 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| BRL | 4255 | USD | 782 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 1859 | EUR | 1580 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 917 | PHP | 54395 | Bank of America | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

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

------

---

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

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

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

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

------

---

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

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

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

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

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

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

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

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

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

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

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

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

<sup>(m)</sup> Amount less than 0.01%.

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| HUF = Hungarian forints |

---

---

| |
|:---|
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| 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 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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) | Shares | Value<br> (000)<br>|
| **Utilities 0.17%** |  |  |
| Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028  | 406324 | $20463 |
| **Total convertible stocks** (cost: $91,575,000) |  | 103230 |
| Short-term securities 2.29% |  |  |
| **Money market investments 2.28%** | **Money market investments 2.28%** | **Money market investments 2.28%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2725029 | 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%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 776786 | 777 |
| **Total short-term securities** (cost: $273,250,000) |  | 273307 |
| **Total investment securities 99.86%** (cost: $7,395,550,000) |  | 11956936 |
| Other assets less liabilities 0.14% |  | 17120 |
| **Net assets 100.00%** |  | $11974056 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.28%** |  |  |  |  |  |  |  |
| **Money market investments 2.28%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $245250 | &nbsp;&nbsp; $1790503 | &nbsp;&nbsp; $1763183 | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(f)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(g)</sup><br>|
| **Total 2.28%** |  |  |  | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |

---

<sup>(a)</sup> Non-income producing.

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

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

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

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

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

<sup>(g)</sup> 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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Element Solutions, Inc.  | 17078 | $427 |
| Perpetua Resources Corp. <sup>(a)</sup>  | 16342 | 396 |
| Corteva, Inc.  | 2901 | 194 |
|  |  | 2280 |
| **Communication services 1.90%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 14370 | 1164 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3723 | 530 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 761 | 159 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 2858 | 39 |
|  |  | 1892 |
| **Utilities 1.89%** |  |  |
| Exelon Corp.  | 29519 | 1287 |
| NRG Energy, Inc.  | 3150 | 501 |
| FirstEnergy Corp.  | 2147 | 96 |
|  |  | 1884 |
| **Total common stocks** (cost: $93,297,000) |  | 96956 |
| Short-term securities 3.82% |  |  |
| **Money market investments 2.97%** | **Money market investments 2.97%** | **Money market investments 2.97%** |
| Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup>  | 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%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup>  | 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)<br>|
| **Net assets 100.00%** |  | $99626 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.97%** |  |  |  |  |  |  |  |
| **Money market investments 2.97%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(d)</sup>  | $288 | &nbsp;&nbsp; $29708 | &nbsp;&nbsp; $27033 | &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $2963 | &nbsp;&nbsp; $60 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $382 | $370 | 0.37<br> %<br>|

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

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

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

<sup>(a)</sup> Non-income producing.

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

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

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

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

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

<sup>(g)</sup> 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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL3,300 | 584 |
| **Corporate bonds and notes 0.02%** | **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 |  |
| **Money market investments 1.26%** | **Money market investments 1.26%** | **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%** | **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 906417 | 906 |
| **Total short-term securities** (cost: $27,106,000) | **Total short-term securities** (cost: $27,106,000) | 27110 |
| **Total investment securities 99.80%** (cost: $1,202,345,000) | **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** |

---

------

Capital World Growth and Income Fund (continued)

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

------

---

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

---

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

------

---

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

---

<sup>(a)</sup> Non-income producing.

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

<sup>(c)</sup> Value determined using significant unobservable inputs.

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

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

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

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

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

---

| |
|:---|
| **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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **Real estate 1.23%** |  |  |
| Equinix, Inc. REIT  | 235188 | $180192 |
| VICI Properties, Inc. REIT  | 4092873 | 115092 |
| Prologis, Inc. REIT  | 866060 | 110561 |
| American Tower Corp. REIT  | 428106 | 75162 |
| Welltower, Inc. REIT  | 306310 | 56854 |
|  |  | 537861 |
| **Total common stocks** (cost: $21,697,459,000) | **Total common stocks** (cost: $21,697,459,000) | 42486945 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | USD827 | 828 |
| **Total bonds, notes & other debt instruments** (cost: $823,000) | **Total bonds, notes & other debt instruments** (cost: $823,000) | 828 |
| Short-term securities 2.57% | Shares |  |
| **Money market investments 2.57%** | **Money market investments 2.57%** | **Money market investments 2.57%** |
| Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup>  | 11226233 | 1122736 |
| **Total short-term securities** (cost: $1,122,564,000) | **Total short-term securities** (cost: $1,122,564,000) | 1122736 |
| **Total investment securities 99.96%** (cost: $22,820,846,000) | **Total investment securities 99.96%** (cost: $22,820,846,000) | 43610509 |
| Other assets less liabilities 0.04% |  | 16802 |
| **Net assets 100.00%** |  | $43627311 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.85%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.85%** |  |  |  |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $16347 | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(128676)<br>| &nbsp;&nbsp; $371066 | &nbsp;&nbsp; $7713 |
| **Short-term securities 2.57%** |  |  |  |  |  |  |  |
| **Money market investments 2.57%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 7003318 | &nbsp;&nbsp; 7352457 | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 1122736 | &nbsp;&nbsp; 58916 |
| **Total 3.42%** |  |  |  | &nbsp;&nbsp; $6384 | &nbsp;&nbsp; $(128689)<br>| &nbsp;&nbsp; $1493802 | &nbsp;&nbsp; $66629 |

---

<sup>(a)</sup> Non-income producing. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended. <br> <sup>(c)</sup> 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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(c)</sup><br>|
|  |  | 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% |  |  |
| **Materials 0.05%** |  |  |
| Gerdau SA, preferred nominative shares  | 54142 | 201 |
| **Total preferred securities** (cost: $203,000) |  | 201 |
| Short-term securities 1.54% |  |  |
| **Money market investments 1.35%** | **Money market investments 1.35%** | **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) | Shares | Value<br> (000)<br>|
| **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>  | 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 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.35%** |  |  |  |  |  |  |  |
| **Money market investments 1.35%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $93352 | &nbsp;&nbsp; $99583 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $5441 | &nbsp;&nbsp; $489 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

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

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

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

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

<sup>(g)</sup> 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% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| T&D Holdings, Inc.  | 21000 | $484 |
| Medibank Private, Ltd.  | 134820 | 430 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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<br> (000)<br>|  |
| **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 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%** | **Mortgage-backed obligations 5.04%** |
| **Federal agency mortgage-backed obligations 4.20%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac, Series 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>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| 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%) <br> 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% <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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 <br> 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 <br> 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 <br> 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 <br> 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% <br> 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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| 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%** | **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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br> 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%** | **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%** | **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%** | **Loans 0.02%** |
| **Financials 0.02%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(g)(i)(m)</sup>  | 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% | Shares | Value<br> (000)<br>|
| Capital Group Central Corporate Bond Fund <sup>(n)</sup>  | 4482146 | $38098 |
| **Total investment funds** (cost: $40,853,000) |  | 38098 |
| 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>  | 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%** |
| 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) |  | 91824 |
| **Total investment securities 100.57%** (cost: $1,246,392,000) |  | 1669897 |
| Other assets less liabilities (0.57)% |  | (9521)<br>|
| **Net assets 100.00%** |  | $1660376 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 389 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD81,219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 251 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 21 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2361)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 40 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4601)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 32 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 99 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(279)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD338 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 139 |
| SOFR | Annual | 4.1275% | Annual | &nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp; USD310 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $260 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $260 |

---

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,044 | &nbsp;&nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.29%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $6389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $38098 | &nbsp;&nbsp; $1550 |
| **Short-term securities 4.90%** |  |  |  |  |  |  |  |
| **Money market investments 4.90%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(o)</sup>  | 60575 | &nbsp;&nbsp; 370953 | &nbsp;&nbsp; 350129 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81415 | &nbsp;&nbsp; 4186 |
| **Total 7.19%** |  |  |  | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $119513 | &nbsp;&nbsp; $5736 |

---

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

<sup>(b)</sup> Value determined using significant unobservable inputs.

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

<sup>(d)</sup> Non-income producing.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(g)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(h)</sup> Represents securities transacted on a TBA basis.

<sup>(i)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund. 

<sup>(j)</sup> Step bond; coupon rate may change at a later date.

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

<sup>(l)</sup> Scheduled interest and/or principal payment was not received.

<sup>(m)</sup> 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. 

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

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CME = CME Group |
| CPI = Consumer Price Index |

---

---

| |
|:---|
| EUR = Euros |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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 | — <br><sup>(d)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **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% |  |  |
| **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% |  |  |
| **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 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $875,000) |  | 119 |
| 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<br> (000)<br>|  |
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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% |  |  |
| **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** | **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>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| 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>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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%) <br> 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% <br> 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% <br> 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%) <br> 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% <br> 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% <br>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 + <br> 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%) <br> 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%) <br> 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 + <br> 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%) <br> 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 + <br> 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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| 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 <br> 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 <br> 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% <br> 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 <br> 5/1/2029) <sup>(f)(h)(l)</sup>  | 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%) <br> 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%) <br> 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 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<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | 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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 + <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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% <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> + 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 <br>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 + <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br>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 <br> + 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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%) <br> 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% <br> 7/15/2036 <sup>(f)(h)(i)</sup>  | 3240 | 3246 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations (continued)** |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(f)(h)(i)</sup>  | USD321 | $322 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + <br> 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% <br> 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% <br>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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Loans 0.15%** | **Loans 0.15%** | **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% <br> 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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
| **Florida 0.03%** |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027  | 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), <br> 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 |  |
| Capital Group Central Corporate Bond Fund <sup>(p)</sup>  | 99619082 | 846762 |
| **Total investment funds** (cost: $864,770,000) |  | 846762 |
| Short-term securities 3.70% |  |  |
| **Money market investments 3.63%** | **Money market investments 3.63%** | **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%** | **Money market investments purchased with collateral from securities on loan 0.07%** | **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)<br>|
| **Net assets 100.00%** |  | $27675040 |

---

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,844,860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(403)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 4708 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1134)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2694)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 262 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30134)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| 20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1838)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93692)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4144)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.473% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD112,900 | &nbsp;&nbsp;&nbsp;&nbsp; $814 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $814 |
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD37,800 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,601 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,612 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,286 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD74,795 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| SOFR | Annual | 3.6385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,884 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,754 | &nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,430 | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3543 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3543 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,826 | &nbsp;&nbsp;&nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 38950 | &nbsp;&nbsp;&nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(435)<br>|

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

Asset Allocation Fund (continued)

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 3.06%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $95934 | &nbsp;&nbsp; $634718 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $154242 | &nbsp;&nbsp; $846762 | &nbsp;&nbsp; $47796 |
| **Short-term securities 3.63%** |  |  |  |  |  |  |  |
| **Money market investments 3.63%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(q)</sup>  | 855747 | &nbsp;&nbsp; 6829389 | &nbsp;&nbsp; 6680500 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 1004810 | &nbsp;&nbsp; 61071 |
| **Total 6.69%** |  |  |  | &nbsp;&nbsp; $(136545)<br>| &nbsp;&nbsp; $154231 | &nbsp;&nbsp; $1851572 | &nbsp;&nbsp; $108867 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(a)(c)</sup> <br>| 8/22/2014 | $6949 | $12613 | 0.05<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> <br>| 9/29/2025 | 937 | 1030 | 0.00 <br><sup>(s)</sup><br>|
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(i)(o)</sup> <br>| 9/13/2023 | 714 | 729 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $8600 | $14372 | 0.05<br> %<br>|

---

<sup>(a)</sup> Non-income producing.

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

<sup>(c)</sup> Value determined using significant unobservable inputs.

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

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

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund. 

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

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

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(j)</sup> 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. 

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Step bond; coupon rate may change at a later date.

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(n)</sup> Scheduled interest and/or principal payment was not received.

<sup>(o)</sup> 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. 

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

<sup>(q)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(r)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(s)</sup> Amount less than 0.01%.

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |

---

---

| |
|:---|
| DAC = Designated Activity Company |
| Fin. = Finance |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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) | Shares | Value<br> (000)<br>|
| **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% | Shares | Value<br> (000)<br>|
| **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<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **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 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<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury 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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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%) <br> 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% <br>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% <br>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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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 <br> 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 <br>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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** | **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 <br> 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 + <br> 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% <br> 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 <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br>7/15/2032 <sup>(d)(f)(g)</sup>  | 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% <br> 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%** | **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%** | **Municipals 0.03%** |
| **Ohio 0.02%** |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 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% <br> 10/1/2052  | 80 | 55 |
| **Total municipals** |  | 129 |
| **Total bonds, notes & other debt instruments** (cost: $134,692,000) |  | 132358 |
| 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% |  |  |
| **Money market investments 6.16%** | **Money market investments 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)\* |  | 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)<br>|
| **Net assets 100.00%** |  | $450467 |

---

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

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

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(1,800)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month CORRA Futures | Long | 96 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD17,086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52 |
| 3 Month CORRA Futures | Short | 4 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 2 Year Italy Government Bond Futures | Long | 44 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 2 Year Euro-Schatz Futures | Short | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2761)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 2 Year Canadian Government Bond Futures | Long | 12 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 111 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 5 Year Euro-Bobl Futures | Long | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 5 Year Canadian Government Bond Futures | Long | 14 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 15 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Long | 5 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year French Government Bond Futures | Short | 3 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 10 Year Italy Government Bond Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1130)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

American Funds Global Balanced Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2536)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 10 Year U.S. Treasury Note Futures | Long | 26 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| 10 Year UK Gilt Futures | Short | 2 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 30 Year Euro-Buxl Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1035)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 13630 | USD | 312 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 899 | MYR | 3710 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 725 | JPY | 112210 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 355 | JPY | 54745 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 277 | JPY | 42750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| CHF | 130 | USD | 163 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| CZK | 13595 | EUR | 562 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 21 | CLP | 19505 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 464 | IDR | 7740641 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| JPY | 33170 | USD | 212 | BNP Paribas | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 244 | MXN | 4405 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 78 | COP | 300000 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 517 | CHF | 410 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | 10610 | USD | 69 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 339 | CHF | 270 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1134 | INR | 102200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 415 | CZK | 8586 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 334 | GBP | 250 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 291 | MXN | 5330 | UBS AG | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 606 | EUR | 520 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 443 | KRW | 655190 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 1103 | CAD | 1535 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 1614 | KRW | 2363730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CNH | 17205 | USD | 2438 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| ZAR | 3460 | USD | 202 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CNH | 4541 | USD | 646 | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| EUR | 186 | CAD | 300 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| NZD | 47 | USD | 27 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 411 | GBP | 360 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 64 | NOK | 651 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 71 | RON | 310 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 123 | SGD | 160 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 264 | MXN | 4785 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 93 | SEK | 870 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 2079 | AUD | 3141 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|

---

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(52)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 3.79165% | Annual | SOFR | Annual | &nbsp;&nbsp; 1/13/2026 | &nbsp;&nbsp; USD865 | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP70 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD8,340 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21)<br>|
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD8,510 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.98038% | Annual | SONIA | Annual | &nbsp;&nbsp; 6/21/2028 | &nbsp;&nbsp; GBP267 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| SOFR | Annual | 3.29015% | Annual | &nbsp;&nbsp; 1/13/2030 | &nbsp;&nbsp; USD2,870 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK3,700 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR280 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK1,500 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK960 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK970 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK3,540 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK2,420 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK1,220 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| SONIA | Annual | 4.36738% | Annual | &nbsp;&nbsp; 6/21/2033 | &nbsp;&nbsp; GBP62 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR180 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD940 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
|  |  |  |  |  |  | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL740 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,530 | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR1,520 | &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,928 | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 0.94%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $3953 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $4250 | &nbsp;&nbsp; $195 |

---

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Short-term securities 6.16%** |  |  |  |  |  |  |  |
| **Money market investments 6.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(l)</sup>  | $22187 | &nbsp;&nbsp; $115565 | &nbsp;&nbsp; $109995 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $27757 | &nbsp;&nbsp; $1158 |
| **Total 7.10%** |  |  |  | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $104 | &nbsp;&nbsp; $32007 | &nbsp;&nbsp; $1353 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on <br> 7/22/2031) <sup>(h)</sup> <br>| 12/4/2024 | $163 | $181 | 0.04<br> %<br>|
| McDonald's Corp. 1.60% 3/15/2031  | 9/30/2024 | 104 | 109 | 0.02 |
| **Total** |  | $267 | $290 | 0.06<br> %<br>|

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

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

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

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

<sup>(l)</sup> Rate represents the seven-day yield at 12/31/2025.

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

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

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

---

| | |
|:---|:---|
| 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 |

---

---

| |
|:---|
| 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 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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>  |  | — <br><sup>(c)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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% <br> 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%) <br> 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% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 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% <br> 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%) <br> 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% <br>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% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **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% <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 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%) <br> 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%) <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 <br>2/1/2028) <sup>(a)(e)(f)</sup>  | 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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(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%** | **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 <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br>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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br> 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 <br>1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1643 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 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% <br> 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 <br> 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 <br> 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 <br> 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 <br> 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 + <br> 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 + <br> 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 + <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br> 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% <br> 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 <br>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 <br>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 <br>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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 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<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 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>  |  | — <br><sup>(c)</sup><br>|
| 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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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, <br> 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, <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **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% <br> 3/15/2057 <sup>(a)(b)(e)</sup>  | 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% <br> 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% <br>7/25/2051 <sup>(a)(b)(e)</sup>  | 146 | 146 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 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% <br>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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **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%** | **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% <br> 11/1/2029  | 65 | 65 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 29238 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8512 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% <br> 12/1/2049  | 865 | 876 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% <br> 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% <br> 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 agency bonds & notes 0.10%** |
| Federal National Mortgage Association 2.125% 4/24/2026  | 11910 | 11855 |
| **Loans 0.06%** | **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% <br> 11/17/2029 <sup>(b)(e)(g)(j)</sup>  | 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% | Shares | Value<br> (000)<br>|
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | $13 |
| FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
| **Total common stocks** (cost: $8,000) |  | 14 |
| 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>  | 6241739 | 624236 |
| **Total short-term securities** (cost: $624,125,000) | **Total short-term securities** (cost: $624,125,000) | 624236 |
| **Total investment securities 100.51%** (cost: $11,483,637,000) |  | 11413503 |
| Other assets less liabilities (0.51)% |  | (57477)<br>|
| **Net assets 100.00%** |  | $11356026 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 62 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |
| 30 Day Federal Funds Futures | Long | 548 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 3 Month SOFR Futures | Long | 57 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3 Month SOFR Futures | Long | 103 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 14354 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2996958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 9930 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2942)<br>|
| 10 Year Italy Government Bond Futures | Long | 329 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| 10 Year Euro-Bund Futures | Short | 1003 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150370)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| 10 Year U.S. Treasury Note Futures | Long | 949 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1244 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143079)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| 20 Year U.S. Treasury Bond Futures | Short | 9 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1040)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2865 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5192)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8582)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 27382 | JPY | 4230230 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $338 |
| USD | 17388 | EUR | 14926 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| JPY | 3901364 | EUR | 21383 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| BRL | 24015 | USD | 4403 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 53133 | EUR | 45113 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34)<br>|

---

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.39981% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD88,200 | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>|
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,300 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,260 | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD106,170 | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>|
| SOFR | Annual | 3.2715% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD43,510 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| 3.998% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,040 | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| SOFR | Annual | 3.945% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,090 | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.3125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,993 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| SOFR | Annual | 3.4445% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| SOFR | Annual | 3.552% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.455% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| SOFR | Annual | 3.543% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| SOFR | Annual | 3.551% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>|
| SOFR | Annual | 3.4415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,470 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| SOFR | Annual | 3.325% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| SOFR | Annual | 3.2175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,786 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| SOFR | Annual | 3.2385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,168 | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| SOFR | Annual | 3.2145% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.2155% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.237% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,480 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD21,160 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD24,673 | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,935 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,954 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,361 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,580 | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| SOFR | Annual | 3.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,370 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.486% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,500 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| SOFR | Annual | 3.665% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,000 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.648% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,270 | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| TONAR | Annual | 1.52125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| TONAR | Annual | 1.52% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY400,000 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| TONAR | Annual | 1.51812% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY2,185,658 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,240 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| TONAR | Annual | 1.4925% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY368,643 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| SOFR | Annual | 3.663% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,500 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| TONAR | Annual | 1.53% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY370,941 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| TONAR | Annual | 1.5225% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| TONAR | Annual | 1.51% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| TONAR | Annual | 1.491% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| TONAR | Annual | 1.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY231,314 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.504% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,510 | &nbsp;&nbsp;&nbsp;&nbsp; $344 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $344 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,280 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,050 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,409 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| SOFR | Annual | 4.137% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,100 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| SOFR | Annual | 4.052% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,880 | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| 2.477% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY200,000 | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| 2.47825% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY500,000 | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>|
| 2.47% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY904,764 | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| 2.5425% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY153,945 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| SOFR | Annual | 3.953% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,960 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| 2.57% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY155,295 | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>|
| 2.515% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| 2.52% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,646 | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2.50% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 2.51625% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY96,259 | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| SOFR | Annual | 3.8185% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,760 | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,555 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,701 | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4801 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4801 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp; $1285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1285 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 578 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (63)<br>|
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (81)<br>|
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (102)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (106)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (118)<br>|
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (184)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (200)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp; (289)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (289)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp; (293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (293)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp; (307)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (307)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp; (582)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (582)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp; (588)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (588)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp; (607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (607)<br>|
| 13.115% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL19,400 | &nbsp;&nbsp; (49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (49)<br>|
| 13.105% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL19,625 | &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (51)<br>|
| 13.03% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL41,625 | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (136)<br>|
| 13.135% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL80,500 | &nbsp;&nbsp; (187)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (187)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(1928)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1928)<br>|

---

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD183,800 | &nbsp;&nbsp;&nbsp;&nbsp; $(14043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(174)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD67,870 | &nbsp;&nbsp;&nbsp;&nbsp; $1538 | &nbsp;&nbsp;&nbsp;&nbsp; $1546 | &nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 5.50%** |  |  |  |  |  |  |  |
| **Money market investments 5.50%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $730121 | &nbsp;&nbsp; $5041681 | &nbsp;&nbsp; $5147668 | &nbsp;&nbsp; $284 | &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; $624236 | &nbsp;&nbsp; $32185 |

---

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

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

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

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> 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. 

<sup>(i)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(j)</sup> 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. 

