Asset Allocation Fund
AMERICAN FUNDS INSURANCE SERIES · Series S000008796
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The funds investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
The fund maintains a flexible allocation across equities, debt securities, and cash, adjusting the mix based on the investment adviser's assessment of relative value; it holds a diversified portfolio of common stocks, bonds including government securities, and money market instruments, with up to 15% in foreign equities and up to 25% of debt assets in lower-rated securities. The fund employs multiple portfolio managers, each overseeing segments of the portfolio and making security selections based on the adviser's judgment of long-term attractiveness and valuation. Because returns depend on the adviser's security selection decisions, fund performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| C000023929 | 0.29% |
| C000023930 | 0.54% |
| C000023931 | 0.47% |
| C000121512 | 0.79% |
| C000176244 | 0.54% |
Portfolio turnover 115.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 61.66% |
| Bonds | 24.02% |
| Securitized | 9.35% |
| Cash & short-term | 6.50% |
| 2 smaller | 0.16% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.6% |
| Floating rate | 8.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.6% |
| 1-3y | 16.5% |
| 3-5y | 19.5% |
| 5-10y | 21.5% |
| 10y+ | 40.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 76% |
| Credit spreads | 24% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.48 yr |
| High yield | +0.13 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.27 yr | 14% |
| 5 yr | 0.68 yr | 35% |
| 10 yr | 0.66 yr | 34% |
| 30 yr | 0.35 yr | 18% |
3 mo is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 1% |
| 1 yr | 0.08 yr | 13% |
| 5 yr | 0.25 yr | 42% |
| 10 yr | 0.19 yr | 31% |
| 30 yr | 0.08 yr | 13% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.01 | +0.00 | +0.00 | $8.4k | $3.5k |
| 1 yr | +0.27 | +0.06 | +0.02 | $156.2k | $69.5k |
| 5 yr | +0.68 | +0.17 | +0.08 | $487.1k | $230.3k |
| 10 yr | +0.66 | +0.17 | +0.02 | $494.0k | $48.1k |
| 30 yr | +0.35 | +0.08 | +0.00 | $212.9k | $11.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| CMQXX | CAPITAL GROUP CENTRAL CASH FUNDCMQXX | 6.20% | — | $1.76B | — |
| AVGO | BROADCOM INCAVGO | 4.57% | $377.75 | $1.29B | 3.4M |
| TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTDTSM | 2.75% | $477.57 | $779.86M | 1.6M |
| CCBFX | CAPITAL GROUP CENTRAL CORPORATE BOND FUNDCCBFX | 2.63% | $8.38 | $744.43M | 88.8M |
| MU | MICRON TECHNOLOGY INCMU | 2.36% | $1,154.29 | $669.39M | 579.9K |
| PM | PHILIP MORRIS INTERNATIONAL INCPM | 1.94% | $180.91 | $550.31M | 3.0M |
| AAPL | APPLE INCAAPL | 1.94% | $289.36 | $549.59M | 1.9M |
| MSFT | MICROSOFT CORPMSFT | 1.73% | $373.02 | $490.25M | 1.3M |
| GOOGL | ALPHABET INCGOOGL | 1.43% | $357.37 | $406.19M | 1.1M |
| GOOG | ALPHABET INCGOOG | 1.31% | $353.33 | $371.20M | 1.1M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 26.86% of net assets, top 25 41.61%, across 804 issuers.
See more of this fund's book
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