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

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

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

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

---

| | |
|:---|:---|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **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 <br>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 <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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% <br> 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 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% <br>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% <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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 <br> 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 <br>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 <br>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<br> (000)<br>| Value<br> (000)<br>|
| **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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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 <br>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 <br>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 | — <br><sup>(k)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **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 <br> 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 <br> 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% <br>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<br> (000)<br>| Value<br> (000)<br>|
| **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 <br> 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% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 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%) <br> 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 + <br> 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% <br>7/15/2036 <sup>(d)(e)(h)</sup>  | 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<br> (000)<br>| Value<br> (000)<br>|
| **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%) <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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 <br>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 | — <br><sup>(k)</sup><br>|
| 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 <br> + 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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% <br> 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% <br> 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%) <br> 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% <br>7/15/2032 <sup>(d)(e)(h)</sup>  | 1439 | 1437 |

---

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| 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%) <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **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) | **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | 1345508 |

---

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

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

---

| | | |
|:---|:---|:---|
| Preferred securities 0.01% | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | $80 |
| **Total preferred securities** (cost: $50,000) |  | 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 | — <br><sup>(k)</sup><br>|
| **Total common stocks** (cost: $1,019,000) | **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) | **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) | **Total investment funds** (cost: $20,987,000) | 22734 |
| Short-term securities 7.71% |  |  |
| **Money market investments 7.71%** | **Money market investments 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) | **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)<br>|
| **Net assets 100.00%** |  | $1479770 |

---

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

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

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

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR12,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(k)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(12,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Short | 4 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month CORRA Futures | Long | 866 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| 3 Month Euro EURIBOR Futures | Long | 1 | 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 2 Year Italy Government Bond Futures | Long | 274 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 2 Year Euro-Schatz Futures | Short | 61 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7655)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 2 Year Canadian Government Bond Futures | Long | 301 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 1141 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| 3 Year Australian Treasury Bond Futures | Long | 332 | 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 5 Year Euro-Bobl Futures | Long | 384 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269)<br>|
| 5 Year Canadian Government Bond Futures | Long | 209 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 482 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144)<br>|
| 10 Year Italy Government Bond Futures | Long | 82 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| 10 Year French Government Bond Futures | Short | 36 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| 10 Year Euro-Bund Futures | Short | 416 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62367)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| 10 Year Australian Treasury Bond Futures | Long | 145 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| 10 Year Japanese Government Bond Futures | Short | 30 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25359)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| 10 Year U.S. Treasury Note Futures | Long | 161 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 69 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 10 Year UK Gilt Futures | Short | 31 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3818)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 10 Year Canadian Government Bond Futures | Short | 241 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| 20 Year U.S. Treasury Bond Futures | Long | 153 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| 30 Year Euro-Buxl Futures | Short | 54 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6988)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16)<br>|

---

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

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

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 |
| MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| COP | 135700 | USD | 35 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
| USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| USD | 3577 | COP | 13816730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>|
| USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| USD | 8919 | KRW | 13061798 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

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

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
| USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129)<br>|
| EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53)<br>|
| EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $970 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,720 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,730 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP4,083 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD24,180 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD67,090 | &nbsp;&nbsp; (167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (167)<br>|
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; CZK396,600 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; PLN70,510 | &nbsp;&nbsp; (156)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156)<br>|
| SOFR | Annual | 3.2685% | Annual | &nbsp;&nbsp; 9/9/2027 | &nbsp;&nbsp; USD88,350 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88 |
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD67,500 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
| 1.9308% | Annual | Euro STR | Annual | &nbsp;&nbsp; 9/24/2027 | &nbsp;&nbsp; EUR32,500 | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56)<br>|
| SOFR | Annual | 3.2355% | Annual | &nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp; USD37,230 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| SOFR | Annual | 3.28% | Annual | &nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp; USD4,480 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | &nbsp;&nbsp; 6/18/2029 | &nbsp;&nbsp; EUR5,930 | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (90)<br>|
| 3.4928% | Annual | SONIA | Annual | &nbsp;&nbsp; 8/6/2029 | &nbsp;&nbsp; GBP5,260 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.4705% | Annual | &nbsp;&nbsp; 2/10/2030 | &nbsp;&nbsp; USD16,910 | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (41)<br>|
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK32,270 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK26,280 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,900 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,890 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK62,070 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,330 | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,350 | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (92)<br>|

---

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

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

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 3-month SEK-STIBOR | Quarterly | 2.2732% | Annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; SEK60,130 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69 |
| 2.3523% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; EUR5,570 | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52)<br>|
| 3.8108% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; NOK98,800 | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114)<br>|
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK64,900 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK64,270 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK32,700 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD941 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD1,098 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 2.7083% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 2/15/2035 | &nbsp;&nbsp; EUR7,460 | &nbsp;&nbsp; (125)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (125)<br>|
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,202 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,040 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| SOFR | Annual | 3.944% | Annual | &nbsp;&nbsp; 9/9/2055 | &nbsp;&nbsp; USD3,010 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR1,740 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD7,440 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304 |
| 6-month EURIBOR | Semi-annual | 2.9287% | Annual | &nbsp;&nbsp; 9/24/2055 | &nbsp;&nbsp; EUR3,250 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD291 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD253 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(284)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(284)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (343)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (343)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (600)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (955)<br>|
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(2559)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2559)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,422 | &nbsp;&nbsp;&nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR23,910 | &nbsp;&nbsp;&nbsp;&nbsp; (648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,200 | &nbsp;&nbsp;&nbsp;&nbsp; (1009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| CDX.EM.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>|

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

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

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR4,180 | &nbsp;&nbsp;&nbsp;&nbsp; $544 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $24 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 1.54%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $544 | &nbsp;&nbsp; $22734 | &nbsp;&nbsp; $1043 |
| **Short-term securities 7.71%** |  |  |  |  |  |  |  |
| **Money market investments 7.71%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 581246 | &nbsp;&nbsp; 490311 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 114160 | &nbsp;&nbsp; 3583 |
| **Total 9.25%** |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $136894 | &nbsp;&nbsp; $4626 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5709 | $5993 | 0.41<br> %<br>|
| CSN Inova Ventures 6.75% 1/28/2028  | 12/5/2025 - 12/11/2025 | 2558 | 2542 | 0.17 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2071 | 2287 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 2013 | 2077 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1337 | 1355 | 0.09 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> <br>| 9/29/2025 | 74 | 81 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term <br> SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 26 | 27 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $13788 | $14362 | 0.97<br> %<br>|

---

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

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

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

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

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

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

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

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

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

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

<sup>(l)</sup> Represents securities transacted on a TBA basis.

<sup>(m)</sup> 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. 

<sup>(n)</sup> Non-income producing.

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

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

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

<sup>(s)</sup> Amount less than 0.01%.

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EUR = Euros |

---

---

| |
|:---|
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| 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 |
| STIBOR = Stockholm Interbank Offered Rate |
| STR = Short-Term Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 | — <br><sup>(f)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> 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 <br> + 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<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **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 <br> + 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%** | **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% <br> 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% <br>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<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Consumer discretionary 0.44%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(e)(h)(i)</sup>  | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>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% <br> 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% <br> 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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.04%** | **Municipals 0.04%** | **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% |  |  |
| **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 |  |
| **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 | — <br><sup>(f)</sup><br>|
|  |  | 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) | Shares | Value<br> (000)<br>|
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(e)(j)</sup>  | 3232 | $— <br><sup>(f)</sup><br>|
| **Total common stocks** (cost: $38,533,000) |  | 65736 |
| Preferred securities 0.16% |  |  |
| **Industrials 0.16%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup>  | 1022 | 1713 |
| **Total preferred securities** (cost: $1,057,000) |  | 1713 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.01%** |  |  |
| SES SA (CVR) <sup>(j)</sup>  | 8182 | 127 |
| **Energy 0.01%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup>  | 457 | 45 |
| **Total rights & warrants** (cost: $392,000) | **Total rights & warrants** (cost: $392,000) | 172 |
| Short-term securities 3.38% |  |  |
| **Money market investments 3.38%** | **Money market investments 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) | **Total short-term securities** (cost: $35,085,000) | 35092 |
| **Total investment securities 98.60%** (cost: $997,688,000) |  | 1024071 |
| Other assets less liabilities 1.40% |  | 14538 |
| **Net assets 100.00%** |  | $1038609 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (690)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American High-Income Trust<sup>®</sup> (continued)

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,020 | &nbsp;&nbsp;&nbsp;&nbsp; $(1988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(163)<br>|

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.38%** |  |  |  |  |  |  |  |
| **Money market investments 3.38%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $45641 | &nbsp;&nbsp; $250972 | &nbsp;&nbsp; $261524 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $35092 | &nbsp;&nbsp; $1878 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(e)(j)</sup> <br>| 9/26/2013 | $4331 | $13823 | 1.33<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup> <br>| 9/29/2025 | 2566 | 2811 | 0.27 |
| Ascent CNR Corp., Class A <sup>(e)</sup> <br>| 11/15/2016 | 302 | 2787 | 0.27 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(h)(i)</sup> <br>| 9/13/2023 | 986 | 1007 | 0.10 |
| **Total** |  | $8185 | $20428 | 1.97<br> %<br>|

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund. 

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

<sup>(c)</sup> Scheduled interest and/or principal payment was not received.

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Value determined using significant unobservable inputs.

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

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

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund. 

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(j)</sup> Non-income producing.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

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

---

| | |
|:---|:---|
| **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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** | **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— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 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%) <br> 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 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%** | **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<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** | **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | 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>  | 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>  | 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>  | 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%** | **Student loan 0.22%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | 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>  | 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>  | 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% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | 72 | 72 |
|  |  |  | 276 |
| **Other asset-backed securities 0.14%** | **Other asset-backed securities 0.14%** |  |  |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | 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>  | 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>  | Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | 12 | 12 |
|  |  |  | 171 |
| **Total asset-backed obligations** | **Total asset-backed obligations** |  | 1295 |
| **Total bonds, notes & other debt instruments** (cost: $108,233,000) | **Total bonds, notes & other debt instruments** (cost: $108,233,000) |  | 108659 |
| Short-term securities 19.42% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** |
| Exxon Asset Management Co. 3/31/2026  | 3.820<br> %<br>| 1050 | 1040 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 2000 | 2000 |
| Victory Receivables Corp. 1/16/2026 <sup>(c)</sup>  | 4.000 | 1000 | 998 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 2000 | 1997 |
|  |  |  | 6035 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |
| Ontario (Province of) 1/23/2026  | 3.890 | 1400 | 1397 |
| **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 2500 | 2488 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 3100 | 3100 |
| Federal Home Loan Bank 1/9/2026  | 3.840 | 2500 | 2498 |
| Federal Home Loan Bank 2/4/2026  | 3.590 | 2000 | 1994 |
| Federal Home Loan Bank 2/6/2026  | 3.685 | 3500 | 3488 |

---

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 2/11/2026  | 3.790<br> %<br>| USD1,400 | $1394 |
| Federal Home Loan Bank 3/6/2026  | 3.635 | 1500 | 1491 |
| 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 |
| **Total investment securities 105.95%** (cost: $132,611,000) | **Total investment securities 105.95%** (cost: $132,611,000) |  | 133040 |
| Other assets less liabilities (5.95)% | Other assets less liabilities (5.95)% |  | (7473)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $125567 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 2 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| 2 Year U.S. Treasury Note Futures | Long | 343 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 140 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 30 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2024)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 23 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(132)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD230 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,182 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126 |

---

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

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

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 100.30% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** |
| Apple, Inc. 1/5/2026 <sup>(a)</sup>  | 0.210<br> %<br>| USD4,000 | $3998 |
| Apple, Inc. 1/15/2026 <sup>(a)</sup>  | 0.315 | 7500 | 7489 |
| Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup>  | 1.160 | 10175 | 10160 |
| CHARTA, LLC 1/14/2026 <sup>(a)</sup>  | 0.449 | 10000 | 9985 |
| Chevron Corp. 1/5/2026 <sup>(a)</sup>  | 0.201 | 2200 | 2199 |
| Chevron Corp. 2/3/2026 <sup>(a)</sup>  | 0.544 | 11400 | 11361 |
| Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup>  | 0.854 | 11900 | 11873 |
| DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup>  | 1.522 | 11500 | 11473 |
| Essilor International 1/26/2026 <sup>(a)</sup>  | 0.346 | 9000 | 8976 |
| Linde, Inc. 1/20/2026  | 0.357 | 2900 | 2894 |
| Linde, Inc. 2/2/2026  | 0.435 | 8200 | 8173 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup>  | 1.227 | 11000 | 10963 |
| Novartis Finance Corp. 1/12/2026 <sup>(a)</sup>  | 0.211 | 11000 | 10987 |
| Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup>  | 0.347 | 5200 | 5197 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup>  | 0.260 | 4200 | 4189 |
| Paccar Financial Corp. 1/26/2026  | 0.385 | 10000 | 9973 |
| Procter & Gamble Co. 3/4/2026 <sup>(a)</sup>  | 0.748 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 0.311 | 10000 | 9991 |
| Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup>  | 1.103 | 7700 | 7695 |
| Starbird Funding Corp. 3/4/2026 <sup>(a)</sup>  | 0.822 | 10800 | 10729 |
| Victory Receivables Corp. 1/16/2026 <sup>(a)</sup>  | 0.994 | 12000 | 11980 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup>  | 0.280 | 12200 | 12183 |
|  |  |  | 192404 |
| **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** |
| Federal Farm Credit Banks 2/20/2026  | 0.526 | 1000 | 995 |
| Federal Home Loan Bank 1/2/2026  | 0.020 | 4500 | 4500 |
| Federal Home Loan Bank 1/30/2026  | 1.143 | 9600 | 9573 |
| Federal Home Loan Bank 2/6/2026  | 0.877 | 5000 | 4983 |
| Federal Home Loan Bank 2/11/2026  | 0.869 | 2400 | 2391 |
| Federal Home Loan Bank 2/12/2026  | 0.841 | 6100 | 6075 |
| Federal Home Loan Bank 2/17/2026  | 0.739 | 7500 | 7466 |
| Federal Home Loan Bank 2/25/2026  | 1.086 | 11100 | 11041 |
| Federal Home Loan Bank 3/6/2026  | 0.795 | 4000 | 3975 |
| Federal Home Loan Bank 3/11/2026  | 0.787 | 5000 | 4967 |
| Federal Home Loan Bank 4/8/2026  | 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%** | **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>  | 0.846 | 9800 | 9739 |
| Hydro-Québec 1/6/2026 <sup>(a)</sup>  | 0.385 | 11000 | 10993 |
| KfW 1/7/2026 <sup>(a)</sup>  | 0.218 | 2000 | 1999 |
| KfW 3/18/2026 <sup>(a)</sup>  | 0.762 | 8000 | 7939 |
| Ontario (Province of) 1/23/2026  | 0.563 | 7000 | 6984 |
| Ontario (Province of) 2/26/2026  | 0.828 | 3900 | 3877 |
|  |  |  | 41531 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** |
| U.S. Treasury 2/10/2026  | 0.632<br> %<br>| USD8,700 | $8667 |
| U.S. Treasury 2/17/2026  | 0.652 | 5000 | 4977 |
|  |  |  | 13644 |
| **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | 308498 |
| **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | 308498 |
| Other assets less liabilities (0.30)% |  |  | (921)<br>|
| **Net assets 100.00%** |  |  | $307577 |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** | **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— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| 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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| 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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #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>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| 1; <br><sup>(b)</sup><br>|
| 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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #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<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #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 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<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 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<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.625% 2/15/2055  | U.S. Treasury 4.625% 2/15/2055  | USD7,370 | $7115 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | 27230 | 26830 |
| U.S. Treasury 4.625% 11/15/2055  | U.S. Treasury 4.625% 11/15/2055  | 19425 | 18754 |
|  |  |  | 691669 |
| **U.S. Treasury inflation-protected securities 3.92%** | **U.S. Treasury inflation-protected securities 3.92%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | 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>  | U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | 8752 | 8308 |
|  |  |  | 73536 |
| **Total U.S. Treasury bonds & notes** | **Total U.S. Treasury bonds & notes** |  | 765205 |
| **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **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  | Federal Home Loan Bank 3.25% 11/16/2028  | 6500 | 6462 |
| Federal Home Loan Bank 5.50% 7/15/2036  | Federal Home Loan Bank 5.50% 7/15/2036  | 300 | 329 |
| Federal National Mortgage Association 7.125% 1/15/2030  | Federal National Mortgage Association 7.125% 1/15/2030  | 2000 | 2258 |
| Private Export Funding Corp. 1.40% 7/15/2028  | Private Export Funding Corp. 1.40% 7/15/2028  | 3000 | 2840 |
| Tennessee Valley Authority 2.875% 2/1/2027  | Tennessee Valley Authority 2.875% 2/1/2027  | 5000 | 4966 |
| Tennessee Valley Authority 4.875% 5/15/2035  | Tennessee Valley Authority 4.875% 5/15/2035  | 2445 | 2525 |
| Tennessee Valley Authority 4.65% 6/15/2035  | Tennessee Valley Authority 4.65% 6/15/2035  | 1780 | 1811 |
| Tennessee Valley Authority 5.88% 4/1/2036  | Tennessee Valley Authority 5.88% 4/1/2036  | 875 | 980 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | 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  | 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  | 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  | 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  | 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  | 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  | 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  | 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  | 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  | 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  | 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  | 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) | **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) |  | 1630621 |
| Short-term securities 15.36% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** |
| Apple, Inc. 1/15/2026 <sup>(c)</sup>  | 3.650<br> %<br>| 15000 | 14977 |
| CAFCO, LLC 1/14/2026 <sup>(c)</sup>  | 4.040 | 10000 | 9985 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** |
| Chevron Corp. 2/3/2026 <sup>(c)</sup>  | 3.760<br> %<br>| USD12,300 | $12258 |
| Desjardins Group 2/27/2026 <sup>(c)</sup>  | 3.750 | 12500 | 12425 |
| Exxon Asset Management Co. 3/31/2026  | 3.820 | 19510 | 19332 |
| Linde, Inc. 1/20/2026  | 3.660 | 9400 | 9381 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 10000 | 9998 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup>  | 3.740 | 7000 | 6981 |
| Procter & Gamble Co. 1/23/2026 <sup>(c)</sup>  | 3.900 | 10000 | 9977 |
| Procter & Gamble Co. 3/4/2026 <sup>(c)</sup>  | 3.750 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 3.700 | 20000 | 19982 |
| TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup>  | 3.715 | 15000 | 14992 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 15200 | 15178 |
|  |  |  | 165402 |
| **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |
| Alberta (Province of) 2/12/2026 <sup>(c)</sup>  | 3.770 | 10100 | 10056 |
| KfW 1/7/2026 <sup>(c)</sup>  | 3.700 | 13000 | 12991 |
| Ontario (Province of) 2/6/2026  | 3.770 | 25600 | 25501 |
|  |  |  | 48548 |
| **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 30500 | 30353 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 14364 | 14364 |
| Federal Home Loan Bank 1/23/2026  | 3.842 | 11960 | 11935 |
| Federal Home Loan Bank 2/25/2026  | 3.725 | 17900 | 17805 |
| **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | 288407 |
| Options purchased (equity style) 0.01% |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  | 242 |
| **Total options purchased (equity style)** (cost: $330,000) | **Total options purchased (equity style)** (cost: $330,000) |  | 242 |
| **Total investment securities 102.23%** (cost: $1,941,770,000) | **Total investment securities 102.23%** (cost: $1,941,770,000) |  | 1919270 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) |  | (81)<br>|
| Other assets less liabilities (2.23)% | Other assets less liabilities (2.23)% |  | (41841)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1877348 |

---

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

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $242 |

---

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

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

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(361,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(81)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 18 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD7,228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 30 Day Federal Funds Futures | Long | 443 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| 3 Month SOFR Futures | Long | 26 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 5852 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1221834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 2936 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (856)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 253 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29099)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 10 Year U.S. Treasury Note Futures | Short | 1099 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123569)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| 20 Year U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 447 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (850)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1214)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10)<br>|

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| U.S. Urban CPI | At maturity | 2.12% | At maturity | &nbsp;&nbsp;&nbsp; 12/22/2026 | &nbsp;&nbsp;&nbsp; USD5,735 | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8 |
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (467)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 361 |
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp; USD16,600 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp; USD16,690 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 143 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp; 5455 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5455 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp; USD15,320 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (132)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp; 1909 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1909 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp; USD6,316 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp; USD7,364 | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16)<br>|
| SOFR | Annual | 3.326% | Annual | &nbsp;&nbsp;&nbsp; 9/19/2032 | &nbsp;&nbsp;&nbsp; USD10,880 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.4225% | Annual | &nbsp;&nbsp;&nbsp; 9/22/2032 | &nbsp;&nbsp;&nbsp; USD10,938 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 |
| SOFR | Annual | 3.7175% | Annual | &nbsp;&nbsp;&nbsp; 8/8/2035 | &nbsp;&nbsp;&nbsp; USD1,180 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp; USD2,870 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp; USD8,076 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp; USD6,989 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1118 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1298)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp; (393)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (393)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 236 |
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 640 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 268 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 266 |

---

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; $159 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $159 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 150 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 142 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 168 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 169 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 492 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 473 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp; USD1,957 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp; USD1,702 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $11931 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11931 |

---

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

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

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund. 

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CPI = Consumer Price Index |
| EFFR = Effective Federal Funds Rate |

---

---

| |
|:---|
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Managed Risk Growth Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3046065 | $429678 |
| **Total growth funds** (cost: $297,224,000) |  | 429678 |
| Fixed income funds 10.02% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5324267 | 50687 |
| **Total fixed income funds** (cost: $50,772,000) |  | 50687 |
| Short-term securities 4.63% |  |  |
| 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) |  | 23418 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 1328 |
| **Total options purchased** (cost: $4,348,000) |  | 1328 |
| **Total investment securities 99.91**% (cost: $375,762,000) |  | 505111 |
| Other assets less liabilities 0.09% |  | 468 |
| **Net assets 100.00%** |  | $505579 |

---

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

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD61,610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1328 |

---

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $116262 | &nbsp;&nbsp; $180830 | &nbsp;&nbsp; $70206 | &nbsp;&nbsp; $(21522)<br>| &nbsp;&nbsp; $429678 | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 41135 | &nbsp;&nbsp; 44622 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 50687 | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; — |
| **Total 95.01%** |  |  |  | &nbsp;&nbsp; $70221 | &nbsp;&nbsp; $(20149)<br>| &nbsp;&nbsp; $480365 | &nbsp;&nbsp; $3292 | &nbsp;&nbsp; $34295 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

| |
|:---|
| **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% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4316673 | $96391 |
| **Total growth funds** (cost: $68,990,000) |  | 96391 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190669 | 11335 |
| **Total fixed income funds** (cost: $11,379,000) |  | 11335 |
| Short-term securities 4.79% |  |  |
| 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) |  | 5428 |
| Options purchased (equity style) 0.23% |  |  |
| Options purchased (equity style)\* |  | 267 |
| **Total options purchased** (cost: $774,000) |  | 267 |
| **Total investment securities 100.01**% (cost: $86,571,000) |  | 113421 |
| Other assets less liabilities (0.01)% |  | (17)<br>|
| **Net assets 100.00%** |  | $113404 |

---

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

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $267 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Long | 21 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD3,047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13 |

---

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Managed Risk International Fund (continued)

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 85.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $11326 | &nbsp;&nbsp; $33601 | &nbsp;&nbsp; $6644 | &nbsp;&nbsp; $15321 | &nbsp;&nbsp; $96391 | &nbsp;&nbsp; $1416 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; 7132 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 11335 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $6733 | &nbsp;&nbsp; $15574 | &nbsp;&nbsp; $107726 | &nbsp;&nbsp; $1911 | &nbsp;&nbsp; $— |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

| |
|:---|
| **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% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 14745796 | $268079 |
| **Total growth-and-income funds** (cost: $198,932,000) |  | 268079 |
| Fixed income funds 10.01% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3186969 | 31551 |
| **Total fixed income funds** (cost: $31,563,000) |  | 31551 |
| Short-term securities 4.67% |  |  |
| 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) |  | 14704 |
| Options purchased (equity style) 0.20% |  |  |
| Options purchased (equity style)\* |  | 647 |
| **Total options purchased** (cost: $2,471,000) |  | 647 |
| **Total investment securities 99.94**% (cost: $247,670,000) |  | 314981 |
| Other assets less liabilities 0.06% |  | 191 |
| **Net assets 100.00%** |  | $315172 |

---

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

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD10,268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $647 |

---

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD8,271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |

---

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 85.06%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $49141 | &nbsp;&nbsp; $75666 | &nbsp;&nbsp; $17364 | &nbsp;&nbsp; $4134 | &nbsp;&nbsp; $268079 | &nbsp;&nbsp; $4236 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 10.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 16239 | &nbsp;&nbsp; 18298 | &nbsp;&nbsp; (161)<br>| &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 31551 | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; — |
| **Total 95.07%** |  |  |  | &nbsp;&nbsp; $17203 | &nbsp;&nbsp; $5381 | &nbsp;&nbsp; $299630 | &nbsp;&nbsp; $5641 | &nbsp;&nbsp; $17905 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

| |
|:---|
| **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% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 24608461 | $1666731 |
| **Total growth-and-income funds** (cost: $1,348,887,000) |  | 1666731 |
| Fixed income funds 14.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 32944468 | 313631 |
| **Total fixed income funds** (cost: $313,629,000) |  | 313631 |
| Short-term securities 4.82% |  |  |
| 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) |  | 100973 |
| Options purchased (equity style) 0.34% |  |  |
| Options purchased (equity style)\* |  | 7071 |
| **Total options purchased** (cost: $27,268,000) |  | 7071 |
| **Total investment securities 99.82**% (cost: $1,790,757,000) |  | 2088406 |
| Other assets less liabilities 0.18% |  | 3734 |
| **Net assets 100.00%** |  | $2092140 |

---

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

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD54,764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1697684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2442 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7071 |

---

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD87,879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 79.67%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $440767 | &nbsp;&nbsp; $500363 | &nbsp;&nbsp; $102594 | &nbsp;&nbsp; $(113173)<br>| &nbsp;&nbsp; $1666731 | &nbsp;&nbsp; $18415 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 143011 | &nbsp;&nbsp; 164543 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 8856 | &nbsp;&nbsp; 313631 | &nbsp;&nbsp; 13851 | &nbsp;&nbsp; — |
| **Total 94.66%** |  |  |  | &nbsp;&nbsp; $103218 | &nbsp;&nbsp; $(104317)<br>| &nbsp;&nbsp; $1980362 | &nbsp;&nbsp; $32266 | &nbsp;&nbsp; $278792 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

| |
|:---|
| **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% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 51064459 | $1404783 |
| **Total asset allocation funds** (cost: $1,177,798,000) |  | 1404783 |
| Short-term securities 4.77% |  |  |
| 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) |  | 70445 |
| Options purchased (equity style) 0.08% |  |  |
| Options purchased (equity style)\* |  | 1217 |
| **Total options purchased** (cost: $3,674,000) |  | 1217 |
| **Total investment securities 100.05**% (cost: $1,251,917,000) |  | 1476445 |
| Other assets less liabilities (0.05)% |  | (743)<br>|
| **Net assets 100.00%** |  | $1475702 |

---

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

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD263,552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1217 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 41 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund (continued)

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Asset allocation funds 95.20%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $267997 | &nbsp;&nbsp; $889458 | &nbsp;&nbsp; $39013 | &nbsp;&nbsp; $63753 | &nbsp;&nbsp; $1404783 | &nbsp;&nbsp; $32501 | &nbsp;&nbsp; $127660 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

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

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements

**Statements of assets and liabilities** at December 31, 2025

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $8852855 | $2958933 | $53450984 | $7375128 | $4007822 |
| 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 |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments |  | 369 |  | 2909 | 2947 |
| Sales of fund's shares | 1608 | 193 | 20679 | 1289 | 1335 |
| Dividends and interest | 11224 | 3053 | 17315 | 17842 | 8768 |
| Variation margin on futures contracts |  |  |  |  | 5 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 12 | 119 | 55 | 37 | 1 |
| 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: |  |  |  |  |  |
| Purchases of investments | 1119 | 20443 | 6814 | 631 | 4143 |
| Repurchases of fund's shares | 12524 | 2529 | 54104 | 12427 | 4600 |
| Investment advisory services | 2898 | 1513 | 13966 | 3010 | 1721 |
| Insurance administrative fees | 783 | 255 | 4640 | 360 | 616 |
| Services provided by related parties | 1269 | 541 | 7457 | 1050 | 496 |
| Trustees' deferred compensation | 140 | 73 | 784 | 206 | 64 |
| Variation margin on futures contracts |  |  |  |  | 4 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Non-U.S. taxes | 4865 |  | 487 | 26882 |  |
| 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 |  |  |  |  |  |
| Unaffiliated issuers | 5567435 | 2237741 | 21947122 | 4929779 | 2464149 |
| 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 |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $11684406 | $97802 | $2056244 | $42116707 | $398386 |
| 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 |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 14157 | 139 | 4104 | 39606 | 1066 |
| Sales of fund's shares | 4976 | 15 | 505 | 7670 | 270 |
| Dividends and interest | 15199 | 67 | 4247 | 38254 | 1344 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 2 | 1 | 2 | 63 | 1 |
| 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: |  |  |  |  |  |
| Purchases of investments | 2561 | 445 | 346 | 18633 | 56 |
| Repurchases of fund's shares | 9217 | 93 | 2063 | 34095 | 577 |
| Investment advisory services | 2288 | 39 | 664 | 9209 | 163 |
| Insurance administrative fees | 1448 | 4 | 226 | 2056 | 125 |
| Services provided by related parties | 1458 | 9 | 360 | 4862 | 86 |
| Trustees' deferred compensation | 176 |  | 37 | 782 | 15 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Non-U.S. taxes |  |  |  | 1192 | 286 |
| 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 |  |  |  |  |  |
| Unaffiliated issuers | 7123077 | 94143 | 1176146 | 21385651 | 268828 |
| 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** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $1550384 | $25894359 | $419047 | $10789267 | $1345676 |
| 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: |  |  |  |  |  |
| Sales of investments | 2897 | 251377 | 1442 | 55805 | 9996 |
| Sales of fund's shares | 582 | 3662 | 129 | 5946 | 534 |
| Dividends and interest | 5640 | 79619 | 2033 | 83388 | 15248 |
| Variation margin on futures contracts | 12 | 347 | 14 | 507 | 219 |
| Variation margin on centrally cleared swap contracts | 17 | 1189 | 18 | 1920 | 301 |
| Variation margin on options (futures style) |  |  | 1 |  | 7 |
| Securities lending income | 8 | 78 | — <br><sup>†</sup><br>|  |  |
| 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: |  |  |  |  |  |
| Purchases of investments | 5451 | 345093 | 3655 | 184956 | 25455 |
| Repurchases of fund's shares | 1782 | 30592 | 278 | 11524 | 1109 |
| Investment advisory services | 319 | 6211 | 163 | 1951 | 541 |
| Insurance administrative fees | 488 | 4502 | 126 | 1059 | 68 |
| Services provided by related parties | 208 | 3158 | 84 | 1171 | 218 |
| Trustees' deferred compensation | 18 | 482 | 7 | 199 | 34 |
| Variation margin on futures contracts | 101 | 2093 | 28 | 3584 | 382 |
| Variation margin on centrally cleared swap contracts | 1 | 48 | 5 | 350 | 154 |
| Non-U.S. taxes | 539 |  | 185 | — <br><sup>†</sup><br>| 68 |
| Other | 12 | 775 | 4 | (14)<br>| 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)<br>| (225489)<br>|
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| Investment securities on loan, at value | $11011 | $19953 | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 1124145 | 17944427 | 335829 | 10859512 | 1379551 |
| 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 |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $988979 | $133040 | $308498 | $1919270 | $24746 |
| Affiliated issuers | 35092 |  |  |  | 480365 |
| Cash | 846 | 152 | 101 | 2915 |  |
| 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 |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 1 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 104 | 7819 |  | 40517 | 993 |
| Sales of fund's shares | 433 | 167 | 89 | 2376 |  |
| Dividends and interest | 16339 | 474 |  | 10972 | 82 |
| Variation margin on futures contracts | 4 | 4 |  | 271 | 207 |
| Variation margin on centrally cleared swap contracts | 13 | 8 |  | 562 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income |  |  |  |  |  |
| 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: |  |  |  |  |  |
| Purchases of investments | 2414 | 15929 |  | 94081 |  |
| Repurchases of fund's shares | 1678 | 16 | 930 | 3012 | 1044 |
| Investment advisory services | 250 | 24 | 68 | 342 | 43 |
| Insurance administrative fees | 147 | 41 | 35 | 341 | 321 |
| Services provided by related parties | 191 | 25 | 66 | 328 | 103 |
| Trustees' deferred compensation | 34 | 4 | 12 | 51 | 7 |
| Variation margin on futures contracts | 15 | 58 |  | 978 | 326 |
| Variation margin on centrally cleared swap contracts | 6 | — <br><sup>†</sup><br>|  | 320 |  |
| Non-U.S. taxes |  |  |  |  |  |
| Other | 1 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 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)<br>| (10819)<br>| 1951 | (255586)<br>| 116570 |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 962603 | 132611 | 308476 | 1941770 | 27766 |
| 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** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| Unaffiliated issuers | $5695 | $15351 | $108044 | $71662 |
| 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: |  |  |  |  |
| Sales of investments | 79 | 760 | 1611 | 4751 |
| Sales of fund's shares |  | 5 | 139 | 227 |
| Dividends and interest | 19 | 52 | 353 | 250 |
| Variation margin on futures contracts | 231 |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Securities lending income |  |  |  |  |
| 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: |  |  |  |  |
| Purchases of investments |  |  |  |  |
| Repurchases of fund's shares | 83 | 805 | 1835 | 5228 |
| Investment advisory services | 9 | 27 | 179 | 126 |
| Insurance administrative fees | 72 | 199 | 1324 | 1074 |
| Services provided by related parties | 24 | 65 | 54 | 314 |
| Trustees' deferred compensation | 2 | 5 | 30 | 41 |
| Variation margin on futures contracts | 248 | 62 | 660 | 106 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |
| Other |  |  |  |  |
|  | 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)<br>| 47054 | 559986 | 322900 |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| Unaffiliated issuers | 6202 | 17175 | 128241 | 74119 |
| 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)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $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)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $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.

<sup>†</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $121415 | $38161 | $254446 | $152648 | $65878 |
| Affiliated issuers | 12461 | 4646 | 51607 | 11400 | 5504 |
|  | 133876 | 42807 | 306053 | 164048 | 71382 |
| Interest from unaffiliated issuers | 668 | 435 | 63 | 912 | 10731 |
| Securities lending income (net of fees) | 72 | 516 | 588 | 99 | 54 |
|  | 134616 | 43758 | 306704 | 165059 | 82167 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 40161 | 19042 | 152106 | 34101 | 21211 |
| Distribution services | 11631 | 5205 | 67395 | 9726 | 4307 |
| Insurance administrative services | 2751 | 902 | 16193 | 1291 | 2255 |
| Transfer agent services | 2 | 1 | 11 | 2 | 1 |
| Administrative services | 2537 | 883 | 15100 | 2140 | 1103 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 86 | 51 | 478 | 63 | 27 |
| Registration statement and prospectus | 43 | 26 | 278 | 53 | 20 |
| Trustees' compensation | 42 | 15 | 249 | 35 | 18 |
| Auditing and legal | 113 | 145 | 123 | 157 | 143 |
| Custodian | 851 | 399 | 738 | 1018 | 1231 |
| Other | 5 | 35 | 28 | 5 | 42 |
| Total fees and expenses before waivers and/or reimbursements | 58222 | 26704 | 252699 | 48591 | 30358 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 8716 | 1377 | 1 |  | 2573 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 1235883 | 353523 | 4845744 | 747952 | 300988 |
| Affiliated issuers | (82)<br>| 2186 | 66 | (57)<br>| 11 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 177 |
| Forward currency contracts |  |  |  |  | (497)<br>|
| Swap contracts |  |  |  |  | (88)<br>|
| Currency transactions | (1518)<br>| 42 | 219 | 3403 | (403)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1234283 | 355751 | 4846029 | 751298 | 300188 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 365551 | 48245 | 4566279 | 841691 | 562176 |
| Affiliated issuers | (14)<br>| (12785)<br>| 56 | (26)<br>| (8)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | (4)<br>|
| Forward currency contracts |  |  |  |  | (78)<br>|
| Swap contracts |  |  |  |  | 104 |
| Currency translations | 554 | 893 | 111 | 2323 | 1194 |
|  | 366091 | 36353 | 4566446 | 843988 | 563384 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 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 |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small** <br>**and Mid** <br>**Cap Equity** <br>**Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $207376 | $586 | $38665 | $541729 | $11690 |
| Affiliated issuers | 13883 | 60 | 2805 | 66629 | 489 |
|  | 221259 | 646 | 41470 | 608358 | 12179 |
| Interest from unaffiliated issuers | 22 | 2 | 164 | 148 | 111 |
| Securities lending income (net of fees) | 151 | 6 | 17 | 137 | 9 |
|  | 221432 | 654 | 41651 | 608643 | 12299 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 43009 | 216 | 9356 | 104279 | 1811 |
| Distribution services | 12726 | 9 | 3383 | 42505 | 860 |
| Insurance administrative services | 5166 | 8 | 801 | 7505 | 475 |
| Transfer agent services | 3 |  | — <br><sup>†</sup><br>| 9 | — <br><sup>†</sup><br>|
| Administrative services | 3450 | 15 | 591 | 12580 | 114 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 52 | 4 | 14 | 390 | 9 |
| Registration statement and prospectus | 38 | 3 | 10 | 217 | 5 |
| Trustees' compensation | 57 | — <br><sup>†</sup><br>| 10 | 207 | 2 |
| Auditing and legal | 77 | 59 | 82 | 109 | 105 |
| Custodian | 248 | — <br><sup>†</sup><br>| 161 | 349 | 86 |
| Other | 6 | — <br><sup>†</sup><br>| 2 | 25 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 64832 | 314 | 14410 | 168175 | 3468 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 16888 |  | 1970 |  |  |
| Miscellaneous fee reimbursement |  | 38 |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 1056433 | (942)<br>| 183640 | 3158953 | 21094 |
| Affiliated issuers | (10)<br>| — <br><sup>†</sup><br>| 5 | 6384 | 1 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (18)<br>|
| Swap contracts |  |  |  |  |  |
| Currency transactions | (19)<br>|  | 162 | (1431)<br>| (12)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1056404 | (942)<br>| 183807 | 3163906 | 21065 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 614865 | 4098 | 226913 | 3625006 | 82799 |
| Affiliated issuers | (30)<br>| — <br><sup>†</sup><br>| (4)<br>| (128689)<br>| (3)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (10)<br>|
| Swap contracts |  |  |  |  |  |
| Currency translations | 8 |  | 206 | 541 | 94 |
|  | 614843 | 4098 | 227115 | 3496858 | 82880 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 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** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br> **Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $38765 | $218666 | $6265 | $4 | $89 |
| Affiliated issuers | 5736 | 108867 | 1353 | 32185 | 4626 |
|  | 44501 | 327533 | 7618 | 32189 | 4715 |
| Interest from unaffiliated issuers | 9967 | 362329 | 5490 | 502412 | 62140 |
| Securities lending income (net of fees) | 41 | 290 | 3 |  |  |
|  | 54509 | 690152 | 13111 | 534601 | 66855 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 5458 | 72026 | 1870 | 39384 | 6326 |
| Distribution services | 1836 | 28081 | 799 | 10077 | 2069 |
| Insurance administrative services | 1820 | 17303 | 438 | 3890 | 257 |
| Transfer agent services | — <br><sup>†</sup><br>| 6 | — <br><sup>†</sup><br>| 2 | — <br><sup>†</sup><br>|
| Administrative services | 458 | 8176 | 126 | 3357 | 440 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 11 | 150 | 9 | 101 | 16 |
| Registration statement and prospectus | 11 | 121 | 5 | 88 | 10 |
| Trustees' compensation | 8 | 134 | 2 | 54 | 7 |
| Auditing and legal | 104 | 111 | 85 | 66 | 72 |
| Custodian | 104 | 224 | 107 | 141 | 236 |
| Other | 1 | 19 | — <br><sup>†</sup><br>| 7 | 2 |
| Total fees and expenses before waivers and/or reimbursements | 9811 | 126351 | 3441 | 57167 | 9435 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 1987 |  | 71 | 16783 |  |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 62600 | 3027901 | 26945 | 17102 | (13024)<br>|
| Affiliated issuers | 16 | (136545)<br>| (2)<br>| 284 | (6)<br>|
| Options purchased (futures style) |  |  | (67)<br>|  | (586)<br>|
| Options written |  |  | 41 |  | 423 |
| Futures contracts | 1420 | 28857 | 469 | 21847 | 7420 |
| Forward currency contracts | 13 |  | (3684)<br>| (9144)<br>| (2268)<br>|
| Swap contracts | 147 | (1718)<br>| (169)<br>| 143 | (828)<br>|
| Currency transactions | (86)<br>| (392)<br>| (50)<br>| 49 | (96)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 64110 | 2918103 | 23483 | 30281 | (8965)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 169327 | 396525 | 31781 | 242048 | 74949 |
| Affiliated issuers | 789 | 154231 | 104 | (182)<br>| 561 |
| Options purchased (futures style) |  |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Options written |  |  | 4 |  | 88 |
| Futures contracts | 699 | (1220)<br>| 224 | 21668 | 1912 |
| Forward currency contracts |  |  | 130 | (1861)<br>| 1027 |
| Swap contracts | (213)<br>| 3084 | 389 | 9256 | 3722 |
| Currency translations | 141 | 379 | 71 | 93 | 429 |
|  | 170743 | 552999 | 32703 | 271022 | 82688 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 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 |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $1002 | $— | $— <br><sup>†</sup><br>| $— | $918 |
| Affiliated issuers | 1878 |  |  |  | 3292 |
|  | 2880 |  |  |  | 4210 |
| Interest from unaffiliated issuers | 67851 | 6102 | 14226 | 84744 |  |
| Securities lending income (net of fees) |  |  |  |  |  |
|  | 70731 | 6102 | 14226 | 84744 | 4210 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 4001 | 349 | 846 | 5429 | 594 |
| Distribution services | 1850 | 244 | 732 | 3216 | 1243 |
| Insurance administrative services | 508 | 148 | 156 | 1312 | 1277 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services | 297 | 36 | 99 | 552 |  |
| Accounting and administrative services |  |  |  |  | 65 |
| Reports to shareholders | 12 | 8 | 9 | 16 |  |
| Registration statement and prospectus | 8 | 1 | 2 | 10 | 10 |
| Trustees' compensation | 4 | — <br><sup>†</sup><br>| 2 | 9 | 3 |
| Auditing and legal | 89 | 52 | 50 | 56 | 9 |
| Custodian | 21 | 15 | 1 | 34 | 6 |
| Other | 14 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 6804 | 853 | 1897 | 10635 | 3207 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 1188 | 87 |  | 1412 | 83 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| 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** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | (831)<br>| 421 | — <br><sup>†</sup><br>| 2163 | (4185)<br>|
| Affiliated issuers | — <br><sup>†</sup><br>|  |  |  | 70221 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  | 1 |  | 27 |  |
| Futures contracts | 293 | 1057 |  | 18297 | (13362)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (917)<br>| 27 |  | 4094 |  |
| Currency transactions | 5 |  |  | — <br><sup>†</sup><br>| 154 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | (1450)<br>| 1506 | — <br><sup>†</sup><br>| 24581 | 87123 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 15779 | 2481 | (2)<br>| 32939 | (2333)<br>|
| Affiliated issuers | 3 |  |  |  | (20149)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  | 21 |  |
| Futures contracts | 62 | 209 |  | 5703 | (455)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (207)<br>| (15)<br>|  | (1861)<br>|  |
| Currency translations | — <br><sup>†</sup><br>|  |  |  |  |
|  | 15637 | 2675 | (2)<br>| 36802 | (22937)<br>|
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 14187 | 4181 | (2)<br>| 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** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br> **Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |
| Dividends: |  |  |  |  |
| Unaffiliated issuers | $213 | $587 | $3944 | $3676 |
| Affiliated issuers | 1911 | 5641 | 32266 | 32501 |
|  | 2124 | 6228 | 36210 | 36177 |
| Interest from unaffiliated issuers |  |  |  |  |
| Securities lending income (net of fees) |  |  |  |  |
|  | 2124 | 6228 | 36210 | 36177 |
| Fees and expenses\*: |  |  |  |  |
| Investment advisory services | 133 | 369 | 2463 | 2210 |
| Distribution services | 280 | 786 | 662 | 4685 |
| Insurance administrative services | 285 | 792 | 5286 | 4715 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services |  |  |  |  |
| Accounting and administrative services | 57 | 61 | 98 | 95 |
| Reports to shareholders |  |  |  |  |
| Registration statement and prospectus | 8 | 9 | 19 | 22 |
| Trustees' compensation | 1 | 2 | 10 | 9 |
| Auditing and legal | 2 | 6 | 38 | 35 |
| Custodian | 6 | 6 | 7 | 7 |
| Other | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 2 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 772 | 2031 | 8585 | 11779 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| Investment advisory services waivers | 19 | 52 | 348 | 324 |
| Miscellaneous fee reimbursement | 39 |  |  |  |
| 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: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (997)<br>| (2786)<br>| (28619)<br>| (3827)<br>|
| Affiliated issuers | 6733 | 17203 | 103218 | 39013 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (6090)<br>| (8845)<br>| (37033)<br>| (47196)<br>|
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency transactions | 39 | 61 | 367 | 201 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (315)<br>| 23538 | 316725 | 115851 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (422)<br>| (1184)<br>| (13505)<br>| (1962)<br>|
| Affiliated issuers | 15574 | 5381 | (104317)<br>| 63753 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (88)<br>| 75 | 1063 | 731 |
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency translations |  |  |  |  |
|  | 15064 | 4272 | (116759)<br>| 62522 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 14749 | 27810 | 199966 | 178373 |
| **Net increase (decrease) in net assets resulting from operations** | $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.

<sup>†</sup>

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**

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br>**Capitalization Fund** | **Global Small** <br>**Capitalization Fund** | **Growth Fund** | **Growth 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:** |  |  |  |  |  |  |
| 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)<br>| 36353 | (6037)<br>| 4566446 | 7880200 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1685484 | 1035544 | 410535 | 75615 | 9466481 | 11993618 |
| **Distributions paid to shareholders** | (1167286)<br>| (362247)<br>| (76359)<br>| (145595)<br>| (4046623)<br>| (1183768)<br>|
| **Net capital share transactions** | 554825 | (305156)<br>| (370832)<br>| (124117)<br>| 1555981 | (2405717)<br>|
| **Total increase (decrease) in net assets** | 1073023 | 368141 | (36656)<br>| (194097)<br>| 6975839 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of year | $9131346 | $8058323 | $2953803 | $2990459 | $54678782 | $47702943 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br>**Investors Fund** | **Washington Mutual** <br>**Investors 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:** |  |  |  |  |  |  |
| 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)<br>| 563384 | 26354 | 614843 | 937617 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1711754 | 256609 | 917954 | 224440 | 1844735 | 1900984 |
| **Distributions paid to shareholders** | (99689)<br>| (91320)<br>| (192985)<br>| (66666)<br>| (947281)<br>| (270276)<br>|
| **Net capital share transactions** | (946603)<br>| (557783)<br>| (89200)<br>| (124462)<br>| 10588 | (851035)<br>|
| **Total increase (decrease) in net assets** | 665462 | (392494)<br>| 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)

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br>**Cap Equity Fund** | **U.S. Small and Mid** <br>**Cap Equity Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | Year ended <br> December 31,<br>2025 | Period <br>ended <br>December 31,<br>2024\* | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $378 | $13 | $29211 | $29625 | $440468 | $464425 |
| Net realized gain (loss) | (942)<br>| 4 | 183807 | 142599 | 3163906 | 6999624 |
| Net unrealized appreciation (depreciation) | 4098 | (438)<br>| 227115 | 78887 | 3496858 | 1206283 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 3534 | (421)<br>| 440133 | 251111 | 7101232 | 8670332 |
| **Distributions paid to shareholders** | (397)<br>| (13)<br>| (99132)<br>| (32476)<br>| (7414912)<br>| (2264497)<br>|
| **Net capital share transactions** | 81910 | 15013 | (142611)<br>| (191651)<br>| 2685997 | (2602817)<br>|
| **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 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**International Growth** <br>**and Income Fund** | <br>**International Growth** <br>**and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **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:** |  |  |  |  |  |  |
| Net investment income (loss) | $8831 | $7648 | $46685 | $42544 | $563801 | $590761 |
| Net realized gain (loss) | 21065 | (1592)<br>| 64110 | 24024 | 2918103 | 1925378 |
| Net unrealized appreciation (depreciation) | 82880 | 5162 | 170743 | 61325 | 552999 | 1576776 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 112776 | 11218 | 281538 | 127893 | 4034903 | 4092915 |
| **Distributions paid to shareholders** | (9200)<br>| (8098)<br>| (46016)<br>| (45676)<br>| (2469833)<br>| (1743267)<br>|
| **Net capital share transactions** | (21614)<br>| (9047)<br>| 56186 | 35182 | (975710)<br>| (949298)<br>|
| **Total increase (decrease) in net assets** | 81962 | (5927)<br>| 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)

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Global Balanced Fund** | **American Funds** <br>**Global Balanced Fund** | **The Bond Fund** <br>**of America** | **The Bond Fund** <br>**of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | 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:** |  |  |  |  |  |  |
| Net investment income (loss) | $9741 | $9318 | $494217 | $501464 | $57420 | $61225 |
| Net realized gain (loss) | 23483 | 16800 | 30281 | (134500)<br>| (8965)<br>| (22949)<br>|
| Net unrealized appreciation (depreciation) | 32703 | (1065)<br>| 271022 | (207188)<br>| 82688 | (80072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 65927 | 25053 | 795520 | 159776 | 131143 | (41796)<br>|
| **Distributions paid to shareholders** | (21425)<br>| (7048)<br>| (486650)<br>| (475626)<br>| (44306)<br>| (33915)<br>|
| **Net capital share transactions** | 13683 | (14487)<br>| (119742)<br>| 474834 | (55304)<br>| (16393)<br>|
| **Total increase (decrease) in net assets** | 58185 | 3518 | 189128 | 158984 | 31533 | (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of year | $450467 | $392282 | $11356026 | $11166898 | $1479770 | $1448237 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income Trust** | **American** <br>**High-Income Trust** | **American Funds** <br>**Mortgage Fund** | **American Funds** <br>**Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | 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:** |  |  |  |  |  |  |
| Net investment income (loss) | $65115 | $60672 | $5336 | $5237 | $12329 | $16889 |
| Net realized gain (loss) | (1450)<br>| 3094 | 1506 | (1054)<br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Net unrealized appreciation (depreciation) | 15637 | 19028 | 2675 | (3372)<br>| (2)<br>| 130 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 79302 | 82794 | 9517 | 811 | 12327 | 17019 |
| **Distributions paid to shareholders** | (64338)<br>| (59402)<br>| (5115)<br>| (5001)<br>| (12940)<br>| (17633)<br>|
| **Net capital share transactions** | 91682 | 34726 | 10334 | 7230 | (30488)<br>| (33462)<br>|
| **Total increase (decrease) in net assets** | 106646 | 58118 | 14736 | 3040 | (31101)<br>| (34076)<br>|
| **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)

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br>**Securities Fund** | **U.S. Government** <br>**Securities Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**International Fund** | **Managed Risk** <br>**International Fund** |
|  | 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:** |  |  |  |  |  |  |
| Net investment income (loss) | $75521 | $72049 | $1086 | $2764 | $1410 | $1470 |
| Net realized gain (loss) | 24581 | (1294)<br>| 87123 | 37612 | (315)<br>| (2539)<br>|
| Net unrealized appreciation (depreciation) | 36802 | (55237)<br>| (22937)<br>| 69526 | 15064 | 1155 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 136904 | 15518 | 65272 | 109902 | 16159 | 86 |
| **Distributions paid to shareholders** | (79096)<br>| (73267)<br>| (28627)<br>| (2419)<br>| (1480)<br>| (1561)<br>|
| **Net capital share transactions** | (487)<br>| 353747 | (57328)<br>| (88856)<br>| (15583)<br>| (8399)<br>|
| **Total increase (decrease) in net assets** | 57321 | 295998 | (20683)<br>| 18627 | (904)<br>| (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of year | $1877348 | $1820027 | $505579 | $526262 | $113404 | $114308 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Asset Allocation Fund** | **Managed Risk** <br>**Asset Allocation Fund** |
|  | 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:** |  |  |  |  |  |  |
| Net investment income (loss) | $4249 | $4979 | $27973 | $33950 | $24722 | $37923 |
| Net realized gain (loss) | 23538 | (4225)<br>| 316725 | 73326 | 115851 | 123915 |
| Net unrealized appreciation (depreciation) | 4272 | 42170 | (116759)<br>| 261435 | 62522 | 124394 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 32059 | 42924 | 227939 | 368711 | 203095 | 286232 |
| **Distributions paid to shareholders** | (5960)<br>| (5475)<br>| (128115)<br>| (65908)<br>| (168266)<br>| (69126)<br>|
| **Net capital share transactions** | (33133)<br>| (39434)<br>| (184550)<br>| (313193)<br>| (584977)<br>| (294452)<br>|
| **Total increase (decrease) in net assets** | (7034)<br>| (1985)<br>| (84726)<br>| (10390)<br>| (550148)<br>| (77346)<br>|
| **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 |

---

------

Notes to financial statements

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

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income 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** |

---

------

**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 |

---

------

**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.

---

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

---

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

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

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

---

| | |
|:---|:---|
| **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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $1677360 | $1004158 | $— | $2681518 |
| Industrials | 814793 | 803211 |  | 1618004 |
| Consumer discretionary | 624592 | 643004 |  | 1267596 |
| Financials | 599727 | 664790 |  | 1264517 |
| Health care | 522458 | 184815 |  | 707273 |
| Communication services | 333006 | 159304 |  | 492310 |
| Consumer staples | 142724 | 161843 |  | 304567 |
| Materials | 138904 | 87575 |  | 226479 |
| Energy | 63628 | 58552 |  | 122180 |
| Real estate | 31223 | 81724 |  | 112947 |
| Utilities | 39385 | 14981 |  | 54366 |
| Short-term securities | 289982 |  |  | 289982 |
| Total | $5277782 | $3863957 | $— | $9141739 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $260831 | $365281 | $— | $626112 |
| Financials | 222052 | 263645 |  | 485697 |
| Information technology | 296229 | 132470 | 265 | 428964 |
| Consumer discretionary | 191624 | 153882 |  | 345506 |
| Health care | 201747 | 110388 |  | 312135 |
| Materials | 116183 | 112638 |  | 228821 |
| Communication services | 48497 | 68762 |  | 117259 |
| Consumer staples | 42102 | 54064 |  | 96166 |
| Energy | 69622 | 8949 |  | 78571 |
| Real estate | 7877 | 63370 |  | 71247 |
| Utilities | 34021 | 13548 |  | 47569 |
| Preferred securities  | 7200 |  | 12088 | 19288 |
| Rights & warrants  |  | 12 |  | 12 |
| Convertible bonds & notes  |  | 1581 |  | 1581 |
| Bonds, notes & other debt instruments  |  | 945 |  | 945 |
| Short-term securities | 154617 | 43943 |  | 198560 |
| Total | $1652602 | $1393478 | $12353 | $3058433 |

---

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $15453954 | $942978 | $24211 | $16421143 |
| Communication services | 9313134 | 27790 |  | 9340924 |
| Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| Health care | 5922020 | 72405 | 8789 | 6003214 |
| Industrials | 4852390 | 170495 | 4230 | 5027115 |
| Financials | 3974058 | 100498 |  | 4074556 |
| Consumer staples | 1017667 |  | 4743 | 1022410 |
| Materials | 949496 | 28695 |  | 978191 |
| Energy | 846476 |  |  | 846476 |
| Real estate | 405935 |  |  | 405935 |
| Utilities | 365298 |  |  | 365298 |
| Preferred securities  |  |  | 315115 | 315115 |
| Rights & warrants  |  |  | — <br><sup>1</sup><br>| — <br><sup>1</sup><br>|
| Convertible stocks  | 7644 |  | 36076 | 43720 |
| Short-term securities | 1330364 |  |  | 1330364 |
| 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**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Investment securities | &nbsp;&nbsp; $173935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122218 | &nbsp;&nbsp; $(13741)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $110752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $393164 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average**<sup>1</sup> <br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>2</sup> <br>|
| Common stocks | $41973 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Common stocks | $41973 | Transaction | Discount for uncertainty | 15% - 50% | 26% | Decrease |
| Common stocks | $41973 | Transaction | Premium to transaction price | 11% | 11% | Increase |
| Preferred securities | $315115 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Preferred securities | $315115 | Transaction | Discount for uncertainty | 5% - 50% | 6% | Decrease |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | EV/Gross Profit multiple | 11.9x | 11.9x | Increase |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/Gross Profit <br> multiple<br>| 50% | 50% | Increase |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | DLOM  | 10% | 10% | Decrease |
| Rights & warrants | $— <br><sup>3</sup><br>| &nbsp;&nbsp; Estimated <br> recovery value<br>| De minimis | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Discount to transaction price | 5% | 5% | Decrease |
| Convertible stocks | $36076 | Transaction | Premium to transaction price | 11% | 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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $132411 | $1126206 | $— | $1258617 |
| Industrials | 11113 | 1201308 |  | 1212421 |
| Information technology | 53833 | 1063830 | 7933 | 1125596 |
| Materials | 631675 | 291367 |  | 923042 |
| Communication services | 14900 | 697226 |  | 712126 |
| Consumer discretionary | 127415 | 546112 |  | 673527 |
| Health care |  | 447622 |  | 447622 |
| Energy | 186352 | 230194 |  | 416546 |
| Consumer staples |  | 335793 |  | 335793 |
| Utilities |  | 209483 |  | 209483 |
| Preferred securities  |  | 33353 | 726 | 34079 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 149051 |  |  | 149051 |
| Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\*

Amount less than one thousand.

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $292708 | $622707 | $634 | $916049 |
| Financials | 150731 | 554211 | —<br> \*<br>| 704942 |
| Consumer discretionary | 190649 | 322157 |  | 512806 |
| Industrials | 111250 | 379009 |  | 490259 |
| Communication services | 146817 | 246709 |  | 393526 |
| Materials | 126958 | 131900 | —<br> \*<br>| 258858 |
| Health care | 64194 | 145778 |  | 209972 |
| Consumer staples | 37995 | 142731 |  | 180726 |
| Energy | 27489 | 61632 | —<br> \*<br>| 89121 |
| Real estate | 450 | 55019 |  | 55469 |
| Utilities | 1071 | 45485 |  | 46556 |
| Preferred securities  | 9540 | 11707 | 8293 | 29540 |
| Bonds, notes & other debt instruments  |  | 113791 |  | 113791 |
| Short-term securities | 66843 | 264 |  | 67107 |
| Total | $1226695 | $2833100 | $8927 | $4068722 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $24 | $— | $— | $24 |
| Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (17)<br>|  |  | (17)<br>|
| Unrealized depreciation on open forward currency contracts |  | (78)<br>|  | (78)<br>|
| 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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $23464 | $228 | $— | $23692 |
| Industrials | 19657 |  |  | 19657 |
| Consumer discretionary | 15537 |  |  | 15537 |
| Information technology | 11031 | 370 |  | 11401 |
| Health care | 8602 |  |  | 8602 |
| Consumer staples | 7106 |  |  | 7106 |
| Energy | 2486 |  |  | 2486 |
| Real estate | 2419 |  |  | 2419 |
| Materials | 2280 |  |  | 2280 |
| Communication services | 1892 |  |  | 1892 |
| Utilities | 1884 |  |  | 1884 |
| Short-term securities  | 3809 |  |  | 3809 |
| Total | $100167 | $598 | $— | $100765 |

---

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $355139 | $145088 | $— | $500227 |
| Industrials | 148399 | 190693 |  | 339092 |
| Financials | 157537 | 146549 | —<br> \*<br>| 304086 |
| Communication services | 125382 | 66163 |  | 191545 |
| Consumer discretionary | 113749 | 59921 |  | 173670 |
| Health care | 132454 | 39630 |  | 172084 |
| Materials | 76631 | 49420 |  | 126051 |
| Consumer staples | 53201 | 47392 |  | 100593 |
| Energy | 56523 | 21036 |  | 77559 |
| Utilities | 19661 | 25980 |  | 45641 |
| Real estate | 9862 | 7705 |  | 17567 |
| Preferred securities  | 3844 | 2367 |  | 6211 |
| Bonds, notes & other debt instruments  |  | 1012 |  | 1012 |
| Short-term securities | 27110 |  |  | 27110 |
| Total | $1279492 | $802956 | $—<br> \*<br>| $2082448 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $13428880 | $231230 | $— | $13660110 |
| Industrials | 5464629 | 445806 |  | 5910435 |
| Financials | 5113646 | 117059 |  | 5230705 |
| Health care | 4380271 |  |  | 4380271 |
| Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| Communication services | 3324828 | 182155 |  | 3506983 |
| Energy | 1728094 |  |  | 1728094 |
| Consumer staples | 565554 | 678297 |  | 1243851 |
| Materials | 1011738 |  |  | 1011738 |
| Utilities | 899740 |  |  | 899740 |
| Real estate | 537861 |  |  | 537861 |
| Bonds, notes & other debt instruments  |  | 828 |  | 828 |
| Short-term securities | 1122736 |  |  | 1122736 |
| Total | $41878219 | $1732290 | $— | $43610509 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $5556 | $88187 | $—<br> \*<br>| $93743 |
| Industrials | 10956 | 47158 |  | 58114 |
| Information technology | 2848 | 51607 |  | 54455 |
| Consumer discretionary | 4607 | 32456 |  | 37063 |
| Consumer staples | 5133 | 27490 |  | 32623 |
| Materials | 12674 | 17182 | —<br> \*<br>| 29856 |
| Health care | 1046 | 28653 |  | 29699 |
| Communication services | 1407 | 26447 |  | 27854 |
| Energy | 9053 | 7510 | —<br> \*<br>| 16563 |
| Utilities | 625 | 10796 |  | 11421 |
| Real estate | 770 | 5261 |  | 6031 |
| Preferred securities  |  | 201 |  | 201 |
| Short-term securities | 6204 |  |  | 6204 |
| Total | $60879 | $342948 | $—<br> \*<br>| $403827 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $131640 | $135397 | $—<br> \*<br>| $267037 |
| Information technology | 122940 | 52651 |  | 175591 |
| Health care | 104021 | 44144 |  | 148165 |
| Industrials | 67519 | 80079 |  | 147598 |
| Consumer staples | 75761 | 57263 |  | 133024 |
| Utilities | 46892 | 47327 |  | 94219 |
| Consumer discretionary | 40107 | 45388 |  | 85495 |
| Energy | 63017 | 15198 |  | 78215 |
| Materials | 31425 | 27538 |  | 58963 |
| Communication services | 23727 | 34637 |  | 58364 |
| Real estate | 38351 | 7444 |  | 45795 |
| Convertible stocks  | 4813 |  |  | 4813 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| Corporate bonds and notes |  | 47200 |  | 47200 |
| Other bonds & notes |  | 13281 | 220 | 13501 |
| Investment funds  | 38098 |  |  | 38098 |
| Short-term securities  | 91824 |  |  | 91824 |
| 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>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $36 | $— | $— | $36 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (315)<br>|  |  | (315)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2)<br>|  | (2)<br>|
| Total  | $(279)<br>| $258 | $— | $(21)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $4829446 | $116467 | $— | $4945913 |
| Financials | 2902743 |  | —<br> \*<br>| 2902743 |
| Industrials | 2527277 | 162101 |  | 2689378 |
| Health care | 1911575 | 3565 | 12663 | 1927803 |
| Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| Communication services | 1278083 | 24636 |  | 1302719 |
| Materials | 1135802 |  | —<br> \*<br>| 1135802 |
| Consumer staples | 901988 | 61331 |  | 963319 |
| Utilities | 278367 |  |  | 278367 |
| Energy | 253456 | 897 | 655 | 255008 |
| Real estate | 57144 |  |  | 57144 |
| Preferred securities  |  |  | 755 | 755 |
| Rights & warrants  | 119 |  | —<br> \*<br>| 119 |
| Convertible stocks  | 33030 |  |  | 33030 |
| Convertible bonds & notes  |  | 27731 |  | 27731 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| Asset-backed obligations |  | 529161 |  | 529161 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 88970 |  | 88970 |
| Loans |  | 31871 | 7860 | 39731 |
| Municipals |  | 22827 |  | 22827 |
| Investment funds | 846762 |  |  | 846762 |
| Short-term securities  | 1023715 |  |  | 1023715 |
| Total | $19491165 | $8231620 | $23146 | $27745931 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1925 | $— | $— | $1925 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (6069)<br>|  |  | (6069)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (435)<br>|  | (435)<br>|
| Total  | $(4144)<br>| $3108 | $— | $(1036)<br>|

---

\*

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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $42224 | $10455 | $— | $52679 |
| Financials | 17553 | 27727 |  | 45280 |
| Industrials | 23532 | 19831 |  | 43363 |
| Health care | 28226 | 6598 |  | 34824 |
| Consumer discretionary | 11679 | 9383 |  | 21062 |
| Materials | 12657 | 6825 |  | 19482 |
| Communication services | 17646 | 1167 |  | 18813 |
| Utilities | 12793 | 5213 |  | 18006 |
| Consumer staples | 5420 | 9798 |  | 15218 |
| Energy | 10753 | 1687 |  | 12440 |
| Real estate |  | 2599 |  | 2599 |
| Convertible stocks  | 2921 |  |  | 2921 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 57330 |  | 57330 |
| U.S. Treasury bonds & notes |  | 24907 |  | 24907 |
| Mortgage-backed obligations |  | 24474 |  | 24474 |
| Corporate bonds and notes |  | 22758 |  | 22758 |
| Other bonds & notes |  | 2889 |  | 2889 |
| Investment funds  | 4250 |  |  | 4250 |
| Short-term securities  | 27757 |  |  | 27757 |
| Options purchased on foreign currencies (equity style) |  | 2 |  | 2 |
| Total | $217411 | $233643 | $— | $451054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options written (futures style) | $4 | $— | $— | $4 |
| Unrealized appreciation on futures contracts | 118 |  |  | 118 |
| Unrealized appreciation on open forward currency contracts |  | 229 |  | 229 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 96 |  | 96 |
| Unrealized appreciation on bilateral interest rate swaps |  | 38 |  | 38 |
| Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| Unrealized depreciation on futures contracts | (132)<br>|  |  | (132)<br>|
| Unrealized depreciation on open forward currency contracts |  | (281)<br>|  | (281)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (28)<br>|  | (28)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (44)<br>|  | (44)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (3)<br>|  | (3)<br>|
| Total  | $(10)<br>| $7 | $— | $(3)<br>|

---

\*

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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $3635346 | $1368 | $3636714 |
| Corporate bonds and notes |  | 3430212 |  | 3430212 |
| U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| Asset-backed obligations |  | 499168 |  | 499168 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 202127 |  | 202127 |
| Municipals |  | 166499 |  | 166499 |
| Federal agency bonds & notes |  | 11855 |  | 11855 |
| Loans |  |  | 6359 | 6359 |
| Common stocks  |  | 14 |  | 14 |
| Short-term securities  | 624236 |  |  | 624236 |
| Total | $624236 | $10781540 | $7727 | $11413503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1242 | $— | $— | $1242 |
| Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (9824)<br>|  |  | (9824)<br>|
| Unrealized depreciation on open forward currency contracts |  | (420)<br>|  | (420)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (3943)<br>|  | (3943)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3263)<br>|  | (3263)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (182)<br>|  | (182)<br>|
| Total  | $(8582)<br>| $2657 | $— | $(5925)<br>|

---

\*

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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Euros | $— | $303335 | $— | $303335 |
| Japanese yen |  | 106583 |  | 106583 |
| British pounds |  | 65433 |  | 65433 |
| Brazilian reais |  | 34010 |  | 34010 |
| South Korean won |  | 26746 |  | 26746 |
| Chinese yuan renminbi |  | 26106 |  | 26106 |
| Australian dollars |  | 23355 |  | 23355 |
| Indian rupees |  | 19121 |  | 19121 |
| Canadian dollars |  | 18610 |  | 18610 |
| Malaysian ringgits |  | 18045 |  | 18045 |
| Hungarian forints |  | 16359 |  | 16359 |
| Indonesian rupiah |  | 7755 |  | 7755 |
| Mexican pesos |  | 6454 |  | 6454 |
| Danish kroner |  | 6328 |  | 6328 |
| Colombian pesos |  | 4371 |  | 4371 |
| South African rand |  | 4221 |  | 4221 |
| Chilean pesos |  | 4074 |  | 4074 |
| Polish zloty |  | 4060 |  | 4060 |
| New Zealand dollars |  | 2940 |  | 2940 |
| Turkish lira |  | 1845 |  | 1845 |
| Philippine pesos |  | 1260 |  | 1260 |
| Czech korunas |  | 857 |  | 857 |
| U.S. dollars |  | 643061 | 579 | 643640 |
| Preferred securities  |  |  | 80 | 80 |
| Common stocks  | 5 |  | 59 | 64 |
| Rights & warrants  | 8 |  |  | 8 |
| Investment funds  | 22734 |  |  | 22734 |
| Short-term securities | 114160 |  |  | 114160 |
| Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| Total | $136907 | $1344945 | $718 | $1482570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options written (futures style) | $28 | $— | $— | $28 |
| Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| Unrealized depreciation on futures contracts | (1631)<br>|  |  | (1631)<br>|
| Unrealized depreciation on open forward currency contracts |  | (1842)<br>|  | (1842)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1055)<br>|  | (1055)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (2695)<br>|  | (2695)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (201)<br>|  | (201)<br>|
| Total  | $12 | $(1418)<br>| $— | $(1406)<br>|

---

\*

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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds and notes | $— | $878262 | $148 | $878410 |
| Other |  | 38405 | 3278 | 41683 |
| Convertible bonds & notes  |  | 1265 |  | 1265 |
| Common stocks  | 34700 | 10356 | 20680 | 65736 |
| Preferred securities  |  |  | 1713 | 1713 |
| Rights & warrants  | 45 | 127 |  | 172 |
| Short-term securities  | 35092 |  |  | 35092 |
| Total | $69837 | $928415 | $25819 | $1024071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $15 | $— | $— | $15 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (29)<br>|  |  | (29)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (163)<br>|  | (163)<br>|
| Total  | $(14)<br>| $(163)<br>| $— | $(177)<br>|

---

<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**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Investment securities | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36440 | &nbsp;&nbsp; $1868 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4555)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2928)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7757)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4691)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25819 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8134)<br>|

---

<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** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup> <br>|
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty | 10% - 15% | 13% | Decrease |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.2x | Increase |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 11.0x | 11.0x | Increase |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | DLOM | 7% | 7% | Decrease |
| Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.8x | 4.8x | Increase |
| Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 15% | Decrease |
|  | $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** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $99553 | $— | $99553 |
| U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| Asset-backed obligations |  | 1295 |  | 1295 |
| Short-term securities  |  | 24381 |  | 24381 |
| Total | $— | $133040 | $— | $133040 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $18 | $— | $— | $18 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (150)<br>|  |  | (150)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Total  | $(132)<br>| $126 | $— | $(6)<br>|

---

\*

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 |

---

------

**U.S. Government Securities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $816712 | $— | $816712 |
| U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| Federal agency bonds & notes |  | 48704 |  | 48704 |
| Short-term securities  |  | 288407 |  | 288407 |
| Options purchased on futures (equity style) | 242 |  |  | 242 |
| Total | $242 | $1919028 | $— | $1919270 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1077 | $— | $— | $1077 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style)  | (81)<br>|  |  | (81)<br>|
| Unrealized depreciation on futures contracts | (2291)<br>|  |  | (2291)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3022)<br>|  | (3022)<br>|
| Total  | $(1295)<br>| $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.

I**nvestments 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.

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| | |
|:---|:---|
| **321** | American Funds Insurance Series |

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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 predetermined 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.

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| | |
|:---|:---|
| American Funds Insurance Series | **322** |

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**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.

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| | |
|:---|:---|
| **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**

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**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

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| | |
|:---|:---|
| American Funds Insurance Series | **324** |

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The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br>**investment** <br>**securities** <br>**on loan**<br>| **Cash**  | **U.S. government** <br>**securities** <br>| <br>**Value of** <br>**investment** <br>**securities** <br>**purchased** <br>|
| Global Growth Fund | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $1099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1098 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 77998 | &nbsp;&nbsp; 76585 | &nbsp;&nbsp; 3923 | &nbsp;&nbsp; 68926 |
| Growth Fund | &nbsp;&nbsp; 22741 | &nbsp;&nbsp; 29093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26762 |
| International Fund | &nbsp;&nbsp; 32814 | &nbsp;&nbsp; 29195 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; 26276 |
| New World Fund | &nbsp;&nbsp; 8183 | &nbsp;&nbsp; 6603 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 5943 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 777 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 846 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 906 |
| International Growth and Income Fund | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 763 |
| Capital Income Builder | &nbsp;&nbsp; 11011 | &nbsp;&nbsp; 11565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10408 |
| Asset Allocation Fund | &nbsp;&nbsp; 19953 | &nbsp;&nbsp; 20974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 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 commitments 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.

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| | |
|:---|:---|
| **325** | American Funds Insurance Series |

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**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.

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| | |
|:---|:---|
| American Funds Insurance Series | **326** |

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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.

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| | |
|:---|:---|
| **327** | American Funds Insurance Series |

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**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

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|:---|:---|
| American Funds Insurance Series | **328** |

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------

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** <br>**on** <br>**futures**<br>| **Options** <br>**on** <br>**foreign currencies**<br>| **Futures** <br>**contracts**<br>| **Forward** <br>**currency** <br>**contracts**<br>| **Interest** <br>**rate** <br>**swaps**<br>| **Credit** <br>**default** <br>**swaps**<br>|
| New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $7466  | &nbsp;&nbsp; $19861  | &nbsp;&nbsp; $513\*  | Not applicable |
| International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 641\*  | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp; 156652  | &nbsp;&nbsp; 393\*  | &nbsp;&nbsp; 7878  | &nbsp;&nbsp; 5062  |
| Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2772351  | Not applicable | &nbsp;&nbsp; 360170  | &nbsp;&nbsp; 61194  |
| American Funds Global <br> Balanced Fund<br>| &nbsp;&nbsp; $10369 | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; 65213  | &nbsp;&nbsp; 87154  | &nbsp;&nbsp; 21599  | &nbsp;&nbsp; 4642  |
| The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5555115  | &nbsp;&nbsp; 233285  | &nbsp;&nbsp; 863621  | &nbsp;&nbsp; 190139  |
| Capital World Bond Fund | &nbsp;&nbsp; 56460 | &nbsp;&nbsp; 19365 | &nbsp;&nbsp; 817202  | &nbsp;&nbsp; 522298  | &nbsp;&nbsp; 376182  | &nbsp;&nbsp; 69538  |
| American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp; 31856  | Not applicable | Not applicable | &nbsp;&nbsp; 18973  |
| American Funds Mortgage Fund | &nbsp;&nbsp; 32136 | Not applicable | &nbsp;&nbsp; 96592  | Not applicable | &nbsp;&nbsp; 1975  | Not applicable |
| U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 1099058 | Not applicable | &nbsp;&nbsp; 1984739  | Not applicable | &nbsp;&nbsp; 813610  | Not applicable |
| Managed Risk Growth Fund | &nbsp;&nbsp; 620857 | Not applicable | &nbsp;&nbsp; 1115 | Not applicable | Not applicable | Not applicable |
| Managed Risk International <br> Fund<br>| &nbsp;&nbsp; 99717 | Not applicable | &nbsp;&nbsp; 172 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp; 369929 | Not applicable | &nbsp;&nbsp; 2897 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 3972877 | Not applicable | &nbsp;&nbsp; 57285 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | &nbsp;&nbsp; 537228 | Not applicable | &nbsp;&nbsp; 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $24 | Unrealized depreciation<sup>1</sup> <br>| $17 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 80 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 78 |
|  |  |  | $104 |  | $95 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $177 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(4)<br>|
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (78)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(408)<br>|  | $22 |

---

**International Growth and Income Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| $(10)<br>|

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $36<br> Unrealized depreciation<sup>1</sup> <br>| $315 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 261<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 2 |
|  |  | $297 | $318 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $1420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $699 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 13 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>|  |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 97 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (211)<br>|
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2)<br>|
|  |  |  | $1580 |  | $486 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1925<br> Unrealized depreciation<sup>1</sup> <br>| $6069 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 3543<br> Unrealized depreciation<sup>1</sup> <br>|  |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 435 |
|  |  | $5468 | $6504 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $28857 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(1220)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3662 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (578)<br>|
|  |  |  | $27139 |  | $1864 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $2 | Investment securities | $— |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 4 | Unrealized depreciation<sup>1</sup> <br>|  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 118 | Unrealized depreciation<sup>1</sup> <br>| 132 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 229 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 281 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 96 | Unrealized depreciation<sup>1</sup> <br>| 28 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 38 | Bilateral swaps, at value | 44 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>| Unrealized depreciation<sup>1</sup> <br>| 3 |
|  |  |  | $487 |  | $488 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $— | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(8)<br>|
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 41 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 4 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 469 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 224 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (3684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 130 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 388 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 1 |
|  |  |  | $(3410)<br>|  | $739 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $1242 | Unrealized depreciation<sup>1</sup> <br>| $9824 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 386 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 420 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 8064 | Unrealized depreciation<sup>1</sup> <br>| 3263 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2015 | Bilateral swaps, at value | 3943 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 182 |
|  |  |  | $11707 |  | $17632 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $21847 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21668 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (9144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (1861)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5030 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 9452 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (4887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (196)<br>|
|  |  |  | $12846 |  | $29063 |

---

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $16 | Investment securities | $— |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 28 | Unrealized depreciation<sup>1</sup> <br>|  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1615 | Unrealized depreciation<sup>1</sup> <br>| 1631 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 2812 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 1842 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1403 | Unrealized depreciation<sup>1</sup> <br>| 1055 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 136 | Bilateral swaps, at value | 2695 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 24 | Unrealized depreciation<sup>1</sup> <br>| 201 |
|  |  |  | $6034 |  | $7424 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $1 |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 159 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| (48)<br>|
| Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 58 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 60 |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 365 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 28 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 7420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1912 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (2268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 1027 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3786 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (64)<br>|
|  |  |  | $4274 |  | $6702 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $15<br> Unrealized depreciation<sup>1</sup> <br>| $29 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 163 |
|  |  | $15 | $192 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $293 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $62 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (207)<br>|
|  |  |  | $(624)<br>|  | $(145)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $18<br> Unrealized depreciation<sup>1</sup> <br>| $150 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 127<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  | $145 | $151 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $— |
| Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>|  |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 1057 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 209 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (15)<br>|
|  |  |  | $1054 |  | $194 |

---

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $242 | Investment securities | $— |
| Options written <br> (equity style)<br>| Interest | Options written, at value |  | Options written, at value | 81 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1077 | Unrealized depreciation<sup>1</sup> <br>| 2291 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14953 | Unrealized depreciation<sup>1</sup> <br>| 3022 |
|  |  |  | $16272 |  | $5394 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(1087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $36 |
| Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 21 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 18297 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5703 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4094 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1861)<br>|
|  |  |  | $21331 |  | $3899 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1328<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized appreciation<sup>1</sup> <br>|  |
|  |  | $1336<br>| $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(4185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(2333)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (4)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (13013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (455)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17547)<br>|  | $(2788)<br>|

---

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $267<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 13<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $280<br>| $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(422)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (91)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(7087)<br>|  | $(510)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $647<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 1<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $648<br>| $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1184)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (8674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 67 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11631)<br>|  | $(1109)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $7071<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 46<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $7117<br>| $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(28619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(13505)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (35731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1038<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(65652)<br>|  | $(12442)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1217<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1225<br>| $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(3827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1962)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (47392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 417<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51023)<br>|  | $(1231)<br>|

---

<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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of New York Mellon | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| BNP Paribas | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| Citibank | 39<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br>|
| Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| UBS AG | 15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br>|
| Total | $79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| Citibank | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br>|
| Total | $77<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank | 79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br>|
| HSBC Bank | 29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| JPMorgan Chase | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $267<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 38<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br>|
| BNP Paribas | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Citibank | 109<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br>|
| Goldman Sachs | 67<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 12<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| Morgan Stanley | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br>|
| Standard Chartered Bank | 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| UBS AG | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Total | $333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $490<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 578<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1285<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br>|
| HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br>|
| Total | $2401<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $130<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $242<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 1146<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1353)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1203<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| Total | $4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2175)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $147<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Bank of New York Mellon | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br>|
| Barclays Bank PLC | 450<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 608<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 188<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br>|
| Morgan Stanley | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 1035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356<br>|
| UBS AG | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| Total | $2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(376)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $417<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $1107<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(948)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12<br>|
| Barclays Bank PLC | 627<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 65<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46<br>|
| Citibank | 897<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289<br>|
| Goldman Sachs | 1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| HSBC Bank | 102<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 257<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | 59<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 16<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $4602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2380)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $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;

**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):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $597 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 |
| New World Fund | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Capital Income Builder | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| International Growth and Income Fund | &nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $58118 | &nbsp;&nbsp; $52615 | &nbsp;&nbsp; $328671 | &nbsp;&nbsp; $164687 | &nbsp;&nbsp; $41259 | &nbsp;&nbsp; $40991 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1202418 | &nbsp;&nbsp; 330342 | &nbsp;&nbsp; 4562299 | &nbsp;&nbsp; 532733 | &nbsp;&nbsp; 281284 | &nbsp;&nbsp; 1064187 |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 206867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3491592 | &nbsp;&nbsp; 789376 | &nbsp;&nbsp; 32066603 | &nbsp;&nbsp; 2385110 | &nbsp;&nbsp; 1575330 | &nbsp;&nbsp; 4698662 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (287030)<br>| &nbsp;&nbsp; (116954)<br>| &nbsp;&nbsp; (655627)<br>| &nbsp;&nbsp; (88696)<br>| &nbsp;&nbsp; (59715)<br>| &nbsp;&nbsp; (159517)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3204562 | &nbsp;&nbsp; 672422 | &nbsp;&nbsp; 31410976 | &nbsp;&nbsp; 2296414 | &nbsp;&nbsp; 1515615 | &nbsp;&nbsp; 4539145 |
| Cost of investments | &nbsp;&nbsp; 5937177 | &nbsp;&nbsp; 2386011 | &nbsp;&nbsp; 23343610 | &nbsp;&nbsp; 5201489 | &nbsp;&nbsp; 2553117 | &nbsp;&nbsp; 7417791 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br>**Growth and** <br>**Income Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16020 | &nbsp;&nbsp; $702034 | &nbsp;&nbsp; $2910 | &nbsp;&nbsp; $15728 | &nbsp;&nbsp; $217220 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 179378 | &nbsp;&nbsp; 2604901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58769 | &nbsp;&nbsp; 2837208 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21009 | &nbsp;&nbsp; 6862 | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 9350 | &nbsp;&nbsp; 910098 | &nbsp;&nbsp; 21146735 | &nbsp;&nbsp; 135582 | &nbsp;&nbsp; 454550 | &nbsp;&nbsp; 8582220 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (6040)<br>| &nbsp;&nbsp; (45447)<br>| &nbsp;&nbsp; (369429)<br>| &nbsp;&nbsp; (9951)<br>| &nbsp;&nbsp; (35422)<br>| &nbsp;&nbsp; (691994)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 864651 | &nbsp;&nbsp; 20777306 | &nbsp;&nbsp; 125631 | &nbsp;&nbsp; 419128 | &nbsp;&nbsp; 7890226 |
| Cost of investments | &nbsp;&nbsp; 97455 | &nbsp;&nbsp; 1217797 | &nbsp;&nbsp; 22833203 | &nbsp;&nbsp; 278196 | &nbsp;&nbsp; 1250632 | &nbsp;&nbsp; 19857297 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br>**Fund of** <br>**America**<br>| **Capital** <br>**World** <br>**Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br>**Funds** <br>**Mortgage** <br>**Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $3091 | &nbsp;&nbsp; $81931 | &nbsp;&nbsp; $10845 | &nbsp;&nbsp; $12190 | &nbsp;&nbsp; $953 | &nbsp;&nbsp; $1944 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 25777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1511983)<br>| &nbsp;&nbsp; (198979)<br>| &nbsp;&nbsp; (329593)<br>| &nbsp;&nbsp; (12321)<br>| &nbsp;&nbsp; (1)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 72789 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 94991 | &nbsp;&nbsp; 158694 | &nbsp;&nbsp; 43122 | &nbsp;&nbsp; 64529 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 32 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (12752)<br>| &nbsp;&nbsp; (227608)<br>| &nbsp;&nbsp; (77373)<br>| &nbsp;&nbsp; (39750)<br>| &nbsp;&nbsp; (1122)<br>| &nbsp;&nbsp; (10)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 82239 | &nbsp;&nbsp; (68914)<br>| &nbsp;&nbsp; (34251)<br>| &nbsp;&nbsp; 24779 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 22 |
| Cost of investments | &nbsp;&nbsp; 368808 | &nbsp;&nbsp; 11488814 | &nbsp;&nbsp; 1516353 | &nbsp;&nbsp; 1000940 | &nbsp;&nbsp; 132479 | &nbsp;&nbsp; 308476 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $13856 | &nbsp;&nbsp; $1773 | &nbsp;&nbsp; $1429 | &nbsp;&nbsp; $4281 | &nbsp;&nbsp; $25464 | &nbsp;&nbsp; $23428 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 31113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284557 | &nbsp;&nbsp; 112392 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (257785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21682)<br>| &nbsp;&nbsp; (1893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; 27799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 32667 | &nbsp;&nbsp; 132454 | &nbsp;&nbsp; 27401 | &nbsp;&nbsp; 69146 | &nbsp;&nbsp; 317848 | &nbsp;&nbsp; 226986 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (47954)<br>| &nbsp;&nbsp; (48770)<br>| &nbsp;&nbsp; (20227)<br>| &nbsp;&nbsp; (24480)<br>| &nbsp;&nbsp; (67881)<br>| &nbsp;&nbsp; (39913)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; (15287)<br>| &nbsp;&nbsp; 83684 | &nbsp;&nbsp; 7174 | &nbsp;&nbsp; 44666 | &nbsp;&nbsp; 249967 | &nbsp;&nbsp; 187073 |
| Cost of investments | &nbsp;&nbsp; 1936415 | &nbsp;&nbsp; 421427 | &nbsp;&nbsp; 106247 | &nbsp;&nbsp; 270315 | &nbsp;&nbsp; 1838439 | &nbsp;&nbsp; 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, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $66139 | $455982 | $522121 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| Class 1A | &nbsp;&nbsp; 749 | 2766 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| Class 2 | &nbsp;&nbsp; 53132 | 443236 | 496368 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| Class 4 | &nbsp;&nbsp; 14879 | 130403 | 145282 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| Total | &nbsp;&nbsp; $134899 | $1032387 | $1167286 | &nbsp;&nbsp;&nbsp;&nbsp; $135406 | $226841 | $362247 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Global Small Capitalization 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $3919 | $19199 | $23118 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| Class 1A | &nbsp;&nbsp; 20 | 126 | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| Class 2 | &nbsp;&nbsp; 5919 | 39094 | 45013 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| Class 4 | &nbsp;&nbsp; 766 | 7316 | 8082 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| Total | &nbsp;&nbsp; $10624 | $65735 | $76359 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

**Growth 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $283031 | $1543000 | $1826031 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| Total | &nbsp;&nbsp; $604295 | $3442328 | $4046623 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $49061 | $— | $49061 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| Class 1A | &nbsp;&nbsp; 205 |  | 205 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| Class 2 | &nbsp;&nbsp; 44060 |  | 44060 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| Class 3 | &nbsp;&nbsp; 210 |  | 210 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| Class 4 | &nbsp;&nbsp; 6153 |  | 6153 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| Total | &nbsp;&nbsp; $99689 | $— | $99689 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class 1 | &nbsp;&nbsp; $32320 | $71532 | $103852 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| Class 1A | &nbsp;&nbsp; 369 | 453 | 822 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| Class 2 | &nbsp;&nbsp; 11967 | 31619 | 43586 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| Class 4 | &nbsp;&nbsp; 11031 | 33694 | 44725 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| Total | &nbsp;&nbsp; $55687 | $137298 | $192985 | &nbsp;&nbsp;&nbsp;&nbsp; $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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $131443 | $397175 | $528618 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| Class 1A | &nbsp;&nbsp; 661 | 2103 | 2764 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| Class 2 | &nbsp;&nbsp; 57467 | 193815 | 251282 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| Class 4 | &nbsp;&nbsp; 36815 | 127802 | 164617 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| Total | &nbsp;&nbsp; $226386 | $720895 | $947281 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>|  | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $364 | $— <br><sup>3</sup><br>| $364 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>3</sup><br>| $— | $— <br><sup>3</sup><br>|
| Class 1A | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 4 | &nbsp;&nbsp; 33 | — <br><sup>3</sup><br>| 33 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| Total | &nbsp;&nbsp; $397 | $— | $397 | &nbsp;&nbsp;&nbsp;&nbsp; $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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $9542 | $21740 | $31282 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| Class 1A | &nbsp;&nbsp; 157 | 363 | 520 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| Class 2 | &nbsp;&nbsp; 14202 | 37773 | 51975 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| Class 4 | &nbsp;&nbsp; 4099 | 11256 | 15355 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| Total | &nbsp;&nbsp; $28000 | $71132 | $99132 | &nbsp;&nbsp;&nbsp;&nbsp; $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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $512210 | $3878399 | $4390609 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| Class 1A | &nbsp;&nbsp; 901 | 7252 | 8153 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| Class 2 | &nbsp;&nbsp; 257694 | 2211126 | 2468820 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| Class 3 | &nbsp;&nbsp; 2899 | 23742 | 26641 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| Class 4 | &nbsp;&nbsp; 50309 | 470380 | 520689 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| Total | &nbsp;&nbsp; $824013 | $6590899 | $7414912 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**International 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $835 | $— | $835 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| Class 1A | &nbsp;&nbsp; 211 |  | 211 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| Class 2 | &nbsp;&nbsp; 4052 |  | 4052 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| Class 4 | &nbsp;&nbsp; 4102 |  | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| Total | &nbsp;&nbsp; $9200 | $— | $9200 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $25206 | $— | $25206 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| Class 1A | &nbsp;&nbsp; 416 |  | 416 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| Class 2 | &nbsp;&nbsp; 618 |  | 618 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| Class 4 | &nbsp;&nbsp; 19776 |  | 19776 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| Total | &nbsp;&nbsp; $46016 | $— | $46016 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $438651 | $1019238 | $1457889 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| Class 1A | &nbsp;&nbsp; 1307 | 2795 | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| Class 2 | &nbsp;&nbsp; 111878 | 280960 | 392838 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| Class 3 | &nbsp;&nbsp; 884 | 2081 | 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| Class 4 | &nbsp;&nbsp; 166513 | 445526 | 612039 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| Total | &nbsp;&nbsp; $719233 | $1750600 | $2469833 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1498 | $3585 | $5083 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| Class 1A | &nbsp;&nbsp; 60 | 152 | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| Class 2 | &nbsp;&nbsp; 1941 | 5617 | 7558 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| Class 4 | &nbsp;&nbsp; 2293 | 6279 | 8572 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| Total | &nbsp;&nbsp; $5792 | $15633 | $21425 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $302949 | $— | $302949 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| Class 1A | &nbsp;&nbsp; 12103 |  | 12103 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| Class 2 | &nbsp;&nbsp; 115204 |  | 115204 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| Class 4 | &nbsp;&nbsp; 56394 |  | 56394 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| Total | &nbsp;&nbsp; $486650 | $— | $486650 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $19172 | $— | $19172 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| Class 1A | &nbsp;&nbsp; 837 |  | 837 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| Class 2 | &nbsp;&nbsp; 22086 |  | 22086 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| Class 4 | &nbsp;&nbsp; 2211 |  | 2211 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| Total | &nbsp;&nbsp; $44306 | $— | $44306 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $16430 | $— | $16430 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| Class 1A | &nbsp;&nbsp; 438 |  | 438 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| Class 2 | &nbsp;&nbsp; 34271 |  | 34271 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| Class 3 | &nbsp;&nbsp; 495 |  | 495 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| Class 4 | &nbsp;&nbsp; 12704 |  | 12704 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| Total | &nbsp;&nbsp; $64338 | $— | $64338 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $803 | $— | $803 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| Class 1A | &nbsp;&nbsp; 136 |  | 136 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| Class 2 | &nbsp;&nbsp; 1703 |  | 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| Class 4 | &nbsp;&nbsp; 2473 |  | 2473 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| Total | &nbsp;&nbsp; $5115 | $— | $5115 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**Ultra-Short Bond 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1510 | $— | $1510 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| Class 1A | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| Class 2 | &nbsp;&nbsp; 9131 |  | 9131 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| Class 3 | &nbsp;&nbsp; 156 |  | 156 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| Class 4 | &nbsp;&nbsp; 2138 |  | 2138 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| Total | &nbsp;&nbsp; $12940 | $— | $12940 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $11629 | $— | $11629 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| Class 1A | &nbsp;&nbsp; 12377 |  | 12377 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| Class 2 | &nbsp;&nbsp; 44749 |  | 44749 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| Class 3 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| Class 4 | &nbsp;&nbsp; 10129 |  | 10129 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| Total | &nbsp;&nbsp; $79096 | $— | $79096 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $248 | $558 | $806 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| Class P2 | &nbsp;&nbsp; 6657 | 21164 | 27821 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| Total | &nbsp;&nbsp; $6905 | $21722 | $28627 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

**Managed Risk International 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $58 | $— | $58 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| Class P2 | &nbsp;&nbsp; 5902 |  | 5902 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| Total | &nbsp;&nbsp; $5960 | $— | $5960 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $42231 | $70237 | $112468 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| Class P2 | &nbsp;&nbsp; 5433 | 10214 | 15647 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| Total | &nbsp;&nbsp; $47664 | $80451 | $128115 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation 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** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $348 | $722 | $1070 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| Class P2 | &nbsp;&nbsp; 46064 | 121132 | 167196 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| Total | &nbsp;&nbsp; $46412 | $121854 | $168266 | &nbsp;&nbsp;&nbsp;&nbsp; $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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| Global Growth Fund | .475<br> %<br>| .435<br> %<br>| $15.0 | $15.0 | .475<br> %<br>| .372<br> %<br>|
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .600 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .302 | .302 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .227 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .249 | .249 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .264 | .264 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .429 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund  | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%.

Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

---

| | |
|:---|:---|
| **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 communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1131 |
| Class 1A | $— | $83 | 10 |
| Class 2 | 8963 | Not applicable | 1076 |
| Class 4 | 2668 | 2668 | 320 |
| Total class-specific <br> expenses<br>| $11631 | $2751 | $2537 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $257 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 4317 | Not applicable | 518 |
| Class 4 | 888 | 887 | 106 |
| Total class-specific <br> expenses<br>| $5205 | $902 | $883 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $6865 |
| Class 1A | $— | $1029 | 123 |
| Class 2 | 51724 | Not applicable | 6207 |
| Class 3 | 507 | Not applicable | 85 |
| Class 4 | 15164 | 15164 | 1820 |
| Total class-specific <br> expenses<br>| $67395 | $16193 | $15100 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $967 |
| Class 1A | $— | $35 | 4 |
| Class 2 | 8442 | Not applicable | 1013 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 1256 | 1256 | 151 |
| Total class-specific <br> expenses<br>| $9726 | $1291 | $2140 |

---

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $581 |
| Class 1A | $— | $44 | 5 |
| Class 2 | 2096 | Not applicable | 252 |
| Class 4 | 2211 | 2211 | 265 |
| Total class-specific <br> expenses<br>| $4307 | $2255 | $1103 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1913 |
| Class 1A | $— | $84 | 10 |
| Class 2 | 7644 | Not applicable | 917 |
| Class 4 | 5082 | 5082 | 610 |
| Total class-specific <br> expenses<br>| $12726 | $5166 | $3450 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $10 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | —<br> \*<br>| Not applicable | —<br> \*<br>|
| Class 4 | 9 | 8 | 5 |
| Total class-specific <br> expenses<br>| $9 | $8 | $15 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 2607 | Not applicable | 313 |
| Class 4 | 776 | 775 | 93 |
| Total class-specific <br> expenses<br>| $3383 | $801 | $591 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $7452 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 34840 | Not applicable | 4181 |
| Class 3 | 279 | Not applicable | 47 |
| Class 4 | 7386 | 7386 | 886 |
| Total class-specific <br> expenses<br>| $42505 | $7505 | $12580 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $8 |
| Class 1A | $— | $19 | 2 |
| Class 2 | 404 | Not applicable | 49 |
| Class 4 | 456 | 456 | 55 |
| Total class-specific <br> expenses<br>| $860 | $475 | $114 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $234 |
| Class 1A | $— | $34 | 4 |
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 1785 | 1786 | 214 |
| Total class-specific <br> expenses<br>| $1836 | $1820 | $458 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $4789 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 10837 | Not applicable | 1301 |
| Class 3 | 60 | Not applicable | 10 |
| Class 4 | 17184 | 17184 | 2062 |
| Total class-specific <br> expenses<br>| $28081 | $17303 | $8176 |

---

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $29 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 371 | Not applicable | 45 |
| Class 4 | 428 | 428 | 51 |
| Total class-specific <br> expenses<br>| $799 | $438 | $126 |

---

Refer to the end of the table(s) for footnote(s).

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $2070 |
| Class 1A | $— | $643 | 77 |
| Class 2 | 6831 | Not applicable | 820 |
| Class 4 | 3246 | 3247 | 390 |
| Total class-specific <br> expenses<br>| $10077 | $3890 | $3357 |

---

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $81 | 10 |
| Class 2 | 1893 | Not applicable | 227 |
| Class 4 | 176 | 176 | 21 |
| Total class-specific <br> expenses<br>| $2069 | $257 | $440 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $73 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 1338 | Not applicable | 161 |
| Class 3 | 15 | Not applicable | 2 |
| Class 4 | 497 | 497 | 60 |
| Total class-specific <br> expenses<br>| $1850 | $508 | $297 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $8 | 1 |
| Class 2 | 104 | Not applicable | 13 |
| Class 4 | 140 | 140 | 17 |
| Total class-specific <br> expenses<br>| $244 | $148 | $36 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $11 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 569 | Not applicable | 68 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 156 | 156 | 19 |
| Total class-specific <br> expenses<br>| $732 | $156 | $99 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $79 |
| Class 1A | $— | $724 | 87 |
| Class 2 | 2619 | Not applicable | 314 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 588 | 588 | 71 |
| Total class-specific <br> expenses<br>| $3216 | $1312 | $552 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $34 |
| Class P2 | $1243 | 1243 |
| Total class-specific <br> expenses<br>| $1243 | $1277 |

---

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $5 |
| Class P2 | $280 | 280 |
| Total class-specific <br> expenses<br>| $280 | $285 |

---

Refer to the end of the table(s) for footnote(s).

**Managed Risk Washington Mutual Investors Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $6 |
| Class P2 | $786 | 786 |
| Total class-specific <br> expenses<br>| $786 | $792 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

**Managed Risk Growth-Income Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $4624 |
| Class P2 | $662 | 662 |
| Total class-specific <br> expenses<br>| $662 | $5286 |

---

**Managed Risk Asset Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $30 |
| Class P2 | $4685 | 4685 |
| Total class-specific <br> expenses<br>| $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):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease)** <br>**in value of** <br>**deferred amounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| Global Growth Fund | &nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Growth Fund | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| International Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| New World Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital World Growth and Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Growth-Income Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| International Growth and Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Capital Income Builder | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Asset Allocation Fund | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| The Bond Fund of America | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Capital World Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| American High-Income Trust | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ultra-Short Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk International Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 |

---

------

**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):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**gain (loss)**<br>|
| Global Growth Fund | &nbsp;&nbsp; $147747 | &nbsp;&nbsp; $67664 | &nbsp;&nbsp; $22487 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 27498 | &nbsp;&nbsp; 11204 | &nbsp;&nbsp; 1978 |
| Growth Fund | &nbsp;&nbsp; 350283 | &nbsp;&nbsp; 350719 | &nbsp;&nbsp; 70559 |
| International Fund | &nbsp;&nbsp; 110941 | &nbsp;&nbsp; 87605 | &nbsp;&nbsp; 3851 |
| New World Fund | &nbsp;&nbsp; 24060 | &nbsp;&nbsp; 50564 | &nbsp;&nbsp; 13902 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 131489 | &nbsp;&nbsp; 156251 | &nbsp;&nbsp; 20344 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 32218 | &nbsp;&nbsp; 38497 | &nbsp;&nbsp; 8339 |
| Growth-Income Fund | &nbsp;&nbsp; 506006 | &nbsp;&nbsp; 592940 | &nbsp;&nbsp; 172397 |
| International Growth and Income Fund | &nbsp;&nbsp; 2294 | &nbsp;&nbsp; 4747 | &nbsp;&nbsp; 363 |
| Capital Income Builder | &nbsp;&nbsp; 23371 | &nbsp;&nbsp; 19211 | &nbsp;&nbsp; 4803 |
| Asset Allocation Fund | &nbsp;&nbsp; 250712 | &nbsp;&nbsp; 107065 | &nbsp;&nbsp; 54741 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 3867 | &nbsp;&nbsp; 4371 | &nbsp;&nbsp; 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;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $304055 | 8321 | &nbsp;&nbsp; $522119 | 15107 | &nbsp;&nbsp; $(541519)<br>| (14564)<br>| &nbsp;&nbsp; $284655 | 8864 |
| Class 1A | 42972 | 1157 | &nbsp;&nbsp; 3516 | 101 | &nbsp;&nbsp; (3744)<br>| (102)<br>| &nbsp;&nbsp; 42744 | 1156 |
| Class 2 | 35075 | 964 | &nbsp;&nbsp; 496369 | 14649 | &nbsp;&nbsp; (528583)<br>| (14441)<br>| &nbsp;&nbsp; 2861 | 1172 |
| Class 4 | 180514 | 5009 | &nbsp;&nbsp; 145282 | 4354 | &nbsp;&nbsp; (101231)<br>| (2811)<br>| &nbsp;&nbsp; 224565 | 6552 |
| Total net increase (decrease) | $562616 | 15451 | &nbsp;&nbsp; $1167286 | 34211 | &nbsp;&nbsp; $(1175077)<br>| (31918)<br>| &nbsp;&nbsp; $554825 | 17744 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $66285 | 3641 | &nbsp;&nbsp;&nbsp; $22933 | 1232 | &nbsp;&nbsp;&nbsp; $(343352)<br>| (18170)<br>| &nbsp;&nbsp;&nbsp; $(254134)<br>| (13297)<br>|
| Class 1A | 532 | 29 | &nbsp;&nbsp;&nbsp; 146 | 8 | &nbsp;&nbsp;&nbsp; (424)<br>| (23)<br>| &nbsp;&nbsp;&nbsp; 254 | 14 |
| Class 2 | 30784 | 1809 | &nbsp;&nbsp;&nbsp; 45015 | 2592 | &nbsp;&nbsp;&nbsp; (247355)<br>| (13805)<br>| &nbsp;&nbsp;&nbsp; (171556)<br>| (9404)<br>|
| Class 4 | 91459 | 5277 | &nbsp;&nbsp;&nbsp; 8081 | 469 | &nbsp;&nbsp;&nbsp; (44936)<br>| (2531)<br>| &nbsp;&nbsp;&nbsp; 54604 | 3215 |
| Total net increase (decrease) | $189060 | 10756 | &nbsp;&nbsp;&nbsp; $76175 | 4301 | &nbsp;&nbsp;&nbsp; $(636067)<br>| (34529)<br>| &nbsp;&nbsp;&nbsp; $(370832)<br>| (19472)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $2221332 | 17180 | &nbsp;&nbsp; $1824411 | 14872 | &nbsp;&nbsp; $(2853744)<br>| (22053)<br>| &nbsp;&nbsp; $1191999 | 9999 |
| Class 1A | 118725 | 930 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (115193)<br>| (884)<br>| &nbsp;&nbsp; 34071 | 298 |
| Class 2 | 504023 | 3932 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (3177573)<br>| (24443)<br>| &nbsp;&nbsp; (996482)<br>| (6619)<br>|
| Class 3 | 1511 | 12 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (36889)<br>| (277)<br>| &nbsp;&nbsp; (13260)<br>| (87)<br>|
| Class 4 | 1221571 | 9782 | &nbsp;&nbsp; 490866 | 4193 | &nbsp;&nbsp; (372784)<br>| (2965)<br>| &nbsp;&nbsp; 1339653 | 11010 |
| Total net increase (decrease) | $4067162 | 31836 | &nbsp;&nbsp; $4045002 | 33387 | &nbsp;&nbsp; $(6556183)<br>| (50622)<br>| &nbsp;&nbsp; $1555981 | 14601 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $123286 | 6300 | &nbsp;&nbsp; $49061 | 2250 | &nbsp;&nbsp; $(619084)<br>| (30505)<br>| &nbsp;&nbsp; $(446737)<br>| (21955)<br>|
| Class 1A | 1909 | 93 | &nbsp;&nbsp; 205 | 10 | &nbsp;&nbsp; (1577)<br>| (80)<br>| &nbsp;&nbsp; 537 | 23 |
| Class 2 | 158584 | 8280 | &nbsp;&nbsp; 44060 | 2025 | &nbsp;&nbsp; (720522)<br>| (36038)<br>| &nbsp;&nbsp; (517878)<br>| (25733)<br>|
| Class 3 | 143 | 7 | &nbsp;&nbsp; 210 | 10 | &nbsp;&nbsp; (1989)<br>| (100)<br>| &nbsp;&nbsp; (1636)<br>| (83)<br>|
| Class 4 | 72454 | 3758 | &nbsp;&nbsp; 6153 | 287 | &nbsp;&nbsp; (59496)<br>| (3027)<br>| &nbsp;&nbsp; 19111 | 1018 |
| Total net increase (decrease) | $356376 | 18438 | &nbsp;&nbsp; $99689 | 4582 | &nbsp;&nbsp; $(1402668)<br>| (69750)<br>| &nbsp;&nbsp; $(946603)<br>| (46730)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $158509 | 5359 | &nbsp;&nbsp;&nbsp; $103852 | 3572 | &nbsp;&nbsp;&nbsp; $(340861)<br>| (11604)<br>| &nbsp;&nbsp;&nbsp; $(78500)<br>| (2673)<br>|
| Class 1A | 18473 | 602 | &nbsp;&nbsp;&nbsp; 822 | 28 | &nbsp;&nbsp;&nbsp; (2946)<br>| (103)<br>| &nbsp;&nbsp;&nbsp; 16349 | 527 |
| Class 2 | 114042 | 3791 | &nbsp;&nbsp;&nbsp; 43585 | 1527 | &nbsp;&nbsp;&nbsp; (173334)<br>| (5988)<br>| &nbsp;&nbsp;&nbsp; (15707)<br>| (670)<br>|
| Class 4 | 92171 | 3197 | &nbsp;&nbsp;&nbsp; 44726 | 1588 | &nbsp;&nbsp;&nbsp; (148239)<br>| (5158)<br>| &nbsp;&nbsp;&nbsp; (11342)<br>| (373)<br>|
| Total net increase (decrease) | $383195 | 12949 | &nbsp;&nbsp;&nbsp; $192985 | 6715 | &nbsp;&nbsp;&nbsp; $(665380)<br>| (22853)<br>| &nbsp;&nbsp;&nbsp; $(89200)<br>| (3189)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $140928 | 8311 | &nbsp;&nbsp; $526965 | 31376 | &nbsp;&nbsp; $(1006677)<br>| (57564)<br>| &nbsp;&nbsp; $(338784)<br>| (17877)<br>|
| Class 1A | 6301 | 363 | &nbsp;&nbsp; 2764 | 166 | &nbsp;&nbsp; (2905)<br>| (165)<br>| &nbsp;&nbsp; 6160 | 364 |
| Class 2 | 90385 | 5278 | &nbsp;&nbsp; 251281 | 15319 | &nbsp;&nbsp; (430673)<br>| (25241)<br>| &nbsp;&nbsp; (89007)<br>| (4644)<br>|
| Class 4 | 377965 | 22441 | &nbsp;&nbsp; 164617 | 10176 | &nbsp;&nbsp; (110363)<br>| (6612)<br>| &nbsp;&nbsp; 432219 | 26005 |
| Total net increase (decrease) | $615579 | 36393 | &nbsp;&nbsp; $945627 | 57037 | &nbsp;&nbsp; $(1550618)<br>| (89582)<br>| &nbsp;&nbsp; $10588 | 3848 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $94466 | &nbsp;&nbsp; 8554 | &nbsp;&nbsp;&nbsp; $364 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; $(8030)<br>| &nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp; $86800 | &nbsp;&nbsp; 7860 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 14686 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (19609)<br>| &nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp;&nbsp; (4890)<br>| &nbsp;&nbsp; (476)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $109152 | &nbsp;&nbsp; 9918 | &nbsp;&nbsp;&nbsp; $397 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; $(27639)<br>| &nbsp;&nbsp; (2569)<br>| &nbsp;&nbsp;&nbsp; $81910 | &nbsp;&nbsp; 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** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $61144 | 3871 | &nbsp;&nbsp;&nbsp; $30791 | 1846 | &nbsp;&nbsp;&nbsp; $(173302)<br>| (10431)<br>| &nbsp;&nbsp;&nbsp; $(81367)<br>| (4714)<br>|
| Class 1A | 1669 | 101 | &nbsp;&nbsp;&nbsp; 519 | 31 | &nbsp;&nbsp;&nbsp; (625)<br>| (37)<br>| &nbsp;&nbsp;&nbsp; 1563 | 95 |
| Class 2 | 28763 | 1702 | &nbsp;&nbsp;&nbsp; 51975 | 3135 | &nbsp;&nbsp;&nbsp; (185399)<br>| (11041)<br>| &nbsp;&nbsp;&nbsp; (104661)<br>| (6204)<br>|
| Class 4 | 58603 | 3584 | &nbsp;&nbsp;&nbsp; 15355 | 952 | &nbsp;&nbsp;&nbsp; (32104)<br>| (1961)<br>| &nbsp;&nbsp;&nbsp; 41854 | 2575 |
| Total net increase (decrease) | $150179 | 9258 | &nbsp;&nbsp;&nbsp; $98640 | 5964 | &nbsp;&nbsp;&nbsp; $(391430)<br>| (23470)<br>| &nbsp;&nbsp;&nbsp; $(142611)<br>| (8248)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $61832 | 4046 | &nbsp;&nbsp;&nbsp; $11187 | 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| (3421)<br>|
| Class 1A | 1263 | 86 | &nbsp;&nbsp;&nbsp; 144 | 9 | &nbsp;&nbsp;&nbsp; (793)<br>| (51)<br>| &nbsp;&nbsp;&nbsp; 614 | 44 |
| Class 2 | 14751 | 970 | &nbsp;&nbsp;&nbsp; 17039 | 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| (9757)<br>|
| Class 4 | 31604 | 2138 | &nbsp;&nbsp;&nbsp; 3943 | 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | &nbsp;&nbsp;&nbsp; $32313 | 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $684973 | 10461 | &nbsp;&nbsp; $4387256 | 72937 | &nbsp;&nbsp; $(3619605)<br>| (54457)<br>| &nbsp;&nbsp; $1452624 | 28941 |
| Class 1A | 6675 | 102 | &nbsp;&nbsp; 8152 | 137 | &nbsp;&nbsp; (4519)<br>| (68)<br>| &nbsp;&nbsp; 10308 | 171 |
| Class 2 | 125378 | 1919 | &nbsp;&nbsp; 2468820 | 42004 | &nbsp;&nbsp; (1981266)<br>| (30316)<br>| &nbsp;&nbsp; 612932 | 13607 |
| Class 3 | 1554 | 24 | &nbsp;&nbsp; 26641 | 442 | &nbsp;&nbsp; (19918)<br>| (294)<br>| &nbsp;&nbsp; 8277 | 172 |
| Class 4 | 408921 | 6393 | &nbsp;&nbsp; 520690 | 9074 | &nbsp;&nbsp; (327755)<br>| (5109)<br>| &nbsp;&nbsp; 601856 | 10358 |
| Total net increase (decrease) | $1227501 | 18899 | &nbsp;&nbsp; $7411559 | 124594 | &nbsp;&nbsp; $(5953063)<br>| (90244)<br>| &nbsp;&nbsp; $2685997 | 53249 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $21760 | 1847 | &nbsp;&nbsp;&nbsp; $836 | 64 | &nbsp;&nbsp;&nbsp; $(11542)<br>| (986)<br>| &nbsp;&nbsp;&nbsp; $11054 | 925 |
| Class 1A | 1735 | 146 | &nbsp;&nbsp;&nbsp; 211 | 17 | &nbsp;&nbsp;&nbsp; (982)<br>| (83)<br>| &nbsp;&nbsp;&nbsp; 964 | 80 |
| Class 2 | 6438 | 538 | &nbsp;&nbsp;&nbsp; 4052 | 319 | &nbsp;&nbsp;&nbsp; (32846)<br>| (2832)<br>| &nbsp;&nbsp;&nbsp; (22356)<br>| (1975)<br>|
| Class 4 | 40773 | 3574 | &nbsp;&nbsp;&nbsp; 4102 | 330 | &nbsp;&nbsp;&nbsp; (56151)<br>| (4650)<br>| &nbsp;&nbsp;&nbsp; (11276)<br>| (746)<br>|
| Total net increase (decrease) | $70706 | 6105 | &nbsp;&nbsp;&nbsp; $9201 | 730 | &nbsp;&nbsp;&nbsp; $(101521)<br>| (8551)<br>| &nbsp;&nbsp;&nbsp; $(21614)<br>| (1716)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $3051 | 287 | &nbsp;&nbsp;&nbsp; $461 | 43 | &nbsp;&nbsp;&nbsp; $(1958)<br>| (184)<br>| &nbsp;&nbsp;&nbsp; $1554 | 146 |
| Class 1A | 950 | 92 | &nbsp;&nbsp;&nbsp; 156 | 15 | &nbsp;&nbsp;&nbsp; (1296)<br>| (129)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| (22)<br>|
| Class 2 | 5039 | 489 | &nbsp;&nbsp;&nbsp; 3897 | 378 | &nbsp;&nbsp;&nbsp; (25957)<br>| (2509)<br>| &nbsp;&nbsp;&nbsp; (17021)<br>| (1642)<br>|
| Class 4 | 22262 | 2198 | &nbsp;&nbsp;&nbsp; 3583 | 353 | &nbsp;&nbsp;&nbsp; (19235)<br>| (1887)<br>| &nbsp;&nbsp;&nbsp; 6610 | 664 |
| Total net increase (decrease) | $31302 | 3066 | &nbsp;&nbsp;&nbsp; $8097 | 789 | &nbsp;&nbsp;&nbsp; $(48446)<br>| (4709)<br>| &nbsp;&nbsp;&nbsp; $(9047)<br>| (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $85393 | 6373 | &nbsp;&nbsp;&nbsp; $25206 | 1809 | &nbsp;&nbsp;&nbsp; $(99423)<br>| (7387)<br>| &nbsp;&nbsp;&nbsp; $11176 | 795 |
| Class 1A | 2260 | 165 | &nbsp;&nbsp;&nbsp; 416 | 30 | &nbsp;&nbsp;&nbsp; (1912)<br>| (141)<br>| &nbsp;&nbsp;&nbsp; 764 | 54 |
| Class 2 | 2677 | 195 | &nbsp;&nbsp;&nbsp; 618 | 44 | &nbsp;&nbsp;&nbsp; (1985)<br>| (147)<br>| &nbsp;&nbsp;&nbsp; 1310 | 92 |
| Class 4 | 124148 | 9183 | &nbsp;&nbsp;&nbsp; 19776 | 1420 | &nbsp;&nbsp;&nbsp; (100988)<br>| (7397)<br>| &nbsp;&nbsp;&nbsp; 42936 | 3206 |
| Total net increase (decrease) | $214478 | 15916 | &nbsp;&nbsp;&nbsp; $46016 | 3303 | &nbsp;&nbsp;&nbsp; $(204308)<br>| (15072)<br>| &nbsp;&nbsp;&nbsp; $56186 | 4147 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $55004 | 4532 | &nbsp;&nbsp;&nbsp; $25389 | 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | 489 |
| Class 1A | 1738 | 141 | &nbsp;&nbsp;&nbsp; 397 | 32 | &nbsp;&nbsp;&nbsp; (825)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | 105 |
| Class 2 | 3421 | 272 | &nbsp;&nbsp;&nbsp; 575 | 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | 193 |
| Class 4 | 82282 | 6662 | &nbsp;&nbsp;&nbsp; 19315 | 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | &nbsp;&nbsp;&nbsp; $45676 | 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $294441 | 11354 | &nbsp;&nbsp; $1457889 | 56910 | &nbsp;&nbsp; $(2784021)<br>| (104912)<br>| &nbsp;&nbsp; $(1031691)<br>| (36648)<br>|
| Class 1A | 12382 | 473 | &nbsp;&nbsp; 4101 | 161 | &nbsp;&nbsp; (5261)<br>| (199)<br>| &nbsp;&nbsp; 11222 | 435 |
| Class 2 | 79938 | 3065 | &nbsp;&nbsp; 392837 | 15618 | &nbsp;&nbsp; (657596)<br>| (25193)<br>| &nbsp;&nbsp; (184821)<br>| (6510)<br>|
| Class 3 | 598 | 23 | &nbsp;&nbsp; 2965 | 116 | &nbsp;&nbsp; (2207)<br>| (84)<br>| &nbsp;&nbsp; 1356 | 55 |
| Class 4 | 385083 | 14916 | &nbsp;&nbsp; 612040 | 24612 | &nbsp;&nbsp; (768899)<br>| (29799)<br>| &nbsp;&nbsp; 228224 | 9729 |
| Total net increase (decrease) | $772442 | 29831 | &nbsp;&nbsp; $2469832 | 97417 | &nbsp;&nbsp; $(4217984)<br>| (160187)<br>| &nbsp;&nbsp; $(975710)<br>| (32939)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $6531 | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; $5082 | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; $(20431)<br>| &nbsp;&nbsp; (1505)<br>| &nbsp;&nbsp;&nbsp; $(8818)<br>| &nbsp;&nbsp; (645)<br>|
| Class 1A | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (593)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp; 32 |
| Class 2 | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 7557 | &nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp; (29048)<br>| &nbsp;&nbsp; (2132)<br>| &nbsp;&nbsp;&nbsp; (17233)<br>| &nbsp;&nbsp; (1255)<br>|
| Class 4 | &nbsp;&nbsp; 52129 | &nbsp;&nbsp; 3887 | &nbsp;&nbsp;&nbsp; 8574 | &nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp; (21417)<br>| &nbsp;&nbsp; (1605)<br>| &nbsp;&nbsp;&nbsp; 39286 | &nbsp;&nbsp; 2934 |
| Total net increase (decrease) | &nbsp;&nbsp; $63747 | &nbsp;&nbsp; 4744 | &nbsp;&nbsp;&nbsp; $21425 | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; $(71489)<br>| &nbsp;&nbsp; (5286)<br>| &nbsp;&nbsp;&nbsp; $13683 | &nbsp;&nbsp; 1066 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $967884 | 101560 | &nbsp;&nbsp; $301425 | 31796 | &nbsp;&nbsp; $(1549531)<br>| (162304)<br>| &nbsp;&nbsp; $(280222)<br>| (28948)<br>|
| Class 1A | 78228 | 8287 | &nbsp;&nbsp; 12103 | 1287 | &nbsp;&nbsp; (20799)<br>| (2206)<br>| &nbsp;&nbsp; 69532 | 7368 |
| Class 2 | 95476 | 10155 | &nbsp;&nbsp; 115204 | 12362 | &nbsp;&nbsp; (327900)<br>| (34938)<br>| &nbsp;&nbsp; (117220)<br>| (12421)<br>|
| Class 4 | 277694 | 29681 | &nbsp;&nbsp; 56394 | 6089 | &nbsp;&nbsp; (125920)<br>| (13500)<br>| &nbsp;&nbsp; 208168 | 22270 |
| Total net increase (decrease) | $1419282 | 149683 | &nbsp;&nbsp; $485126 | 51534 | &nbsp;&nbsp; $(2024150)<br>| (212948)<br>| &nbsp;&nbsp; $(119742)<br>| (11731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $81146 | 7964 | &nbsp;&nbsp;&nbsp; $19172 | 1887 | &nbsp;&nbsp;&nbsp; $(113554)<br>| (11168)<br>| &nbsp;&nbsp;&nbsp; $(13236)<br>| (1317)<br>|
| Class 1A | 6629 | 658 | &nbsp;&nbsp;&nbsp; 837 | 83 | &nbsp;&nbsp;&nbsp; (19119)<br>| (1921)<br>| &nbsp;&nbsp;&nbsp; (11653)<br>| (1180)<br>|
| Class 2 | 78645 | 7818 | &nbsp;&nbsp;&nbsp; 22086 | 2199 | &nbsp;&nbsp;&nbsp; (148416)<br>| (14851)<br>| &nbsp;&nbsp;&nbsp; (47685)<br>| (4834)<br>|
| Class 4 | 24427 | 2456 | &nbsp;&nbsp;&nbsp; 2211 | 224 | &nbsp;&nbsp;&nbsp; (9368)<br>| (946)<br>| &nbsp;&nbsp;&nbsp; 17270 | 1734 |
| Total net increase (decrease) | $190847 | 18896 | &nbsp;&nbsp;&nbsp; $44306 | 4393 | &nbsp;&nbsp;&nbsp; $(290457)<br>| (28886)<br>| &nbsp;&nbsp;&nbsp; $(55304)<br>| (5597)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $50423 | 5049 | &nbsp;&nbsp;&nbsp; $15387 | 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| (4396)<br>|
| Class 1A | 39370 | 4030 | &nbsp;&nbsp;&nbsp; 983 | 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | 3970 |
| Class 2 | 107727 | 10975 | &nbsp;&nbsp;&nbsp; 16410 | 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| (1571)<br>|
| Class 4 | 13021 | 1348 | &nbsp;&nbsp;&nbsp; 1135 | 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | &nbsp;&nbsp;&nbsp; $33915 | 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $34287 | 3728 | &nbsp;&nbsp;&nbsp; $16202 | 1746 | &nbsp;&nbsp;&nbsp; $(29101)<br>| (3085)<br>| &nbsp;&nbsp;&nbsp; $21388 | 2389 |
| Class 1A | 5913 | 617 | &nbsp;&nbsp;&nbsp; 438 | 47 | &nbsp;&nbsp;&nbsp; (1640)<br>| (174)<br>| &nbsp;&nbsp;&nbsp; 4711 | 490 |
| Class 2 | 34261 | 3735 | &nbsp;&nbsp;&nbsp; 34272 | 3796 | &nbsp;&nbsp;&nbsp; (79188)<br>| (8621)<br>| &nbsp;&nbsp;&nbsp; (10655)<br>| (1090)<br>|
| Class 3 | 292 | 31 | &nbsp;&nbsp;&nbsp; 495 | 53 | &nbsp;&nbsp;&nbsp; (1072)<br>| (113)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| (29)<br>|
| Class 4 | 121429 | 11743 | &nbsp;&nbsp;&nbsp; 12704 | 1244 | &nbsp;&nbsp;&nbsp; (57610)<br>| (5614)<br>| &nbsp;&nbsp;&nbsp; 76523 | 7373 |
| Total net increase (decrease) | $196182 | 19854 | &nbsp;&nbsp;&nbsp; $64111 | 6886 | &nbsp;&nbsp;&nbsp; $(168611)<br>| (17607)<br>| &nbsp;&nbsp;&nbsp; $91682 | 9133 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $9340 | 1009 | &nbsp;&nbsp;&nbsp; $15096 | 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| (73)<br>|
| Class 1A | 996 | 107 | &nbsp;&nbsp;&nbsp; 199 | 21 | &nbsp;&nbsp;&nbsp; (720)<br>| (77)<br>| &nbsp;&nbsp;&nbsp; 475 | 51 |
| Class 2 | 18069 | 1979 | &nbsp;&nbsp;&nbsp; 35146 | 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| (1255)<br>|
| Class 3 | 151 | 16 | &nbsp;&nbsp;&nbsp; 529 | 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| (57)<br>|
| Class 4 | 93982 | 9271 | &nbsp;&nbsp;&nbsp; 8335 | 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | &nbsp;&nbsp;&nbsp; $59305 | 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $803 | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; $(161)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; $1064 | &nbsp;&nbsp; 113 |
| Class 1A | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 57 |
| Class 2 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; (6870)<br>| &nbsp;&nbsp; (736)<br>| &nbsp;&nbsp;&nbsp; (2724)<br>| &nbsp;&nbsp; (290)<br>|
| Class 4 | &nbsp;&nbsp; 17888 | &nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp; 2473 | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; (8887)<br>| &nbsp;&nbsp; (963)<br>| &nbsp;&nbsp;&nbsp; 11474 | &nbsp;&nbsp; 1236 |
| Total net increase (decrease) | &nbsp;&nbsp; $21518 | &nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp; $5115 | &nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; $(16299)<br>| &nbsp;&nbsp; (1757)<br>| &nbsp;&nbsp;&nbsp; $10334 | &nbsp;&nbsp; 1116 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $12058 | 1051 | &nbsp;&nbsp;&nbsp; $1510 | 134 | &nbsp;&nbsp;&nbsp; $(16422)<br>| (1436)<br>| &nbsp;&nbsp;&nbsp; $(2854)<br>| (251)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>2</sup><br>|
| Class 2 | 56142 | 5069 | &nbsp;&nbsp;&nbsp; 9131 | 838 | &nbsp;&nbsp;&nbsp; (94607)<br>| (8552)<br>| &nbsp;&nbsp;&nbsp; (29334)<br>| (2645)<br>|
| Class 3 | 305 | 27 | &nbsp;&nbsp;&nbsp; 156 | 14 | &nbsp;&nbsp;&nbsp; (904)<br>| (81)<br>| &nbsp;&nbsp;&nbsp; (443)<br>| (40)<br>|
| Class 4 | 54897 | 4953 | &nbsp;&nbsp;&nbsp; 2138 | 195 | &nbsp;&nbsp;&nbsp; (54897)<br>| (4931)<br>| &nbsp;&nbsp;&nbsp; 2138 | 217 |
| Total net increase (decrease) | $123402 | 11100 | &nbsp;&nbsp;&nbsp; $12940 | 1181 | &nbsp;&nbsp;&nbsp; $(166830)<br>| (15000)<br>| &nbsp;&nbsp;&nbsp; $(30488)<br>| (2719)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $16477 | 1429 | &nbsp;&nbsp;&nbsp; $1996 | 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| (135)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6 | 1 |
| Class 2 | 57235 | 5128 | &nbsp;&nbsp;&nbsp; 12858 | 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| (2421)<br>|
| Class 3 | 370 | 32 | &nbsp;&nbsp;&nbsp; 204 | 19 | &nbsp;&nbsp;&nbsp; (841)<br>| (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| (23)<br>|
| Class 4 | 19303 | 1714 | &nbsp;&nbsp;&nbsp; 2569 | 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| (378)<br>|
| Total net increase (decrease) | $93385 | 8303 | &nbsp;&nbsp;&nbsp; $17633 | 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $69757 | 7044 | &nbsp;&nbsp;&nbsp; $11280 | 1145 | &nbsp;&nbsp;&nbsp; $(96647)<br>| (9743)<br>| &nbsp;&nbsp;&nbsp; $(15610)<br>| (1554)<br>|
| Class 1A | 34073 | 3475 | &nbsp;&nbsp;&nbsp; 12377 | 1264 | &nbsp;&nbsp;&nbsp; (41345)<br>| (4222)<br>| &nbsp;&nbsp;&nbsp; 5105 | 517 |
| Class 2 | 118543 | 12052 | &nbsp;&nbsp;&nbsp; 44750 | 4609 | &nbsp;&nbsp;&nbsp; (191505)<br>| (19527)<br>| &nbsp;&nbsp;&nbsp; (28212)<br>| (2866)<br>|
| Class 3 | 420 | 42 | &nbsp;&nbsp;&nbsp; 212 | 22 | &nbsp;&nbsp;&nbsp; (877)<br>| (88)<br>| &nbsp;&nbsp;&nbsp; (245)<br>| (24)<br>|
| Class 4 | 114384 | 11659 | &nbsp;&nbsp;&nbsp; 10129 | 1045 | &nbsp;&nbsp;&nbsp; (86038)<br>| (8789)<br>| &nbsp;&nbsp;&nbsp; 38475 | 3915 |
| Total net increase (decrease) | $337177 | 34272 | &nbsp;&nbsp;&nbsp; $78748 | 8085 | &nbsp;&nbsp;&nbsp; $(416412)<br>| (42369)<br>| &nbsp;&nbsp;&nbsp; $(487)<br>| (12)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $68973 | 6957 | &nbsp;&nbsp;&nbsp; $10757 | 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | 1982 |
| Class 1A | 283124 | 28940 | &nbsp;&nbsp;&nbsp; 11344 | 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | 29455 |
| Class 2 | 101793 | 10487 | &nbsp;&nbsp;&nbsp; 42550 | 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | 1383 |
| Class 3 | 881 | 89 | &nbsp;&nbsp;&nbsp; 204 | 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| (71)<br>|
| Class 4 | 72367 | 7407 | &nbsp;&nbsp;&nbsp; 7920 | 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | &nbsp;&nbsp;&nbsp; $72775 | 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $906 | 67 | &nbsp;&nbsp;&nbsp; $806 | 62 | &nbsp;&nbsp;&nbsp; $(2055)<br>| (151)<br>| &nbsp;&nbsp;&nbsp; $(343)<br>| (22)<br>|
| Class P2 | 11175 | 851 | &nbsp;&nbsp;&nbsp; 27821 | 2164 | &nbsp;&nbsp;&nbsp; (95981)<br>| (7085)<br>| &nbsp;&nbsp;&nbsp; (56985)<br>| (4070)<br>|
| Total net increase (decrease) | $12081 | 918 | &nbsp;&nbsp;&nbsp; $28627 | 2226 | &nbsp;&nbsp;&nbsp; $(98036)<br>| (7236)<br>| &nbsp;&nbsp;&nbsp; $(57328)<br>| (4092)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $974 | 79 | &nbsp;&nbsp;&nbsp; $93 | 8 | &nbsp;&nbsp;&nbsp; $(2663)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; $(1596)<br>| (133)<br>|
| Class P2 | 10767 | 875 | &nbsp;&nbsp;&nbsp; 2326 | 197 | &nbsp;&nbsp;&nbsp; (100353)<br>| (8347)<br>| &nbsp;&nbsp;&nbsp; (87260)<br>| (7275)<br>|
| Total net increase (decrease) | $11741 | 954 | &nbsp;&nbsp;&nbsp; $2419 | 205 | &nbsp;&nbsp;&nbsp; $(103016)<br>| (8567)<br>| &nbsp;&nbsp;&nbsp; $(88856)<br>| (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $(215)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; (20067)<br>| &nbsp;&nbsp; (2311)<br>| &nbsp;&nbsp;&nbsp; (15526)<br>| &nbsp;&nbsp; (1762)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $3219 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; $(20282)<br>| &nbsp;&nbsp; (2336)<br>| &nbsp;&nbsp;&nbsp; $(15583)<br>| &nbsp;&nbsp; (1768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $169 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(347)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; $(120)<br>| &nbsp;&nbsp; (10)<br>|
| Class P2 | &nbsp;&nbsp; 6854 | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 5902 | &nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp; (45769)<br>| &nbsp;&nbsp; (3770)<br>| &nbsp;&nbsp;&nbsp; (33013)<br>| &nbsp;&nbsp; (2712)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7023 | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; $5960 | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; $(46116)<br>| &nbsp;&nbsp; (3799)<br>| &nbsp;&nbsp;&nbsp; $(33133)<br>| &nbsp;&nbsp; (2722)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $28162 | 1984 | &nbsp;&nbsp;&nbsp; $112468 | 8142 | &nbsp;&nbsp;&nbsp; $(296821)<br>| (20511)<br>| &nbsp;&nbsp;&nbsp; $(156191)<br>| (10385)<br>|
| Class P2 | 3550 | 249 | &nbsp;&nbsp;&nbsp; 15647 | 1145 | &nbsp;&nbsp;&nbsp; (47556)<br>| (3301)<br>| &nbsp;&nbsp;&nbsp; (28359)<br>| (1907)<br>|
| Total net increase (decrease) | $31712 | 2233 | &nbsp;&nbsp;&nbsp; $128115 | 9287 | &nbsp;&nbsp;&nbsp; $(344377)<br>| (23812)<br>| &nbsp;&nbsp;&nbsp; $(184550)<br>| (12292)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $16125 | 1168 | &nbsp;&nbsp;&nbsp; $58164 | 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| (19769)<br>|
| Class P2 | 4069 | 297 | &nbsp;&nbsp;&nbsp; 7744 | 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| (3041)<br>|
| Total net increase (decrease) | $20194 | 1465 | &nbsp;&nbsp;&nbsp; $65908 | 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $26 | 2 | &nbsp;&nbsp;&nbsp; $1070 | 86 | &nbsp;&nbsp;&nbsp; $(494)<br>| (38)<br>| &nbsp;&nbsp;&nbsp; $602 | 50 |
| Class P2 | 18388 | 1464 | &nbsp;&nbsp;&nbsp; 167196 | 13947 | &nbsp;&nbsp;&nbsp; (771163)<br>| (60543)<br>| &nbsp;&nbsp;&nbsp; (585579)<br>| (45132)<br>|
| Total net increase (decrease) | $18414 | 1466 | &nbsp;&nbsp;&nbsp; $168266 | 14033 | &nbsp;&nbsp;&nbsp; $(771657)<br>| (60581)<br>| &nbsp;&nbsp;&nbsp; $(584977)<br>| (45082)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $1509 | 116 | &nbsp;&nbsp;&nbsp; $365 | 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; $549 | 37 |
| Class P2 | 32478 | 2619 | &nbsp;&nbsp;&nbsp; 68762 | 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| (23932)<br>|
| Total net increase (decrease) | $33987 | 2735 | &nbsp;&nbsp;&nbsp; $69127 | 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. 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** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3656642 | &nbsp;&nbsp; $1452423 | &nbsp;&nbsp; $13253467 | &nbsp;&nbsp; $4365483 | &nbsp;&nbsp; $1743062 | &nbsp;&nbsp; $4143311 |
| Sales of investment securities\* | &nbsp;&nbsp; 4157232 | &nbsp;&nbsp; 1904785 | &nbsp;&nbsp; 15938916 | &nbsp;&nbsp; 5008755 | &nbsp;&nbsp; 1945071 | &nbsp;&nbsp; 4942962 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 5326 | &nbsp;&nbsp; 13842 | &nbsp;&nbsp; 6486 | &nbsp;&nbsp; 1223 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (575)<br>| &nbsp;&nbsp; 6710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10979 | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 16423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26206 | &nbsp;&nbsp; 18398 | &nbsp;&nbsp; — |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World** <br> **Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $120447 | &nbsp;&nbsp; $858369 | &nbsp;&nbsp; $10813388 | &nbsp;&nbsp; $175002 | &nbsp;&nbsp; $768196 | &nbsp;&nbsp; $19856310 |
| Sales of investment securities\* | &nbsp;&nbsp; 40880 | &nbsp;&nbsp; 1049450 | &nbsp;&nbsp; 14833476 | &nbsp;&nbsp; 191476 | &nbsp;&nbsp; 769516 | &nbsp;&nbsp; 23654064 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 4168 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $317783 | &nbsp;&nbsp; $12490283 | &nbsp;&nbsp; $1356541 | &nbsp;&nbsp; $445624 | &nbsp;&nbsp; $450360 | &nbsp;&nbsp; $— |
| Sales of investment securities\* | &nbsp;&nbsp; 335715 | &nbsp;&nbsp; 13383953 | &nbsp;&nbsp; 1521836 | &nbsp;&nbsp; 359070 | &nbsp;&nbsp; 448538 | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br> **Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3759879 | &nbsp;&nbsp; $157397 | &nbsp;&nbsp; $17979 | &nbsp;&nbsp; $65380 | &nbsp;&nbsp; $583778 | &nbsp;&nbsp; $267997 |
| Sales of investment securities\* | &nbsp;&nbsp; 3982540 | &nbsp;&nbsp; 225452 | &nbsp;&nbsp; 40733 | &nbsp;&nbsp; 93964 | &nbsp;&nbsp; 664906 | &nbsp;&nbsp; 889458 |

---

\*

Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $36.91 | &nbsp;&nbsp; $.44 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $7.36 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.48)<br>| &nbsp;&nbsp; $38.79 | 21.98<br> %<br>| &nbsp;&nbsp; $4115 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.18<br> %<br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 36.70 | &nbsp;&nbsp; .30 | 6.90 | 7.20 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.43)<br>| 38.47 | 21.63 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .81 |
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 36.37 | &nbsp;&nbsp; .34 | 6.79 | 7.13 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.39)<br>| 38.11 | 21.62 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .93 |
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 35.93 | &nbsp;&nbsp; .24 | 6.70 | 6.94 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.32)<br>| 37.55 | 21.34 | &nbsp;&nbsp; 1225 | 1.02 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $18.15 | &nbsp;&nbsp; $.16 | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; $2.66 | &nbsp;&nbsp; $(.10)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $20.31 | 14.89<br> %<br>| &nbsp;&nbsp; $784 | &nbsp;&nbsp; .70<br> %<br>| &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .84<br> %<br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.88 | &nbsp;&nbsp; .11 | 2.46 | 2.57 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.99 | 14.63 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.05 | &nbsp;&nbsp; .10 | 2.35 | 2.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.04 | 14.64 | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.01 | &nbsp;&nbsp; .05 | 2.35 | 2.40 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.44)<br>| 18.97 | 14.33 | &nbsp;&nbsp; 407 | 1.20 | 1.15 | &nbsp;&nbsp; .31 |
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $127.47 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.94)<br>| &nbsp;&nbsp; $141.06 | 20.54<br> %<br>| &nbsp;&nbsp; $25168 | &nbsp;&nbsp; .34<br> %<br>| &nbsp;&nbsp; .27<br> %<br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 126.11 | &nbsp;&nbsp; .03 | 23.86 | 23.89 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 139.18 | 20.24 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 125.79 | &nbsp;&nbsp; .03 | 23.80 | 23.83 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 138.80 | 20.24 | &nbsp;&nbsp; 21576 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 128.88 | &nbsp;&nbsp; .13 | 24.42 | 24.55 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 142.60 | 20.32 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .09 |
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 122.38 | &nbsp;&nbsp; (.29)<br>| 23.08 | 22.79 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 134.39 | 19.93 | &nbsp;&nbsp; 7184 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.23)<br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $17.84 | &nbsp;&nbsp; $.35 | &nbsp;&nbsp; $4.47 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $22.33 | 27.04<br> %<br>| &nbsp;&nbsp; $3364 | &nbsp;&nbsp; .53<br> %<br>| 1.79<br> %<br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.43 | 4.73 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 22.20 | 26.68 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .78 | 1.50 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.44 | 4.74 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 22.22 | 26.77 | &nbsp;&nbsp; 3481 | &nbsp;&nbsp; .78 | 1.54 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 17.90 | &nbsp;&nbsp; .32 | 4.48 | 4.80 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 22.41 | 26.85 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .71 | 1.61 |
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.46 | &nbsp;&nbsp; .25 | 4.36 | 4.61 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 21.83 | 26.41 | &nbsp;&nbsp; 574 | 1.03 | 1.26 |
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.67 | &nbsp;&nbsp; $.49 | &nbsp;&nbsp; $6.93 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $(.41)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $32.47 | 28.60<br> %<br>| &nbsp;&nbsp; $2103 | &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .58<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 26.53 | &nbsp;&nbsp; .37 | 6.93 | 7.30 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.58)<br>| 32.25 | 28.27 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.25 |
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 26.33 | &nbsp;&nbsp; .41 | 6.84 | 7.25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.55)<br>| 32.03 | 28.29 | &nbsp;&nbsp; 941 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.41 |
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 26.09 | &nbsp;&nbsp; .33 | 6.77 | 7.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.48)<br>| 31.71 | 27.92 | &nbsp;&nbsp; 971 | 1.15 | 1.08 | 1.16 |
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $16.86 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $2.52 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $(.29)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $18.18 | 17.50<br> %<br>| &nbsp;&nbsp; $6435 | &nbsp;&nbsp; .41<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 16.79 | &nbsp;&nbsp; .24 | 2.51 | 2.75 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.45)<br>| 18.09 | 17.21 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 16.53 | &nbsp;&nbsp; .24 | 2.46 | 2.70 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.44)<br>| 17.79 | 17.21 | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 16.34 | &nbsp;&nbsp; .20 | 2.42 | 2.62 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.41)<br>| 17.55 | 16.90 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.16 |
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.71 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $1.55 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— <br><sup>4</sup><br>| &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $11.21 | 15.95<br> %<br>| &nbsp;&nbsp; $88 | &nbsp;&nbsp; .59<br> %<br>| &nbsp;&nbsp; .54<br> %<br>| &nbsp;&nbsp; .87<br> %<br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>10</sup><br>| &nbsp;&nbsp; .54 <br><sup>10</sup><br>| &nbsp;&nbsp; .72 <br><sup>10</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .07 | 1.47 | 1.54 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| 11.22 | 15.88 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .64 |
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.82 )<sup>811</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .55 <br><sup>1011</sup><br>| &nbsp;&nbsp; .71 <br><sup>1011</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $15.53 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.51 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $(.28)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.89)<br>| &nbsp;&nbsp; $18.44 | 25.16<br> %<br>| &nbsp;&nbsp; $622 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.70<br> %<br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 15.44 | &nbsp;&nbsp; .24 | 3.48 | 3.72 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.31 | 24.79 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.43 |
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 15.49 | &nbsp;&nbsp; .24 | 3.50 | 3.74 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.38 | 24.80 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.45 |
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 15.08 | &nbsp;&nbsp; .19 | 3.40 | 3.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.82)<br>| 17.85 | 24.46 | &nbsp;&nbsp; 363 | 1.02 | &nbsp;&nbsp; .92 | 1.18 |
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $69.59 | &nbsp;&nbsp; $.78 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $(.76)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.89)<br>| &nbsp;&nbsp; $67.73 | 18.37<br> %<br>| &nbsp;&nbsp; $25780 | &nbsp;&nbsp; .28<br> %<br>| 1.17<br> %<br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 69.10 | &nbsp;&nbsp; .61 | 10.14 | 10.75 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.74)<br>| 67.11 | 18.06 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 68.38 | &nbsp;&nbsp; .60 | 10.03 | 10.63 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.73)<br>| 66.28 | 18.06 | &nbsp;&nbsp; 14357 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 69.76 | &nbsp;&nbsp; .66 | 10.26 | 10.92 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.77)<br>| 67.91 | 18.13 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .99 |
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 67.14 | &nbsp;&nbsp; .43 | 9.80 | 10.23 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.60)<br>| 64.77 | 17.77 | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $10.19 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.64 | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $13.49 | 35.83<br> %<br>| &nbsp;&nbsp; $35 | &nbsp;&nbsp; .57<br> %<br>| &nbsp;&nbsp; .57<br> %<br>| 2.68<br> %<br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.21 | 3.49 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.09 | 35.35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.40 |
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.22 | 3.50 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.10 | 35.41 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.44 |
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.74 | &nbsp;&nbsp; .25 | 3.16 | 3.41 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 12.87 | 35.09 | &nbsp;&nbsp; 189 | 1.06 | 1.06 | 2.18 |
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.39 | &nbsp;&nbsp; $.45 | &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $2.54 | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $14.49 | 20.69<br> %<br>| &nbsp;&nbsp; $841 | &nbsp;&nbsp; .40<br> %<br>| &nbsp;&nbsp; .27<br> %<br>| 3.29<br> %<br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.42 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.41 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.36 | &nbsp;&nbsp; .38 | 2.09 | 2.47 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 14.46 | 20.16 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.79 |
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.04 | &nbsp;&nbsp; $.59 | &nbsp;&nbsp; $3.39 | &nbsp;&nbsp; $3.98 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.51)<br>| &nbsp;&nbsp; $27.51 | 16.16<br> %<br>| &nbsp;&nbsp; $15919 | &nbsp;&nbsp; .30<br> %<br>| 2.24<br> %<br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 25.88 | &nbsp;&nbsp; .52 | 3.36 | 3.88 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.45)<br>| 27.31 | 15.86 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .55 | 1.98 |
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 25.65 | &nbsp;&nbsp; .52 | 3.32 | 3.84 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.44)<br>| 27.05 | 15.85 | &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 | 1.99 |
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 26.08 | &nbsp;&nbsp; .55 | 3.38 | 3.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.46)<br>| 27.55 | 15.94 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .48 | 2.06 |
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 25.41 | &nbsp;&nbsp; .45 | 3.29 | 3.74 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.38)<br>| 26.77 | 15.59 | &nbsp;&nbsp; 7264 | &nbsp;&nbsp; .80 | 1.74 |
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.96 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $1.84 | &nbsp;&nbsp; $2.20 | &nbsp;&nbsp; $(.22)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.75)<br>| &nbsp;&nbsp; $14.41 | 17.42<br> %<br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .51<br> %<br>| 2.63<br> %<br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.87 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.31 | 17.21 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .76 | 2.36 |
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.89 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.33 | 17.14 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.66 | &nbsp;&nbsp; .28 | 1.82 | 2.10 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.70)<br>| 14.06 | 16.96 | &nbsp;&nbsp; 202 | 1.03 | 1.01 | 2.10 |
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **381** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.27 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.68 | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $9.52 | 7.40<br> %<br>| &nbsp;&nbsp; $6909 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .24<br> %<br>| 4.54<br> %<br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.45 | 7.24 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.28 |
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.12 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.37 | 7.26 | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.29 |
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.07 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.31 | 6.98 | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.04 |
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **382** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.63 | &nbsp;&nbsp; $.41 | &nbsp;&nbsp; $.51 | &nbsp;&nbsp; $.92 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $10.22 | 9.55<br> %<br>| &nbsp;&nbsp; $611 | &nbsp;&nbsp; .48<br> %<br>| &nbsp;&nbsp; .48<br> %<br>| 4.07<br> %<br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.54 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.13 | 9.31 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.84 |
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.52 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.10 | 9.39 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.82 |
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.37 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 9.93 | 9.03 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.56 |
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **383** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.19 | &nbsp;&nbsp; $.64 | &nbsp;&nbsp; $.13 | &nbsp;&nbsp; $.77 | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $9.33 | 8.52<br> %<br>| &nbsp;&nbsp; $255 | &nbsp;&nbsp; .45<br> %<br>| &nbsp;&nbsp; .33<br> %<br>| 6.81<br> %<br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.15 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.27 | 8.19 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.50 |
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 9.08 | 8.24 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.57 |
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.39 | 8.26 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .51 | 6.64 |
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 10.07 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 10.27 | 7.93 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .83 | 6.29 |
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **384** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.08 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.34 | &nbsp;&nbsp; $.80 | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $9.46 | 8.92<br> %<br>| &nbsp;&nbsp; $19 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .32<br> %<br>| 4.84<br> %<br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.32 | 8.57 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 4.59 |
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.98 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.35 | 8.63 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.60 |
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 8.86 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.21 | 8.32 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.33 |
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **385** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $11.31 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $11.28 | 4.15<br> %<br>| &nbsp;&nbsp; $36 | &nbsp;&nbsp; .31<br> %<br>| 4.01<br> %<br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 11.31 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 11.28 | 3.92 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 3.78 |
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 10.93 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 10.88 | 3.83 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; .56 | 3.77 |
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 11.08 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.48)<br>| 11.03 | 3.86 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .49 | 3.84 |
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 11.00 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 10.96 | 3.59 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; .81 | 3.52 |
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **386** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $.76 | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $9.90 | 8.01<br> %<br>| &nbsp;&nbsp; $261 | &nbsp;&nbsp; .33<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 4.35<br> %<br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.53 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.84 | 7.80 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.46 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.76 | 7.75 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.62 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.93 | 7.78 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.17 |
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.44 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.74 | 7.54 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 3.85 |
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **387** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.35 | $.06 | $1.67 | $1.73 | $(.25)<br>| $(.57)<br>| $(.82)<br>| $14.26 | 13.63<br> %<br>| $14 | .38<br> %<br>| .36<br> %<br>| .67<br> %<br>| .47<br> %<br>|
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09)<br>|  | (.09)<br>| 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08)<br>| (2.79)<br>| (2.87)<br>| 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46)<br>| (4.40)<br>| (.22)<br>| (2.54)<br>| (2.76)<br>| 11.37 | (24.62)<br>| 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18)<br>| (.74)<br>| (.92)<br>| 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 13.19 | .03 | 1.66 | 1.69 | (.19)<br>| (.57)<br>| (.76)<br>| 14.12 | 13.41 | 491 | .63 | .62 | .93 | .21 |
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06)<br>|  | (.06)<br>| 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07)<br>| (2.79)<br>| (2.86)<br>| 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45)<br>| (4.42)<br>| (.18)<br>| (2.54)<br>| (2.72)<br>| 11.28 | (24.88)<br>| 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01)<br>| 2.16 | 2.15 | (.10)<br>| (.74)<br>| (.84)<br>| 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07)<br>|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $8.23 | $.14 | $1.10 | $1.24 | $(.13)<br>| $— | $(.13)<br>| $9.34 | 15.33<br> %<br>| $2 | .41<br> %<br>| .36<br> %<br>| .83<br> %<br>| 1.58<br> %<br>|
| 12/31/2024 | 8.36 | .13 | (.12)<br>| .01 | (.14)<br>|  | (.14)<br>| 8.23 | (.05)<br>| 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15)<br>| (.64)<br>| (.79)<br>| 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75)<br>| (1.60)<br>| (.34)<br>|  | (.34)<br>| 8.61 | (15.27)<br>| 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67)<br>| (.43)<br>| (.09)<br>|  | (.09)<br>| 10.55 | (3.92)<br>| 2 | .44 | .36 | .86 | 2.12 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 8.18 | .10 | 1.12 | 1.22 | (.11)<br>|  | (.11)<br>| 9.29 | 15.09 | 111 | .68 | .63 | 1.10 | 1.23 |
| 12/31/2024 | 8.32 | .10 | (.13)<br>| (.03)<br>| (.11)<br>|  | (.11)<br>| 8.18 | (.45)<br>| 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14)<br>| (.64)<br>| (.78)<br>| 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74)<br>| (1.62)<br>| (.28)<br>|  | (.28)<br>| 8.58 | (15.54)<br>| 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65)<br>| (.45)<br>| (.06)<br>|  | (.06)<br>| 10.48 | (4.13)<br>| 160 | .71 | .63 | 1.13 | 1.79 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $11.76 | $.20 | $1.07 | $1.27 | $(.26)<br>| $— | $(.26)<br>| $12.77 | 10.95<br> %<br>| $3 | .37<br> %<br>| .36<br> %<br>| .61<br> %<br>| 1.64<br> %<br>|
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22)<br>|  | (.22)<br>| 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24)<br>| (1.49)<br>| (1.73)<br>| 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38)<br>| (1.15)<br>| (.56)<br>|  | (.56)<br>| 11.24 | (8.92)<br>| 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24)<br>|  | (.24)<br>| 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 11.69 | .16 | 1.07 | 1.23 | (.23)<br>|  | (.23)<br>| 12.69 | 10.65 | 312 | .64 | .63 | .88 | 1.34 |
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19)<br>|  | (.19)<br>| 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21)<br>| (1.49)<br>| (1.70)<br>| 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37)<br>| (1.18)<br>| (.52)<br>|  | (.52)<br>| 11.18 | (9.16)<br>| 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20)<br>|  | (.20)<br>| 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **388** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $14.35 | $.20 | $1.36 | $1.56 | $(.34)<br>| $(.56)<br>| $(.90)<br>| $15.01 | 11.45<br> %<br>| $1834 | .37<br> %<br>| .36<br> %<br>| .63<br> %<br>| 1.35<br> %<br>|
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23)<br>| (.18)<br>| (.41)<br>| 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21)<br>| (1.62)<br>| (1.83)<br>| 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79)<br>| (2.61)<br>| (.30)<br>| (.31)<br>| (.61)<br>| 12.51 | (16.74)<br>| 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21)<br>| (.20)<br>| (.41)<br>| 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 14.25 | .16 | 1.35 | 1.51 | (.30)<br>| (.56)<br>| (.86)<br>| 14.90 | 11.17 | 258 | .62 | .61 | .88 | 1.10 |
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20)<br>| (.18)<br>| (.38)<br>| 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18)<br>| (1.62)<br>| (1.80)<br>| 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78)<br>| (2.63)<br>| (.26)<br>| (.31)<br>| (.57)<br>| 12.44 | (16.93)<br>| 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17)<br>| (.20)<br>| (.37)<br>| 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.20 | $.26 | $1.22 | $1.48 | $(.39)<br>| $(.83)<br>| $(1.22)<br>| $13.46 | 12.01<br> %<br>| $13 | .38<br> %<br>| .36<br> %<br>| .65<br> %<br>| 1.96<br> %<br>|
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27)<br>| (.17)<br>| (.44)<br>| 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26)<br>| (1.45)<br>| (1.71)<br>| 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34)<br>| (2.10)<br>| (.32)<br>| (.48)<br>| (.80)<br>| 12.43 | (13.75)<br>| 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27)<br>|  | (.27)<br>| 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 12.78 | .17 | 1.22 | 1.39 | (.34)<br>| (.83)<br>| (1.17)<br>| 13.00 | 11.67 | 1463 | .63 | .61 | .90 | 1.30 |
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24)<br>| (.17)<br>| (.41)<br>| 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22)<br>| (1.45)<br>| (1.67)<br>| 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25)<br>| (2.07)<br>| (.29)<br>| (.48)<br>| (.77)<br>| 12.09 | (13.97)<br>| 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20)<br>|  | (.20)<br>| 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |

---

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** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Capital Income Builder | &nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| The Bond Fund of America | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| Capital World Bond Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Global Growth Fund | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Growth Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| International Fund | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| New World Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Growth-Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| International Growth and Income Fund | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Capital Income Builder | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Asset Allocation Fund | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| The Bond Fund of America | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| Capital World Bond Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| American High-Income Trust | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>|
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>678</sup><br>|  |  |  |
| Managed Risk Growth Fund | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Managed Risk International Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> 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.

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| | |
|:---|:---|
| American Funds Insurance Series | **390** |

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Report of Independent Registered Public Accounting Firm

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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.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statements of operations** | &nbsp;&nbsp; **Statements of changes in net** <br> **assets**<br>| **Financial highlights** |
| Global Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Global Small Capitalization Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| International Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| New World Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Growth-Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| International Growth and Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital Income Builder | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Asset Allocation Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| The Bond Fund of America | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital World Bond Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American High-Income Trust | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American Funds Mortgage Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| U.S. Government Securities Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk International Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Washington Mutual Investors <br> Fund<br>| &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 | &nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 |

---

---

| | |
|:---|:---|
| **391** | American Funds Insurance Series |

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------

Report of Independent Registered Public Accounting Firm

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**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 misstatement, 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.

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| | |
|:---|:---|
| American Funds Insurance Series | **392** |

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Changes in and disagreements with accountants

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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).

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| | |
|:---|:---|
| **393** | American Funds Insurance Series |

---

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Matters submitted for shareholder vote

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**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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Christopher D. Buchbinder | 5306101397 | 97.1% | 160305903 | 2.9% |
| Vanessa C. L. Chang | 5284613703 | 96.7% | 181793597 | 3.3% |
| Francisco G. Cigarroa | 5286720803 | 96.7% | 179686497 | 3.3% |
| Nariman Farvardin | 5280935681 | 96.6% | 185471619 | 3.4% |
| Jennifer C. Feikin | 5301887966 | 97.0% | 164519334 | 3.0% |
| John G. Freund | 5294548932 | 96.9% | 171858368 | 3.1% |
| Leslie Stone Heisz | 5298606338 | 96.9% | 167800962 | 3.1% |
| Sharon I. Meers | 5301554248 | 97.0% | 164853052 | 3.0% |
| William L. Robbins | 5308925891 | 97.1% | 157481409 | 2.9% |
| Kenneth M. Simril | 5304791425 | 97.0% | 161615875 | 3.0% |
| Margaret Spellings | 5296599626 | 96.9% | 169807674 | 3.1% |
| Christopher E. Stone | 5297067517 | 96.9% | 169339783 | 3.1% |
| Alexandra Trower | 5307205561 | 97.1% | 159201739 | 2.9% |
| Paul S. Williams | 5302164262 | 97.0% | 164243038 | 3.0% |

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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.

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| | |
|:---|:---|
| American Funds Insurance Series | **394** |

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
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 this 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).

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form under Matters submitted for shareholder vote.

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#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

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#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

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#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

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#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

(a)(3) [Change in registrant's independent registered public accounting firm – Auditor's response letter to SEC is attached as an exhibit hereto.](AUDITORLETTERTOSEC.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.

**American Funds Insurance Series**

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: March 09, 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/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: March 09, 2026

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: March 09, 2026

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## Ex-99

March 9, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read the statements made by Growth-Income Fund, Growth Fund, American High-Income Trust, Ultra-Short Bond Fund, U.S. Government Securities Fund, American Funds Mortgage Fund, International Growth and Income Fund, American Funds Global Balanced Fund, Asset Allocation Fund, International Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, Global Small Capitalization Fund, New World Fund, Global Growth Fund, The Bond Fund of America, Capital World Bond Fund, Capital Income Builder, U.S. Small and Mid Cap Equity Fund, Managed Risk Asset Allocation Fund, Managed Risk Growth Fund, Managed Risk Growth-Income Fund, Managed Risk International Fund, and Managed Risk Washington Mutual Investors Fund, which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 8 of Form N-CSR of the funds listed above dated March 9, 2026. We agree with the statements concerning our Firm contained therein.

Very truly yours,

/s/ PricewaterhouseCoopers LLP Los Angeles, California

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

MICHAEL W. STOCKTON, Executive Vice President and Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Funds Insurance Series (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**American Funds Insurance Series**

<u>/s/ Michael W. Stockton</u>

Michael W. Stockton, Executive Vice President and Principal Executive Officer

Date: March 09, 2026

Principal Financial Officer

**American Funds Insurance Series**

<u>/s/ Gregory F. Niland</u>

Gregory F. Niland, Treasurer and Principal Financial Officer

Date: March 09, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **American Funds Insurance Series** and will be retained by **American Funds Insurance Series** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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## Ex-99.Cert

**CERTIFICATION**

**I, Michael W. Stockton, certify that:**

1. I have reviewed this report on Form N-CSR of **American Funds Insurance Series**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 09, 2026

<u>/s/ Michael W. Stockton</u> Michael W. Stockton,

Executive Vice President and Principal Executive Officer

American Funds Insurance Series

**CERTIFICATION**

I, **Gregory F. Niland**, certify that:

1. I have reviewed this report on Form N-CSR of **American Funds Insurance Series**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 09, 2026

<u>/s/ Gregory F. Niland</u> Gregory F. Niland,

Treasurer and Principal Financial Officer

American Funds Insurance Series

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